Market Efficiency and Returns to Simple Technical Trading Rules: Further Evidence from U.S., U.K., Asian and Chinese Stock Markets

Tian, Wan and Guo (2002) explored the predictability and profitability of technical trading rules in markets with different efficiency levels; namely, the U.S. and China. In the case of the U.S. they found rules to have no predictability after 1975, whereas their results give support to technical trading rules having both predictability and profitability for the Chinese markets across the 1990's. The purpose of this paper is to extend the analysis of Tian et al. in two ways. First, to see if the conclusions extend to other markets – namely, the U.K., Hong Kong and Japan. Second, in the case of China, to examine whether the predictability and profitability of technical trading rules changed across the 1990's. On the basis of daily data Tian et al's results for the U.S. market are supported by the results for a number of the main developed markets where the technical trading rules had predictive ability during the 1970's that disappeared by the 1990's. Furthermore, the results suggest that while technical trading rules had short term predictive ability and profitability in the Chinese stock markets during the 1990's, this lessened as the decade progressed. JEL Classification: G14, G15     

Exporter-importer relationship quality: The inhibiting role of uncertainty, distance, and conflict

The article examines the impact of uncertainty, distance, and conflict on key elements comprising the quality of the relationship between U.S. industrial exporters and their overseas customers. Information received from 151 manufacturers revealed that these three parameters play a significant negative role in building sound relationship quality, in terms of adaptation, commitment, communication, cooperation, satisfaction, trust, and understanding — which, in turn, may inhibit the firm's progression along the internationalization path. Specifically, an inverse association was found between uncertainty, distance, and conflict, on one hand, and commitment, cooperation, and satisfaction, on the other. In addition, in relationships characterized by high uncertainty, adaptation, communication, trust, and understanding were low. In high distance relationships, communication was insufficient, and in high conflict situations, trust and understanding were low. Several managerial implications are extracted from the study, as well as directions for future research.     

5个不朽的法则

最先出现的摩尔定律又衍生出半导体工业的其他几个基本法则 Brian Halla,美国国家半导体公司首席执行官第一次听说摩尔定律是在1975年,那一年EB刚刚创刊,当时他还是英特尔公司的一名年轻工程师;Aart De Geus,Synopsys公司首席执行官于1979年的一次技术研讨会上首次听说摩尔定律,当时他还在读研究生;T.J.Rodgers,赛普拉斯半导体公司首席执行官也是1979年才首次从戈登·摩尔那里听说摩尔定律.     

The Effect of Organizational Culture and Ethical Orientation on Accountants' Ethical Judgments

This paper examines the relationship between organizational ethical culture in two large international CPA firms, auditors' personal values and the ethical orientation that those values dictate, and judgments in ethical dilemmas typical of those that accountants face. Using an experimental task consisting of multiple judgments designed to vary in "moral intensity" (Jones, 1991), and unique as well as tried-and-true approaches to variable measurements, this study examined the judgments of more than three hundred participants in our study. ANCOVA and path analysis results indicate that: (1) Ethical judgments in situations of high moral intensity are affected by personal values and by environmental variables, such as the professional code of conduct (direct and indirect effects) and previous ethics instruction (direct effect only). (2) Corporate ethical culture, and a relatively strong firm rules-orientation, affect auditors' idealism but not relativism, and therefore indirectly affect ethical judgments. Jones' (1991) moral intensity argument is supported: differences in the characteristics of specific judgment tasks apparently result in different decision processes.     

A two-step approach to account for unobserved spatial heterogeneity

A two-step approach to account for unobserved spatial heterogeneity. Spatial Economic Analysis. Empirical analysis in economics often faces the difficulty that the data are correlated and heterogeneous in some unknown form. Spatial econometric models have been widely used to account for dependence structures, but the problem of directly dealing with unobserved spatial heterogeneity has been largely unexplored. The problem can be serious particularly if we have no prior information justified by economic theory. In this paper we propose a two-step procedure to identify endogenously spatial regimes in the first step and to account for spatial dependence in the second step. This procedure is applied to hedonic house price analysis.     

Missed eWOM opportunities: A cross-sector analysis of online monitoring behavior

This paper provides empirical evidence that major sectors of the USA are not listening to pertinent online conversations (electronic word-of-mouth [eWOM]) that occur outside of their own social media portals. Data include cross sector as well as longitudinal research on prominent sectors, including business, not for profits, and academia. The Inc. 500 (fastest-growing US companies), top charities, and colleges and universities all neglect, to some extent, the monitoring of eWOM. Findings indicate that monitoring behavior may be related to how involved an organization is in social media, if they have a written policy governing its use within the organization, if they have specific goals that are related to their social media plan, if they use tracking measures such as page views, numbers of fans or followers, and how they staff the social media function. Charities are most likely to engage in monitoring behavior for their causes. The academic sector often employs part-time (student) assistance with its social media initiatives, ultimately resulting in less monitoring behavior.