The Moving Average Ratio and Momentum

I show the ratio of the short‐term moving average to the long‐term moving average (moving average ratio, MAR) has significant predictive power for future returns. The MAR combined with nearness to the 52‐week high explains most of the intermediate‐term momentum profits. This suggests that an anchoring bias, in which investors use moving averages or the 52‐week high as reference points for estimating fundamental values, is the primary source of momentum effects. Momentum caused by the anchoring bias do not disappear in the long‐run even when there are return reversals, confirming that intermediate‐term momentum and long‐term reversals are separate phenomena.     

Profiling people’s perceptions of retail management careers

Abstract

Educators are challenged to generate awareness of retail education programs and related career options. A corresponding issue for retailers is the recruitment and retention of career-oriented managers. The issue is complicated by negative attitudes in the general population about retail careers and a lack of awareness about retail career options. This study examines these attitudes through a questionnaire administered to a nation-wide sample of 310. A cluster analysis reveals four groups based on differences in their demographic/psychosocial characteristics and career preferences. The findings provide foci and key messages targeted to the distinct groups upon which retail managers and educators can base discrete career awareness and recruiting strategies.     

International management, political arena and dispersed entrepreneurship in the MNC

This paper presents a model of MNC dispersed entrepreneurship based on the concept of political arena. The model extends previous conceptualizations of MNC dispersed entrepreneurship by explaining how remote employees become stimulated to act as entrepreneurs through resolution of internal political arena within the international management context. We identify variables within this context at corporate, subsidiary, and individual levels as antecedents to political arena in the MNC. These are the corporate immune system, inappropriate control, subsidiary requirements differences and cognitive barriers to knowledge sharing. Different types of internal entrepreneurs (Austrian-like and Schumpeterian-like) emerge as a consequence of the different ways in which political arena is resolved. We discuss theoretical and managerial implications of the resultant multi-level model.     

Team creativity: the effects of perceived learning culture,developmental feedback and team cohesion

This study investigates the influence of perceived learning culture, developmental feedback and team cohesion on team creativity. The results showed that the demographic variables, the three antecedents and their interactions explained 41 per cent of variance in team creativity. Team creativity was positively correlated with a higher level of learning culture, developmental feedback and team cohesion. In addition to the main effects, two interaction effects (developmental feedback and team cohesion; learning culture and team cohesion) were significant. In view of these results, organizations seeking to increase team creativity need an integrated strategy incorporating elements of culture management, effective coaching and team development. Implications, limitations and recommendations for future research are discussed.     

Structural equation model for predicting technology commercialization success index (TCSI)

Expecting high return, many firms try to invest on R&D of new technology. However, critical loss of assets would occur, when a firm fails to commercialize the developed technology. It would be of interest to provide the ideal environment for commercialization from the R&D stage. In this study, we use a structural equation model (SEM) to forecast the technology commercialization success index (TCSI) in relation to technology developer, technology receiver, technology transfer center, and environmental factors. The proposed SEM is fitted based on partial least square (PLS) estimation procedure. Individual TCSI is then found following the approach used for American customer satisfaction index (ACSI) for various combinations of characteristics of the type of technology, technology receiver, and technology developer. We expect that the proposed approach for TCSI can be used as guidance for an ideal match of technology with technology developer and technology receiver.     

The relationships between person-organization value fit and employee attitudes in a Korean government sector

Abstract

While person-organization (P-O) value fit and its influences on organizations have been widely studied, there is a lack of research focusing on the P-O value fit of employees in a government sector in Korea, and the impact on their attitudes. The purpose of this study is to examine the relationships between P-O value fit and employee career and job satisfaction, and organizational commitment in a government sector. Based on the data collected from 1211 employees at government agencies in Korea, this study utilized polynomial regression and response surface analyses, and the results demonstrated that P-O fit on all of the values in the study had positive relationships with employees’ career satisfaction. Among the five different values, P-O fit on autonomy had a positive relationship with career and job satisfaction, and organizational commitment. Based on the results, this study also provides theoretical and practical implications for future research.     

Why offer lower prices to past customers? Inducing favorable social price comparisons to enhance customer retention

Price discrimination policies vary widely across companies. Some firms offer new customers the lowest price; others give preferential prices to their past customers. We contribute to the literature on price discrimination in behavior-based pricing by exploring how customers’ social price comparisons, i.e., comparing one’s price to that received by similar peers, impact the optimal structure of price discrimination. Social price comparisons have a negative (positive) impact on customers’ transaction utility if the price charged to past customers is higher (lower) than a new customer’s price. Using an analytical model with vertically differentiated firms, we show that a firm with relatively large market share will reward its past customers with relatively low prices when social price comparisons have a sufficiently large impact on utility. Furthermore, we find that social price comparisons lead to a relaxation of the price competition for new customers. Thus, both firms can earn higher profits when such comparisons are made than when they are absent. We also examine how other factors, such as horizontal competition and strategic customers, interact with social price comparison concerns to impact pricing strategies. Finally, we show how pricing behavior differs when price comparisons are based on historic reference prices rather than on peers’ prices.     

A probabilistic analysis of guided tours for tourists during the slack season

Issues germane to the provision of guided tours for tourists wishing to visit a particular location during the slack season have received scant theoretical attention in the tourism literature. Therefore, we conduct a stochastic analysis of guided tours for tourists during the slack season. We first delineate a general model that accounts for the common features of guided tours to city attractions and to other scenic locations. Second, we determine the long run fraction of demand that is lost to the firm providing the guided tours. Third, we ascertain the long run fraction of time that the guided tour providing firm is unable to satisfy the demand for such tours. Finally, we use the stationary Poisson process and show how our previous two general results might be used to shed practical light on the slack season provision of guided tours to tourists.     

The effect of job stress on the quality of life of commercial pilots: Testing the mediating effects of mindfulness and job satisfaction

The commercial pilots responsible for aircraft and passenger safety are exposed to various environmental job stresses. This study investigates the relationship between job stress and the quality of life of commercial pilots, and examines the mediating effects of mindfulness and job satisfaction in the relationship between job stress and quality of life. The results show that the job stress aced by commercial pilots has a negative impact on quality of life, and that mindfulness and job satisfaction partially mediates this stress. However, despite the mediating effects of mindfulness and job satisfaction, there is a need for a way to reduce job stress more directly. These results indicate the need for various strategies, including direct and indirect methods, to reduce job stress among commercial pilots, as this is directly related to safety.