An Analysis of ASX Price Queries

This study examines 'no news' responses to stock price queries issued by the Australian Stock Exchange (ASX). We find strong evidence that the pre-query changes in price are driven by informed traders rather than by speculators. First, there is only a partial reversion in prices following a 'no news' response by a company in receipt of a price query. Second, the adverse selection component of market spreads rise during the immediate pre-query period and then decline following the company response. Last, the mean level of institutional shareholder ownership increases in the period immediately prior to an ASX query of a price increase.     

Venture capital‐backed and commitments test entity initial public offerings on the ASX

This paper examines initial returns to venture capital (VC) backed and non‐VC‐backed IPO companies on the Australian Securities Exchange (ASX). We find support for the theoretical predictions of Rossetto (2008), by providing empirical evidence that VC‐backed CTE IPOs exhibit greater wealth losses to pre‐IPO investors compared to non‐VC‐backed CTE IPOs during hot issue markets. We also find that greater retained ownership increases IPO underpricing. In the subsample of IPOs with below the median level of retained ownership IPOs, VC‐backed CTE IPOs and VC‐backed, non‐CTE IPOs have significantly higher levels of underpricing and wealth loss compared to non‐VC‐backed, non‐CTE IPOs.     

Manual dishwashing habits: an empirical analysis of UK consumers

This study presents an overview of the washing up behaviour of consumers in the UK. Peoples' individual attitudes were observed as were the amount of water and energy used, the time taken and the cleaning performance. Additionally, manual dishwashing was compared with the use of automatic dishwashers. Participants were recruited to represent all geographic regions of the UK as well as forming a representative cross‐section of the population. Each of the 150 participants washed a full load of soiled tableware based on the standard EN 50242 ‘Electric Dishwashers for Household Use – Methods for Measuring the Performance’. For comparison, the best selling dishwasher in the UK in 2007 was tested under the same conditions as those in the consumer trial. Additionally, consumers who owned a full‐size dishwasher were asked to load it to the point when they decided that the dishwasher was full. The study shows that these consumers, on average, used 49 l of water and 1.7 kWh of energy, whereas the dishwasher used 13 l of water and 1.3 kWh of energy on average for the same amount of dishes under the conditions tested. Statistical analysis showed that these differences are significant. The dishes washed by hand were found to be slightly less clean than dishes washed in a dishwasher. For washing a full dishwasher load by hand, the participants needed, on average, 60 min, while they only took 9 min on average to load and unload the same amount of dishes in a dishwasher. The average participants were able to fill almost the full load into the dishwasher (96% of the items as used in a test following EN 50242).     

Broadening the Definition of Unlawful Retaliation Under Title VII

Title VII retaliation cases have become a larger part of the Equal Employment Opportunity Commission (EEOC) caseload, and this development should be a growing concern for business. By addressing the question of exactly when a prohibited retaliatory action has been taken against an employee, the United States Supreme Court’s June 2006 decision in Burlington Northern & Santa Fe Railway Co. v. Sheila White ended a significant disagreement among the various appellate courts on the issue. The Supreme Court answered two specific questions regarding retaliation for raising a claim of sexual discrimination. First, the Court decided that the retaliatory conduct need not take place within the employment setting; and, second, it held that a materially adverse action requires only that a reasonable employee would be deterred from making, filing, or supporting a claim of workplace discrimination to the EEOC, the courts, or the employer. Employers need to revise and update their internal policies and procedures to ensure that their firms comply with these new standards.     

Derivatives Use, Corporate Governance, and Legislative Change: An Empirical Analysis of New Zealand Listed Companies

Abstract:   This paper examines if board composition has any systematic bearing on derivatives usage by New Zealand listed companies. We also test if derivative usage changed following the introduction of the new 1993 Companies Act. The Act raised expectations of directors' fiduciary responsibilities and the perceived risk of liability on outside directors for poor investment decisions. Using a dataset of listed New Zealand companies in 1994 and 1997, we find companies with higher growth opportunities and a greater proportion of outside directors were less likely to use financial derivatives following the introduction of the new Act. Our results supplement the US‐based literature on derivatives usage by illustrating that internal governance mechanisms can play a role in corporate derivatives policy, and that the legislative and regulatory environment may affect this role.     

Economic Issues in Health Policy: Comment

This article reviews the adequacy of policy targeting of health market failures and the sector's positioning for the challenges ahead.     

全球旅游研究格局的综合分析(2003-2012)

基于Mill & Morrison的旅游系统理论,文章构建了由6个主类和61个亚类组成的旅游研究系统分类框架(The tourism research system categorization framework),选.取31本国际旅游期刊在2003-2012年期间的10058篇文章,从而提取出13669个关键词(其出现频次为41624)并进行归类,运用演绎分析和统计方法对旅游研究主题进行大数据整理.文章识别出旅游学研究的跨学科特征和各个旅游研究主题的受关注程度:从主类来看,最受关注的是“目的地”领域,其次是“需求”和“营销”领域;从亚类来看,最受关注的是“市场细分”和“吸引物和节庆”领域,而“基础设施”、“交通(旅游目的地内部)”和“旅游客流”等领域受关注度最少.最后,本文试图寻求与旅游学学科树进行理论对话,重新检验了近10年国际旅游研究在国内分类框架的学科特征与演变趋势.     

The effect of prior experience on vacation behavior

This research applied consumer involvement theory to describe, interrelate, and explain the repeat visit phenomenon and empirically tested the effect of past experience on tourists’ vacation behaviors. The results indicated that prior experience influenced current trips in terms of activity participation and expenditure patterns. These changes in behavior invoke different demands and requirements unique to the repeat vacation market. Since the quality of experience is central in destination loyalty management, knowledge about changes in behavior associated with this accumulation can be instrumental for destinations seeking to provide creative, relevant, and meaningful experiences to their different market segments.     

Recruiting Dark Personalities for Earnings Management

Journal of Business Ethics - Prior research indicates that managers’ dark personality traits increase their tendency to engage in disruptive and unethical organizational behaviors including...