Empowering leadership in R&D teams: a closer look at its components,process, and outcomes

Empowering leadership in R&D teams has gained increasing popularity as it provides a balance between autonomy and control, encourages member participation and self‐leadership, and benefits creativity and innovation. This research examined the unique influences of two behavior components of empowering leadership: group‐focused empowering leadership and differentiated individual‐focused empowering leadership on R&D team's processes and team effectiveness. Using data from 54 R&D teams, we found that group‐focused empowering leadership is strongly related to intra‐team collaboration, which in turn is positively related to both team innovativeness and performance. Differentiated individual‐focused empowering leadership, however, is positively related to intra‐team competition.     

March Market Madness: The Impact of Value‐Irrelevant Events on the Market Pricing of Earnings News

Each year, the NCAA basketball tournament (March Madness) is a daytime distraction for millions of people, providing a largely exogenous shock to investor attention. We investigate whether March Madness influences the market response to earnings by diverting investor attention away from earnings news. We find that the price reaction to earnings news released during March Madness is muted. This result generally holds across several samples and additional analyses. We also find that the result is more muted for low institutional ownership firms, consistent with the effect being driven by less‐sophisticated investors. Furthermore, we find that it takes the market 30 to 60 days to correct for the distraction effect. Overall, we provide a unique test of the theory of limited attention by documenting that extraneous events can have a significant impact on the pricing of earnings.     

The Effect on Sales of Color in Newspaper Advertisements

Little empirical research is available on the effects on retail sales of the use of color in newspaper advertising. This study analyzes the results of two experiments conducted by the Long Beach Independent Press-Telegram, and concludes that median sales volume gains of approximately 41% may be realized by using one-color, single-exposure newspaper ads, instead of otherwise identical black-and-white ads, for price-reduced items. This conclusion is supported by statistical analysis of empirical data on actual sales.     

Laying the Victorians to Rest: Funerals,Memorials, and the Funeral Business in Nineteenth‐Century Otago

This article seeks to integrate the history of the physical aspects of burial practices with the cultural aspects of mourning and bereavement by considering the businesses that catered for the demand created by funerals and mourning in the second half of the nineteenth century. The example of the first major industrial and commercial urban centre to develop in New Zealand, Dunedin, is used to show that a range of businesses emerge quickly to cater for the funerary trade. Many were short lived, and few specialised exclusively in the funerary business.     

The negative effect of NCAA football bowl bans on university enrolment and applications

Universities provide consumption amenities to students in addition to their educational services. Collegiate sports programs have been characterized as one of these consumption amenities. Previous research has shown that athletic success has a positive impact on both the quantity and quality of students attending a university. Alternatively, we analyse if athletic malfeasance, as measured by NCAA postseason bans of football programs, negatively affects either the quantity or quality of student applications or enrolment. Our findings suggest that athletic malfeasance that results in a postseason football bowl ban lowers the quantity of applications, admittances and enrolment to a university. In addition, we find that universities respond to decreased application numbers by increasing their admission rates, while students who are admitted to the school enrol at the same rate as before the ban. Thus, the reduced enrolment is the result of a smaller applicant pool and not the result of a lower rate of enrolment. Lastly, we do not detect any reduction in student quality at the sanctioned university. Our results demonstrate that impropriety by an athletics program directly impacts a university’s non-athlete student enrolment by influencing the amenity mix provided by the university.     

Unraveling the complex interrelationships between exchange rates and fundamentals

This research investigates the intrinsic characteristics of currency values by fundamentally decomposing investor expectations on 16 currencies. The results on 195 exchange rates over several decades indicate investors perceive countries to be more likely to choose devaluation solutions to BOP problems when inflation is lower and when an alternative drop in real income growth is more “painful”. In addition, empirical support is provided for the hypothesis that forward rates often appear biased because the distributional expectations incorporated into them include, for a country with a current account deficit, a small probability of a large spot decline that does not actually occur in most finite samples.     

An empirical investigation of investor expectations in the currency market

Using a new theoretical model of investor expectations in the foreign exchange market, this research finds investor forecasts to be rational. For instance, expectations are not characterized by fat-tailed distributions that might reflect optimistic bubbles and panic. They are also found to rationally predict a correlation between exchange rates and political factors such as modeled “pain” indexes and currency bands. Most importantly, the model detects an ex-ante investor prediction of a small probability of a large currency change that empirically explains ex-post forecasting biases.     

LABOUR AND LAND IN GHANA, 1874–1939: A SHIFTING RATIO AND AN INSTITUTIONAL REVOLUTION

The Second Industrial Revolution created markets for new products for Ghana, rubber and then cocoa beans. Mechanised transport spurred the spread of cocoa planting. The paper estimates the resultant shift in factor ratios, and synthesises the data for prices of land-use rights and wages as the economy moved from land abundance to localised land scarcity. The consequences for factor markets were institutional rather than simply quantitative. For the first time markets in land use rights became widespread, while hired labour and farm pledging replaced slavery and debt bondage, as cocoa income made it possible for farmers to offer labourers sufficient inducement to enter the labour market.     

Do stock returns hedge inflation at long horizons?

We investigate the long-horizon relationship between market returns and inflation in the United States. Conventional tests for long horizon predictability may reject the null too frequently when the predictor variable is highly persistent and endogenous and there are overlapping observations. We use a recently developed econometric technique designed to overcome these problems. We find little to no evidence that securities are able to hedge inflation.     

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