Order anticipation around predictable trades

I study the presence of order anticipation strategies by examining predictable patterns in large order trades. I construct three simple signals based on child-order execution patterns and find empirical evidence that stronger signals are correlated with higher execution costs. I use the SEC's (Securities and Exchange Commission's) ban on unfiltered access and increase in noise trading as shocks to order anticipatory activities of algorithmic traders and find that the price impact of predictability is smaller when order anticipation becomes difficult. The empirical findings are mostly consistent with the back-running theory that predicts delayed price impact as strategic traders learn about large orders gradually.     

基业常青的关键:创新力与控制力的统一

现有理论对基业常青的贡献与缺陷，传统管理学中控制职能对创新的不适应性剖析，借用力学原理提出的创新力有效控制的三要素和控制系统创新五要素模型架构。结论：创新力与控制力的均衡统一是基业常青的关键。     

Strategies and boundaries: Subcontracting in construction

A central concern in studying organization environment relationships has been the issue of how boundaries of organizational activity are defined and altered. A specific organizational response that pertains to the issue of boundaries is subcontracting. Construction is one industry where subcontracting is used extensively. Eccles' (1981a) study shows, however, that there is great variation in the subcontracting practices of contractors. This paper reports an exploratory study on the possible determinants of the extent of subcontracting by the construction firm.     

International Evidence on Risk Taking by Banks Around the Global Financial Crisis

This study models the risks of commercial banks from the United States and developed, emerging, and frontier countries while controlling for bank- and country-specific variables within a panel framework. Bank risk is measured by both the traditional Z-score and a composite bank risk index proposed by the authors. The findings suggest that even though the riskiness of all banks from different country groups increased following the financial crisis, the magnitude of the change is not the same across groups. During the post-crisis period, banks in developed, emerging, and frontier countries experienced a smaller increase in their risk compared to their counterparts in the United States. This article provides support for the claim that banks in emerging and frontier countries have experienced the effects of the financial crisis to a lesser extent compared to those in the United States.     

Financial expertise of directors

We analyze how directors with financial expertise affect corporate decisions. Using a novel panel data set, we find that financial experts exert significant influence, though not necessarily in the interest of shareholders. When commercial bankers join boards, external funding increases and investment-cash flow sensitivity decreases. However, the increased financing flows to firms with good credit but poor investment opportunities. Similarly, investment bankers on boards are associated with larger bond issues but worse acquisitions. We find little evidence that financial experts affect compensation policy. The results suggest that increasing financial expertise on boards may not benefit shareholders if conflicting interests (e.g., bank profits) are neglected.     

Impact of ICT on the productivity of the firm: evidence from Turkish manufacturing

This paper aims to explore the impact of Information and Communication Technologies (ICT) on labor productivity growth in Turkish manufacturing. This is the first attempt at exploring the impact of ICT on productivity in Turkish manufacturing at the firm level. The analysis is based on firm level data obtained from Turkish Statistical Institute (TURKSTAT) and covers the period from 2003 to 2012. The data used in the analysis includes all firms employing 19+ workers in Turkish manufacturing industry. Growth accounting results show that the contributions of conventional and ICT capital to value added growth are not significantly different from each other. On the other hand, results based both on static (fixed-effects) and dynamic panel data analysis highlight the positive influence on firms’ productivity exerted by ICT capital. The findings show that the impact of ICT capital on productivity is larger by about 25 to 50% than that of conventional capital. This contribution of ICT capital is higher than that of non-ICT capital for small sized and low-tech firms. Our findings imply that investing in ICT capital increases firm productivity by increasing the productivity of labor and also that convention growth accounting approaches may not be adequate to identify such linkages.     

Macroeconomic Drivers of Loan Quality in Turkey

We analyze the drivers of nonperforming loans in the Turkish banking system after the 2000–01 Turkish banking crisis. By constructing a vector autoregression model, we perform dynamic out-of-sample forecasts, which yield quite accurate results compared to the actual data. Since forecasting is a very crucial tool for both policy makers and market players, these results are some of the main strengths and contributions of this study. This article shows various patterns between the economic and financial indicators and the nonperforming loans. One important message obtained from the results is that policy makers should be concerned about the status of the economy and the market expectations to maintain stability in the banking system.     

Merits of Task Advice during New Product Development: Network Centrality Antecedents and New Product Outcomes of Knowledge Richness and Knowledge Quality

Utilizing new product development (NPD) teams to accomplish complex tasks in firms has been an emergent issue in many industries throughout the last couple of decades. Despite numerous studies, formation and efficient management of NPD teams is still a developing research domain. Using the knowledge‐based view of the firm and social network theories complementarily, this paper contributes to literature by examining the intrafirm social relational structures of NPD teams. Focusing specifically on the network centrality of the NPD teams, this paper argues that network centrality types of closeness, betweenness, and degree centralities influence the quality and richness characteristics of knowledge received through task advice seeking. Subsequently, the knowledge gained with these characteristics enhances product innovativeness and new product success. Consequently, the second contribution of this paper is to conceptualize the effect of the task advice‐seeking activities of NPD teams on NPD outcomes. The paper concludes with a discussion of the empirical testing of the proposed model, including suggestions for focal construct operationalizations as well as other future research directions.     

Employee overqualification and manager job insecurity: Implications for employee career outcomes

In this study, we propose that manager job insecurity will moderate the nature of the relationship between perceived overqualification and employee career-related outcomes (career satisfaction, promotability ratings, and voluntary turnover). We tested our hypotheses using a sample of 124 employees and 54 managers working in a large holding company in Ankara, Turkey, collected across five time periods. The results suggested that average perceived overqualification was more strongly, and negatively, related to career satisfaction of employees when managers reported higher job insecurity. Furthermore, employee perceived overqualification was positively related to voluntary turnover when manager job insecurity was high. No direct or moderated effects were found for promotability ratings. Implications for overqualification and job insecurity literatures were discussed.     

Visible Hands – Invisible Women: Garment Production in Turkey

Abstract

The economic liberalization policies that started in the early 1980s marked a turn in Turkey's growth strategy by shifting it from import substitution to export orientation. Since then, the garment industry has been one of the top exporters, drawing on women as the main suppliers of informal labor for the industry through subcontracted and home-based piecework. Based on fieldwork, this paper examines the gender inequalities that underlie the export success of the garment industry, in which the organization of production and workplace relations embed and reproduce gender ideology and norms. Women's engagement in garment production is ensured through the articulation of women's subordinate position with the social organization of garment production and the mobilization of kinship relations. The continued expansion of garment exports and the ongoing informalization of nonagricultural employment, according to official estimates, suggest that these arrangements are becoming more extensive over time.