DETERMINANTS OF THE EXECUTION COSTS OF COMMON STOCK TRADES BY INDIVIDUAL INVESTORS

Data on a large sample of transactions in common stocks by individual investors over a nine-year period are examined to identify factors that influence the magnitude of the price concessions those investors experienced in trades executed on the New York and American Stock Exchanges. Among the factors that appear to have an influence on such “execution costs” are the exchange where the security involved is traded and the direction of the price movement in the security on the day of the trade. The size of the trade, the price of the stock, and the volatility of price, however, do not seem to have an effect. There is also little indication that execution costs have declined over time as the securities markets have become less subject to regulation.     

Capital market effects of media synthesis and dissemination: evidence from robo-journalism

In 2014, the Associated Press (AP) began using algorithms to write articles about firms’ earnings announcements. These “robo-journalism” articles synthesize information from firms’ press releases, analyst reports, and stock performance and are widely disseminated by major news outlets a few hours after the earnings release. The articles are available for thousands of firms on a quarterly basis, many of which previously received little or no media attention. We use AP’s staggered implementation of robo-journalism to examine the effects of media synthesis and dissemination, in a setting where the articles are devoid of private information and are largely exogenous to the firm’s earnings news and disclosure choices. We find compelling evidence that automated articles increase firms’ trading volume and liquidity. The effects are most likely driven by retail traders. We find no evidence that the articles improve or impede the speed of price discovery. Our study provides novel evidence on the impact of pure synthesis and dissemination of public information in capital markets and initial insights into the implications of automated journalism for market efficiency.     

Energy productivity convergence: new evidence from club converging

The goal of this study is to explore the convergence of energy productivity across 31 countries from 1972 to 2012 by using the convergence club algorithm developed by Phillips and Sul (2007). The empirical results lead to the rejection of full convergence and to the presence of a certain number of clubs. The transitional curves, however, indicate that over the long run energy productivity tends to converge, indicating the strong attempts of the countries under investigation to adopt energy policies that eventually contribute to a convergence pattern.     

A longitudinal analysis of the changing roles of gender in advertising: a content analysis of Super Bowl commercials

Although the prevalence of gender stereotypes in advertising is well established, relatively little research has examined gender stereotypes in the context of Super Bowl that is arguably the most important event in US television advertising. This study systematically examines gender representations across various product categories in Super Bowl commercials over a 20-year period (1990–2009). Our findings detect and discuss shifts in the cultural notions of gender constructed in advertising messages targeting the largest and the most demographically diverse audience in US television. The paper concludes with a discussion of the theoretical and managerial implications of our findings.     

The effects of the high school curriculum on school dropout

High school dropouts and their lower employment prospects are a major concern for developed countries. This article answers the question whether the high school curriculum has the potential to affect students’ dropout decision. Focusing on the curriculum is also motivated by the manifold curriculum reforms or reform initiatives worldwide. Using a quasi-experimental evaluation design, we identify the effects of a curriculum reform on students’ probability to drop out of high school in the short run, i.e. for the first three cohorts graduating under the new curriculum requirements. The reform increased the curriculum requirements in high school, for instance, by reducing the freedom of choice in course selection. The results show that high school dropout rates increased for males and females alike.     

Organizing and Disorganizing Strategic Communication: Discursive Institutional Change Dynamics in Two Communication Departments

This article explores the institutionalization of strategic communication as a dynamic interplay between macro- and mesolevel discourses. The change processes in the two cases of this study involved both a reorientation of the purpose of the communication function and a physical relocation of the professionals to a centralized department. In both organizations, the transformation toward a strategic management function failed and the communication professionals are now working in ways similar to those before the change was initiated. The analysis illustrates that the institutionalization of strategic communication is effected by organizational-level processes and mechanisms that are not always controlled by communication professionals. The institutionalization of strategic communication is bound by organizational discourses as well as by the actions of communication practitioners and general managers. The study also shows that macro- and mesolevel discourses influence the ways in which change initiatives are translated and strategic communication effected on an organizational level. Hence, institutionalization processes of strategic communication will comply with management trends but can change direction when these trends are challenged. Our results expose that new ideas or practices of strategic communication are translated discursively within organizations in processes of recontextualization, reinterpretation, and reframing. Consequently, new ideas and practices of strategic communication are adjusted to organizational discourses and organizational settings. The translation of a new idea or practice will therefore change the initial meaning of that same idea or practice. For that reason, institutionalization of strategic communication should not be reduced to a unidirectional process but conceptualized as a dynamic interplay between discourses on different levels that moves institutionalization in multiple directions.     

An investigation into student satisfaction,approaches to learning and the learning context in Auditing

Arguably, the audit course is one of the most challenging as it links prior accounting knowledge with new audit knowledge that students are generally not exposed to. A mini‐audit group project was implemented at a New Zealand university, and a learning approach and learning experience survey instrument was administered. Responses from 98 students suggest that they perceived the learning experience positively and were encouraged to adopt a deep approach to learning. The findings have implications for accounting educators in the design and development of learning and assessment strategies in an audit course.     

Place identity and sustainable consumption: implications for social marketing

Place identity is a self-identity dimension related to a physical setting. This study measured place identity relating to residential neighborhood, based on levels of attachment, continuity with personal past, perception of familiarity, cohesion and social acceptance. The study examined the proposition that people with strong place identity are committed to their neighborhoods, in turn leading to positive sustainable consumption attitude and behavior. Structural equation modeling empirically verified a theoretical model developed from the environmental psychology, consumer behavior and marketing literatures. A telephone survey was conducted of 409 residents in two suburbs in the Kuala Lumpur metropolitan area, Malaysia. The finding that place identity and commitment to the residential suburb are strong motivational drivers of sustainable consumption-related attitude and behavior has important implications for social marketing.