Rezensionen

Ohne Zusammenfassung     

Adolf Kozlik † (1912–1964)

Ohne Zusammenfassung

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Adolf Kozlik (1912–1964)

     

Are extreme returns priced in the stock market? European evidence

This paper revisits some recently found evidence in the literature on the cross-section of stock returns for a carefully constructed dataset of euro area stocks. First, we confirm recent results for US data and find evidence of a negative cross-sectional relation between extreme positive returns and average returns after controlling for characteristics such as momentum, book-to-market, size, liquidity and short term return reversal. We argue that this is the case because these stocks have lottery-like characteristics, which is attractive to certain investors. Also, these stocks tend to be very volatile so that arbitrageurs are discouraged from correcting potential mispricing. As a consequence, these stocks are often overpriced and hence face lower expected returns. Second, when we control for extreme returns, the recently found negative relationship between idiosyncratic risk and future returns is less robust. In our models, after adding maximum returns, the relationship is insignificant and sometimes even positive. We also find that idiosyncratic skewness and coskewness play an important role for asset pricing, as predicted by several theoretical models.     

A theoretical basis for public sector accrual accounting research: current state and perspectives

ABSTRACT

Public sector or government accounting has been the subject of many research endeavors. However, scholars have repeatedly criticized the lack of a consistent and well-defined theoretical basis for international research. So far, most researchers have drawn from various streams of theoretical perspectives with often unsatisfactory results. The goal of this paper is to put forward the International Public Sector Accounting Standards Board’s (IPSASB) Conceptual Framework as a point of reference for establishing a better-fitting theoretical basis for public sector accrual accounting research.     

Understanding Leadership Through Leadership Understandings

In 1992, Margaret Wheatley urged leadership scholars to search for “new ways of understanding” (Wheatley, 1992/2006, p. 160). The search, with some exception, has stalled. Leadership studies remains mired in a philosophical understanding grounded in positivism. Within the current paper, an exploration of how an understanding is informed by its core philosophical assumptions is presented. An alternative framing for understandings is explored through the reconstruction of these same core philosophical assumptions. The benefits of dwelling within the alternative framing are sketched.     

A model of multinational enterprise subsidiary staffing composition

A large proportion of the multinational enterprise (MNE) literature focuses on parent country national (PCN) expatriates. The high costs of managing and supporting PCNs on foreign assignments, however, have made these assignments less attractive for MNEs and, as a result, MNEs are more actively exploring ways to effectively utilize third country nationals (TCNs) and host country nationals (HCNs), as well as PCNs to satisfy international subsidiary staffing needs. Grounded in the person–environment (P–E) fit theory, we delineate three environmental dimensions (strategic, national and organizational) to offer some propositions that may serve to guide this exploration. These propositions are based on an integrative model that examines the MNE subsidiary staffing composition under different combinations of strategic, national and organizational dimensions. We conclude with suggestions for future research.