Technical analysis as the representation of typical cognitive biases

The present research provides a justification for the popularity of the technical analysis. It finds that financial analysts firmly discriminate between two types of technical signals—those based on typical cognitive biases and “empty” signals that sound like a technical analysis but are without any connotation with psychological inclinations.At the same time that they treat them differently, different analysts rate these items very similarly. These results suggest that the popularity of technical analysis is associated with its relation to the typical cognitive biases of humans.     

DO STOCK MARKET FLUCTUATIONS AFFECT SUICIDE RATES?

In this study, we extend the standard economic model of suicide by considering a new influential factor driving the voluntary death rate. Using an international sample, we estimate the model and document a robust and significant inverse relation between stock market returns and the percentage increase in suicide rates. Trends in male and female suicide are affected by market fluctuations, both contemporaneously and at a lag. This predictive quality of stock returns offers the potential to implement pro-active suicide prevention strategies for those who could be affected by the vagaries of the market and general economic downturns.     

Tests of Normality of Functional Data

The paper is concerned with testing normality in samples of curves and error curves estimated from functional regression models. We propose a general paradigm based on the application of multivariate normality tests to vectors of functional principal components scores. We examine finite sample performance of a number of such tests and select the best performing tests. We apply them to several extensively used functional data sets and determine which can be treated as normal, possibly after a suitable transformation. We also offer practical guidance on software implementations of all tests we study and develop large sample justification for tests based on sample skewness and kurtosis of functional principal component scores.     

信任、不信任与民主制的悖论

本文论述了信任与不信任产生的条件.一个全面的信任模型至少要包含三个方面,即"被信任者的可信度"、"信任者的基本信任倾向"以及催生信任的文化因素.信任文化的产生既有结构原因,又有历史原因.本文认为民主秩序是孕育信任的重要力量.     

Grading Innovation in an International Marketing Course: Promoting Student Collaboration and Individual Accountability

In this article, the author proposes an innovative, exam-based homework grading method to facilitate both collaboration among students and individual accountability while learning a complex theory and applying it to solve a problem. Results from this novel approach to grading a comparative advantage theory homework assignment, using an objective exam performance measure to adjust original homework grades, show that students increase their comprehension of the frequently misunderstood theory. This novel grading method can be applied in a variety of contexts to promote student collaboration in preparation of academic work while providing incentives to encourage individual accountability and engagement.     

Corporate social responsibility and employee attitudes: evidence from a study of Polish hotel employees

This study, based on data collected from low-ranking employees working in Polish hotels, tests a research model that investigates whether there are links between corporate social responsibility (CSR), operationalized as “self-related” CSR experiences and “others-related” CSR experiences, and job satisfaction and organizational commitment, and between both attitudes and work engagement. Structural equation modelling was used to assess these relationships, using a 20 point questionnaire answered by 412 respondents. The results indicate that “others-related” CSR experiences are positively associated with satisfaction and commitment, while “self-related” CSR experiences with the latter variable. Likewise, organizational commitment, unlike job satisfaction, was linked to work engagement. However, contrary to our a priori assumptions and prior research, it turned out that job satisfaction was not a predictor of commitment. The paper discusses theoretical and practical implications of the findings. The study's most important practical implication is that Polish hotel employees attach weight to responsible behaviour: the hotel industry should perceive CSR in terms of strategic significance. Companies that want a committed and engaged workforce – and, by extension, to enhance their competitiveness – should embrace CSR. The paper concludes by highlighting its limitations and suggesting future research avenues.     

Partial privatisation: The caveats and expriences

Partial privatisation, in which a more or less large number of residul shareholdings remain in the hands of the state, is a widespread phenomenon in the countries of Central and Eastern Europe. The following paper compares experiences in Poland with those of the UK, where there has been extensive privatistion of public utilities in the last 20 years, and concludes with some policy recommendations for the transforming countries. The original version of this paper was commissioned by the OECD and presented at its workshop on Management and Sale of Residual Shareholdings, Berlin, Germany, May 1996.     

International hotel chains and environmental protection: an analysis of Hilton's we care! programme (Europe, 2006–2008)

Using the case study method, this paper evaluates and analyses Hilton's we care! programme for improving the environmental performance of the 70 Hilton Worldwide hotels in operation in Continental Europe in 2006–2008. It explores the practical dimension of “greening” hotel operations in the context of corporate social responsibility (CSR), and demonstrates the close links between CSR and human resource management (HRM) in hotels. It deepens the understanding of corporate environmentalism and seeks to disseminate best practice among hospitality managers. The programme's distinctive and innovative character as well as its weaknesses and strengths are highlighted. Barriers to behavioural change in hotel operation are discussed. The programme involved over 16,000 employees, created hotel-specific action teams linking all employee levels and reduced energy use per square metre by 15%, water use and CO₂ emissions per guest night by 8% each over three years. Avoided utility costs totalled US$16 million, of which US$9.6 million can be attributed to changes in human behaviour. The paper makes a case for a holistic approach that combines the introduction of IT-based measurement and performance-assessing tools with genuine employee empowerment and green awareness raising. The study concludes with future managerial policy recommendations that simultaneously bear upon corporate environmentalism and HRM.     

Estimation of the equilibrium exchange rate: The CHEER approach

The paper presents the results of an investigation where the concept of a steady-state level of the exchange rate is equated with the capital market equilibrium based on the CHEER approach. The empirical analysis concentrates on Poland, because in this case the assessment of the equilibrium exchange rate is of vital importance. The prospect of the Polish currency joining the ERM2 provokes controversies and requires research into the economic consequences of accession to the EMU. The international transmission mechanisms affecting the Polish economy are identified within the VEqCM framework. The calculations indicate that in the last years of the analyzed sample (i.e. up to December 2006) the zloty/euro exchange rate was slightly overvalued, and the steady-state level was found to have been adjusting to the value of 4.1 zlotys.     

Can Banks Self‐Regulate? Voluntary Agreements,Intrinsic Motivation and Games

This article argues that lessons on how to achieve a sustainable financial system can be learnt from the work done on sustainable commons (on common‐pool resources – CPRs – where there is no ‘tragedy of the commons’). Existing approaches to financial regulation may not give proper attention to available solutions. The article proposes that innovative solutions could be tested using experimental methods commonly used in CPRs: repeat run, feedback driven games.