A theoretical analysis of institutional investors' trading costs in auction and dealer markets

This paper compares trading costs for institutional investors subject to liquidity shocks, in auction and dealer markets. The batch auction restricts the institutions' ability to exploit informational advantages because of competition between institutions when they simultaneously submit orders. This competition lowers aggregate trading costs. In the dealership market, competition between traders is absent but private information is revealed by observing the flow of successive orders and so reduces aggregate trading costs. We analyse the relative effects on trading costs of competition and information revelation in the two systems and derive a parameter inequality which determines which system has lower costs.     

Computing Professionals and the 'Peace Dividend'

For the last four decades much of the world's most advanced technical resources have been devoted to military systems; but with the end of the Cold War economic and technical resources are being freed to yield the so-called 'peace dividend'. This promotes the possibility of a more ethical orientation to many information technologists' work, and also represents the chance to argue for, and develop, more socially useful and responsible applications of computer technology, in accordance with the development of professional ideals and standards within the computing industry. The author is a member of the Computing Research Centre in the School of Computing and Management Sciences at Sheffield Hallam University, 100 Napier St, Sheffield S11 8HD, England; email: A.Bissett@shu.ac.uk     

成本全面上涨推动珠三角经济转型

外资企业离开世界工厂 据报道，2007年有224家外资企业离开了珠三角，另有29840家港资企业（占大约80000家港资企业的37．3％）也有同样的计划。另一方面，自2007年初至今，已有103家韩资企业离开了北方制造业中心山东。     

Human capital and the internationalisation of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.     

The Effects of Leader Succession and Prior Leader Experience on Postsuccession Organizational Performance

In this article we strive to reconcile equivocal findings about the effects of top leader succession and prior leadership experience on postsuccession organizational performance. In doing so, we draw on insights from theories of human capital, learning, and asymmetric information to better understand the conditions under which leaders increase or decrease postsuccession performance. Employing a sample of 119 newly appointed leaders in the English Premier League (1996–2010), we find the following results. First, relating to the succession event, outside leaders that directly move between leadership positions are associated with higher postsuccession performance while the departure of a prior leader to a leadership position in another organization has a negative effect on postsuccession performance. Second, relating to prior leadership experience, leaders with domestic top leader experience are associated with lower postsuccession performance, while leaders with foreign top leader experience are associated with higher postsuccession performance. © 2015 Wiley Periodicals, Inc.     

Organising young workers in the Public and Commercial Services union

This article analyses the relationship between unions and young workers using the Public and Commercial Services (PCS) union as a case study. PCS is leading the way in terms of engaging with and representing young workers. However, its future success may be limited due to changes to the external environment.     

Option Implied Dividends Predict Dividend Cuts: Evidence from the Financial Crisis

We employ the forward‐looking implied dividend information contained in option prices to predict dividend cuts and omissions during the recent financial crisis. The large number of dividend cuts and omissions during the 2008–09 financial crisis period provides the opportunity to study the predictability of dividend cuts in a controlled environment. Implied dividends and implied volatility, based on put–call parity and computed from put and call option prices, prove to be effective in predicting those cuts, especially compared to only using the equity market and accounting variables conventionally used for this purpose. Options‐derived variables (implied dividends and implied volatility) enhance the ability to identify firms more likely to reduce or omit dividend payments.     

Interactive data and retail investor decision‐making: an experimental study

The results of an experimental study of retail investors' use of eXtensible Business Reporting Language tagged (interactive) data and PDF format for making investment decisions are reported. The main finding is that data format made no difference to participants' ability to locate and integrate information from statement footnotes to improve investment decisions. Interactive data were perceived by participants as quick and ‘accurate’, but it failed to facilitate the identification of the adjustment needed to make the ratios accurate for comparison. An important implication is that regulators and software designers should work to reduce user reliance on the comparability of ratios generated automatically using interactive data.     

HR and analytics: why HR is set to fail the big data challenge

The HR world is abuzz with talk of big data and the transformative potential of HR analytics. This article takes issue with optimistic accounts, which hail HR analytics as a ‘must have’ capability that will ensure HR's future as a strategic management function while transforming organisational performance for the better. It argues that unless the HR profession wises up to both the potential and drawbacks of this emerging field and engages operationally and strategically to develop better methods and approaches, it is unlikely that existing practices of HR analytics will deliver transformational change. Indeed, it is possible that current trends will seal the exclusion of HR from strategic, board‐level influence while doing little to benefit organisations and actively damaging the interests of employees.     

Identifying changes and trends in Hong Kong outbound tourism

Despite the numerous research endeavors aimed at investigating tourists’ preferences and motivations, it remains very difficult for practitioners to utilize the results of traditional association rule mining methods in tourism management. This research presents a new approach that extends the capability of the association rules technique to contrast targeted association rules with the aim of capturing the changes and trends in outbound tourism. Using datasets collected from five large-scale domestic tourism surveys of Hong Kong residents on outbound pleasure travel, both positive and negative contrasts are identified, thus enabling practitioners and policymakers to make appropriate decisions and develop more appropriate tourism products.