Strategic HR orientation and firm performance in India

This study tests the relationship between strategic HR orientation and firm performance. The study has been conducted to add to the growing empirical evidence in this field. The study has been carried out in the Indian setting, where the importance of human resources has gained currency in the last decade. Results show that there is a significant relationship between strategic HR orientation and firm performance.     

Market anticipation of merger activities: An empirical test

This paper empirically examines the possibility that there is leakage of information regarding a merger prior to the announcement of the first bid for the target firm. The tests for the existence of market anticipation are based on the behavior of variances implied in the premia of call options listed on the target firms' stocks. We conclude that the evidence is consistent with the hypothesis that the market anticipates an acquisition prior to the first announcement.     

Virtual destination image a new measurement approach

This study utilized enabling internet and computerized content analysis technologies to measure destination image from a phenomenographic post-positivist perspective. In an online survey, respondents were asked to describe their image of one of seven case study destinations that they had never visited before, in a narrative format. The large amount of qualitative data was content analyzed using artificial neural network software. The results produce a vivid three-dimensional picture of the differences and commonalities among the images of selected destinations. It is concluded that an interactive narrative approach presents an alternative measurement technique that can contribute significantly to future image research.     

The Impact of Options Trading on the Market Quality of the Underlying Security: An Empirical Analysis

We find that option listings are associated with a decrease in the variance of the pricing error, a decrease in the adverse selection component of the spread, and an increase in the relative weight placed by the specialist on public information in revising prices for the underlying stocks. We also find that there is a decrease in the spread and increases in quoted depth, trading volume, trading frequency, and transaction size after option listings. Overall, our results suggest that option listings improve the market quality of the underlying stocks.     

The early exercise of American puts

This paper shows that American puts on dividend paying stocks are most likely to be exercised either just after an ex-dividend date or just prior to expiration. At any other time the option to exercise an American put early may have less value. Thus, put writers and converters can predict when protection against premature exercise will be most valuable. The probability of early exercise is shown to be sensitive to managerial policy regarding the suspension of dividend payments, transaction costs, and interest rates. However, dividend payments are demonstrated to be the primary deterrent to early exercise.