Identifying reference companies using the book-to-market ratio: a minimum spanning tree approach

There is substantial evidence to suggest that the book-to-market (BM) ratio is an important factor in explaining stock market returns. Its role has proved difficult to isolate, however, due to statistical problems in its construction and to its observational equivalence to a number of risk and behavioural explanations. In addition, now widely recognised complex behaviour in financial markets has called into question modelling approaches that are limited in their ability to uncover relationships that are possibly masked during financial crises, for example. As one response, our research explores the value of a newly applied technique which examines the topological properties of minimum spanning trees as applied to both the BM ratio and market returns. Our intention is to identify and report investment signals as determined by the BM ratio and to assess the relationships of these signals to returns outcomes. The approach enables highly nonlinear behaviour to be addressed and the relationships we set out to capture to be reported in novel ways. We motivate and evidence a previously unreported role for BM as an investment signal which is effective over varying stock market conditions, including the financial crisis that began in 2008.     

Managerial incentives and stock price dynamics: an experimental approach

Experimental Economics - We investigate experimentally how granting a manager stock ownership and the opportunity to trade shares of a company’s stock influence the manager’s effort and...     

Semiotic knowledge toward heritage product in tourism industry： A case of Terengganu

In order to provide an appropriate context for the current state of the heritage product in tourism industry, semiotic knowledge become an important role to know deeply the identity, philosophy, and also the meaning of behind the actual product. Scott （2000） stresses the requirement of aesthetic and semiotic content in a creative product, instead of creativity. But, how many of retailers and salespersons in heritage product believe the semiotic as knowledge to present the product and opportunities in their selling？ According to Kotler （2000） a good personal selling will provide a detailed explanation or demonstration of the product. The message can be varied by the salesperson to fit the motivations and interests or each prospective customer. So, the purpose of this paper is to closely examine the level of awareness among retailers and salesperson toward the important of semiotic knowledge as part of strategic persuasion in a selling process. This survey study will develop a sample among retailers and salesperson in Kuala Terengganu as a respondent who give the feedback to fulfill the research questions.     

The Pivotal Role of User-Friendly Food Label and Personality Traits on Intention to Consume Packaged Food Products

The objective of the present study was to examine the effect of friendly food labels on packaged food consumption intention. A questionnaire method was adopted for data collection. The data were collected from 14 Pakistani universities. The systematic random sampling technique was used to draw the required sample size. The sample size was 365, where 730 questionnaires were distributed among students of 14 universities to achieve the required sample. Findings disclosed that a friendly food label has a positive and significant relation with packaged food consumption intention. But in the intervening effect of personality traits between exogenous and endogenous variables, only three personality traits have positive significant mediation—extraversion, conscientiousness, and openness—whereas no mediation was found with neuroticism and agreeableness. Studies have unveiled the fact that there is need to investigate the decisiveness of personality traits for the selection of healthy food (Friedman & Kern, 2014).     

Active and Adjusted: Investigating the Contribution of Leisure,Health and Psychosocial Factors to Retirement Adjustment

Engagement in leisure activities during retirement and its relationship to retirement adjustment were investigated. Psychosocial mediators included mastery, self-efficacy for retirement (SE-R) and activities (SE-A), positive (PA) and negative affect (NA). Resources investigated included physical health and finances. Leisure activities examined were social, home entertainment, chores, light exercise, vigorous exercise, and education. Data were gathered from a sample consisting of 243 retirees. Direct predictors of retirement adjustment included finances, health, mastery, SE-R and SE-A. Social activities were the best predictor of a wide range of positive outcomes, including PA, mastery, SE-R and SE-A. Educational activities improved SE-R. Being involved in a broader range of activities was associated with PA, mastery and SE-A. Familiarity and enjoyment of activities were implicated in the maintenance and continuation of activities at post-retirement. Research findings have implications for aged-care and other retirement service providers, as well as for individuals.     

Correction: Managerial incentives and stock price dynamics: an experimental approach

Experimental Economics - Typo error noticed by author in acknowledgement.     

Recent Canadian Experience on the Profitability of Insider Trades

Recent Canadian data on large insider transactions showed that abnormal gains accrued to directors and bank directors during a stock market upturn. During a stock market downturn, beneficial owners, senior officers, and bank directors were compensated by more than the risk-adjusted rates of return from sales of stocks of their own companies. Since Baesel and Stein's early study, abnormal gains persisted in spite of the introduction of stiffer penalties on insider trading.