Search results

Daniel and Titman (1997) contend that the Fama‐French three‐factor model’s ability to explain cross‐sectional variation in expected returns is a result of characteristics that firms have in common rather than any risk‐based explanation. The primary aim of the current paper is to provide out‐of‐sample tests of the characteristics versus risk factor argument. The main focus of our tests is to examine the intercept terms in Fama‐French regressions, wherein test portfolios are formed by a three‐way sorting procedure on book‐to‐market, size and factor loadings. Our main test focuses on ‘characteristic‐balanced’ portfolio returns of high minus low factor loading portfolios, for different size and book‐to‐market groups. The Fama‐French model predicts that these regression intercepts should be zero while the characteristics model predicts that they should be negative. Generally, despite the short sample period employed, our findings support a risk‐factor interpretation as opposed to a characteristics interpretation. This is particularly so for the HML loading‐based test portfolios. More specifically, we find that: the majority of test portfolios tend to reveal higher returns for higher loadings (while controlling for book‐to‐market and size characteristics); the majority of the Fama‐French regression intercepts are statistically insignificant; for the characteristic‐balanced portfolios, very few of the Fama‐French regression intercepts are significant.

The purpose of this paper is to propose new 3D light emitting diodes (LED) and integrated circuits (IC) integration packages.

These packages consist of the multi‐LEDs and active IC chip such as the application specific IC, LED driver, processor, memory, radio frequency, sensor, or power controller in a 3D manner. The assembly processes of these packages are also presented and discussed.

The advantages of these 3D integration packages are found to be: better performance, lower cost, less footprint, lighter package, and smaller form factor.

A thermal management system for 3D IC and LEDs integration packages is proposed.

Examines key general marketing texts to produce a consistent set of claims termed the nine tenets of marketing. States that these are core to conventional marketing teaching and thought. Argues that they have little epistomological basis. Shows that marketing professionals do not enjoy the same status as those in law and accountancy, concluding that to convince others of the profession’s worth, the whole basis may need renovation.

Due to the importance of efficiency and responsiveness measures rather than just efficiency measures, this research recognizes both measures when considering overall performance of warehouse operations. Thus, the purpose of this paper is to prioritize overall performance measures associated with warehouse operations in manufacturing, third-party logistics service provider and retail industry supply chains.

The study uses an integrated approach that involves the Q-sort method to group measures into four categories. Fuzzy analytical hierarchy process was then used to prioritize individual performance measures within each category and integer liner programming model was used to validate prioritized categories, using the judgment of multiple decision makers across three industries.

The result shows that the financial category is a dominating performance category in managing warehouse operations across all three industries selected. Within the financial category, cost of insurance accounted for 25 percent of total weight of the category, and is considered to be a powerful measure. The financial category is verified by multiple decision makers across three industries, as the most important performance category.

As part of adopting the proposed methodology in practice, it needs to be guided by overall methodology appropriate for industry-specific contexts.

Key novel aspects of this study are to categorize warehouse operations measures and analyze their perspectives in different industries, understand dominant categories of warehouse operations measures in the contemporary supply chain and finally to explore to what extent current practices lead to achieving efficiency and responsiveness in the selected industries.

Background: Ideas always have and always will change the world; with ideas-engagement enabling individuals to become more knowledgeable, better able to make good decisions and better positioned to re-align their values in response to new progressive norms and beliefs. Given these potential benefits, of primary interest is how citizens can be most effectively encouraged to engage with new ideas.

Methods: With this study we test the efficacy of two approaches designed to enhance citizen’s perceptions regarding the value of ideas-engagement. Specifically, we recontextualise a previously undertaken small-scale randomised control trial designed to stimulate states of either curiosity or pragmatic prospection amongst two randomly allocated groups of respondents. Our target variables involve the importance respondents attribute to staying up to date, as well as to four related attitudinal variables. Our target audience is the voting age population of England.

Results: 515 participants took part in the experiment, with 269 receiving the curiosity stimulating intervention and 246, the prospection intervention. Our findings suggest that, by the end of four weeks, only the intervention designed to promote pragmatic prospection had significantly impacted on the importance respondents attribute to staying up to date. It also positively impacted the value-scores for one of the secondary attitudinal variables (relating to the importance of supporting physical and mental-health).

Conclusions: While this study provides useful insight regarding ideas-engagement, further work is needed. In particular, future studies will require a larger sample, so as to ascertain the impact of these approaches on “ideas refusers”. Also required is the inclusion of a control group to provide a definitive counter factual. Furthermore, since positive changes in attitudes towards ideas-engagement also ideally leads to changes in behaviours, questions are also needed to examine the sources of ideas respondents subsequently engage with (or not) as a result of these interventions.

The purpose of this paper is to study the existence of psychological barriers in cryptocurrencies.

To detect psychological barriers, the authors perform a uniformity test, a barrier hump test, a barrier proximity test and conditional effects test to a sample comprised by the daily closing quotes of six of the most liquid cryptocurrencies.

The results evidence the existence of psychological barriers in four of the cryptocurrencies under scrutiny, namely, Bitcoin, Dash, NEM and Ripple.

The fact that the cryptocurrency market has a high share of unexperienced investors and presents several cases of psychological barriers is consistent with the hypothesis that that class of investors is particularly prone to the behavioral biases which cause psychological barriers.

This paper studies, for the first time, the existence of psychological barriers in the market of cryptocurrencies.

This study argues that strategic information systems (SISs) are necessary for organizations’ survival and corporate performance in turbulent economic environments. Applying Miles and Snow’s strategy typology, the purpose of this paper is to explore how SIS supports business strategy and corporate performance.

This study uses quantitative survey data from 389 Brazilian companies during economic crises and analyzes them using structural equation modeling.

There is strong evidence that SIS promotes capacity and flexibility to create competitive strategies in response to environmental changes. SIS significantly and positively predicts firms’ use of prospector strategies, reducing the need to sacrifice efficiency for innovation. SIS can predict corporate performance more strongly than firms’ strategic orientations can.

The results provide organizations insights on how SIS enables strategic planning processes to create competitive strategy and improve performance during economic turbulence.

This research demonstrates SIS’s positive effects during economic turbulence on competitive strategy and performance, revealing that corporate performance is influenced more by SIS (strategic process) than strategic orientation (content). Hence, this study fills a research gap in the information systems strategy literature by contributing new insights about SIS.

The purpose of this paper is to develop “techno‐change alignment” as an approach for evaluating the effectiveness of large‐scale technology‐enabled organisational change, commonly associated with the adoption of enterprise information systems (IS).

By developing a processual analysis of techno‐change, useful insights are developed concerning techno‐change alignment, within the confines of an enterprise resource planning (ERP) case study. Recent techno‐change literature, emerging ideas on human agency, cultural and social relations are incorporated as part of the evaluation approach taken. The paper also discusses the implications of more recent work on techno‐change and suggests directions for future research.

In terms of “structural” alignment, the ERP system was chosen because it reflected requirements of the case study in the university/education sector. As part of “strategic and intellectual” alignment, business processes were reviewed, as well as alignment with university aims and strategy goals. “Social and cultural” alignment between different groups of users is paramount for effective integration and re‐embedding of relationships and activities once techno‐change is introduced. Wider implications of processual alignment suggest that bringing users and stakeholders together as human agents for techno‐change within a high priority communication environment is essential for developing effective social relationships.

Given the difficulty of developing usable evaluation mechanisms for techno‐change and complex enterprise information systems, the contribution of this article is the demonstration of an effective interpretative (processual) IS evaluation approach, which the authors refer to as “techno‐change alignment”.

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to control activities on its territory, due to the rising need to find solutions for universal problems, like the pollution of the environment, on an international level. Globalisation is a complex, forceful legal and social process that take place within an integrated whole with out regard to geographical boundaries. Globalisation thus differs from international activities, which arise between and among States, and it differs from multinational activities that occur in more than one nation‐State. This does not mean that countries are not involved in the sociolegal dynamics that those transboundary process trigger. In a sense, the movements triggered by global processes promote greater economic interdependence among countries. Globalisation can be traced back to the depression preceding World War II and globalisation at that time included spreading of the capitalist economic system as a means of getting access to extended markets. The first step was to create sufficient export surplus to maintain full employment in the capitalist world and secondly establishing a globalized economy where the planet would be united in peace and wealth. The idea of interdependence among quite separate and distinct countries is a very important part of talks on globalisation and a significant side of today’s global political economy.

This introductory paper explains the aims of the larger volume, provides a brief overview of each individual contribution, and establishes some of the many connections between them. Philip Selznick’s legacy for organizational studies is vast, rich, and insufficiently appreciated. The papers in this volume pick up on different aspects of Selznick’s legacy and demonstrate the enduring value of his work.