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The purpose of this paper is to examine the impact of Turkish individual investor sentiment on the Istanbul Stock Exchange (ISE) and to investigate whether investor sentiment, stock return and volatility in Turkey are related.

This study used the monthly Turkish Consumer Confidence Index, published by the Turkish Statistical Institute, as a proxy for individual investor sentiments. First, Turkish market fundamentals were regressed on investor sentiments in order to capture the effects of macroeconomic risk factors on investor sentiments. Then, it used the impulse response functions (IRFs) generated from the vector autoregression (VAR) model to examine the effect of unanticipated movements in Turkish investor sentiment to both stock returns and volatility of the ISE.

The generalized IRFs from VAR shows that unexpected changes in rational and irrational investor sentiment have a significant positive impact on ISE returns. This suggests that a positive investor sentiment tends to increase ISE returns. The study also documents that unanticipated increase in the rational component of Turkish investor sentiment has a negative significant effect on ISE volatility. This might indicate that investors have optimistic expectations of the economy overall with respect to market fundamentals in Turkey. This optimism can result in creating positive expectations, reducing uncertainty, and reducing the volatility of stock market returns.

The study was applied only for the period 2004-2010 on the ISE stock returns and volatility.

Regardless, investors should know the impact of irrational investor sentiments while establishing investment strategies. The results of this study may also help policy makers stabilize investor sentiments to reduce stock market volatility and uncertainty.

This paper adds to the limited understanding of investor sentiment impact on stock return and volatility in an emerging market context.

The primary objective of this research is to provide evidence that there are two distinct layers of investor sentiments that can affect asset valuation models. The first is general market-wide sentiments, while the second is biased approaches toward specific assets.

To achieve the goal, the authors conducted a multi-step analysis of stock returns and constructed complex sentiment indices that reflect the optimism or pessimism of stock market participants. The authors used panel regression with fixed effects and a sample of the US stock market to improve the explanatory power of the three-factor models.

The analysis showed that both market-level and stock-level sentiments have significant contributions, although they are not equal. The impact of stock-level sentiments is more profound than market-level sentiments, suggesting that neglecting the stock-level sentiment proxies in asset valuation models may lead to severe deficiencies.

In contrast to previous studies, the authors propose that investor sentiments should be measured using a multi-level factor approach rather than a single-factor approach. The authors identified two distinct levels of investor sentiment: general market-wide sentiments and individual stock-specific sentiments.

Women and men business owners are often thought to have different success criteria for their businesses, but there is little empirical research to support this. The purpose of this paper is to investigate the nature of self-defined success factors, and to compare women and men’s success criteria.

This study surveyed 216 New Zealand business owners’ (78 women, 138 men) self-perceived success criteria for their businesses. Results are based primarily on an open-ended question on their interpretation of what success means to them. In total, 30 main categories of success factors were identified, and the four main factors analyzed in depth.

The four most frequently occurring success factors were financial success, personal satisfaction, work-life/work-family balance, and satisfied stakeholders. Women and men business owners described very similar success criteria, which were balanced across financial success and personal and relationship factors. No statistically significant gender differences were found in the incidence of these success factors, suggesting a movement of male business owners to a more holistic view of business success that incorporates financial success, alongside personal and relationship aspects.

Offers implications for researchers, policy makers, and practitioners. Highlights the need to be careful when designing research studies in multi-faceted areas such as business success, and also in gender comparative studies.

Uses self-perceived success criteria to assess gender differences.

The trend of electronic products toward lighter, thinner, and faster transmission is challenging the printed circuit board industry to incorporate high density interconnection technology (such as build‐up and semi‐additive processes). Micro stacked via is one technology utilized to produce high‐density structures. Dielectric resin, conductive paste or via plating are usually applied for the filling process. As compared with other filling methods, via filling plating technology has advantages in offering a shorter process and higher reliability. This paper discusses the influence of different equipment design, operating conditions and additives on via filling plating technology.

The purpose of this paper is to examine the relative effects of rational and quasi-rational sentiments of individual and institutional investors on a set of smart beta fund returns. The magnitudes of the impacts of institutional investor sentiments are greater than those of individual investor sentiments. In addition, both rational and quasi-rational sentiments of individual and institutional investors have significant impacts on smart beta fund returns. The magnitudes of the impacts of quasi-rational sentiments are greater than those of the rational sentiments for both types of investors (quasi-rational sentiments of institutional investors have the maximum impact). These results are consistent with the arguments that professional investors consider the sentiments of individual investors as contrarian leading indicators which are mainly driven by noise while conform the sentiments of institutional investors which are driven by more rational factors. A majority of smart beta funds in the sample outperform the S&P500 returns in the short term but fail to consistently beat the market. The authors find evidence that smart beta funds with consistently high returns are relatively less (more) driven by individual (institutional) investor sentiments. Overall, the authors argue that smart beta funds appear to follow quasi-rational sentiments of both individual and institutional investors that are not rooted in economic fundamentals.

The results of the impulse functions generated from a multivariate model suggest that the smart beta fund returns are negatively (positively) impacted by individual (institutional) investor sentiments.

The magnitudes of the impacts of institutional investor sentiments are greater than those of individual investor sentiments. In addition, both rational and quasi-rational sentiments of individual and institutional investors have significant impacts on smart beta fund returns. The magnitudes of the impacts of quasi-rational sentiments are greater than those of the rational sentiments for both types of investors (quasi-rational sentiments of institutional investors have the maximum impact).

These results are consistent with the arguments that professional investors consider the sentiments of individual investors as contrarian leading indicators which are mainly driven by noise while conform the sentiments of institutional investors which are driven by more rational factors. A majority of smart beta funds in the sample outperform the S&P500 returns in the short term but fail to consistently beat the market. The authors find evidence that smart beta funds with consistently high returns are relatively less (more) driven by individual (institutional) investor sentiments. Overall, the authors argue that smart beta funds appear to follow quasi-rational sentiments of both individual and institutional investors that are not rooted in economic fundamentals.

This paper computes the pricing errors of S&P 500 index by employing the valuation model developed by Doran et al. (2009) and investigates its response to individual and institutional investor sentiments. This study contributes to the literature by looking at both rational and quasi-rational sentiments and how noise trading and investments based on fundamentals affect pricing errors.

This paper computes the pricing errors of S&P 500 index by employing the valuation model developed by Doran et al. (2009) and investigates its response to individual and institutional investor sentiments.

Results show that pricing errors are persistent and stock prices systematically deviate from their intrinsic values. The authors also find that both individuals and institutional investors form their expectations based on risk factors as well as noise; however, institutional investors seems to be more driven by rational factors. The findings also suggest that institutional investors have a significant power to cause pricing errors due to unpredictable changes in their sentiments while small investors lack such ability to move stock prices away from their intrinsic values. Additionally, this paper finds that quasi-rational (rational) investor sentiments have positive (negative) impact on pricing errors suggesting that trading based on noise is an important determinant of pricing errors while investors' expectations stemming from fundamentals play an important role in improving market efficiency.

The impact of rational outlook due to changes in fundamentals seems to be greater than that of noise on the pricing errors, consistent with both risk-based and behavioral models of the asset pricing literature.

Our study contributes to the existing literature in the following ways: first, the authors employ most recent data to compute mispricing for the market index and investigate if it is persistent and systematic. Second, the authors decompose sentiment variables into rational and quasi-rational components and trace their dynamics to better understand the role of risk factors and noise in the formation of sentiments. Third, the authors investigate the relative impact of individual and institutional investor sentiments on mispricing. Lastly, the authors examine the response of pricing errors to both rational and quasi-rational sentiments of individual and institutional investors.

Pictures are natural and effective means of communication among people, computers, and robotics. A pictorial database is a collection of sharable pictorial data encoded in various formats. During the past several years, pictorial databases have attracted growing attention as an important component in building pictorial information systems as well as intelligent information systems. Eight research tasks are presented. They are comparing the numerical and the linguistic variable approaches, examining new linguistic hedges, studying the similarity of various similarity measures, investigating pictorial data compression techniques, performing pictorial data compression using array grammars, applying the entity‐relationship (ER) model to picture description; further investigating the relationship hierarchy for picture representation using ER diagrams, and extracting pictorial knowledge from pictorial databases. The research results may have a major impact on the development of object‐oriented pictorial databases.

Structuring learning and maximising the use of knowledge in manufacturing organisations can further Trinidad and Tobago’s (T&T) quest to diversify its energy‐based economy, promote sustainable development and enhance the creativity and competence of its population. Existing Organisational Learning (OL) and Knowledge Management (KM) models have not sufficiently integrated soft elements (e.g., culture) and hard elements (e.g., technology) to enable direct application within T&T’s manufacturing sector. This paper discusses the conceptual foundations of OL/KM, and identifies several key OL/KM elements (such as culture, KM tools and instruments, learning processes and learning practices) that would be used to devise a holistic manufacturing OL model. A research agenda is also presented, by which the model would be validated.

The process of doing business in The People′s Republic of China can be understood better and improved through a conceptual model that identifies and explains critical elements of their culture. An attempt is made to fill a gap in previous work by integrating anthropological and political theory, pertinent literature, and experience in the Chinese context. The model reveals the importance of understanding how communication occurs cross‐culturally through language, material objects, and non‐verbal behaviour. The critical role of interpersonal relationships in China is discussed, highlighting the important factors of guanxi, face, group orientation, and deference to age and authority. The final element of the cultural framework is the pervasive influence of the Communist Party. A number of implications are offered for Western business practitioners.

The purpose of this paper is to investigate herding behavior around the crude oil market and the stock market and the possible cross-herding behavior between the two markets. The analysis examines also the herding behavior during financial turmoil and includes the investor sentiment and market volatility.

The authors use a modified version of the cross-sectional standard deviation and the cross-sectional absolute deviation to include investor sentiment, financial crisis and market volatility.

The authors find that the volatility of the stock market reduces the herding behavior around the oil market and boosts that around the stock market. However, the investors’ sentiment reduces the herding around the stock market and boosts that around the crude oil market. Consequently, the authors can conclude that the herding behavior around the two markets moves inversely and the herding in each market is enhanced by the lack of information in the other market.

This paper is limited to the herding of stocks around the crude oil market and ignores the possible herding of commodities around the oil market.

The originality of the paper rests on the study of the possible cross-herding behavior between the oil market and the stock market especially during financial turmoil.