Search results

This study investigates investor trading behaviour around regular and one-off public holidays on the Sydney Stock Exchange (SSX) from 1901 to 1950. The purpose is to examine whether trading patterns differ between regular holidays, which are known in advance, and one-off holidays, which are unexpected. The study provides insights into the predictability of holidays and its influence on market activity, contributing to the broader literature on investor inattention and market anomalies.

Using a novel dataset constructed from handwritten share price lists covering 14,224 trading days, we perform quantitative analysis to assess trading volume before and after regular and one-off public holidays. Ordinary least squares regression models are employed to identify the presence of a holiday effect, accounting for various fixed effects and time-varying factors such as geopolitical events.

We find that trading volume is significantly lower on the day before regular holidays and higher on the day after, consistent with the investor inattention hypothesis. In contrast, no significant holiday effect is observed for one-off holidays. This suggests that predictability plays a crucial role in influencing investor behaviour, with irregular, less predictable holidays having less impact on trading patterns.

The study is limited by the historical nature of the data, which may not fully capture the diversity of modern trading environments. Additionally, the analysis is restricted to the SSX and may not be generalisable to other markets or time periods. Future research could explore similar effects in different contexts or with more recent data.

This research provides valuable insights for market participants and regulators by demonstrating how the predictability of holidays influences market activity. Understanding these patterns could help in making more informed decisions during periods of expected low trading volumes.

The study underscores the role of public holidays in shaping investor behaviour, with broader implications for understanding how societal events influence financial markets. This is particularly relevant in discussions about the impact of unexpected events on market stability.

This is the first study to compare the effects of regular and one-off public holidays on trading volumes in a historical stock market context. Our findings highlight the importance of event predictability in financial markets, offering a new perspective on how historical market behaviours can inform current financial theories.

In a recent report into new research directions in management accounting a geographically and philosophically diverse group of eight scholars argued for a convergence of different and complementary approaches to the subject. They concluded that, “[n]ew directions and advances in management accounting research depend on researchers actively seeking synergy among different research methods and disciplines” (Atkinson et al. 1997, p. 98). The authors argued specifically that management accounting research can benefit from integration with advances in economic, organisational, and social theory. In another recent assessment, Foster and Young (1996, p. 75) have called for “management accounting academics to gain broader and deeper institutional knowledge [and]…a longer term perspective”. In this essay we particularise these general calls by arguing that powerful synergies exist between the study of accounting and business history in Australasia. Historical evidence can be usefully employed to further our understanding of how management accounting systems (hereafter MAS) develop in our leading contemporary corporations.

Knowledge search is considered a broad concept and semi-intentional behavior. The path and boundary conditions through which search strategies affect intra-organizational knowledge creation remain elusive. Drawing on recombinant search theory and knowledge-based view, the authors seek to identify knowledge complexity as an important intermediate variable between knowledge search and innovation performance, such as research and development (R&D) output and R&D output quality. A second goal of this study is to examine the moderating roles of government support and technological turbulence.

The authors employed a longitudinal panel of 609 global pharmaceutical firms and obtained the firms' patent records from 1980 to 2015 for the analysis. The authors used generalized estimating equations (GEE) to evaluate the models and tested the consistency via panel fixed-effects estimations.

The authors' findings show that organizational routine-guided search has a negative effect on knowledge complexity, while routine-changing search exerts a positive impact on knowledge complexity. Governmental support and technological turbulence moderate these relationships. Notably, knowledge complexity has an inverted U-shaped relationship with innovation performance.

The authors' research context, the pharmaceutical industry, may constrain the generalizability of our findings. In addition, potential types of routine-guided and routine-changing search behaviors were not considered.

Despite these limitations, this study offers important implications. First, knowledge complexity transmits the effects of knowledge search on innovation performance. Practitioners should balance routine-guided and routine-changing search processes to build and manage complex knowledge. Second, a moderate level of knowledge complexity is the key to good R&D output and R&D output quality.

The study identifies knowledge complexity as one important intermediate variable between knowledge search behaviors and intra-organizational knowledge creation.

STORIES circulating in July that copies of the Touche Ross report into the affairs of the Library Association—distribution of which was initially restricted to members of LA Council—were to be had in the Charing Cross Road at thirty quid a go proved unfounded when I spent a morning poking about the bookshops there. True, one LA councillor told me that for a fiver he would wave his copy briefly in front of my face so that I could claim to have ‘seen’ it, but I declined on the ground that an aesthetic visual experience would butter no parsnips in this column.

This paper represents an empirical study of how geographic proximity influences the search advantage and the transfer problem of interfirm networks.

By using the data collected from 226 Chinese manufacturing firms, this study examines the proposed hypotheses.

The authors’ findings suggest that (1) geographic proximity is an important antecedent for promoting knowledge transfer, whereas it lowers the degree of knowledge novelty; and (2) geographic proximity also moderates the effects of interfirm networks on knowledge novelty and knowledge transfer.

This study contributes the literature of interfirm network and provides practical implications by addressing the ways in which manufacturing firms can promote knowledge transfer and acquire novel knowledge.

Antimicrobial resistance (AMR) is a huge global challenge calling for changes in learning and working in health-care settings. The purpose of this study is to examine tensions expressed by professionals involved in AMR in three low- and middle-income countries (LMIC) in Asia and Africa.

The qualitative study was based on 60 face-to-face or online interviews in three LMICs. The interviews were analyzed by thematic analysis and analysis of elements of an activity system.

A number of tensions within activity systems were analyzed revealing key issues inhibiting reconceptualization of object of work and moving toward new activity. The study suggests four opposing forces: (1) cost efficiency and good public health objectives; (2) historically and culturally developed hierarchies and good public health objectives; (3) individual responsibility and institutional responsibility; and (4) fragmented set ups and holistic view of activity as critical when developing learning and work activities in analyzed settings.

This study expands the analysis of learning needs beyond individual skills and knowledge by taking a systemic approach using the cultural-historical activity theory framework. It shows that learning around AMR is needed at individual, organizational and national level.

A review article of Pasinetti and Schefold’s edition of the papers at a conference in Marseilles, 1997, on the impact of Keynes in the twentieth century. The book itself is in three parts – theory; Keynesianism in European countries; and institutional discussions of Keynesian policies. The essay concentrates on the issues raised in the first part by Pasinetti, Leijonhufvud and Skidelsky. Pasinetti uses his vital distinction between principle and theory to examine why the Keynesian revolution may not have succeeded. Leijonhufvud identifies Keynes as the last of the classics, contrasting his approach with those he calls the moderns. Skidelsky asks what policies Keynes would advocate today, had he remained ageless with us.