Search results

1 – 10 of 47
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 9 August 2011

James Philpot and Craig A. Peterson

The purpose of this paper is to provide a brief review of pre‐2003 work on the weekend effect and then discuss how recent selected work has extended our knowledge of the subject.

1470

Abstract

Purpose

The purpose of this paper is to provide a brief review of pre‐2003 work on the weekend effect and then discuss how recent selected work has extended our knowledge of the subject.

Design/methodology/approach

Results of recently published studies are organized and summarized by research question and outcomes.

Findings

While early literature found a fairly consistent weekend effect, with positive returns on Fridays and negative returns on Mondays, more recent research shows the effect moving to other days, reversing or vanishing.

Research limitations/implications

While it is difficult to compare studies made across different time periods, the direction of present research gives insight into how markets are adjusting to the weekend effect anomaly.

Practical implications

Investors may find it very hard to adequately identify a trading strategy based on current research.

Originality/value

This work conveniently synthesizes and presents current research findings from a variety of published sources.

Details

Managerial Finance, vol. 37 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 10 April 2009

Craig A. Peterson and James Philpot

This paper aims to examine the prevalence of directors of US Fortune 500 firms who come from an academic background, and possible unique reasons for their appointment.

1358

Abstract

Purpose

This paper aims to examine the prevalence of directors of US Fortune 500 firms who come from an academic background, and possible unique reasons for their appointment.

Design/methodology/approach

Based on extant theory of the resource‐dependence roles of non‐management directors, this study proposes and tests three hypotheses concerning distinctive reasons firms may appoint an academic to their boards. Academic directors may serve unique roles in increasing board demographic diversity, increasing firm intellectual capital, and providing links to local geographic constituents. Using year 2002 data from the US Fortune 500 firms, this study presents descriptive statistics and uses t‐tests and χ2 tests to examine hypotheses.

Findings

Firms having academics on their boards have greater board demographic diversity than firms without an academic director. Firms with academic directors have the same average emphasis on knowledge‐based earnings as other firms. Academics associated with US top‐ranked universities tend to be more likely to hold board seats. Firms tend to select academic directors from the geographic regions where the firm is headquartered and have a slight tendency to use them on public affairs committees.

Research limitations/implications

This study's findings highlight a unique non‐monitoring advantage of academic directors for firms seeking increased board diversity, and potential community/stakeholder liaisons.

Practical implications

Firms wishing to increase board diversity or improve relationships with other stakeholder groups may find academic directors useful to such efforts. Academic directors appear to be just as capable as other outside directors in developing firm intellectual capital.

Originality/value

This paper extends the present literature in resource dependence by examining academic directors, a new director subset. The paper is also unique in that it uses data collected from proxy statements, rather than survey data.

Details

Corporate Governance: The international journal of business in society, vol. 9 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

Access Restricted. View access options
Article
Publication date: 1 December 2006

James Philpot and Craig A. Peterson

The purpose of this paper is to analyze the effects of individual manager characteristics on real estate mutual fund (REMF) performance. Human capital theory predicts that factors…

2738

Abstract

Purpose

The purpose of this paper is to analyze the effects of individual manager characteristics on real estate mutual fund (REMF) performance. Human capital theory predicts that factors like education, experience and professional certifications improve skill sets and thus performance. Conversely, capital markets theory suggests that these things may be irrelevant in the management of mutual funds.

Design/methodology/approach

A total of 63 REMFs were sampled over the period 2001‐2003 and equations were estimate regressing, alternatively, risk‐adjusted return, market risk and management fees on a series of fund variables and manager characteristics including the manager's tenure, whether the fund manager holds a professional certification, whether the manager has specific real estate experience, and whether the fund is team‐managed.

Findings

Modest evidence is found that team‐managed funds have lower risk‐adjusted returns than solo‐managed funds. Managers with longer tenure tend to pursue higher market risk levels, and there is no relation between manager characteristics and management fees.

Research limitations/implications

This study considers only one cross‐sectional time period. Future research might use longitudinal data.

Practical implications

Despite real estate being a specialized field of finance, there is little if any support for the predictions of human capital theory that experience, education and training result in greater performance among managers of REMFs.

Originality/value

This paper extends prior work in mutual fund management characteristics and fund performance to real estate funds.

Details

Managerial Finance, vol. 32 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 9 August 2011

Jorge Brusa, Rodrigo Hernandez and Pu Liu

The purpose of this paper is to examine whether the seasonal anomaly known as the reverse weekend effect detected at index level can also be observed at individual stock level.

955

Abstract

Purpose

The purpose of this paper is to examine whether the seasonal anomaly known as the reverse weekend effect detected at index level can also be observed at individual stock level.

Design/methodology/approach

This paper's methodology is based on the model first developed by Connolly and then employed by Chang, Pinegar, and Ravichandran in which returns are regressed against the dummy variable for Monday. In addition, the conditional variance is also included into the mean equation following Engle, Lilien, and Robins. Given the increasing evidence that equity returns are conditionally heteroskedastic, the paper includes in the conditional variance the lag of the squared residual from the mean equation (i.e. autoregressive conditional heteroskedasticity term introduced by Engle) and the previous period's forecast variance (i.e. the generalized autoregressive conditional heteroskedasticity term introduced by Bollerslev). Also, the paper controls for the different impact of good and bad news on the conditional variance following Glosten, Jaganathan, and Runkle.

Findings

It is found that the anomaly is widely distributed among large firms, not just confined to a few firms. The finding suggests that the anomaly at the index level is not driven by the extreme returns of a few firms. The paper also finds that the anomaly at the firm level is not evenly distributed across the weeks of the month. Furthermore, trading volume and illiquidity of individual firms can only partially explain the seasonal anomaly.

Originality/value

This paper extends the study of the reverse weekend effect in individual firms.

Details

Managerial Finance, vol. 37 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 9 August 2011

Kenneth Washer, Srinivas Nippani and John Wingender

The purpose of this paper is to examine the day‐of‐the‐week effect for three primary money market instruments in Canada. The sample period is 1980‐2009.

933

Abstract

Purpose

The purpose of this paper is to examine the day‐of‐the‐week effect for three primary money market instruments in Canada. The sample period is 1980‐2009.

Design/methodology/approach

The authors use three approaches. First, a parametric t‐test is employed to determine if a particular day‐of‐the‐week mean return is significantly different from zero, using both a full sample and a trimmed sample. Next, the Wilcoxon signed ranked test is utilized to assess whether the median weekday return is different from zero for each day. Lastly, a binary regression model is used to test if Monday's mean return is different from other days.

Findings

The traditional Monday effect is prevalent in the 1980s for corporate paper and treasury bills (TB), but not for bankers acceptances (BA). In the 1990s, the Monday effect disappears completely. However, in the 2000s the Monday effect reappears, but is positive (it reverses) for both corporate paper and BA. The authors also find strong support for Wednesday being a high return day, which concurs with related money market studies.

Research limitations/implications

While the results are statistically significant, the economic significance is dubious. This study helps market participants in that it shows that they need to allow for distinct day‐of‐the‐week patterns when using yield spreads.

Practical implications

One practical implication for practitioners is to time purchases of Canadian money market securities for Monday when returns are low (relying on the results of the full sample period). Issuers should time sales for non‐Mondays when returns are higher and yields are lower.

Originality/value

This study is original in that it is the first one to analyze day‐of‐the‐week effects in the Canadian money market. The authors compare the results to studies that focus on the US market.

Details

Managerial Finance, vol. 37 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 9 August 2011

Srinivas Nippani and John G. Greenhut

The purpose of the paper is to check for reverse weekend effect in the Canadian stock market.

661

Abstract

Purpose

The purpose of the paper is to check for reverse weekend effect in the Canadian stock market.

Design/methodology/approach

T‐tests, non‐parametric tests and regressions were employed.

Findings

There is reverse weekend effect in the Canadian stock market. Canadian stocks are shown to exhibit the traditional weekend effect prior to 1988, dissipating after that year until 1998 and then reversing to become the first non‐US market for which a reverse weekend effect is found.

Originality/value

This is the first paper on the Canadian stock market looking at reversal.

Details

Managerial Finance, vol. 37 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 14 October 2013

Kenneth Hunsader, Natalya Delcoure and Gwendolyn Pennywell

– The purpose of this paper is to investigate the effect of bankruptcy announcements on the bankrupt firm's competitors' stock returns.

765

Abstract

Purpose

The purpose of this paper is to investigate the effect of bankruptcy announcements on the bankrupt firm's competitors' stock returns.

Design/methodology/approach

Starting with a sample of Chapter 11 bankruptcies from 1980 through 2008, the authors use event study methodology to examine the returns of bankrupt firm's rivals around the filing date. The authors employ a t-test of means across groups to check for differences in returns based on a competitive strategy measure (CSM). The CSM classifies industry rivals into strategic complements or substitutes. The authors also separate the sample based on traditional or non-traditional bankruptcies and conduct explanatory regressions on the abnormal returns using economically important independent variables such as the CSM, leverage and the Herfindahl index.

Findings

Similar to previous research, the paper finds that less concentrated industries and industries with high leverage suffer greater negative wealth effects when a firm within the industry announces a bankruptcy. Extending current research, the paper finds strategic interaction within the industry is an important factor in determining industry portfolio returns. Rivals characterized as strategic complements exhibit significant negative valuation effects while rivals characterized as strategic substitutes do not. Finally, the paper finds that this strategic effect is dominant when the future cash flows and outcome of the reorganization is more uncertain as substantiated by the difference between traditional and non-traditional bankruptcy filings.

Originality/value

This is believed to be the first empirical article to examine how the CSM affects the returns of bankrupt firms' rivals.

Details

Managerial Finance, vol. 39 no. 11
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Book part
Publication date: 17 September 2014

Gerald R. Ferris, Shanna R. Daniels and Jennifer C. Sexton

Although employee race has been an actively investigated area of scientific inquiry for decades, a thorough and informed understanding of the role of race in the organizational…

Abstract

Although employee race has been an actively investigated area of scientific inquiry for decades, a thorough and informed understanding of the role of race in the organizational sciences has eluded us for a number of reasons. The relationship of race and stress in organizations is a prime example of this neglect and deficiency in our knowledge base, as little work has been done in this area. We attempt to address this limitation in the literature by proposing an inductively derived, review-centric framework that attempts to articulate the multiple intermediate linkages that explain the process dynamics taking place in the relationship between employee race and health and well-being in organizations. We argue that socialization processes, social networks, information and resource access, and mentoring contribute to distance and differences between racial minorities and nonminorities concerning control, reputation, performance, and political understanding and skill, which in turn, creates barriers to success, and increased stress and strain for racial minorities. The implications of this framework along with directions for future theory and research are discussed in this chapter.

Details

The Role of Demographics in Occupational Stress and Well Being
Type: Book
ISBN: 978-1-78350-646-0

Keywords

Access Restricted. View access options
Article
Publication date: 1 April 1949

It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields…

259

Abstract

It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.

Details

Aslib Proceedings, vol. 1 no. 4
Type: Research Article
ISSN: 0001-253X

Access Restricted. View access options
Article
Publication date: 5 May 2004

James G. Pritchett, George F. Patrick, Kurt J. Collins and Ana Rios

Returns to a model farm are simulated to assess the impact of marketing and insurance risk management tools as measured by mean net returns and returns at 5% value‐at‐risk (VaR)…

425

Abstract

Returns to a model farm are simulated to assess the impact of marketing and insurance risk management tools as measured by mean net returns and returns at 5% value‐at‐risk (VaR). Results indicate that revenue insurance strategies and strategies involving a combination of price and yield protection provide substantial downside revenue protection, while mean net returns only modestly differ from the benchmark harvest sale strategy when considering all years between 1986 and 2000.

Details

Agricultural Finance Review, vol. 64 no. 1
Type: Research Article
ISSN: 0002-1466

Keywords

1 – 10 of 47
Per page
102050