Mei Qiu and John Pinfold
US studies show significant price effects when shares enter or leave an index during index revisions. Studies on other markets generally yield similar results with smaller price…
Abstract
Purpose
US studies show significant price effects when shares enter or leave an index during index revisions. Studies on other markets generally yield similar results with smaller price reactions. This study aims to examine the price effects resulting from revisions to the Australian S&P/ASX 100 and 300 indices.
Design/methodology/approach
The event study methodology is used to examine abnormal price and volume effects around the announcement dates and implementation dates of index revisions.
Findings
In contrast with studies on US index changes, this study shows no abnormal returns for additions to or deletions from the S&P/ASX 100 index and only a weak effect for the S&P/ASX 300, which showed a median abnormal return of + 1.06 per cent on the implementation date for additions and −2.78 per cent for deletions.
Research limitations/implications
These results give a cautionary warning to those who wish to speculate on the changes to index constituents on the Australian market, or other similar markets where the strength of the index effect has not been clearly quantified.
Originality/value
This study adds to the body of knowledge on the index effect by providing Australian evidence.
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John F. Pinfold and Danyang He
The purpose of this paper is to investigate the July 2007 introduction of a pre‐close call auction on the New Zealand stock market and its effect on share pricing quality and…
Abstract
Purpose
The purpose of this paper is to investigate the July 2007 introduction of a pre‐close call auction on the New Zealand stock market and its effect on share pricing quality and market manipulation.
Design/methodology/approach
Market quality was tested using the methodology of Pagano and Schwartz, which is based on changes in market model R2s. Closing price manipulation is detected by comparing mean bid‐ask spread characteristics of the periods before and after the introduction of the pre‐close call auction.
Findings
The closing call auction improves the quality of share pricing and reduces the incidence of market manipulation.
Practical implications
The paper confirms the effectiveness of the changes made to the method of closing the market for all firms in the market.
Originality/value
The paper extends knowledge of the effectiveness of closing call‐auctions. It is the first study in a low‐liquidity market and of shares with very low liquidities. Such markets have lower pricing quality and are more vulnerable to market manipulation. The study establishes the effectiveness of closing auctions in this environment.
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FAYEZ A. ELAYAN, JAMMY S.C. LAU and THOMAS O. MEYER
Incentive‐based executive compensation is regarded as a mechanism for alleviating agency problems between executives and shareholders. Seventy‐three New Zealand (NZ) listed…
Abstract
Incentive‐based executive compensation is regarded as a mechanism for alleviating agency problems between executives and shareholders. Seventy‐three New Zealand (NZ) listed companies are used to examine the relationship between executive incentive compensation schemes (ICS) and firm performance. The results suggest that neither compensation level nor adoption of an ICS are significantly related to returns to shareholders or ROA. However, there is a statistically significant relationship between Tobin's q and both CEO compensation and executive share ownership. Further, the evidence suggests the recent compensation disclosure requirements in NZ are not yet stringent enough to allow adequate analysis of the link between ICSs and corporate performance.
Vanessa Pinfold, Paulina Szymczynska, Sarah Hamilton, Richard Peacocke, Shirley Dean, Naomi Clewett, Jill Manthorpe and John Larsen
The purpose of this paper is to reflect on the process of co-producing mental health research where work was shared between university academics, charity-based researchers and a…
Abstract
Purpose
The purpose of this paper is to reflect on the process of co-producing mental health research where work was shared between university academics, charity-based researchers and a Lived Experience Advisory Panel.
Design/methodology/approach
The authors express the opinions of a research team made up of people with experience of using mental health services, being carers and being academically trained researchers from a range of health and social science disciplines. Some had experience in several areas. The paper is co-produced to provide collective reflection and recommendations.
Findings
Co-production of research is not well documented in published literature. The authors believe there is scope to develop co-production approaches, but further conceptual and theoretical work is needed alongside empirical studies. A socially situated complex research project, possibly involving multi-stakeholder groups, demands flexibility in approach. Similarly to user-controlled and other emancipatory methodologies, co-production makes the democratisation of research a primary objective in order to produce better quality and more relevant studies. Co-production also addresses inequalities in power and control within research projects; this way of working does provide a healthy challenge to traditional research hierarchies.
Practical implications
Lessons learned should be honestly shared to develop co-production research methods. Projects need to have a strategy for how to value different contributions and facilitate constructive relationships if discord emerges. Establishing clear project roles, expectations and process for payment are essential in developing genuine collaborative partnerships.
Originality/value
It is a viewpoint paper.
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John Wainwright, Mick McKeown and Malcolm Kinney
The purpose of this paper is to explore experiences of survivors of the mental health system regularly attending a mental health resource centre predominantly but not exclusively…
Abstract
Purpose
The purpose of this paper is to explore experiences of survivors of the mental health system regularly attending a mental health resource centre predominantly but not exclusively focussed on needs of the BAME community.
Design/methodology/approach
In total, 25 participants took part in a qualitative research study regarding their experiences of mental health and racism, alternative mental health support and struggles in the local black community.
Findings
Issues of race, place and space were central to the experiences of BAME mental health survivors. Participants emphasised the importance of place-based support in their everyday life, with the service provided engendering a sense of belonging conducive to coping with various struggles. Race and racism were also central to these daily struggles and the place of Liverpool 8 was at the core of notions of identity and belonging. The space within the centre provided a sanctuary from the combined discriminations and exclusions attendant on being BAME survivors of the mental health system.
Practical implications
Attention to matters of place and space appears crucial to the articulation of appropriate support.
Social implications
Place is salient to understanding the intersecting identities/experience of racism and mental health discrimination, constituting the basis for a concept of placism; associated with exclusions from feeling safe and included in everyday public places (including within the black community) with the exception of the welcoming and unconditionally accepting space of the centre.
Originality/value
This paper is the first to inquire into place-based experiences of alternative black mental health support. Placism is a novel construct that merits further inquiry and theoretical development.
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Gottfried Asamoah, Sabu Varughese, Salman Mushtaq, Linda Butterworth, Abu Abraham and Jason Luty
Tackling discrimination, stigma and inequalities in mental health is a major UK government objective. Surveys have suggested that mental health services are institutionally…
Abstract
Tackling discrimination, stigma and inequalities in mental health is a major UK government objective. Surveys have suggested that mental health services are institutionally racist. Most research has focused on stigma associated with schizophrenia despite well‐documented prejudice against people with other psychiatric disorders.The aim of this study was to assess stigmatised attitudes towards people from two ethnic groups with substance use disorder and learning disability. The 20‐point Attitude to Mental Illness Questionnaire (AMIQ) was used to assess stigmatised attitudes. A representative panel of members of the general public were randomised to receive a questionnaire with a picture of a European or African‐Caribbean man and a fictitious description of alcoholism (first round) or Down's syndrome (second round) six months later. Results were received for over 198 subjects (response rate 79‐84%). There was no difference between the score for the African‐Caribbean vignette or the European vignette for either alcoholism (mean AMIQ score 0.43 standard error = 0.39; n = 100 Vs 0.98 standard error = 0.53; n = 110; effect size r = 0.11; p = 0.2059;) or learning disability (mean 1.71 standard error = 0.22; n = 100 Vs 1.98; standard error = 0.30; n = 98; effect size r = 0.07; p = 0.2559).The study showed that ethnic origin had no significant difference on stigmatised attitudes towards someone with alcoholism or learning disability. Although a larger study would have increased power to detect a statistically significant difference it seems unlikely that a difference of the observed magnitude would be of any practical relevance.
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The provision of electronic journals collections has required libraries and librarians to adapt and develop services and working practices. Research carried out at Liverpool John…
Abstract
The provision of electronic journals collections has required libraries and librarians to adapt and develop services and working practices. Research carried out at Liverpool John Moores University investigated promotion and evaluation of e‐journals in academic library collections in the UK and North America. Further issues discussed include cost implications and best value. Faced with many alternatives of packages and bundles, the questions of relevancy and management costs arise. The research also considered the prevalence and benefits of purchasing consortia. Promotion and evaluation of e‐journals are examined in light of changing user expectations, possible benefits from the supply chain and management skills in a changing collection environment.
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Supporting community participation and social inclusion is a key goal of modernised day services but there is a lack of instruments to measure these outcomes. This paper discusses…
Abstract
Supporting community participation and social inclusion is a key goal of modernised day services but there is a lack of instruments to measure these outcomes. This paper discusses issues around the measurement of social inclusion, presents a pilot study and introduces the Inclusion Web, a strategy to record changes in social networks and environment while supporting the concept of a shared perspective of social inclusion. Two aspects of social and community participation are quantified and tallied over eight life domains: people (personal relationships) and places (institutions that matter to the individual).
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Damian Mellifont, Annmaree Watharow, Sheelagh Daniels-Mayes, Jennifer Smith-Merry and Mary-Ann O'Donovan
Ethical principles and practices frequently support the position that people with disability are vulnerable. Vulnerability in research traditionally infers a need for protection…
Abstract
Ethical principles and practices frequently support the position that people with disability are vulnerable. Vulnerability in research traditionally infers a need for protection from harm and raises questions over the person’s capacity to consent and engage. In addition, vulnerability in ethics infers a state of permanency and one that is all-encompassing for everyone within the vulnerable groups. This construction of vulnerability in effect legitimises the exclusion of people with disability from research or monitors and restricts how people with disability can engage in research. This results in an implicitly ableist environment for research. In this chapter, which has been led by researchers with disability, we argue that there is a critical need to move beyond a popularised social construction of vulnerability which serves to perpetuate barriers to including people with disability in research. Like all terms, the traditional and popular construction of vulnerability is open to reclaiming and reframing. Under this reconstruction, what is traditionally viewed as a limiting vulnerability can be owned, openly disclosed and accommodated. Following a pandemic-inspired ‘new normal’ that supports flexible workplace practices, and in accordance with UNCRPD goals of inclusive employment and reducing disability inequity, we argue that the pathway for people with disability as career researchers needs an ethical review and overhaul. We provide readers with a practical roadmap to advance a more inclusive academy for researchers with disability.
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– The purpose of this paper is to empirically investigate whether call auctions which batch orders for simultaneous execution, may restrain stock market volatility.
Abstract
Purpose
The purpose of this paper is to empirically investigate whether call auctions which batch orders for simultaneous execution, may restrain stock market volatility.
Design/methodology/approach
The authors use high-frequency data to investigate volatility changes following the suspension of opening and closing call auctions on the National Stock Exchange (NSE) of India in 1999. The authors evaluate this issue by considering both modelled and realised volatility. Using a GARCH approach the authors model intra-day volatility for the trading days preceding and succeeding the auction suspension. The authors also scrutinise return distributions to look for volatility changes during different parts of the day.
Findings
When interpreted collectively, the empirical results suggest that the auction suspension was followed by reduced volatility particularly in the middle of the trading day and at the closing.
Practical implications
Given that auctions are often incorporated in trading systems with the aim of curtailing volatility, the main conclusion, that the auction suspension was followed by lower volatility, has important practical inferences. Auctions cannot be automatically relied on to reduce volatility. The intricacies of the auction protocol and their interaction with ancillary market microstructure features may impact on auction efficacy.
Originality/value
The paper adopts a novel approach towards assessing the effectiveness of auctions by considering an unusual occurrence of an auction suspension. The empirical setting enables a clear comparison of the respective regimes since these periods do not materially differ in other subsidiary aspects. This is a noteworthy factor, since the empirical contexts considered in prior studies, often feature several simultaneous changes.