Alexandre Nguyen and Mathieu Roberge
The purpose of this study is to examine the pertinence of combining the positioning along the US presidential election cycle and the inversions of the yield curve as a guide for a…
Abstract
Purpose
The purpose of this study is to examine the pertinence of combining the positioning along the US presidential election cycle and the inversions of the yield curve as a guide for a market timing strategy on the S&P 500. These variables provide warning signals for either an abnormally high probability of tighter future economic conditions or an abnormally high probability of more accommodative future economic conditions, not both. As such, they represent natural complement.
Design/methodology/approach
The combination of the two variables leads to four scenarios: inverted yield curve or not and first half or second half of the presidential cycle. Two timing strategies are proposed to act on these scenarios: the “type T” strategy for Traditional investors not allowed to sell short and focusing on active risk focus and the “type H” strategy for Hedge Fund‐like investors focusing on absolute risk.
Findings
Compared to a buy‐and‐hold investment in the S&P 500, the “type H” version increases the return per unit of risk from 0.81 to 1.10 and the “type T” delivers an annualized information ratio of 0.62. Robustness tests show that the strategy adds value under both specifications in the majority of 1‐, 3‐ and 10‐year sub‐periods. Application of the Henriksson‐Merton test confirms that the two strategies have a genuine market timing ability.
Originality/value
While the predictive variables have been investigated on a standalone basis, the idea of combining these two predictors is new. The idea of examining market timing from the perspective of both traditional investor and hedge fund like investor is also original.
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Purpose – It may be time to reformulate the rejection of censorship. Freedom is not the only opposite of, strategic resource against, or antidote to, censorship…
Abstract
Purpose – It may be time to reformulate the rejection of censorship. Freedom is not the only opposite of, strategic resource against, or antidote to, censorship. Methodology/Approach – This chapter argues against censorship with a Kantian-normative approach (the deontological position of the categorical imperative), using conceptual analysis, constructivism, and international legal scholarship, from the standpoint of a humanity-wide duty to safeguard and promote cultural diversity and biodiversity. Increasingly visible weaknesses of the argument against censorship from the utilitarian standpoint of freedom, a negative argument, can be avoided in this way. Findings – Especially the neoliberal approach to freedom has no provisions against corporate and only little against copyright censorship, which are both becoming increasingly acute. Diversity, on the other hand, both biological and cultural, is argued to be instrumentally good, and intrinsically good, but the latter only if balanced by equality of basic rights. Originality/Value – The resulting moral and legal imperatives are to support, safeguard, and promote diversity, and thus to minimize both censorship in culture and selection/elimination in nature, but only to minimize them, simply because they cannot themselves be eliminated. It is impossible to eliminate elimination. This becomes clear when one considers self- and soft censorship. At least in the wide sense, censorship is inevitable – but sustainable development is impossible without strict minimization of censorship.
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Beth G. Chung, Lynn M. Shore, Justin P. Wiegand and Jia Xu
This study examines the effects of an inclusive psychological climate on leader inclusion, workgroup inclusion, and employee outcomes (trust in organization and organizational…
Abstract
Purpose
This study examines the effects of an inclusive psychological climate on leader inclusion, workgroup inclusion, and employee outcomes (trust in organization and organizational identification). Leader inclusion and workgroup inclusion are explored as both direct and serial mediators in the psychological climate to outcome relationships.
Design/methodology/approach
Data from 336 employees in 55 teams were collected at two time points from an educational media company in China.
Findings
Results from multi-level modeling suggest that, for employees, the inclusive psychological climate to trust relationship has both direct and indirect effects, including a serially occurring indirect effect through leader inclusion and workgroup inclusion. For the inclusive psychological climate to organizational identification relationship, there were only indirect effects, including a serially occurring indirect effect through both leader inclusion and workgroup inclusion.
Research limitations/implications
These results suggest the value of an inclusive psychological climate for setting the stage for more localized inclusion experiences through the leader and the workgroup. These inclusionary work environments promote social exchange as shown by employer trust and social identification with the organization.
Originality/value
This study examines the combined and serial effects of an inclusive psychological climate, leader inclusion, and workgroup inclusion on outcomes that represent a deep connection with the organization (organizational trust and organizational identification).
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Amer Ali Al-Atwi, Yahua Cai and Joseph Amankwah-Amoah
Drawing on the literature on victim precipitation theory, workplace ostracism (WO) and paranoia, this paper examines the mediating role of WO on the paranoia–service performance…
Abstract
Purpose
Drawing on the literature on victim precipitation theory, workplace ostracism (WO) and paranoia, this paper examines the mediating role of WO on the paranoia–service performance (SP) relationship. This paper further postulates that team cognitive diversity (TCD) moderates the paranoia–WO relationship.
Design/methodology/approach
Data were collected from 228 nurses from a leading hospital located in an eastern province of China. Hypotheses developed from the literature were tested using multivariate hierarchical linear modeling (HLM).
Findings
WO had a negative effect on SP, while TCD had a positive effect on WO. Cognitive diversity moderated the paranoia–WO relationship, such that the positive relationship was stronger when group diversity was high.
Originality/value
This paper develops and tests a model exploring the antecedents of WO and its effect on SP.
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Mathieu Brévilliers, Julien Lepagnot, Lhassane Idoumghar, Maher Rebai and Julien Kritter
This paper aims to investigate to what extent hybrid differential evolution (DE) algorithms can be successful in solving the optimal camera placement problem.
Abstract
Purpose
This paper aims to investigate to what extent hybrid differential evolution (DE) algorithms can be successful in solving the optimal camera placement problem.
Design/methodology/approach
This problem is stated as a unicost set covering problem (USCP) and 18 problem instances are defined according to practical operational needs. Three methods are selected from the literature to solve these instances: a CPLEX solver, greedy algorithm and row weighting local search (RWLS). Then, it is proposed to hybridize these algorithms with two hybrid DE approaches designed for combinatorial optimization problems. The first one is a set-based approach (DEset) from the literature. The second one is a new similarity-based approach (DEsim) that takes advantage of the geometric characteristics of a camera to find better solutions.
Findings
The experimental study highlights that RWLS and DEsim-CPLEX are the best proposed algorithms. Both easily outperform CPLEX, and it turns out that RWLS performs better on one class of problem instances, whereas DEsim-CPLEX performs better on another class, depending on the minimal resolution needed in practice.
Originality/value
Up to now, the efficiency of RWLS and the DEset approach has been investigated only for a few problems. Thus, the first contribution is to apply these methods for the first time in the context of camera placement. Moreover, new hybrid DE algorithms are proposed to solve the optimal camera placement problem when stated as a USCP. The second main contribution is the design of the DEsim approach that uses the distance between camera locations to fully benefit from the DE mutation scheme.
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Ye Yang, Ling Yuan, Fanchao Zhuo and Ziyi Liu
Much of the research on overqualification has focused on the negative effects at the individual level. However, in the face of the increasing tendency to recruit overqualified…
Abstract
Purpose
Much of the research on overqualification has focused on the negative effects at the individual level. However, in the face of the increasing tendency to recruit overqualified employees, managing the perception of team overqualification can be effective in motivating team members in the current complex and changing business environment.
Design/methodology/approach
Based on the person–environment fit theory, this study examines how team overqualification affects employees' change self-efficacy and how it further motivates employees to engage in strategic scanning behavior toward proactive external information gathering and analysis. The data collection for this study was divided into two stages, spaced three months apart. The analysis of questionnaire data from 290 employees and 72 supervisors confirmed the theoretical hypothesis of this study.
Findings
When employees perceive a higher level of team overqualification, they will generate more strategic scanning behavior. And the change self-efficacy plays a mediating role between team overqualification and strategic scanning behavior and thus team members actively seek information from the external environment to develop future plans and work strategies. Meanwhile, transformational leadership positively moderates this process.
Originality/value
Firstly, this study extends the positive manifestations of overqualification at the team level. Secondly, this study verifies that change self-efficacy mediates the relationship between team overqualification and strategic scanning, enriching the research on the antecedent and outcome variables of change self-efficacy. Finally, this study verified that the interaction effect of transformational leadership and team overqualification had an impact on employee strategic scanning behavior through change self-efficacy.
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Xianmiao Li, Cheng Cheng and Shanshan Yang
Based on social exchange theory and self-determination theory, this study explores the influence mechanism of empowering leadership on employees’ creative deviance and innovation…
Abstract
Purpose
Based on social exchange theory and self-determination theory, this study explores the influence mechanism of empowering leadership on employees’ creative deviance and innovation performance.
Design/methodology/approach
The data were collected from 312 employees on Internet and other high-tech corporation in China. Hierarchical linear regression models and bootstrapping analysis outlined by Hayes were used to test the hypotheses.
Findings
Empowering leadership is positively correlated with employees’ innovation performance (EIP), and employees’ creative deviance plays an intermediary role in the above relationship. Power distance positively moderates the relationship between empowering leadership and employees’ creative deviance. Time pressure moderates the moderating effect of power distance on empowering leadership and employees’ creative deviance.
Originality/value
This study advances the empowering leadership and employees’ innovation performance by establishing creative deviance as the mediator. This study is also helpful to clarify the role of time press and power distance as boundary condition in the relationship between empowering leadership and employees’ creative deviance, which have certain reference significance for organization practices.