This paper investigates the extent to which formal capital budgeting methods are used in small high-tech firms. We define high-tech firms by their R&D intensity. In addition, we…
Abstract
This paper investigates the extent to which formal capital budgeting methods are used in small high-tech firms. We define high-tech firms by their R&D intensity. In addition, we define software industry as a special type of R&D-intensive firm. We focus on the methods that are used by the small high-tech firms in evaluating the profitability of investment projects, estimating the cost of capital and making decisions related to the capital structure. Our results based on two surveys of Finnish firms indicate that the high-tech firms use similar capital budgeting methods and estimate their cost of capital in a similar way to other small-sized firms in other industries. Moreover, high-tech firms seek external financing and co-owners.
The purpose of this chapter is to overview what extant research says about parental involvement in online learning environments.
Abstract
Purpose
The purpose of this chapter is to overview what extant research says about parental involvement in online learning environments.
Methodology/approach
The approach in this chapter is a systematic review of literature focusing on engagement frameworks.
Findings
Parents have the potential to be the key to overcoming key concerns about attrition and achievement in online settings. However, research has been silent as to how to engage parents more fully as learning coaches for their children.
Research implications
Research about parental involvement in online learning should consider the roles of both teacher and parent as they coordinate their efforts to improve student engagement. Research also needs to look at what parents need to know about helping their students be successful and how to provide the training and expertise to parents that will help them learn critical support skills.
Originality/value
This chapter is particularly timely in light of the dramatic growth in online learning and the resulting concerns about achievement and attrition that are particularly acute among at-risk populations.
Details
Keywords
Several studies have observed that stocks tend to drop by an amount that is less than the dividend on the ex-dividend day, the so-called ex-dividend day anomaly. However, there…
Abstract
Several studies have observed that stocks tend to drop by an amount that is less than the dividend on the ex-dividend day, the so-called ex-dividend day anomaly. However, there still remains a lack of consensus for a single explanation of this anomaly. Different from other studies, this dissertation attempts to answer the primary research question: how can investors make trading profits from the ex-dividend day anomaly and how much can they earn? With this goal, I examine the economic motivations of equity investors through four main hypotheses identified in the anomaly's literature: the tax differential hypothesis, the short-term trading hypothesis, the tick size hypothesis, and the leverage hypothesis.
While the U.S. ex-dividend anomaly is well studied, I examine a long data window (1975–2010) of Thailand data. The unique structure of the Thai stock market allows me to assess all four main hypotheses proposed in the literature simultaneously. Although I extract the sample data from two data sources, I demonstrate that the combined data are consistently sampled. I further construct three trading strategies – “daily return,” “lag one daily return,” and “weekly return” – to alleviate the potential effect of irregular data observation.
I find that the ex-dividend day anomaly exists in Thailand, is governed by the tax differential, and is driven by short-term trading activities. That is, investors trade heavily around the ex-dividend day to reap the benefits of the tax differential. I find mixed results for the predictions of the tick size hypothesis and results that are inconsistent with the predictions of the leverage hypothesis.
I conclude that, on the Stock Exchange of Thailand, juristic and foreign investors can profitably buy stocks cum-dividend and sell them ex-dividend while local investors should engage in short sale transactions. On average, investors who employ the daily return strategy have earned significant abnormal return up to 0.15% (45.66% annualized rate) and up to 0.17% (50.99% annualized rate) for the lag one daily return strategy. Investors can also make a trading profit by conducting the weekly return strategy and earn up to 0.59% (35.67% annualized rate), on average.
Terhi Chakhovich, Seppo Ikäheimo and Tomi Seppälä
Purpose – This research presents empirical evidence on which performance measures are perceived as short-term oriented and long-term oriented by company executives, and on whether…
Abstract
Purpose – This research presents empirical evidence on which performance measures are perceived as short-term oriented and long-term oriented by company executives, and on whether any perceived performance measure-related time orientation affects the time orientation of these executives. In addition, the study explores which measures impact executive time orientation, regardless of how these measures are perceived.
Methodology/approach – A survey was used to collect the perceptions of chief financial officers (CFOs) in 109 companies listed in the Nasdaq OMX, the Nordic Stock Exchange. Performance measures include: stock price, earnings, returns, cash flow, success of development programs, EVA™, sales, and balanced scorecard, and the method employed was multiple regression.
Findings – First, the CFOs perceived returns, sales, EPS, and stock price to have long time orientation. Second, the use of returns, stock price, and success of development programs as major performance measures encourage the CFOs toward long-term behavior, whereas the use of cash flow encourages short-term behavior. Third, stock price, earnings, and EPS are measures whose perceived time orientation affects the time orientation of executives. It is most likely due to this influence, that they have received major attention in public debates on the short time orientation of executives at the expense of other, more “silent” measures that also impact executive time orientation. Contextual factors strongly affect the results.
Practical implications – The study assists in designing executive performance measurement systems that encourage desired time orientation.
Originality/value – This study contributes to the fields of performance measurement and time orientation by recognizing the multidimensionality of the construct of time orientation and by showing how performance measures and their perceived time orientation influence executive time orientation.
Writing, as a critical academic skill, is receiving national attention – joining the ranks of reading, mathematics, and science. The focus on increased writing performance…
Abstract
Writing, as a critical academic skill, is receiving national attention – joining the ranks of reading, mathematics, and science. The focus on increased writing performance standards for all students has implications for students with learning disabilities (LD), as these students are most likely to struggle with basic writing skills, and with expressing their ideas and demonstrating knowledge through written expression. Fortunately, research-based practices have been established for teaching students with LD across writing dimensions. In this chapter, instructional approaches for writing instruction, and current and future trends for addressing standards, are described.
Karin Sandmel, Kristen D. Wilson, Karen R. Harris, Kathleen Lynne Lane, Steve Graham, Wendy P. Oakes, Sharlene A. Kiuhara and Trish D. Steinbrecher
Relatively limited attention has been paid to the academic needs of students with emotional and behavioral difficulties. Effective interventions are needed to support these…
Abstract
Relatively limited attention has been paid to the academic needs of students with emotional and behavioral difficulties. Effective interventions are needed to support these students academically, behaviorally, and socially. The purpose of the concurrent studies reported here was to investigate the effectiveness of academic support in writing for fourth- and fifth-grade students (six boys, two girls) and second- and third-grade students (seven boys, one girl) with writing and behavioral difficulties. The Self-Regulated Strategy Development (SRSD) approach was implemented as a tier-2 intervention within a comprehensive, integrated three-tiered model of prevention including academic-, behavioral-, and social-skills components. Students learned an on-demand writing strategy for their state writing-competency test. Dependent measures included number of story writing elements, total number of words written, and writing quality. Fourth- and fifth-grade students who completed the intervention improved in total number of story elements. There were mixed results for the total number of words written and writing quality. Second- and third-grade students did not improve their total number of story elements, total words written, or writing quality. Students in both studies scored the intervention favorably, while there were mixed reactions from teachers. Findings, limitations, and suggestions for future research are discussed. Implications for the construct of evidence-based practice (EBP) are also explored, including concerns regarding frequent assessment of writing throughout intervention regardless of stage of instruction in the SRSD model.
John R. King and Alexander S. Spachis
Scheduling is defined by Baker as, “the allocation of resources over time to perform a collection of tasks”. The term facilities is often used instead of resources and the tasks…
Abstract
Scheduling is defined by Baker as, “the allocation of resources over time to perform a collection of tasks”. The term facilities is often used instead of resources and the tasks to be performed may involve a variety of different operations.