Daniel T. Holt, Dennis R. Self, Alfred E. Thal and Steven W. Lo
A sample of 339 employees embroiled in a major organizational change completed a survey that was designed to explore how specific change messages (e.g. appropriateness, valence…
Abstract
A sample of 339 employees embroiled in a major organizational change completed a survey that was designed to explore how specific change messages (e.g. appropriateness, valence, and management support) and change facilitation strategies (participation and training) relate to the perceptions of the change benefits and quality of information conveyed. Results indicated that appropriateness and extrinsic valence were strong predictors of perceptions of change benefits while supervisor support and extrinsic valence most influenced perceptions of information quality. Results further indicated that participation and training were related to perceptions of information quality. However, contrary to our expectations, participation was inversely related to the benefits of the change. These results are discussed in terms of their implications for practitioners and researchers.
Details
Keywords
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…
Abstract
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.
Details
Keywords
Judith Shamian, Linda O’Brien‐Pallas, Donna Thomson, Chris Alksnis and Michael Steven Kerr
States Canadian governments have, after a decade of health care downsizing, started to focus on issues of health human resources. Posits that nurses in particular experience…
Abstract
States Canadian governments have, after a decade of health care downsizing, started to focus on issues of health human resources. Posits that nurses in particular experience higher rates of absenteeism and injury than other types of Canadian workers. Advocates that this study’s findings offers numerous ideas to managers of the system, unions, nurses, government and other parties on how to manage the system better for all involved and the improvement of the health care system.
Details
Keywords
Tamer Elshandidy, Philip J. Shrives, Matt Bamber and Santhosh Abraham
This paper provides a wide-ranging and up-to-date (1997–2016) review of the archival empirical risk-reporting literature. The reviewed papers are classified into two principal…
Abstract
This paper provides a wide-ranging and up-to-date (1997–2016) review of the archival empirical risk-reporting literature. The reviewed papers are classified into two principal themes: the incentives for and/or informativeness of risk reporting. Our review demonstrates areas of significant divergence in the literature specifically: mandatory versus voluntary risk reporting, manual versus automated content analysis, within-country versus cross-country variations in risk reporting, and risk reporting in financial versus non-financial firms. Our paper identifies a number of issues which require further research. In particular we draw attention to two: first, a lack of clarity and consistency around the conceptualization of risk; and second, the potential costs and benefits of standard-setters’ involvement.
Details
Keywords
Julia Lane, Javier Miranda, James Spletzer and Simon Burgess
Kathryn A. Wilkens, Jean L. Heck and Steven J. Cochran
The purpose of this study is to investigate the relationship between predictability in return and investment strategy performance. Two measures that characterize investment…
Abstract
Purpose
The purpose of this study is to investigate the relationship between predictability in return and investment strategy performance. Two measures that characterize investment strategies within a mean‐variance framework, an activity measure and a style measure, are developed and the performance of alternative strategies (e.g. contrarian, momentum, etc.) is examined when risky asset returns are mean reverting.
Design/methodology/approach
Returns are assumed to follow a multivariate Ornstein‐Uhlenbeck process, where reversion to a time‐varying mean is governed by an additional variable set, similar to that proposed by Lo and Wang (1995). Depending on its parameterization, this process is capable of producing an autocorrelation pattern consistent with empirical evidence, that is, positive autocorrelation in short‐horizon returns and negative autocorrelation in long‐horizon returns.
Findings
The results, for four uninformed investment strategies and assuming that returns are generated by a simple univariate Ornstein‐Uhlenbeck process, show that the unadjusted returns from the contrarian (momentum) strategy are greater than those from the other strategies when the mean reversion parameter, α, is greater than (less than) one. The results are expected, given the relationship between α and the first‐order autocorrelation in returns. The risk level (measured by either the standard deviation of returns or beta) of the contrarian strategy is the lowest at essentially all levels of mean reversion and the risk‐adjusted returns from the contrarian strategy, measured by the both the Sharpe and Treynor ratios, dominate those from the other strategies.
Research limitations/implications
In future research, a number of issues not considered in this study may be investigated. The style measure developed here can be used to determine whether the results obtained hold when an informed, mean‐variance efficient active strategy is employed. In addition, the performance of both the informed and uninformed strategies may be examined under the assumption that the risky return process follows a multivariate Ornstein‐Uhlenbeck process. This work should provide findings that facilitate the separation of fund risk due to dynamic strategies from that due to time‐varying expected returns.
Practical implications
The methodology used here may be easily extended to consider a number of important issues, such as the frequency of portfolio rebalancing, transactions costs, and multiple asset portfolios, that are encountered in practice.
Originality/value
The approach used here provides insight into how predictability affects the relative performance of tactical investment strategies and, thus, may serve as a basis for determining the magnitude and persistence in autocorrelation required for active investment strategies to yield profits significantly different from those of passive strategies. In this sense, this study may have appeal for both academics and investment professionals.