On the impact of market mergers over herding: evidence from EURONEXT

2014 ◽  
Vol 6 (2) ◽  
pp. 104-135 ◽  
Author(s):  
Panagiotis Andrikopoulos ◽  
Andreas Albin Hoefer ◽  
Vasileios Kallinterakis
Keyword(s):  
Risk Factors ◽  
Design Methodology ◽  
Market Volatility ◽  
Herd Behavior ◽  
Content Type ◽  
Common Risk Factors ◽  
The Impact ◽  
First Time ◽  
European Equity ◽  
Insight Into

Purpose – The purpose of this paper is to present and empirically test for the first time the hypothesis that herding in a market increases following the market's merger in an exchange group. Design/methodology/approach – The hypothesis is tested empirically in EURONEXT's four European equity markets (Belgium, France, the Netherlands and Portugal) on the premise of the Hwang and Salmon (2004) measure which allows us insight into the significance, structure and evolution of market herding. Tests are conducted for each market for the period prior to and after its merger into EURONEXT, controlling for a series of variables (market conditions, common risk factors, size) to gauge the robustness of the findings. Findings – Results indicate that, with the exception of Portugal, herding grows in significance, yet declines in momentum post-merger. The authors ascribe the findings to EURONEXT's enhanced transparency (which makes it easier for investors to observe their peers’ trades, thus allowing them to infer and free-ride on their information) and its fast-moving informational dynamics that render herding movements shorter-lived. These results are robust when controlling for various market states and common risk factors, with deviations being observed when controlling for size and market volatility. Originality/value – The study presents results for the first time on the impact of exchange mergers on herd behavior. The authors believe these to constitute useful stimulus for further research on the issue and bear important implications for regulators/policymakers in view of the ongoing proliferation of exchange mergers that has been underway since the 1990s.

The carmine dilemma: does the natural colourant preference outweigh nausea?

2018 ◽  
Vol 120 (8) ◽  
pp. 1915-1928
Author(s):  
Judith Müller-Maatsch ◽  
Johannes Jasny ◽  
Katharina Henn ◽  
Claudia Gras ◽  
Reinhold Carle
Keyword(s):  
Design Methodology ◽  
Consumer Perception ◽  
Natural Food ◽  
German Population ◽  
Misleading Information ◽  
Content Type ◽  
Broad Cross Section ◽  
First Time ◽  
Self Administered Questionnaire ◽  
Insight Into

Purpose The purpose of this paper is to provide insight into the consumers’ perception of natural and artificial food colourants. Furthermore, attitudes towards the application of carmine, being technically important and ubiquitously used to impart red shades, are assessed and analysed. Originating from insects, carmine is considered as natural but may arouse disgust. Design/methodology/approach In total, 625 individuals were surveyed using an online, self-administered questionnaire to represent a broad cross-section of the German population. Findings Independent of their origin, the application of colourants was rejected by 57.0 per cent of the interviewees. In total, 31.8 per cent of the participants stated a neutral attitude, while only 11.2 per cent expressed a positive notion. Most respondents preferred colourants from natural sources to artificial ones. While consumers perceive natural food colourants composed of genuine plant pigments positively, 61.6 per cent of respondents disliked the application of animal-derived colourants, 24.8 per cent of them did neither reject nor like it, and only 13.6 per cent of the interviewees stated a positive attitude towards them. The findings of this paper further indicate consumers’ preference for colourants to be either artificial or plant-derived rather than carmine. Food colourants are being rejected, possibly due to misleading information and confusing labelling. Consequently, information about carmine, including its origin and production, did not increase the aversion to products that are dyed with it, but increased their acceptance. Originality/value This study outlines consumer perception and attitudes towards food colourants. For the first time, the findings of this paper report the effect of revealing information about an additive, which initially aroused disgust, and its influence on consumer perception.

What makes court-referred mediation effective?

2014 ◽  
Vol 25 (1) ◽  
pp. 21-37 ◽  
Author(s):  
Amira Galin
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
Process And Outcome ◽  
Refusal To Participate ◽  
The Impact ◽  
Practical Implications ◽  
Theoretical Insight ◽  
Insight Into ◽  
Low Rate

Purpose – The purpose of this paper is to obtain insight into court-referred mediation in the Israeli Labor Courts, by analyzing its processes and outcomes, as a function of tactics used by both the disputants and the mediator. Design/methodology/approach – Observation of 103 court-referred mediations, for each of which a detailed process and outcome were documented. Data on disputants' refusal to participate in the mediation was also collected. At the end of each mediation case, disputants were given a questionnaire in which they expressed their satisfaction with the outcome and their evaluation of the mediator's contribution. Findings – A low rate of refusal to participate in court-referred mediation was found. Also, the higher the ratio of soft tactics to pressure tactics employed (by all parties involved) during the process, the higher the rate of agreements. Mediators use significantly more soft tactics than disputants, and are more active in using tactics. The two significant variables that predict the mediation's agreement are the ratio between soft tactics to pressure tactics used by all parties, and mediator contribution to the process. Practical implications – The significant role of soft tactics in the process, outcome, and satisfaction of court-referred mediation may serve as a guideline for disputants and mediators. Originality/value – This unique research, which examines the impact of tactics on court-referred mediation, may provide added and significant theoretical insight into its process and outcome, as well as a better understanding of other “hybrid” (compulsory at the beginning, voluntary at the end) mediations.

COVID-19 news in USA and in China: Which is suitable in explaining the nexus among Bitcoin and Gold?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abdelkader Derbali ◽  
Kamel Naoui ◽  
Lamia Jamel
Keyword(s):  
Design Methodology ◽  
Conditional Heteroskedasticity ◽  
Conditional Correlation ◽  
Predictive Capacity ◽  
Content Type ◽  
Dynamic Conditional Correlation ◽  
The Hours ◽  
Important Correlation ◽  
The Impact ◽  
First Time

Purpose The purpose of this paper is to examine empirically the impact of COVID-19 pandemic news in USA and in China on the dynamic conditional correlation between Bitcoin and Gold. Design/methodology/approach This paper offers a crucial viewpoint to the predictive capacity of COVID-19 surprises and production pronouncements for the dynamic conditional correlation (DCC) among Bitcoin and Gold returns and volatilities using generalized autoregressive conditional heteroskedasticity-DCC-(1,1) through the period of study since July 1, 2019 to June 30, 2020. To assess the unexpected impact of COVID-19, this study pursues the Kuttner’s (2001) methodology. Findings The empirical findings indicate strong important correlation among Bitcoin and Gold if COVID-19 surprises are integrated in variance. This study validates the financialization hypothesis of Bitcoin and Gold. The correlation between Bitcoin and Gold begin to react significantly further in the case of COVID-19 surprises in USA than those in China. Originality/value This paper contributes to the literature on assessing the impact of COVID-19 confirmed cases surprises on the correlation between Bitcoin and Gold. This paper gives for the first time an approach to capture the COVID-19 surprise component. Also, this study helps to improve financial backers and policymakers' comprehension of the digital currencies' market elements, particularly in the hours of amazingly unpleasant and inconspicuous occasions.

The job rotation scheduling problem considering human cognitive effects: an integrated approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ashkan Ayough ◽  
Farbod Farhadi ◽  
Mostafa Zandieh
Keyword(s):  
Sensitivity Analysis ◽  
Optimization Model ◽  
Design Methodology ◽  
Heuristic Algorithms ◽  
Job Rotation ◽  
Content Type ◽  
Input Parameters ◽  
Job Rotation Scheduling ◽  
The Impact ◽  
First Time

Purpose This paper aims to unfold the role that job rotation plays in a lean cell. Unlike many studies, the authors consider heterogeneous operators with dynamic performance factor that is impacted by the assignment and scheduling decisions. The purpose is to derive an understanding of the underlying effects of job rotations on performance metrics in a lean cell. The authors use an optimization framework and an experimental design methodology for sensitivity analysis of the input parameters. Design/methodology/approach The approach is an integration of three stages. The authors propose a set-based optimization model that considers human behavior parameters. They also solve the problem with two meta-heuristic algorithms and an efficient local search algorithm. Further, the authors run a post-optimality analysis by conducting a design of experiments using the response surface methodology (RSM). Findings The results of the optimization model reveal that the job rotation schedules and the human cognitive metrics influence the performance of the lean cell. The results of the sensitivity analysis further show that the objective function and the job rotation frequencies are highly sensitive to the other input parameters. Based on the findings from the RSM, the authors derive general rules for the job rotations in a lean cell given the ranges in other input variables. Originality/value The authors integrate the job rotation scheduling model with human behavioral and cognitive parameters and formulate the problem in a lean cell for the first time in the literature. In addition, they use the RSM for the first time in this context and offer a post-optimality analysis that reveals important information about the impact of the job rotations on the performance of operators and the entire working cell.

scholarly journals Triage: line or nets? Early intervention and the youth justice system

2014 ◽  
Vol 13 (4) ◽  
pp. 147-160 ◽  
Author(s):  
Sarah Soppitt ◽  
Adele Irving
Keyword(s):  
Restorative Justice ◽  
Justice System ◽  
Design Methodology ◽  
Qualitative Data ◽  
Youth Justice ◽  
Content Type ◽  
The Impact ◽  
First Time

Purpose – The purpose of this paper is to present a discussion of the value of early diversion schemes, underpinned by the principles of restorative justice (RJ), for First Time Entrants (FTEs) into the criminal justice system (CJS). Design/methodology/approach – The paper focuses specifically on the findings of a 12-month study into the introduction of “Triage” by one Youth Offending Team (YOT) in the northeast of England. Findings – Re-offending data suggested that Triage is more effective in reducing re-offending than conventional justice practices, due to the restorative nature of the scheme. However, the qualitative data raised a number of issues, particularly relating to problems of “net-widening” and the impact of recording processes on young people's desistance, as well as the role of victim engagement in the process. These issues could undermine the long-term effectiveness of Triage and its successful application within other youth justice contexts. Originality/value – The paper aims to contribute further understanding regarding the impacts of RJ practices on reducing re-offending compared to traditional processes, and in particular, consider the role of implementation issues in the production of outcomes and impacts.

Impact of IPO grading on earnings management

2015 ◽  
Vol 13 (2) ◽  
pp. 142-158 ◽  
Author(s):  
Yogesh Maheshwari ◽  
Khushbu Agrawal
Keyword(s):  
Earnings Management ◽  
Initial Public Offering ◽  
Design Methodology ◽  
Discretionary Accruals ◽  
Alternative Measure ◽  
Cross Sectional ◽  
Content Type ◽  
Public Offering ◽  
The Impact ◽  
First Time

Purpose – This paper aims to examine the impact of initial public offering (IPO) grading on earnings management by Indian companies in their IPOs. Specifically, it investigates whether earnings management significantly differs in the pre-IPO grading regime and post-IPO grading regime. Further, it examines whether earnings management significantly differs between high-graded and low-graded IPOs. Design/methodology/approach – The cross-sectional modified Jones model is used to obtain the discretionary accruals, a proxy for earnings management. The impact of IPO grading on earnings management is assessed using multiple regression analysis. Findings – Earnings management is significantly lower in graded IPOs as compared to the ones that are not graded. Further, among the graded IPOs, the high-graded IPOs exhibit lower earnings management as compared to the low-graded IPOs. The findings are robust to the use of an alternative measure for discretionary accruals. Originality/value – IPO grading in India is a unique certification mechanism, introduced for the first time in any market. This paper establishes the efficacy of this mandatory certification mechanism in reducing earnings management. The findings could be valuable to issuer companies, investors and market regulators.

Testing the impact of citizen characteristics and demeanor on police officer behavior in potentially violent encounters

2018 ◽  
Vol 41 (1) ◽  
pp. 24-40 ◽  
Author(s):  
Lois James ◽  
Stephen James ◽  
Bryan Vila
Keyword(s):  
Design Methodology ◽  
Laboratory Experiments ◽  
Racial Bias ◽  
Police Legitimacy ◽  
Content Type ◽  
Multi Level ◽  
Race Ethnicity ◽  
Business Clothing ◽  
The Impact ◽  
Insight Into

Purpose The purpose of this paper is to investigate whether citizen characteristics (race/ethnicity and attire) or demeanor predicted how officers interacted in simulation scenarios that could turn violent. Design/methodology/approach Controlled-laboratory experiments were conducted during which police participants (n=50) responded to equivalent numbers of black, white, and Hispanic individuals in multiple branching video scenarios in a use-of-force simulator. Within these scenarios, the attire of on-screen individuals was varied (“street” or “business” clothing) as was their demeanor – individuals were either friendly or confrontational. Each scenario had the potential to end peaceably or turn violent, depending on how the officers treated people in the simulator. Findings Multi-level modeling revealed that neither the race/ethnicity nor the attire of on-screen individuals predicted how officers interacted with them. However, the demeanor of on-screen individuals did – officers were significantly more likely to verbally escalate and end up with a deadly outcome when faced with confrontational individuals (f=3.96; df=1, 558; p<0.05). Research limitations/implications These findings offer important new insight into how fairly officers interact with people during routine encounters that have the potential to turn violent, and what this means for perceptions of police legitimacy, procedural justice, and allegations of racial bias. Originality/value This is the first laboratory study to test the impact of citizen characteristics and demeanor on how officers escalate and de-escalate encounters.

How IT integration and relational ties affect innovation performance: considering the moderating roles of relationship duration and institutional distance

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shaobo Wei ◽  
Hua Liu
Keyword(s):  
Design Methodology ◽  
Innovation Performance ◽  
Institutional Distance ◽  
Matched Pair ◽  
Regression Analyses ◽  
Content Type ◽  
Relationship Duration ◽  
It Integration ◽  
The Impact ◽  
Insight Into

Purpose This study aims to investigate how information technology (IT) integration and relational ties between a firm and its supplier influence its innovation performance and how such relationships are moderated by relationship duration and institutional distance between the firm and its supplier. Design/methodology/approach Based on 153 matched-pair surveys of firms in China, the authors used regression analyses to test their hypotheses. Findings The authors find that IT integration and relational ties with the supplier significantly improve the firm’s innovation performance. Further, the authors find that relationship duration negatively moderates the impact of relational ties on innovation performance. Institutional distance negatively moderates the impact of IT integration, yet positively moderates the impact of relational ties on innovation performance. Originality/value This study provides a more nuanced insight into relational and institutional boundary conditions under which IT integration and relational ties affect innovation performance.

Exploring flexible home arrangements – an interview study of workers who live in vans

2020 ◽  
Vol 25 (7) ◽  
pp. 747-761
Author(s):  
Angus J. Duff ◽  
Scott B. Rankin
Keyword(s):  
Lived Experience ◽  
Thematic Analysis ◽  
Design Methodology ◽  
Living Environment ◽  
Life Domains ◽  
Structured Interviews ◽  
Content Type ◽  
Career Opportunities ◽  
First Time ◽  
Insight Into

PurposeThe purpose of this study is to understand the lived experience of workers who live in vans to explore how work and non-work interact when one's living environment is mobile.Design/methodology/approachIn this qualitative study, semi-structured interviews were carried out with 18 participants. Thematic analysis of interview transcripts, coded while listening to each interview recording, provided a rich account of the interaction of work and non-work life domains.FindingsSeveral themes were identified, including seeing the van as a home, hidden or disclosed identity stemming from living in a van, financial freedom, career freedom and work/non-work synchronization. Overall, findings suggest that flexible home arrangements, the relocation of one's home to adapt to work, aligned work and non-work domains to positively impact their overall work and non-work satisfaction, providing career freedom and expanded career opportunities.Research limitations/implicationsThe understanding of workers who live in vans broadens one’s understanding of mobile work and the work/non-work interface, providing insight into the dual alignment of work and home to accommodate each other, which the authors term work/non-work synchronization.Originality/valueThis is one of the first studies to consider van living from a work and career perspective and for the first time conceptualizes the notion of flexible home arrangements.

Creative tourism – providing the answers to a more inclusive society

2020 ◽  
Vol 12 (6) ◽  
pp. 747-751
Author(s):  
Caroline Couret
Keyword(s):  
Design Methodology ◽  
Tourism Industry ◽  
Short Term ◽  
Content Type ◽  
Good Practices ◽  
The World ◽  
Inclusive Society ◽  
The Impact ◽  
Practical Implications ◽  
Insight Into

Purpose This paper aims to provide an overview of the short-term impact of COVID19 on the new tourism paradigm worldwide, as well imagining how it could influence society’s inclusion. The purpose is thus to share some insight into this unprecedented situation. Design/methodology/approach This paper uses a practical and empirical approach, based on readings and conversations with international stakeholders, and contrasted with the Creative Tourism Network’s background. Findings This paper explores the impact of the COVID-19 crisis on the tourism industry, human values and intangibles and new opportunities for societal inclusion, together with examples of good practices. Practical implications The viewpoint is based on observation, analysis and conversations with stakeholders around the world. It also draws on examples and practical cases from the destinations’ members of the Creative Tourism Network. Originality/value This paper draws on observation and reflections about the evolution of societal inclusion through new forms of creative and niche tourism, accelerated by the COVID-19 crisis.

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