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Building upon the framework of the tradeoff model of capital structure and motivated by the equity market timing theory, we examine whether equity misvaluation is a source of adjustment “costs” that will affect a firm’s leverage adjustment speed toward target. We also investigate whether the quality of a firm’s long-term growth options will influence the decisions of managers to exploit the mispriced equity to converge to the optimum. Using a sample of listed Taiwanese firms during 1992–2014 and employing the market-to-book decomposition as developed by Rhodes-Kropf, Robinson, and Viswanathan (2005), we find that overleveraged and overvalued firms demonstrate faster adjustment speed than overleveraged but undervalued firms. Furthermore, controlling for the misvaluation status, high-growth firms converge to target faster than their low-growth counterparts. The effect of growth options on the relation between equity mispricing and adjustment speed does not mirror the effect of financing deficits. With the detailed financial information of the local companies across a rather long time series, this study provides incremental inputs to the literature of capital structure from the determinants of target leverage, the estimation of leverage adjustment speeds, to the identification of the sources of adjustment costs in an emerging market where institutional environment is strikingly different from the US.

This paper reports on findings from an ethnographic study of international student adjustment. The paper recommends the use of ethnography as a way to research the experiences of tourists and migrants to build up a body of knowledge on the outcome of cross-cultural contact for these two groups. The aim of my ethnographic study was to capture the adjustment journey of a group of international postgraduate students at a university in the South of England. The ethnographic approach involved regular in-depth individual interviews with 13 students of different nationalities and overt participant observation of the entire postgraduate cohort of 150 students. Research began on the first day of induction in September 2003 and ended upon completion and submission of the Masters dissertation in October 2004. Students' experience of adjustment to academic and socio-cultural life was therefore captured from arrival in the new country to the return home one full year later. This study finds that stress was at its height in the initial stage of the academic sojourn; the struggle to cope with the challenges of foreign language use and an unfamiliar academic and the socio-cultural environment at a time when students were beset with homesickness and loneliness are the causes of this stress. An association was made between the passage of time and a gradual decrease in acculturative stress; however, this was not a generalisable process; there was fluctuation not only in experience across the student body but also in the individual's subjective sense of success across different aspects of life in the new country. This led to the conceptualisation of the adjustment journey as an unpredictable and dynamic process that is experienced differently among sojourners and fluctuates throughout the sojourn as a result of a host of individual, cultural and external factors. The relevance of this study to tourism scholars comes from drawing parallels between the long-stay tourist and the international student who represents an important segment of international travel. However, a gap in the literature exists on the impact of tourism on the tourist that this study helps to fill.

We review 25 years of research on expatriate experiences concentrating on expatriate adjustment as a central construct, and relying on a general stressor-stress-strain framework. First, we consider who expatriates are, why their experiences differ from domestic employees, and what adjustment is. Conceptualizing (mal)adjustment in terms of stress, we next review the stressors and strains associated with it. Consolidating the wide range of antecedents (anticipatory and in-country) that have been studied to date, we note major patterns of effects and their implications for how HR managers can facilitate adjustment. Although relatively less research has focused on the consequences of adjustment, enough evidence exists to establish a bottom-line impact of poor adjustment on performance. To stimulate future efforts to understand the experiences of expatriates, we discuss the challenges and opportunities of continuing down this road of research.

In this chapter the author studies the capital market efficiency hypothesis and checks whether the stock price adjustment dynamics is instantaneous, continuous, and linear or not. In particular, the author proposes to analyze the stock price evolution while taking into account the presence of transaction costs, the coexistence of heterogeneous investors, and the interdependence between stock markets. On the one hand, he provides strong evidence to suggest that the efficiency hypothesis is rejected. On the other hand, he proves that the stock index adjustment is rather discontinuous, asymmetrical, and nonlinear. Using threshold cointegration techniques, he proposes a new nonlinear modeling to reproduce the CAC40 adjustment dynamics that not only replicates the French market adjustment dynamics in the presence of market frictions but also captures the interdependence between the French and American stock markets, highlighting the reaction of French shareholders in relation to the changes in the behaviour of American speculators.

Purpose: The issue of whether participation in online peer-support communities has positive or negative impacts on the psychological adjustment of cancer patients warrants further explorations from new perspectives. This research investigates the role of personality traits in moderating the impact of online participation on the psychological adjustment of cancer patients in terms of their general psychological well-being and cancer-specific well-being.

Methodology: Study participants consisted of adults diagnosed with leukemia. Questionnaires were collected from 111 participants in two leukemia-related forums in China, Baidu Leukemia Community and Bloodbbs. Information regarding the personality traits, online participation, and psychological adjustment were collected using an online questionnaire. A linear regression model was used to test the moderation effect of personality traits on the relationship between online participation and psychological adjustment.

Findings: The main effect of participation in online support communities on psychological adjustment was not statistically significant. Importantly, two personality traits (i.e., emotional stability and openness to experience) moderated the relationship between online participation and psychological adjustment to cancer. Leukemia patients with high emotional stability and high openness to experience reported better psychological adjustment as they participated more in the online community. However, this was not the case for patients with low stability and low openness, who reported worse psychological adjustment as their participation in the online support community increased.

Value: This study introduces two personality moderators into the discussion of how participation in online support communities influences the lives of cancer patients. The moderation effects help to explain why there have been contradictions in the findings of previous studies. In addition, this study adds to the current literature on online support communities as little research on this topic has been conducted outside of the US and Europe. Practically, this study not only highlights the need to evaluate the personality traits of patients who are recommended to participate in online communities, but also underlines the necessity of intervention in these communities.

An adverse health event can affect women’s work capacity as they need time to recover. The institutional framework in the Netherlands provides employment protection during the first two years after the diagnosis. In this study, we have assessed the extent to which women’s employment is affected in the short- and long term by an adverse health event. We have used administrative Dutch data which follow women aged 25 to 55 years for four years after a medical diagnosis. We found that diagnosed women start leaving employment during the protection period and four years later they were about one percentage point less likely to be employed. Women in permanent employment did not reduce their employment during the protection period and reduced their employment with less than 0.5 percentage points thereafter. Furthermore, we found minor adjustments in the working hours in the short term and no adjustments in the long term. Lastly, we found that for wages, and not for employment and hours, adjustments could be related to the severity of the health condition: women diagnosed with temporary health conditions experienced a short-term wage penalty of about 0.5–1.7 percent and those diagnosed with chronic and incapacitating conditions experienced a long-term wage penalty of about 0.5 percent, while women diagnosed with some chronic and nonincapacitating conditions, such as respiratory conditions, experienced no wage changes in the short or long term.

In this chapter, the authors examined expatriates that self-initiate their international work for personal reasons and the factors that affect their departure from an organization. The authors conducted a systematic review of self-initiated expatriation (SIE) and its definitions in order to propose an integrated definition of SIE and model its nomological network. In addition, the authors construct a roadmap for future research directions in the SIE domain. Finally, using a qualitative research design, the authors studied the organizational practices designed to reduce SIE turnover in an exemplary multinational organization. Overall, our contributions are enhanced clarity of the SIE construct and the theorized practice of SIE retention.