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Article
Publication date: 20 June 2019

Albert Rapp

The purpose of this paper is to investigate whether sentiment and mood, which are distinct theoretical concepts, can also be distinguished empirically.

Abstract

Purpose

The purpose of this paper is to investigate whether sentiment and mood, which are distinct theoretical concepts, can also be distinguished empirically.

Design/methodology/approach

Using a sample of German small-cap stocks and linear techniques, the effect of sentiment and mood on short-term abnormal stock return following earnings announcements is tested separately.

Findings

Mood tends to be a positive factor in predicting short-term abnormal stock return, as its biologically based impact uniformly affects the risk aversion of all market participants. Notably, negative mood influences stock return significantly negatively. Sentiment is no factor, however, as its cognitively based impact affects only unsophisticated investors, namely, their cash-flow expectations.

Research limitations/implications

As the sample is restricted to small-cap stocks from a single stock market and only two proxies of sentiment and mood, respectively, are used, the findings should be generalized with caution. Future research might investigate other markets and employ different proxies of sentiment and mood.

Practical implications

Market participants should be aware of the different effect of sentiment and mood on stock return and adjust investment strategies accordingly.

Social implications

As sophisticated investors are likely to profit from the irrational behavior of unsophisticated investors, who are prone to sentiment, the financial literacy of retail investors should be enhanced.

Originality/value

This paper is unique in distinguishing between sentiment and mood, both theoretically and empirically. Such distinction was largely ignored by related past research.

Details

Journal of Capital Markets Studies, vol. 3 no. 1
Type: Research Article
ISSN: 2514-4774

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Article
Publication date: 3 May 2016

Albert Rapp

This paper aims to address the importance of behavioural finance issues among real investors. It analyses whether private investors are susceptible to extrapolation bias…

Abstract

Purpose

This paper aims to address the importance of behavioural finance issues among real investors. It analyses whether private investors are susceptible to extrapolation bias and whether this bias affects market prices.

Design/methodology/approach

A qualitative coding of message board posts facilitates the construction of sentiment proxies. Using linear techniques, it is tested whether after-hours sentiment is positively predicted by daily share return and whether daily share return exhibits positive autocorrelation.

Findings

Private investors are impaired by extrapolation bias, while market prices remain unaffected. Probably, sophisticated professional investors benefit by offsetting the irrational private investor transactions.

Research limitations/implications

As the sample of German blue-chip banks is small and covers a period during the Eurozone crisis, the findings should be generalised with caution. Future research might use a different sample and explore whether non-crisis periods provide comparable results.

Practical implications

Investors should not take for granted the neoclassical assumption that all market participants always act rationally and according to self-interest.

Social implications

Irrespective of whether market prices are efficient, a level playing field between private and professional investors is necessary. Otherwise, confidence in the financial marketplace is not guaranteed and society may incur welfare losses.

Originality/value

The approach of extracting sentiment from a German share message board through qualitative content analysis (QCA) is unique for analysing extrapolation bias. This paper is valuable in drawing attention to the importance of rational investment behaviour among private investors.

Details

Qualitative Research in Financial Markets, vol. 8 no. 2
Type: Research Article
ISSN: 1755-4179

Keywords

Content available
Article
Publication date: 18 July 2019

Güler Aras

Abstract

Details

Journal of Capital Markets Studies, vol. 3 no. 1
Type: Research Article
ISSN: 2514-4774

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Article
Publication date: 25 October 2018

Mark Goodhew, Jane Stein-Parbury and Angela Dawson

It is unclear how consumer participation (CP) can be optimised to transform drug and alcohol treatment services and improve health outcomes. The purpose of this paper is…

Abstract

Purpose

It is unclear how consumer participation (CP) can be optimised to transform drug and alcohol treatment services and improve health outcomes. The purpose of this paper is to present the findings of a systematic review examining the types and benefits of activities, and the factors that facilitate CP in drug treatment services.

Design/methodology/approach

A structured search of four databases was undertaken to identify peer reviewed primary research literature in English. Screened articles were appraised. A content analysis was applied to examine the types and outcomes of CP and the associated factors affecting the process. In total, 16 articles were included for review.

Findings

A range of CP activities were identified, and benefits included increased consumer satisfaction, and improved health service delivery. Factors that facilitated the process of CP included positive attitudes of both consumers and providers and employment of people with a lived experience of drug use. However, the lack of consumer and organisational capacity, negative attitudes of providers and power imbalances between consumers and providers constrained CP efforts.

Practical implications

To maximise the benefits of CP in drug and alcohol treatment services, negative attitudes about CP and power dynamics between consumers and health providers need to be addressed. This can be achieved by the strategic use of strengths-based interventions and consumer led education to enhance social capital.

Originality/value

This is the first known review to examine the benefits and facilitators of CP in drug treatment services.

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Article
Publication date: 29 October 2019

Naser Pourazad, Lara Stocchi and Vipul Pare

The purpose of this study is to determine if brand passion shapes attitudinal brand loyalty while driving a series of important brand-related outcomes (i.e. brand…

Abstract

Purpose

The purpose of this study is to determine if brand passion shapes attitudinal brand loyalty while driving a series of important brand-related outcomes (i.e. brand advocacy, social media following, sense of community, willingness to pay a premium price and alternative devaluation). These aspects are explored for sports apparel brands after considering the perceptions of Iranian consumers.

Design/methodology/approach

This study is based on the analysis of survey data gathered online and face-to-face from a sample of Iranian consumers of sports apparel brands that were analysed using partial least square path modelling.

Findings

The key empirical findings obtained confirm that brand passion underpins attitudinal brand loyalty and several important brand-related outcomes. Furthermore, the findings show that attitudinal brand loyalty explains the impact of brand passion on most of the outcomes considered, except for social media following.

Research limitations/implications

This study advances knowledge of brand passion by illustrating its “power” as a strong nuance of relationships between consumers and brands. In particular, this study highlights the importance of brand passion in shaping attitudinal brand loyalty, as well as a driver of several outcomes of theoretical and managerial relevance.

Practical implications

By establishing strategies aimed at enhancing brand passion, brand managers can increase attitudinal brand loyalty, attain important goals such as brand advocacy, premium price and social media following, as well as the devaluation of competing brands.

Originality/value

This study uses a unidimensional theorisation of brand passion to increase the understanding of its role as predictor of attitudinal brand loyalty and driver of relevant outcomes. It also examines the mediating effect of attitudinal brand loyalty, thus illustrating important conceptual links between brand passion and brand loyalty in the context of sports apparel brands in a growing economy (Iran).

Details

Journal of Product & Brand Management, vol. 29 no. 5
Type: Research Article
ISSN: 1061-0421

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Book part
Publication date: 15 December 2015

Pierre A. Balthazard and Robert W. Thatcher

Through a review of historically famous cases and a chronicle of neurotechnology development, this chapter discusses brain structure and brain function as two distinct yet…

Abstract

Through a review of historically famous cases and a chronicle of neurotechnology development, this chapter discusses brain structure and brain function as two distinct yet interrelated paths to understand the relative contributions of anatomical and physiological mechanisms to the human brain–behavior relationship. From an organizational neuroscience perspective, the chapter describes over a dozen neuroimaging technologies that are classified under four groupings: morphologic, invasive metabolic, noninvasive metabolic, and electromagnetic. We then discuss neuroimaging variables that may be useful in social science investigations, and we underscore electroencephalography as a particularly useful modality for the study of individuals and groups in organizational settings. The chapter concludes by considering emerging science and novel brain technologies for the organizational researcher as we look to the future.

Details

Organizational Neuroscience
Type: Book
ISBN: 978-1-78560-430-0

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Book part
Publication date: 22 July 2014

David J. Hess and Scott Frickel

This Introduction gives a historical and theoretical overview of this volume on Fields of Knowledge: Science, Politics and Publics in the Neoliberal Age, which showcases…

Abstract

This Introduction gives a historical and theoretical overview of this volume on Fields of Knowledge: Science, Politics and Publics in the Neoliberal Age, which showcases original research in political sociology of science targeting the changes in scientific and technological policy and practice associated with the rise of neoliberal thought and policies since the 1970s. We argue that an existing family of field theoretic frameworks and empirical field analyses provides a particularly useful set of ideas and approaches for the meso-level understanding of these historical changes in ways that complement as well as challenge other theory traditions in sociology of science, broadly defined. The collected papers exhibit a dual focus on sciences’ interfield relations, connecting science and science policy to political, economic, educational, and other fields and on the institutional logics of scientific fields that pattern expert discourses, practices, and knowledge and shape relations of the scientific field to the rest of the world. By reconceptualizing the central problem for political sociology of science as a problem of field- and inter-field dynamics, and by critically engaging other theory traditions whose assumptions are in some ways undermined by the contemporary history of neoliberalism, we believe these papers collectively chart an important theoretical agenda for future research in the sociology of science.

Details

Fields of Knowledge: Science, Politics and Publics in the Neoliberal Age
Type: Book
ISBN: 978-1-78350-668-2

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Book part
Publication date: 26 November 2018

Komal Kalra, Mike Szymanski and Anna Olszewska

In this essay, we seek to understand how international business schools contribute to the development of effective global leaders. To do so, we start by examining the…

Abstract

In this essay, we seek to understand how international business schools contribute to the development of effective global leaders. To do so, we start by examining the practical needs and challenges faced by multicultural teams operating in diverse global environments. Next, we compare and contrast three models of global leadership skills development used at three international institutions in Poland, Mexico, and Canada. We analyze each approach using Brake’s (1997) global leadership triad and Oddou and Mendenhall’s (2018) transformational axes model. We then discuss the future of global leadership education and the role business schools should play in the development of appropriate skills.

Content available
Article
Publication date: 14 August 2019

Maria Törhönen, Max Sjöblom, Lobna Hassan and Juho Hamari

The purpose of this paper is to examine the motivations behind online video content creation on services such as YouTube and Twitch. These activities, performed by private…

Abstract

Purpose

The purpose of this paper is to examine the motivations behind online video content creation on services such as YouTube and Twitch. These activities, performed by private individuals online, have become increasingly monetized and professionalised through the accessible tools provided by video sharing services, which has presented a noteworthy manifestation of the increasing merger of the work and leisure within digital environments and the emergence of a hybrid form of work and play, playbour.

Design/methodology/approach

The data for the study were collected using an online survey of 377 video content creators and it was analysed via structural equation modelling.

Findings

The findings of the study indicate that although the practice of video content creation is becoming more commercialised and professionalised, the extrinsic motivations, often associated with work (e.g. income, prestige), remain less significant drivers for content creation than intrinsic motivations (e.g. enjoyment, socialisation), which are associated with leisure activities.

Originality/value

This study offers insight into how the authors have begun to reorganise the position in the new digital labour culture, where monotonous tasks are increasingly automated, allowing room for intrinsically driven playful labour to develop within the leisure activities.

Details

Internet Research, vol. 30 no. 1
Type: Research Article
ISSN: 1066-2243

Keywords

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Book part
Publication date: 16 November 2018

Abstract

Details

Strategies, Policies, and Directions for Refugee Education
Type: Book
ISBN: 978-1-78714-798-0

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