Search results

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

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.

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.

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.

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

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.

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

The purpose of this paper is to investigate the empirical relevance of attribute framing in the financial marketplace.

Incorporating a sample of German initial public offerings (IPOs) from 2010 to 2019, the author uses quantitative methods, including regression models and tests for the equality of means, to analyze whether unsophisticated investors are susceptible to attribute framing and whether this susceptibility reflects irrational behavior.

Unsophisticated investors, who are typically retail investors, are susceptible to attribute framing. They are likely to subscribe to IPOs whose attribute “market valuation” is framed in a positive way, that is, IPOs with low offer prices. As low-priced IPOs are overvalued and underperform in the secondary market relative to high-priced IPOs, the susceptibility to attribute framing reflects irrational behavior. The findings are robust to controlling for sentiment.

Since this paper includes a relatively small sample from a single stock market, future research might employ alternative approaches.

When issuers and underwriters are able to exploit retail investors through attribute framing, the participation of these investors in the financial marketplace may finally decrease. Therefore, the financial literacy of retail investors needs to be improved.

This paper is the first to provide empirical evidence of attribute framing in a financial markets context. While most previous research on IPO offer prices focuses on US stocks, this paper is the first to incorporate German stocks.

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.

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.

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

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.

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

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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).

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.

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.

This study aims to investigate a systematic approach to the production and use of additively manufactured injection mould inserts in product development (PD) processes. For this purpose, an evaluation of the additive tooling design method (ATDM) is performed.

The evaluation of the ATDM is conducted within student workshops, where students develop products and validate them using AT-prototypes. The evaluation process includes the analysis of work results as well as the use of questionnaires and participant observation.

This study shows that the ATDM can be successfully used to assist in producing and using AT mould inserts to produce valid AT prototypes. As a reference for the implementation of AT in industrial PD, extracts from the work of the student project groups and suitable process parameters for prototype production are presented.

This paper presents the application and evaluation of a method to support AT in PD that has not yet been scientifically evaluated.

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.