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The finance literature extensively documents the abnormal positive returns of unseasoned initial public offerings (IPOs) in the early trading. Neuberger and LaChapelle…
The finance literature extensively documents the abnormal positive returns of unseasoned initial public offerings (IPOs) in the early trading. Neuberger and LaChapelle (1983), McDonald and Fisher (1972), Neuberger and Hammond (1974), Reilly (1977), Logue (1973), Ibbotson (1975), Ibbotson and Jaffe (1975), Ritter (1984), Miller and Reilly (1987), and Ibbotson, Sindelar and Ritter (1988) are but a few studies providing convincing evidence of initial price volatility in IPOs which, after some period of time, tends to level off. Some IPO studies, particularly Neuberger and LaChapelle (1983), Logue (1973), and Friend (1967), intentionally ignore institutional IPOs. Logue (1973) states that banking issues create a downward pricing bias because the market has already accurately priced the assets of financial institutions. Alli, Yau and Yung (1994) provided evidence that banking IPOs enjoyed significantly less positive abnormal returns in the early trading than a control sample of industrial firms. This study examines the early stock price movements of the 32 non‐US banking equities issued on the New York Stock Exchange (NYSE) from January 1986 through May 2001 and finds that virtually no underpricing exists in the early trading for those issues – a vast deviation from the results of most IPO and ADR event studies, but a strong indication that banking IPOs do create a downward pricing bias when considered in IPO studies with securities from different industries. All new foreign equity issues in this study are traded as American Depository Receipts (ADRs) except the Canadian stocks.
This paper seeks to complement earlier studies on ethnic minority underdevelopment in Vietnam by empirically examining the ethnic wage gap for the wage employed in the Vietnamese labour market, using data from a large‐scale household survey conducted in 2002.
The paper uses the “index number” decomposition method suggested by Oaxaca to decompose the ethnic wage gap into treatment and endowment effects at both the mean and selected quantiles of the conditional wage distribution.
The results confirm the existence of an ethnic wage gap in the labour market, though the gap is found to be substantially narrower than the ethnic gap detected using household living standard measures for Vietnam. Decomposition results reveal that the ethnic wage gap is largely attributable to differentials in the returns to endowments, a finding invariant whether the mean or selected quantiles of the conditional wage distribution are examined.
In the absence of feasible alternatives, the paper uses an ad hoc procedure to correct for selectivity into wage employment for the quantile regression models. In addition, due to data constraints with regard to earnings, the paper does not examine the ethnic wage gap for the self‐employed.
The paper is the first to analyse the ethnic wage gap in the Vietnam labour market and one of the few to examine ethnic pay differentials at selected points of the conditional wage distribution using quantile regression analysis.
The article synthesizes the interview responses from ten authors who have published heavily cited research in the fields of organizational behavior and human resource…
The article synthesizes the interview responses from ten authors who have published heavily cited research in the fields of organizational behavior and human resource management. The authors of these “great works” provided insights on their own works while also providing guidance to authors who aspire to produce future great works in management. The article utilizes facets of the grounded theory approach to analyze the qualitative responses of the authors, which enabled the presentation of common themes of the authors’ responses that might be useful to both management scholars and practitioners engaged in the research process.
The purpose of this paper is to investigate how institutional ownership is related to the stock return volatility of initial public offerings (IPOs) in an emerging market…
The purpose of this paper is to investigate how institutional ownership is related to the stock return volatility of initial public offerings (IPOs) in an emerging market and to examine the relationship between institutional ownership and underpricing.
This paper investigates these relationships using White’s (1980) regression and 2 × 3 portfolios sorted by firm size and institutional holdings. The regression method examines the relationships across firms with different characteristics such as size, stock price, growth potential, firm age and type of investors. The data were chosen for this sample to cover the new equity issuances listed on the Thailand Stock Exchange for the period 2001–2019.
The empirical results suggest that institutional ownership is negatively associated with initial stock return volatility. This highlights the importance of institutional investors in maintaining stability in emerging stock markets. Additionally, it was found that institutional holding and underpricing are negatively correlated. The results are robust after controlling for potential heteroskedasticity and differences in firm characteristics.
To the best knowledge of the author, this paper is the first to study the relationship between institutional investors and volatility in Thai IPOs, and hence provides a deeper understanding of how investors influence the price formation and volatility of stock prices in emerging markets. Furthermore, besides academics, the results presented in this paper could be useful for market regulators and policymakers in designing future market regulations to efficiently stabilize equity markets.
Examines the behaviour of UK employment in manufacturing over theperiod 1964 to 1986. The use of cointegration techniques allows theseparation of a long‐run equilibrium…
Examines the behaviour of UK employment in manufacturing over the period 1964 to 1986. The use of cointegration techniques allows the separation of a long‐run equilibrium relationship for employment from its short‐run dynamics. The estimated model demonstrates a high degree of parameter stability both within and outwith the sample period used for estimation. Given the noted sensitivity of other employment equations to system shocks, the model′s performance pre – and post‐1979 is particularly noteworthy.
This article brings a new, broad conceptual framework to the quest for understanding dynamic capability in organizations (i.e., “managing on the edge of chaos”). This…
This article brings a new, broad conceptual framework to the quest for understanding dynamic capability in organizations (i.e., “managing on the edge of chaos”). This approach rests on two major ideas: (i) a duality–paradox perspective and (ii) new typologies of organizational learning (OL) and individual action/thinking. A case of radical innovation at Microsoft provides a multilevel stimulus. Understanding it requires a focus on two dualistic challenges. For use in future ODC research and practical assessment, this broad new conceptual framework includes: (i) collaboration as a central concept; (ii) duality–paradox as a key source of conflicts that can threaten collaboration; (iii) five types of OL, (iv) four types of individual action/thinking, including paradoxical thinking, and (v) the proposition that “golden dualities” can be created from once-troubling duality situations (where critical collaboration was in danger) which have been transformed from the metaphorical “odd (contentious) couple” into a “productive (collaborative) partnership.”
This book offers theoretical frameworks and results of hundreds of empirical studies designed to investigate aspects of social identity dimensions of difference. Part I provides a foundation for examining social identity by defining it in terms of systems of power and hegemony, offering discussion of relationships between researchers and their participants (or, employees), and focusing on an ever-expanding literature which addresses the many ways that social identity dimensions overlap and intersect for individuals. Part II offers in-depth looks at specific social identity dimensions of culture, ethnicity, gender, sexual orientation, age, social class, physical and psychological ability, and faith/spirituality. As the final installment, Chapter 12 summarizes the book’s major themes. The message speaks to human resources and diversity managers in organizations as well as researchers; encouraging them to actively disassemble homogeneity at the top of organizations and to support enabling of all humans to reach their full human potential across organizations and in all social realms. Promoting and enabling social identity difference throughout organizations is no easy task due to multiple challenges. Indeed, incremental gains and small wins mean moving forward; the right direction.