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This paper investigates how the gambling measure captures market bubble events, and how it predicts stock return and option return.

This paper proposes a gambling activity measure by jointly considering open interest and moneyness of out-of-the-money (OTM) individual equity call options.

The new measure, CallMoney, captures excessive optimism during the dot-com bubble, the oil price bubble and the pre-GFC stock market bubble. CallMoney robustly and negatively predicts both OTM and at-the-money call option returns cross-sectionally. The option return predictability of CallMoney is stronger when stock price is further from its 52-weeks high, capital gains overhang is lower, and when information uncertainty of the underlying stock is higher. CallMoney also robustly and negatively predicts cross-sectional stock returns.

The gambling measure has the advantages of being economically intuitive, model-free, easy to measure. The measure performs more robustly than existing lottery measures with respect to option and stock return predictability and more reliably captures the overpricing of options and stocks. The work helps understanding the gambling related anomalies in equity option returns and stock returns.

This paper aims to analyse economic growth in Africa focussing on the role of digitalization and financial sector development.

The authors employ country-level data from 36 African countries over the period 2000–2020 and used fixed effect, random effect and the Hausman–Taylor estimation techniques.

The study, first finds that, digitalization propels financial sector development in Africa. Building on this, the study further finds that, digitalization conditioned on financial sector development at best does not promote economic growth in Africa. However, results of the net effects suggest that digitalization, overall, improve economic growth in Africa.

In the current environment of a sluggish global economy, digitalization can play an important role in assisting policymakers to spur economic growth. This has attracted the attention of many researchers in the developed world. However, little is done about the subject matter in Africa.

The findings of this paper are novel in the African sub-region with important policy implications.

Previous literature shows that market sentiment and the steepness of index option's implied volatility slope have a negative relation. This paper investigates the relation between firm-specific sentiment and individual option's implied volatility slope both theoretically and empirically.

The authors develop a simple model with option traders' sentiment heterogeneity to show that sentiment and the steepness of individual option's implied volatility slope have a positive relation.

When firm-specific sentiment is higher (more bullish), individual option's implied volatility slope becomes steeper. The positive relation is stronger when option traders' beliefs on risk are more dispersed. Empirical results support the theoretical model predictions.

Although both firm-specific sentiment and individual options implied volatility slope predict future stock returns, there is no research exploring the relation between them. In particular, none of previous studies associates implied volatility slope's stock return predictability to investor behavior such as sentiment. The authors’ findings provide a behavior-based explanation on why steep implied volatility slope negatively predicts cross-sectional stock returns.

I. Rationalisierung und Rechnungswesen Das Rechnungswesen ist ein Kontrollinstrument, das zur Überwachung der Wirtschaftsgebarung und der wirtschaftlichen Lage einer Unternehmung dient. Seine Hauptaufgabe besteht darin, der Unternehmungsleitung jederzeit Aufschluss zu geben über den Stand des Vermögens und der Schulden einerseits sowie über die Entwicklung von Aufwand und Ertrag anderseits. Über diese Faktoren muss die Unternehmungsleitung stets Bescheid wissen, wenn sie nicht planlos in den Tag hinein operieren will. Für eine zielbewusste Unternehmungsführung hat das Rechnungswesen darüber hinaus auch Auskunft zu geben über die mutmassliche zukünftige Entwicklung. Die Registrierung von Tatsachen, die bereits der Vergangenheit angehören, ist nur ein Teil, wenn auch ein wichtiger, des Rechnungswesens. Seine volle Bedeutung erlangt dieses aber erst, wenn es auf die Zukunft ausgerichtet ist und die nötigen zahlenmässigen Unterlagen liefert für die laufend zu treffenden Dispositionen.

Ausgangssituation: Probleme bei der Strukturierung von Entscheidungen Aus der Sicht marktorientierter Unternehmen bildet die strategische Unternehmens‐ und Marketingplanung eine Einheit; die Marketingplanung stellt die unternehmenspolitische Leitplanung dar (vgl. Haedrich/Berger 1982, S. 3).

The article deals with factors that act as an incentive to internationalisation of the hotels in the small‐to‐medium‐sized enterprises (SME) category in the traditional tourism countries, and also discusses the obstacles to internationalisation. The “OLI” approach according to Dunning (ownership advantages, location‐specific advantages, advantages of internalisation) is tested against the results of a survey of hotelkeepers in the Alpine countries, particularly Austria. It is not just the size of the enterprise that acts as a limit on the extent of internationalisation of SMEs. Other factors that determine the attitude taken towards internationalisation include market intelligence, financing problems, the degree of entrepreneurial spirit, and the specific nature of tourism services.

Zu dem Fragenkreis “Eisenbahn und Fremdenverkehr” hat mein verehrter italienischer Kollege, Herr Prof. Laloni, so grundlegend und erschöpfend Stellung genommen, dass ich darauf verzichten darf, die bedeutende Rolle der Eisenbahn im internationalen Fremdenverkehr im allgemeinen nochmals hervorzuheben. Ich möchte vielmehr aus dem mir gestellten Aufgabengebiet ein wichtiges Sondergebiet: den Schlafwagen‐ und Speisewagenverkehr, herausgreifen, das in diesem Kreis, der zur wissenschaftlichen Erforschung und Klärung der Fremdenverkehrs‐ probleme berufen ist, besonderes Interesse beanspruchen drfte.

The purpose of this paper is to determine differences in customers’ personal disposition to online shopping.

The research model was proposed based on two types of purchases (hedonic vs utilitarian) and on personal traits of individuals against technology throughout the Technology Readiness Index (TRI) 2.0. Generation and gender were considered to evaluate their impact on the type of purchases. Consumers’ data were collected in Chile through 788 face-to-face surveys. The partial least squares approach was used to test the research model.

The findings show that optimism and discomfort influence online shopping. Moreover, generation and gender moderate the relationship between the dimensions of the TRI and online purchases.

The contributions of this study are threefold. The analysis of personal traits and the type of purchases contribute to the existing literature on consumer behavior and e-commerce, and provide some insights for marketers to identify segmentation strategies by analyzing the gender and generation of individuals. Second, this study contributes to examining the stability and invariances of the TRI 2.0 instrument, which has not been fully revised in less developed countries. Third, this study adds to the existing body of research that argues that demographic variables are not sufficient to understand technology adoption by individuals by including psychological variables.

Die zunehmende Nachfrage der Touristen nach Reisen, welche den direkten Kontakt zur Natur vermitteln, rückt sämtliche Gebiete Brasiliens in eine bevorzugte Stellung als Ziele für den Ökologischen und Abenteuertourismus, sowohl für inländische als auch ausländische Reisende, infolge seiner unzähligen natürlichen Resourcen, unter denen sich die folgenden Ökosysteme hervorheben (Ferrão et alii. 1992):