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We analyze trading activity accompanying equities’ switches from “growth” (low book‐tomarket ratios (BMRs)) to “value” (high BMRs), and vice versa. We find that a large BMR increase, that is a shift from growth to value, is accompanied by a strongly negative small order imbalance (OIB). Large OIB exhibits weaker patterns across stocks that experience large changes in book/market. The evidence indicates that growth‐to‐value shifts are more strongly related to small traders than large ones. The interaction of BMRs with order flows plays a crucial role in return predictability. Specifically, the predictive ability of BMRs for future returns is significantly enhanced for those stocks that have experienced book/market increases as well as high levels of net selling by way of small orders.

Annual book issues from UK public libraries have been decreasing since 1980, due mainly to decreases in issues of adult fiction and, to a lesser extent, adult non‐fiction. This paper describes an analysis of trends from 1980 to 1998 in annual book issues and selected factors that may have caused their decrease. Simple linear regressions were used to test predictors of issues over this period. The factors studied were: decreased funding of public libraries and library book stocks; reductions in opening hours and numbers of public libraries; increased personal affluence and leisure opportunities; and increased book purchases by readers. Significant regression relationships were found between annual book issues and all the factors studied. However, book issues showed the closest relationship to personal spending power, as measured by real households' disposable income, which explained over 96 per cent of the variation in issues. This compared with 92 per cent of the variation in issues being explained by the number of libraries open 45 hours per week, 80 per cent by real consumer spending on books and just 60 per cent by real book spend in public libraries.

Investors’ fear can be rational, emanating from the natural dynamics of economic fundamentals, or it can be quasi rational and not attributable to any known risk factors. Using VIX from Chicago Board Options Exchange as a proxy for investors’ fear, the purpose of this paper is to consider the following research questions: to what extent does noise play a role in the formation of investors’ fear? To what extent is the impact of fear on S&P 500 index returns driven by rational reactions to new information vs fear induced by noise in stock market returns? To what extent do S&P 500 index returns display asymmetric behavior in response to investor’s rational and quasi rational fear?

In a two-step process, the authors first decompose investors’ fear into its rational and irrational components by generating two additional variables representing fear induced by rational expectations and fear due to noise. The authors then estimate a three-vector autoregression (VAR) model to examine their relative impact on S&P 500 returns.

Impulse responses generated from a 13-variable VAR model show that investors’ fear is driven by risk factors to some extent, and this extent is well captured by the Fama and French three-factor and the Carhart four-factor models. Specifically, investors’ fear is negatively related to the market risk premium, negatively related to the premium between value and growth stocks, and positively related to momentum. The magnitude and duration of the impact of the market risk premium is almost twice that of the impact of the premium on value stocks and the momentum of investors’ fear. However, almost 90 percent of the movement in investors’ fear is not attributable to the 12 risk factors chosen in this study and thus may be largely irrational in nature. The impulse responses suggest that both rational and irrational fear have significant negative effects on market returns. Moreover, the effects are asymmetric on S&P 500 index returns wherein irrational upturns in fear have a greater impact than downturns. In addition, the component of investors’ fear driven by irrationality or noise has more than twice the impact on market returns in terms of magnitude and duration than the impact of the rational component of investors’ fear.

The results are consistent with the view that one of the most important drivers of stock market returns is irrational fear that is not rooted in economic fundamentals.

The purpose of this paper is to investigate to what extent hedge funds are subject to irrationality in their investment decisions. The authors advance the hypothesis that irrational behavior affects hedge fund returns despite their sophistication and active management style.

The irrational component may follow a pattern consistent with the observed hedge fund returns yet far distant from market fundamentals. The authors include factors beyond the original version of capital asset pricing model such as Fama and French and Carhart models, as well as less stringent models, such as APT and Fung and Hsieh, to test whether these models are able to capture the irrational nature of the residuals.

After finding that institutional irrational sentiments play a role in hedge fund returns, we note that the returns are not completely shielded against irrational trading; however, hedge fund returns appear to be affected only by the irrational component derived from institutional trading rather than that emanated from individuals.

Different sources of irrationality may have asymmetric effects on hedge fund returns. Using a different set of sophisticated investors along with different market sentiment proxies may yield different results.

The authors argue that investors can use irrational beta to gauge the extent of institutional irrational sentiments prevailing in markets for the purpose of re-adjusting their portfolios and therefore use the betas as an early warning sign. It can also guide investors in avoiding funds and strategies that display greater irrational behavior.

The study advance the idea that the unexpected, hereafter irrational, component may follow a pattern consistent with the observed hedge fund returns, yet different from market fundamentals.

Describes the model budget for university libraries, which has been devised by the Wissenschaftsrat. Discusses the budgetary reality of academic libraries in Germany. Concludes by considering how to cope with the crisis of the supply of literature caused by financial restraints.

This paper applies a volume-price probability wave differential equation to propose a conceptual theory and has innovative behavioral interpretations of intraday dynamic market equilibrium price, in which traders' momentum, reversal and interactive behaviors play roles.

The authors select intraday cumulative trading volume distribution over price as revealed preferences. An equilibrium price is a price at which the corresponding cumulative trading volume achieves the maximum value. Based on the existence of the equilibrium in social finance, the authors propose a testable interacting traders' preference hypothesis without imposing the invariance criterion of rational choices. Interactively coherent preferences signify the choices subject to interactive invariance over price.

The authors find that interactive trading choices generate a constant frequency over price and intraday dynamic market equilibrium in a tug-of-war between momentum and reversal traders. The authors explain the market equilibrium through interactive, momentum and reversal traders. The intelligent interactive trading preferences are coherent and account for local dynamic market equilibrium, holistic dynamic market disequilibrium and the nonlinear and non-monotone V-shaped probability of selling over profit (BH curves).

The authors will understand investors' behaviors and dynamic markets through more empirical execution in the future, suggesting a unified theory available in social finance.

The authors can apply the subjects' intelligent behaviors to artificial intelligence (AI), deep learning and financial technology.

Understanding the behavior of interacting individuals or units will help social risk management beyond the frontiers of the financial market, such as governance in an organization, social violence in a country and COVID-19 pandemics worldwide.

It uncovers subjects' intelligent interactively trading behaviors.

This paper examines the effect of rational and irrational investor sentiment on the stock return and volatility of US auto, finance, food, oil and utility industries.

The American Association of Individual Investors Index (AAII) is used as a proxy for US individual investor sentiment. The US market fundamentals are regressed on investor sentiment in order to capture the effect of macroeconomic risk factors on investor sentiment. Then impulse response functions (IRFs) are generated from a VAR model to investigate the effect of unanticipated movements in US investor sentiment on both industry‐specific stock return and volatility.

The results show a significant impact of investor sentiment on stock return and volatility in all the industries. We find that the positive rational component of US individual investor sentiment tends to increase the stock return in these industries. We also document that unanticipated increase in the rational component of US individual investor sentiment has a significant negative impact only on the industry volatilities of US auto and finance industries.

The results are based only on the 1999 – 2010 US industry‐specific stock return and volatility data and are confined to these industries.

The findings of this paper can help investors to improve their asset return generating models by incorporating investor sentiment. The findings can also help policymakers to design policies that stabilize sentiment and reduce volatility and uncertainty in the stock markets.

This paper adds to the growing literature on behavioral finance by filling a gap and addressing the impact of investor sentiment in the various US industries.

With the explosive growth of the Internet, online travel agents (OTAs) have gained an increasing market share in the online booking market. However, OTAs are facing fierce competition from hotels' direct booking channels, as well as competition among themselves. Therefore, there is a need for an understanding of the evolution of the OTA market from a dynamic perspective. The purpose of this study is to investigate the long-term effect of OTAs on the hospitality industry and to find whether an equilibrium of this effect exists in the context of e-commerce.

To gain a better understanding of the OTA market process, a mathematical framework is constructed on the basis of four assumptions. NetLogo 5.1.0 is used to perform a series of numerical simulations.

The results indicate the following: (1) the development of the OTA market helps to improve net social welfare, but hotels (especially economy hotels) have suffered as a result; (2) clever exploitation of both online and offline channels that are based on hotels' historical data may improve hotels' performance; (3) a scale-priority strategy can be more helpful than a profit-priority strategy for enabling OTAs to maintain their long-term competitiveness; (4) the timing of participation in online-channel competition is a crucial factor in determining whether OTAs can achieve business success.

In this study, it is shown how consumer habits have changed since the development of OTAs. The online channels provided by OTAs create a convenient, low-cost user experience, and they consequently improve the net welfare of customers. OTAs should be encouraged appropriately, although some economy hotels may suffer from the rise of OTAs.

In this empirical study, a mathematical framework is developed to describe the process of evolution in the OTA market, and it uses simulations as a means to validate prior research findings. Unlike previous studies, a dynamic perspective is used in this investigation to interpret the emergence of OTAs and to analyze their enormous impact on the hospitality industry. Thus, the findings of this study capture the competitive characteristics of online and offline channels in a network context and indicate potential strategies for the development of OTAs and which hotels may use OTAs to achieve better performance. In addition, the study findings could be easily extended to explain many of the classical economic phenomena regarding firms with intangible products.

The aims of the present paper is electronic publishing has transformed the business model of publishing houses in Spain in such a way that two models currently coexist. The specificities of each of these models were studied and the consequences of each model for the future of electronic publishing in Spain were analysed.

The first stage of this study consisted in locating studies that would allow the authors to obtain useful indicators and statistic data regarding publication in Spain. The second stage of this study consisted of extracting from the sources cited above all data relevant to the study. To wit, these were the number of electronic books published, the major publishing houses offering electronic publications, the major platforms currently selling electronic books, presently available electronic reading devices, the rates of reading on all devices, reading rates itemized by age and educational background and general tendencies in digital publishing and e-reading.

There are traditional publishers of mostly paper-based volumes, whose business models are based on having large catalogues of titles and large print-runs, though print-runs are increasingly smaller and bookseller returns increasingly larger. Intermediary agents operating under this model, for instance booksellers, are subject to ever-greater economic pressures, especially in the current crisis

In the study that follows, the authors attempt to analyse the characteristics behind these changes and learn to what extent these changes will affect the future models of publication and reading in Spain.

The development of the digital age has made data and information more transparent, enhancing the strategic perspectives of both buyers (strategic waiting) and sellers (price fluctuations) in their decision-making. This research investigates the optimal dynamic pricing strategy of the content product developer in relation to their consideration of consumer fairness concerns to elucidate the impact of consumer fairness concerns on the dynamic pricing strategy of the developer.

This paper assumes that monopolistic content developers implement a dynamic pricing strategy for the content product. Through constructing a two-period dynamic pricing game model, this research investigates the optimal decisions of the content developer, contingent upon their consideration or disregard of consumer fairness concerns. In the extension section, the authors additionally account for the influence of myopic consumers on these optimal decisions.

Our findings reveal that the degree of consumer fairness concerns significantly influences the developer’s optimal dynamic pricing decision. When a developer offers content products with lower depth, there is a propensity for the developer to refrain from incorporating consumer fairness concerns into a dynamic pricing strategy. Conversely, in cases where the developer offers a high-depth content product, consumer fairness concerns benefit the developer. Furthermore, our analysis reveals a consistent benefit for the developer from the inclusion of myopic consumers.

Few studies have delved into the conjoined influence of consumer fairness concerns and strategic behavior on dynamic pricing strategy. Our findings indicate that consumer fairness concerns can enhance the efficiency of the value chain for content products under specific conditions. This paper not only enriches the existing literature on dynamic pricing by incorporating consumer fairness concerns theoretically but also offers practical insights. The outcomes of this research can guide content product developers in devising optimal dynamic pricing strategies.