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The purpose of this paper is to propose a new measure of portfolio activity, the modified turnover (MT), which represents the portion of the portfolio that the manager changes from one quarter to the next. Compared with the traditional turnover, the MT measure has a distinct interpretation, relies on portfolio holdings, includes the effects of flows and ignores the effects of offsetting trades.

Using quarterly holdings data, the authors examine the relationship between fund turnover, performance, and flows for a sample of 2,856 actively managed mutual funds over the period 1991-2012. The authors provide numerical examples to illustrate how the suggested measure, MT, is different from the traditional turnover measure. The authors use panel regressions, simple and double sorts to examine the predictability of performance.

The authors find evidence that high MT predicts lower performance. The comparison between the highest and lowest quintiles sorted based on MT reveals a difference of −2.41 percent in the annual risk-adjusted return. Furthermore, high MT predicts lower net flows. The authors also find that MT relates positively to other activeness measures while volatility, flows, size, number of stocks, and the expense ratio are significant determinants of MT. Overall, the results suggest that frequent churning of a portfolio is value destroying for investors and signals a manager’s lack of skill.

The authors offer a simple measure, namely, MT, for estimating the fraction of a portfolio that changes from one quarter to the next. Armed with this tool, the authors investigate whether funds deviate from their previous quarter’s holdings because of valuable or noisy information, and whether such signals are exploited by fund investors.

The purpose of this paper is to study the impact of cross‐listing and cross‐listing location on the terms of the private debt of firms not located in the USA. Specifically, the paper examines the empirical relationship between three syndicated loan terms (pricing, maturity and amount) at loan initiation and the cross‐listed status of the borrower (cross‐listed in the USA, UK, through depository receipts or not at all), while (not) differentiating between the stage of economic development of the borrower's home country.

The three loan terms are modeled as a simultaneous system of equations and are estimated on a very extensive sample of 3,883 observations. The impact of endogeneity biases due to the sequential choices to and where to cross‐list are examined using the inverse Mill's ratios from a bivariate probit model.

All else held equal, foreign borrowers that are cross‐listed directly in the UK obtain loans with higher spreads, longer maturities and larger loan amounts if they are from economically developed countries. Borrowers from emerging economies pay lower spreads but receive shorter maturities on syndicated loans if cross‐listed in the UK. Cross‐listings in the USA are not associated with any significant differential impacts on the three loan terms.

This paper makes an important contribution to the cross‐listing and capital structure literatures by providing evidence that the net benefit from being cross‐listed for one debt component of the cost of capital (i.e. syndicated loans) depends on the listing destination and upon whether or not the borrower is from an emerging economy. The paper provides practical guidance to corporate financial officers on the benefits of international cross‐listing and the choice of cross‐listing venues on the terms of private debt issues.

The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the RSR review column, “Recent Reference Books,” by Frances Neel Cheney. “Reference Books in Print” includes all additional books received prior to the inclusion deadline established for this issue. Appearance in this column does not preclude a later review in RSR. Publishers are urged to send a copy of all new reference books directly to RSR as soon as published, for immediate listing in “Reference Books in Print.” Reference books with imprints older than two years will not be included (with the exception of current reprints or older books newly acquired for distribution by another publisher). The column shall also occasionally include library science or other library related publications of other than a reference character.

This study aims to analyze the innovation overview of the Brazilian industrial sector using data published by innovation survey – PINTEC. The aim was to provide a macro and updated diagnosis of the innovation scenario in Brazil and build reflections for further studies.

The authors used information from the years 1998–2014 covered by PINTEC to analyze innovation indicators, namely, innovation types, problems and obstacles, novelty degree, established partnerships and interactions, as well as governmental incentives. This study is exploratory; thus, descriptive methods were used for data presentation through analyses and presented through figures and tables.

The results show that innovation of the Brazilian industrial sector is concentrated mainly in the acquisition of machinery and equipment, innovations that already exist in national or global markets, interactions for the innovation process with suppliers and governmental support for financing machinery and equipment acquisitions.

This study has relevance, as its results provide important subsidies for policy-makers to incorporate the needs and overcome challenges of innovation in Brazil.

Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

When asked to “state occupation” on an official form, or merely asked “And what do you do?” at a social gathering, the responses “businessman” or “banker” don't elicit the same respect they once might have done. Banking and other big business have got a bad name. Can the principles of “authentic leadership” help to rescue those reputations?

Provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to digest format.

The objective of the paper is to shed light on the prima facie divergence of work values of various ethnic minorities in France. The paper aims to evaluate the influence of entrepreneurial capital on labour market values and outcomes for each ethnic minority.

The study uses a French survey rich in attitudinal variables, matched with the French 1999 census of the population. It hinges on the regional variability of entrepreneurial ethnic networks in order to identify the impact of the latter on work values and professional integration of ethnic minorities.

It is shown that the contrasted labour market outcomes and work values of immigrants from North Africa and Southern Europe are, statistically, totally explained away by their different levels of entrepreneurial capital.

This study hinges on a recent survey, which contains unusual information about the immigrant population of the first and second generation in France. Statistical analysis is made possible by the over‐representation of these groups in the sample design. This paper is one of the first studies into the subjective work values of immigrants in France. The results enter an unchartered territory and provide original evidence of the importance of entrepreneurial ethnic networks in France.

One of the arguments used against British entry to the EEC was the loss of sovereignty; that Parliament would not be able to fully control all the statutory measures which would be applied to the people. EEC regulations apply without implementation by national governments, but since member‐states, through their representatives on Council and Commission, have participated, it is considered that national governments have in effect enacted them. EEC Directives as the name implies requires national governments to apply the provisions of the EEC measure; transitional exemptions up to five years are usually included for individual provisions, where internal adjustment is required. MAFF food regulations, implementing EEC Directives, have been made after this pattern for a number of food additives. The statutory measures are unlikely to present any greater difficulties than usual, but in interpretation, courts in this country have to consider EEC law above that of English and Scottish courts. The Court at Luxemburg exists mainly for interpretation, but courts and litigants have been advised against reference owing to the lengthy delays and the high court or court of sessions should make is interpretation based on EEC law.