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The intention of the empirics is to contribute to the general understanding of investor responses to market price shocks. The authors review assumptions about investor behavior in response to price shocks and investigate alternative rebalancing heuristics.

The authors use market data over 40 years to define market shocks. Portfolio rebalancing implements constrained Markowitz mean-variance (MV) heuristics.

Momentum rebalancing in portfolio management outperforms contrarian rebalancing in the study interval. Sensitivity analysis by decade, sector constraints and proportion of security holdings bought or sold continue to support momentum rebalancing.

The results are consistent with under-responding to price shocks at consensus levels in financial markets. The theoretical background provides a basis for experimental lab studies of shocks of different magnitudes under conditions in which participants have information on the levels of other participants and a condition in which they can only observe their previous estimates.

Managing portfolios in the face of price disturbances of different magnitudes is informed by empirical studies and their implications for investor behavior.

This is the first study the authors can locate that uses market data with alternative rebalancing heuristics to estimate price returns from the respective heuristics over a time interval of 40 years. The authors support the results with sensitivity estimates and consider implications for the underlying agent heuristics in light of background studies.

This study focuses on owner-managers’ paternalism and its effects on human resource management (HRM) in micro, small and medium enterprises (MSMEs) during COVID-19 pandemic. It aims to describe and discuss how owner-managers paternalism enhanced the sustainability of exemplary MSMEs.

A qualitative approach employing Heideggerian interpretive phenomenological methodology was used. Data were collected from 30 exemplary MSME restaurants using non-participant observation, document analysis and in-depth interviews with a purposive sample of 75 key informants: 30 owner-managers and 45 of their employees in 10 Thai tourist provinces over three time periods. Verbatim transcripts were coded using template analysis to generate distilled data summaries.

Four HRM themes were identified: (1) staffing, (2) development, (3) performance management and (4) compensation. A proposed model was suggested to understand how owner-managers’ paternalism affects four HRM practices. Owner-managers use their authority, combined with high levels of benevolence and morality, through supportiveness and kindness for employees to meet both their work and personal needs. Specifically, their employees repay them through performance and loyalty. This reciprocal relationship positively impacts employers, employees and MSMEs.

The generalization of the study's outcomes is limited by the sample size and study methodology. The findings propose alternative HRM practices for Thai restaurants, therefore, generalization to all types of MSMEs and all areas of the world is not possible. In future research, it would be useful to consider a mixed-methods approach using large samples of MSMEs across the country or in other countries. Some small HR issues that were noted in this study, such as using the horoscope, astrology and zodiac as hiring tools, could be studied further. Future studies should explore the main thrust and relationship established between owner-managers and employees to drive MSMEs' performance.

The findings may be used as guidelines for creating a deep bond between employers and employees to strengthen MSMEs and foster sustainability.

Important for instilling HRM practices in MSMEs. This paper provides policy implications for governments, relevant public agencies and other developing countries. They need to put forward for consideration of new strategies for migrant policy, in order to solve the shortage of labor in MSMEs. A well-considered policy could increase employee well-being during crises by bringing supportive strategies together.

This study expands knowledge of the effects of paternalism on HRM practices in shaping employer and employee relationships through social exchange theory (SET).

In the present study, using a novel fractional logit model, the link between R&D (Research & Development) investment and shareholder value-based CEO (Chief Executive Officer) compensation has been examined within the non-financial sector in the Euro area economies using a firm-level dataset for 2002–2019.

The fractional logit model is utilized to examine the effects of corporate payment on R&D investment. The fractional logit model can be considered the empirical approach that takes into account R&D non-performer firms to avoid reducing the sample size. The fractional logit model is superior to the censored or truncated models, like Tobit, since the fractional logit model is useful to address the econometric limitations that are found in the censored and truncated models in the non-linear models.

The findings obtained in this study showed a significant and negative effect of short-term aim-based CEO payment on R&D expenditures in the Euro area economies using firm-level data. These findings are robust to different robustness checks and modeling alternatives.

To the author's knowledge, there is no study that examines the effects of short-term shareholder value maximization-based CEO compensation on R&D in the European context in the literature.