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This study explores the arbitrage profitability of the KOSPI200 futures spread, using intraday data during 10 days prior to the expiration day of each contract for the 9/3/2001 ∼ 6/912005 period. The theoretical frameworks for arbitrage strategies were developed for the analysis. Our results show that 97.36% of the total 8.633 observations were fairly priced. 1.46% (126 observations) were underpriced, and 1.18% (102 observations) were overpriced, in the ex post arbitrage profitability analysis between the futures spread and the calendar spread. Also, in the arbitrage profitability analysis based on the mispricing of the KOSPI200 futures spread against the theoretical price. 90.39% of the total 10.054 observations were fairly priced and 9.61 % (966 observations) were underpriced. There was no overpriced observation. The ajority of those underpriced observations were concentrated in the 3rd Quarter of 2001 and the 1st quarter of 2003. Overall, there were very few arbitrage opportunities except for the introductory period and some contracts with high uncertainty, implying that the KOSPI200 futures spread market has been generally efficient.

This study extends prior research on the relation between information technology (IT) and firm performance by using both univariate and multivariate econometric models to assess the hypothesized relationships. Additionally, sample selection bias and endogeneity are examined to determine their effect, if any, on the results. The univariate results indicate that, on average, IT leaders outperform non-IT leaders. After controlling for sample selection bias and endogeneity, using Wooldridge (2002) 2SLS-IV, the coefficient of the endogenous variable is higher than suggested by ordinary least squares estimation and the Hausman F-Test is significant, indicating that the relationship between IT and firm performance is endogenous. Thus, it is important to control for sample selection bias and endogeneity to properly estimate the relationship between IT and firm performance.

The purpose of this paper is to investigate the effect of forecast earnings’ revision on the evolution of securities prices in the Tunisian stock market.

A portfolio study of investor reaction and stock prices following revisions is first conducted to highlight the existence of abnormal return related to analysts’ earnings revisions. Analysis is then supplemented by a second empirical investigation based on the panel data to quantify the effect of revision on the abnormal profitability of securities.

The evidence found in this paper validates the fundamental theoretical hypothesis according to which the psychological bias resulting from the effect of the forecast earnings revision is related to the abnormal profitability of the securities. The authors conclude the importance of the revision impact on investors’ behavior on one hand, and the informational content of the analysts’ forecasts and the biases which they lead on the other hand.

Globally, the empirical illustrations largely validate the findings of behavioral models particularly that of Kormendi and Lippe (1987), Cornell and Letsman (1989), Beaver et al. (2008) which states that investors under psychological bias, react to the effect of forecast earnings revision by an abnormal variation in stock prices.

Suggests that banks are different due to plasticity of assets and high debt/equity ratios. For this reason banks need to be regulated. Discusses the most efficient method of regulating banks. Highlights that the move from unlimited liability banking to limited liability banking was inefficient as it led to a more unstable banking system. The unstable banking system required government monitoring of banks. To reduce the costs of monitoring, regulations such as deposit insurance, price and quantity controls and the separation of investment and deposit banking were imposed. Argues that deposit insurance actually has increased banking instability. Suggests that the deregulation process of the last 20 years has led to a more unstable banking system. Argues empirically that bank regulation (apart from deposit insurance) promotes stability rather than creating banking monopolies.

This study examined the relation between performance plan adoption and profitability. It posits that the nature of this relation varies with the ownership structure of the firm, arguing that following performance plan adoption, profitability will increase in owner‐controlled firms. Results based on data from a usable sample of 70 US firms support this contention with respect to owner‐controlled firms but not manager‐controlled firms.

This study aims to investigate the cross-sectional and time-series dynamics of realized Certified Emission Reduction (CER) credits issued and the role of investments for a seminal sample of China’s Clean Development Mechanism (CDM) projects specializing in the wind sector.

The study investigates the dynamics of realized CER credits issued and the role of investments using traditional cross-sectional and time-series regression analysis.

The study results find that the level of investment per megawatt (MW) of power generation is an important predictor for the expected number of realized CER credits issued in the cross-section of China’s wind CDM projects. Additionally, the study finds evidence of time trends and seasonality when examining the time series of realized monthly CER credits: CER credits issued are lower in the summer and higher in the winter.

The study results highlight the importance of financing CDM projects and suggest guidelines in which investors are able to better assess how much to invest based on the anticipated CER credits in the Project Design Document. Additionally, the results suggest opportunities for the CDM Executive Board surrounding the Project Design Document and the anticipated CER credits contained therein. The present study contributes to the literature on strategic tools for addressing climate change and offer insights that narrow the gap between empirical finance and sustainable business practice in the context of CDM projects.

The purpose of the current study is to investigate the existence of a negative synergy effect of internationalization and firm size on firm performance for publicly traded US hotels.

The study performs the two-way fixed-effects model to investigate the proposed negative synergy effect.

The findings do not support the proposed negative synergy effect, but support the positive synergy effect of internationalization and firm size on performance.

This study examines the hypothesis developed based on the agency cost theory using the hotel industry's unique monitoring cost argument. However, findings support the opposite, implicitly suggesting that the hotel's monitoring cost in the international franchising context may not be severe as some expect.

In the field of strategic investment decision making (SIDM) a body of research has grown up via international case studies and organisation-based fieldwork. However, there has been little systematic theorisation around SIDM processes and practices. The purpose of this paper is to show how strong structuration theory (SST) can be employed to guide how future SIDM studies are conducted and theorised.

The authors draw upon the concepts from SST to reanalyse prior empirically based work. The authors apply SST-informed analysis to four SIDM case studies selected from the total of 18 published over the period 1970-2016 to explore the utility of SST compared with other approaches.

The analysis highlights the role of agents’ knowledgeability and position-practice relations in SIDM, which has largely been neglected by prior studies. The authors demonstrate the potential of SST to inform meso-level theorising by applying it to four published case studies. Whilst the authors argue for the adoption of SST, the authors also identify key methodological and conceptual issues in using SST in SIDM research.

The examples and recommendations could assist management accounting researchers, particularly those engaged in case studies and organisational fieldwork, to build knowledge via the improved comparison, integration and theorisation of cases undertaken by different researchers in different contexts.

The authors offer a bridge between SST concepts and case study evidence for theorising, carrying out and analysing case study and field research on SIDM.