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Article
Publication date: 1 February 2002

EDWARD A. DYL, H. DOUGLAS WITTE and LARRY R. GORMAN

We examine tick sizes, stock prices, and share turnover in eighteen stock markets in developed countries and find that differences in mandatory tick sizes explain a…

Abstract

We examine tick sizes, stock prices, and share turnover in eighteen stock markets in developed countries and find that differences in mandatory tick sizes explain a significant proportion of the variation in stock prices among markets, and that lower percentage tick sizes are not associated with higher turnover. We consider the implications of these findings for the recent decimalization of stock trading in the United States, and conclude that decimal trading is likely to result in lower stock prices (due to stock splits) with no substantial change in dollar trading volume.

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Studies in Economics and Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 13 July 2015

K. Stephen Haggard, Jeffrey Scott Jones and H Douglas Witte

The purpose of this paper is to determine the extent to which outliers have persisted in augmenting the Halloween effect over time and to offer an econometric test of…

Abstract

Purpose

The purpose of this paper is to determine the extent to which outliers have persisted in augmenting the Halloween effect over time and to offer an econometric test of seasonality in return skewness that might provide a partial explanation for the Halloween effect.

Design/methodology/approach

The authors split the Morgan Stanley Capital International data for 37 countries into two subperiods and, using median regression and influence vectors, examine these periods for a possible change in the interplay between outliers and the Halloween effect. The authors perform a statistical assessment of whether outliers are a significant contributor to the overall Halloween effect using a bootstrap test of seasonal differences in return skewness.

Findings

Large returns (positive and negative) persist in being generally favorable to the Halloween effect in most countries. The authors find seasonality in return skewness to be statistically significant in many countries. Returns over the May through October timeframe are negatively skewed relative to returns over the November through April period.

Originality/value

This paper offers the first statistical test of seasonality in return skewness in the context of the Halloween effect. The authors show the Halloween effect to be a more complex phenomenon than the simple seasonality in mean returns documented in prior research.

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Managerial Finance, vol. 41 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 13 April 2012

K. Stephen Haggard and H. Douglas Witte

The purpose of this paper is to suggest a superior method for assessing mean stationarity of asset pricing effects.

Abstract

Purpose

The purpose of this paper is to suggest a superior method for assessing mean stationarity of asset pricing effects.

Design/methodology/approach

The authors suggest the use of an F‐test to examine mean stationarity of asset pricing effects across subperiods. The superiority of this test is demonstrated through examination of the Halloween Effect using simulated data and the Morgan Stanley Capital International (MSCI) data for 18 developed economies.

Findings

It is found that the suggested F‐test provides results superior to a simple examination of the magnitude and statistical significance of estimated regression coefficients across subperiods when attempting to determine mean stationarity.

Originality/value

This paper sheds light on an analytical oversight in the asset pricing anomalies literature and suggests an appropriate test to address this oversight.

Details

Managerial Finance, vol. 38 no. 5
Type: Research Article
ISSN: 0307-4358

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Abstract

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Documents from and on Economic Thought
Type: Book
ISBN: 978-1-84950-450-8

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Book part
Publication date: 18 February 2004

Warren J. Samuels

In the discussion groups subjects will be taken up which are not dealt with in the lectures. The subjects to be taken up in the discussion groups of each week and the…

Abstract

In the discussion groups subjects will be taken up which are not dealt with in the lectures. The subjects to be taken up in the discussion groups of each week and the assignments relating thereto will be announced well in advance of the meetings.

 : The textbook used in this course is:

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Wisconsin "Government and Business" and the History of Heterodox Economic Thought
Type: Book
ISBN: 978-0-76231-090-6

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

Abstract

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The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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Book part
Publication date: 14 August 2017

Zinta S. Byrne, Steven G. Manning, James W. Weston and Wayne A. Hochwarter

Research on perceptions of organizational politics has mostly explored the negative aspects and detrimental outcomes for organizations and employees. Responding to recent…

Abstract

Research on perceptions of organizational politics has mostly explored the negative aspects and detrimental outcomes for organizations and employees. Responding to recent calls in the literature for a more balanced treatment, we expand on how positive and negative organizational politics perceptions are perceived as stressors and affect employee outcomes through their influence on the social environment. We propose that employees appraise positive and negative organization politics perceptions as either challenge or hindrance stressors, to which they respond with engagement and disengagement as problem-focused and emotion-focused coping strategies. Specifically, employees who appraise the negative politics perceptions as a hindrance, use both problem- and emotion-focused coping, which entails one of three strategies: (1) decreasing their engagement, (2) narrowing the focus of their engagement, or (3) disengaging. Although these strategies result in negative outcomes for the organization, employees’ coping leads to their positive well-being. In contrast, employees appraising positive politics perceptions as a challenge stressor use problem-focused coping, which involves increasing their engagement to reap the perceived benefits of a positive political environment. Yet, positive politics perceptions may also be appraised as a hindrance stressor in certain situations, and, therefore lead employees to apply emotion-focused coping wherein they use a disengagement strategy. By disengaging, they deal with the negative effects of politics perceptions, resulting in positive well-being. Thus, our framework suggests an unexpected twist to the stress process of politics perceptions as a strain-provoking component of employee work environments.

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Power, Politics, and Political Skill in Job Stress
Type: Book
ISBN: 978-1-78743-066-2

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Article
Publication date: 6 June 2016

Bradley Adame and Claude H Miller

The purpose of this paper is to report research testing scales developed from a combination of vested interest (VI) theory and the extended parallel process model of fear…

Abstract

Purpose

The purpose of this paper is to report research testing scales developed from a combination of vested interest (VI) theory and the extended parallel process model of fear appeals. The scales were created to measure variables specified by an expanded model of VI: certainty, salience, immediacy, self-efficacy, response-efficacy, and susceptibility.

Design/methodology/approach

A survey was designed with subscales for each element and combined with additional disaster and risk perception variables. Survey data were collected from two populations in the US state of Oklahoma. Results from scale development and regression analyses are reported.

Findings

Results show that the scales are robust and flexible to contextual modification. The scales return good to excellent reliabilities, providing evidence that the variables articulated by VI theory predict perceived salience and perceived preparedness.

Practical implications

This study adds to the research pointing to the efficacy of VI theory in providing insight into the perceptual barriers to preparedness. These results demonstrate that perceived vestedness can be a valuable tool in crafting messages to inform audiences of risks and motivate them to prepare.

Social implications

These results can facilitate the creation of more effective hazard and risk messages. Related research shows households that are prepared for natural and manmade hazards enjoy higher rates of survivability and lower levels of consequences.

Originality/value

This paper presents new results concerning perceived vestedness and the utility of the scales. The research should be of value to practitioners and policymakers concerned with motivating public audiences to prepare for natural and manmade hazards.

Details

Disaster Prevention and Management, vol. 25 no. 3
Type: Research Article
ISSN: 0965-3562

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Book part
Publication date: 18 February 2004

Warren J. Samuels

 : Immigration in the colonial period was almost exclusively English plus geographically scattered others. Little immigration until after the War of…

Abstract

 : Immigration in the colonial period was almost exclusively English plus geographically scattered others. Little immigration until after the War of 1812, still mainly English speaking. After 1840, a heavy influx of German (1850–1880), Irish, later Scandinavian immigrants in large numbers, especially after, but also during, the Civil War, 1860–1865. The heaviest immigration was from 1890 through 1910 up to World War I: Polish, Italian, Slavic, Russian and Romanian Jews, generally East European. Most immigrants were young people. Since World War I immigration has been light, due in part to restrictive policies after 1920, especially after 1927. Only slight immigration during the 1930s but more emigration, resulting in net emigration. Since World War II, considerable immigration but nothing like the period prior to World War I; relatively geographical distributed: refugees, nationals, displaced persons, etc., including the families of servicemen who married abroad.

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Wisconsin "Government and Business" and the History of Heterodox Economic Thought
Type: Book
ISBN: 978-0-76231-090-6

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Book part
Publication date: 8 November 2019

Lars Alberth

This paper analyses how social workers in the German child protection system rhetorically frame their cases, and how their rhetoric defines its categorical labels…

Abstract

This paper analyses how social workers in the German child protection system rhetorically frame their cases, and how their rhetoric defines its categorical labels corresponding to positions of gender and generation: to what degree are mothers considered as perpetrators and children as victims? Seventy case narrations of social workers on the frontline are analysed regarding the rhetorical idioms they applied. The results show that violence is an irrelevant interpretive framework for the social problems at work in child protection. Instead, irresponsible mothers and their limited agencies are staged front and centre. Categories of limited agency serve as rhetorical devices for the social workers to justify diverse decisions ranging from implementing interventions to terminating the professional-client relationship due to the labelling of the mother as mentally ill. As the rhetorical idiom of unreason does not operate with categories of perpetration and victimization, equivalences for the labels of the practical objectives of victimization are analysed. Consequently, the responsibility of the mother is deflected as her limited agency is seen as a product of troubling conditions. In turn, children are either ignored as victims or even treated as a troubling condition for the mothers’ limited agency. This may lead to the blacking out of the adverse consequences of child abuse and neglect as well as of possible resources for the children to avoid or prevent violent situations. In this way, child protection helps the reproduction of the generational order, which is the basis for child abuse and neglect.

Details

Victim, Perpetrator, or What Else?
Type: Book
ISBN: 978-1-78973-335-8

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