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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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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.

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.

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.

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.

Legislative procedures that expose tax expenditure proposals to scrutiny outside the taxation committees can improve a state legislature’s ability to control its tax base. These procedures -- fiscal notes, special subcommittees, joint taxation and spending committees, and bill size C move decisions away from the exclusive control of committees whose interests may be more narrow than the interests of the legislature as a whole. Strong legislative procedures do not, and should not, eliminate the passage of new tax exemptions, but it is desirable to enact only exemptions that match major policy objectives. Several factors, including an important economic special interest, a tax rate increase, or a major shift in intergovernmental fiscal relations, can boost an exemption past even the strongest procedures. Procedures appear to be most effective in limiting exemptions with a relatively small fiscal effect.

Wars, and violent conflicts generally, can generate significant institutional dynamics and new legitimacy pressures for multinational enterprises (MNEs). The purpose of this paper is to understand the nature or source of institutional pressures facing MNEs in war and to examine how MNEs respond and navigate these institutional pressures.

This is a conceptual paper.

Through the theoretical lens of institutional theory and drawing on insights from the devastating Russian–Ukrainian war in Europe, the study provides a framework that explains the nature of institutional pressures impacting MNEs in a major war conflict and how MNEs respond to these pressures. Central to the framework is the impact of formal and informal institutions on MNEs during war. As a result of regulatory and social pressures, MNEs have to make important strategic decisions either to protect their legitimacy or to defend their economic objectives against institutional demands.

As the paper situates the pressures of war for MNEs in a formal and informal institutional context, this offers a new approach to understanding the costs and pressures of war on MNEs.

The purpose of this paper is to determine the differing ways in which nonprofit charter and traditional public school board members define the concept of accountability in the school or schools they oversee. The findings speak to the governing consequences of shifting oversight of public education from democratically elected bodies to unelected nonprofit governing boards.

The authors use originally collected survey data from democratically elected school board members and nonprofit charter school board members in Minnesota to test for differences in how these two populations view accountability. Open-ended survey questions are coded according to a previously used accountability typology.

The authors find that charter school board members are more likely than traditional public school board members to define accountability through high stakes testing as opposed to staff professionalization and bureaucratic systems.

The results speak to the link between board governance structure and accountability in the public education sector, providing new understanding on the way in which non-elected charter school board members view their accountability function.

This paper aims to the evaluation and comparison of the efficiency of winemaking in two developing countries (Ukraine and Bosnia and Herzegovina (B&H)) from the perspective of their development.

In this research study, four models of data envelopment analysis (DEA), correlation and other tools of the data analysis are used to analyze the efficiency of wineries in two developing countries. Returns to scale, scale efficiency, super-efficiency and some other indicators are examined. The research is based on the sample, including 33 wineries of Ukraine and B&H.

Characterized by the same average efficiency and number of leaders, in Ukraine, medium and large wineries are developing more efficiently than small ones, whereas the opposite is true for B&H. The authors found the high potential growth of efficiency on Ukrainian (up to 28.9 per cent) and Bosnian wineries (up to 28.3 per cent). The ways for its realization were suggested. Cross-country efficiency analysis enabled us to find inter-country leaders of wine industry. The authors grouped inefficient wineries, calculated the potential for inputs reduction and found the main directions for the improvement of efficiency for each group.

The research is limited to a single industry in only two developing countries. Future studies can be devoted to the comparison of the efficiency of wineries in developed and developing countries. The results can determine which countries can be leaders in the global wine market in the future.

This study provides useful information for: researchers of wine market in developing countries enabling them to understand the current state, basic problems and efficiency levels of wineries in Ukraine and B&H; domestic policy-makers- to improve regulation of wine industry as to make it more competitive and efficient; wine producers in these countries- to find the benchmarks using the best practices to adapt them in own business and to increase an efficiency.

On the example of Ukraine and B&H, this study has shown that each respective country has its own conditions of doing wine business. This is the first paper that compares the efficiency of wine industry in Ukraine and B&H.

Realising the sustainable development goals (SDGs) will require substantial efforts from both governments, businesses, civil society and academic researchers. This paper aims to discuss the contributions that the international business (IB) discipline can make to promoting the SDGs.

The paper is conceptual.

The authors argue that IB can contribute to promoting the SDGs, given IB’s expertise on the multinational enterprise (MNE) and knowledge that is relevant to the international dimensions that most SDGs have. However, paradigmatic features of IB such as a focus on firm-level financial performance and on the MNE as an organisation, and dominance of quantitative methods, may presently restrict the discipline’s contributions to the SDGs.

The authors present a set of recommendations for IB research on the SDGs, many of which imply an extension of the boundaries of the current IB paradigm.

This study aims to use the original data collected from school board members representing nonprofit charter schools in the state of Minnesota to examine the relationship between the distribution of board-executive governance responsibilities and the performance of organizations operating as part of a New Public Management style macro-governance reform.

A combination of survey data collected from Minnesota charter school board members and hard performance data were utilized in two OLS regression models to predict the link between organizational governance and school performance.

The authors find that boards can improve hard measures of organizational performance by shifting responsibility of day-to-day operations closer to the executive, and public advocacy duties closer to the board. The results build on the existing literatures on school board governance and board-executive relations. Overall, the findings suggest the existence of an ideal balance between board-executive governance responsibilities in key functional areas on charter school boards.

Though a healthy literature exists regarding the value of charter schools, very few studies have actually explored the way in which these organizations are governed. This study is the first to link charter board governance responsibilities to performance.