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Article
Publication date: 1 February 2016

Xiaoming Xu, Vikash Ramiah, Imad Moosa and Sinclair Davidson

The purpose of this paper is to: first, test if information-adjusted noise model (IANM) can be applied in China; second, quantify noise trader risk, overreaction, underreaction…

Abstract

Purpose

The purpose of this paper is to: first, test if information-adjusted noise model (IANM) can be applied in China; second, quantify noise trader risk, overreaction, underreaction and information pricing errors in that market; and third, explain the relationship between noise trader risk and return.

Design/methodology/approach

The authors use a behavioural asset pricing model (BAPM), CAPM, the information-adjusted noise model and model proposed by Ramiah and Davidson (2010).

Findings

The findings show that noise traders are active 99.7 per cent of the time on the Shenzhen A-share market. Furthermore, our results suggest that the Shenzhen market overreacts 41 per cent of the time, underreacts 18 per cent of the time and information pricing errors occur 40 per cent of the time.

Originality/value

Various methods have been applied to the Chinese stock market in an effort to measure noise trading activities and all of them failed to account for information arrival. Our study uses a superior and alternative model to detect noise trader risk, overreaction and underreaction in China.

Details

International Journal of Managerial Finance, vol. 12 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 28 February 2023

Isabel Maldonado, Carlos Pinho, Carla Lobo and Luis Pacheco

This study aims to analyse the relationship between the internationalisation performance of the company and, on the one hand, the factors that determine the internationalisation…

Abstract

Purpose

This study aims to analyse the relationship between the internationalisation performance of the company and, on the one hand, the factors that determine the internationalisation strategy and, on the other hand, the factors considered as inducers of this internationalisation process. The purpose of this study is to relate the determinants and inducing factors of the internationalisation process with the performance of internationalised companies, trying to assess how these determinants and these factors contribute to better performance.

Design/methodology/approach

The authors sent out a questionnaire to Portuguese exporting companies, containing questions regarding determinant factors associated with both the characteristics of origin market and target market of the internationalisation process and internationalisation inducing factors. The questionnaire results were subjected to a regression analysis.

Findings

The results indicate a positive relationship with the characteristics of the domestic market, more specifically with the need to reduce and diversify risk and the need to win new markets and consumers. Regarding the characteristics of the foreign market, there is a positive relationship with the determinants: follow customers and favourable perspectives of growth in the new market. In relation to the internationalisation inducing factors, those factors that the entrepreneur recognises as the triggers of the internationalisation strategy, the researchers found the existence of a positive relationship with formal and informal contact networks, as well as specific employee skills, international experience and strong propensity for entrepreneurship and risk-taking.

Research limitations/implications

This study presents some limitations. On the one hand, the fact that the authors used the questionnaires, which seemed to be the most adequate approach, brings as a drawback the reduced number of answers. Further collection is in order to increase the sample under study. On the other hand, the literature presents different approaches that may be tested as well as the possibility of including other types of variables that the researchers will address in future studies.

Originality/value

By analysing the relationship between company performance in the internationalisation process and the factors that determine and induce this internationalisation process, this study seeks to identify which factors entrepreneurs should favour and strengthen to obtain a better performance in the internationalisation process. In addition, the authors use the concept of inducing factors that represent the firm's characteristics that trigger the internationalisation strategy. In a complementary perspective, the authors intend to contribute to the identification of the factors that new Portuguese entrepreneurs should pay more attention to, when starting their internationalisation process and that will improve their performance.

Details

Journal of Organizational Change Management, vol. 36 no. 1
Type: Research Article
ISSN: 0953-4814

Keywords

Article
Publication date: 1 September 1999

Ian Mortimer

The Royal Commission on Historical Manuscripts, currently funded by the Department of Culture, Media and Sport in the UK, has been in existence since 1869. Its terms of reference…

340

Abstract

The Royal Commission on Historical Manuscripts, currently funded by the Department of Culture, Media and Sport in the UK, has been in existence since 1869. Its terms of reference are defined by Royal Warrant and include “to make enquiry as to the existence and location of manuscripts, including records or archives of all kinds, of value for the study of history, other than records which for the time being public records by virtue of the Public Records Act”. Since 1945 it has assembled in the National Register of Archives (NRA) a unique research resource of over 1.5 million pages of catalogues, for the most part freely contributed by archivists working in record offices, libraries, museums and other institutions. The indexes to the NRA are the principal means by which information about British manuscript collections and repositories is accessed online. This article describes how the NRA has developed in response to the challenges of computerisation and the advent of the World Wide Web, giving rise to a dedicated UK archival links server, ARCHON (Archives Online), and how both information structures might develop in the future.

Details

Program, vol. 33 no. 3
Type: Research Article
ISSN: 0033-0337

Keywords

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