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The authors investigate the 2008-2009 short-sales ban in Korea, one of the most comprehensive and restrictive short-selling bans worldwide. The purpose of this paper is to examine: whether the ban stopped a destabilizing effect, if there was any, of short-selling activities; whether the ban improved or deteriorated the informational efficiency or the price discovery process of the stock market; and whether the ban had any impact on market liquidity.

Multiple regression; vector autoregression analysis; and generalized autoregressive conditional heteroskedasticity analysis.

The authors find no evidence that short-sales have a market-destabilizing effect and thus, restricting short-selling has a market-stabilizing effect. On the contrary, the short-selling ban is associated with an increase in return volatility and a deterioration of the price discovery process, particularly for the stocks without derivatives traded on them. The authors also find evidence of a liquidity decrease for short-sale intensive stocks. However, the evidence is inconclusive as to whether the market efficiency and liquidity changes are solely the result of the short-sales ban or the compound effects of both the ban and the concurrent progress of the financial crisis.

The literature does not provide a conclusive view on the effects of short-sales or restrictions thereof on the stock market. Also, the existing research on recent worldwide shorting bans often lack empirical scope (e.g. 32 stocks for UK; three weeks for USA). In contrast, the short-sales ban in the Korean stock market, one of the most comprehensive and restrictive short-selling bans worldwide, lasted for eight months for all the listed stocks and is still in effect for financial stocks. The authors find no evidence that short-sales have a market-destabilizing effect and thus, restricting short-selling has a market-stabilizing effect.

The worldwide imposition of lockdown measures to control the 2020 coronavirus disease 2019 (COVID-19) outbreak has shifted most executive communications with external stakeholders online, resulting in quick responses from stakeholders. This study aims to understand how presentational styles exhibited in online communication induce immediate audience responses and empirically test the effectiveness of reactive impression management tactics.

The authors analyze presentational styles using MP3 files containing executive utterances during earnings call conferences held by S&P 100-listed firms after June 2020, the quarter after the World Health Organization declared the COVID-19 outbreak a pandemic on March 11, 2020. Using timestamps, the authors link each utterance to a 1-minute interval change in the ask/bid prices of the stocks that occurs a minute after the corresponding utterance begins.

Exhibiting an informational presentation style in earnings calls leads to positive and immediate audience responses. Managers tend to increase their reliance on promotional presentation styles rather than on informational ones when quarterly earnings exceed market forecasts.

Drawing on organizational genre theory, this research identifies the discrepancy between the presentation styles that audiences positively respond to and those that managers tend to exhibit in earnings calls and provides a reactive impression management typology for immediate responses from online audiences.

In competitive environments, explicitly seeking institutional changes to adopt a new technology, rather than exploiting current resources, can harm more than help organizations’ efforts to achieve their performance goals. However, institutionally embedded organizations often respond to the introduction of industry disruptive technology in counterproductive ways. This paper aims to study the paradox of embedded agency in competitive environments and explore the diffusion of new occupations associated with data analytics.

This study uses the context of the Major League Baseball where the digital platform, PITCHf/x, implemented during 2006 and 2007 seasons facilitated the professional baseball clubs to create occupations for data analytics.

This study found that long-term low performance of organizations resulted in creating occupations for a new technology and deploying professionals to them and the public media’s negative tenor mediated the relationship between the signal of institutional inefficiency and such a boundary work in a competitive environment.

This research enriches our understanding of the early disperse of a new occupation in the times of the emergence of digital platform by exploring the temporal attributes of organizational performance and the role of public media as the antecedents to embedded agency.

Due to insufficient disclosure on open market share repurchases in the USA, at any given point in time, outside shareholders have no knowledge of whether their firm is executing open market share repurchase trades. It is hypothesized that such information disparity between outside shareholders and insiders of a repurchasing firm creates asymmetric opportunities for insiders to time their sell trades in a period when the firm is engaged in buyback trading of its own shares. Insiders have an incentive to sell when the firm is in the market supporting the price by repurchasing its shares. The purpose of this study is to examine this hypothesis (insider timing hypothesis) by investigating insiders' trading activities during the periods of corporate share buyback trading.

Multiple regression analyses are used to explore relations among trades by insiders, corporate share buyback trades, and a number of other control variables.

This study finds evidence that insiders do increase the net number of shares sold in a fiscal quarter when the firm is in the market engaged in share buyback trading.

This study suggests the possibility of insiders' opportunistic trading behavior during the periods of corporate open market share buyback trading.

This study aims to examine whether a switching decision between a family CEO and a non-family professional CEO has a different effect on firm performance and what determines such a decision by family firms.

This study uses multiple regressions, Probit and univariate analyses, based the sample of family-controlled Chaebol firms in Korea for the 11-year period from 2001 to 2011.

Evidence found was consistent with the family entrenchment hypothesis: firms experiencing declining Q value are more likely to replace family CEOs with non-family CEOs, and that these firms, having switched to non-family CEOs, exhibit an improvement in firm performance as measured by the change in Q value. On the other hand, for those firms that replace non-family CEOs with family member CEOs, no evidence was found that the switching decision either decreases or increases firm performance. The results of Probit and univariate analyses suggest that firms switching to family CEOs tend to be larger, stock-exchange listed and more “central”, with more cash flow rights held by the controlling families and with relatively more equity holdings in the other affiliated firms of the same Chaebol group. In contrast, firms switching to non-family CEOs tend to be smaller, unlisted and less “central”, with less equity holdings in the other affiliated firms of the same Chaebol group.

This study sheds light on the different value implications and determinants of a decision between “family CEO” and “non-family CEO”.

The extant literature on initial public offerings (IPOs) generally assumes that a high degree of pre‐IPO leverage serves as a positive signal of firm quality as it forces a firm's managers to adhere to tough budget constraints. The purpose of this paper is to question the validity of this assumption when it is indiscriminately applied to all firms, while other potentially important determinants of a firm's optimal capital structure are ignored. High‐tech versus low‐tech firms are specifically focused on.

Multivariate regression controlling is used for various firm and offer characteristics, market and industry returns, and potential endogeneity between investment bank rankings, price revisions, and under‐pricing.

It is found that debt only serves as a signal of better firm quality for low‐tech IPOs, as reflected in smaller price revisions and lower under‐pricing. For high‐tech IPOs, the effect of leverage is reversed: for these firms, higher leverage is associated with increased risk and uncertainty as reflected by higher price revisions and greater under‐pricing. The results remain significant after controlling for various firm variables as mentioned above.

The research results allow managers of high‐tech firms that contemplate going public to better understand the effect their company's capital structure will have on the pricing of their IPO. Prior research generally suggests that – irrespective of a firm's underlying characteristics – higher financial leverage results in lower under‐pricing. The findings highlight the falsity of this generalization and point out that it only holds for low‐tech firms. Firms that operate in a high‐tech sector, on the other hand, will leave less money on the table if they use equity rather than debt financing.

It is shown that leverage only serves as a positive signal for low‐tech firms. The IPOs of these firms generally undergo smaller price revisions and are less under‐priced than the IPOs of low‐tech firms that use little debt in their capital structure. While this result is consistent with earlier studies, it is show that the relationship between these variables reverses for high‐tech IPOs. Specifically, it is found that high‐tech IPOs with high leverage undergo larger price revisions and are more under‐priced than high‐tech firms with low leverage. In contrast to earlier findings, this suggests that for high‐tech IPOs, higher leverage implies increased ex‐ante uncertainty and risks.

The paper seeks to examine changes in daily return volatility associated with open market share repurchases.

Univariate analyses, control sample analyses, and multiple regression analyses are employed to explore relations between daily return volatility and a number of variables.

This study finds evidence that an open market share repurchase firm, by actively buying back its shares when the share price falls, reduces daily return volatility. The results suggest that it is the subsequent actual buyback trading activity, not the announcement, that is significantly negatively associated with changes in daily return volatility. CAPM beta, a measure of systematic risk, decreases only when the firm is in the market actively repurchasing its shares.

To the best of the author's knowledge, this study is probably the first to connect changes in daily return volatility to actual buyback trading activities of share repurchase announcing firms. Changes in daily return volatility, or total risk, not only affect systematic risk, but also are important to underlying option holders, arbitrageurs, and investors who hold undiversified portfolios.

The purpose of this paper is to derive practical recommendations from Follett's conceptualization of the student-teacher relations.

The paper employs a narrative historical interpretation of Follett's speech, which was originally given at the Boston University in the late Fall of 1928, but for the first time published in 1970.

Follett's conceptualization of the teacher-student relation resonated well with the contemporary conceptualization of constructive-developmental theory of leadership.

The findings of this study should be interpreted with recognition that the single case study has inherent limitations in terms of generalization.

This paper offers unique practical recommendations for instructional methods of experiential learning based on reflection, problem solving and critical thinking, which are based on the authors' analysis of Follett's works and constructive-developmental scholarship.