Search results

Stock selection models often use momentum and analysts’ expectation data. We find that earnings forecast revisions and direction of forecast revisions are more important than analysts’ forecasts in identifying mispriced securities. Investing with expectations data and momentum variables is consistent with maximizing the geometric mean and Sharpe ratio over the long run. Additional evidence is revealed that supports the use of multifactor models for portfolio construction and risk control. The anomalies literature can be applied in real-world portfolio construction in the U.S., international, and global equity markets during the 1998–2009 time period. Support exists for the use of tracking error at risk estimation procedures.

While perfection cannot be achieved in portfolio creation and modeling, the estimated model returns pass the Markowitz and Xu data mining corrections test and are statistically different from an average financial model that could have been used to select stocks and form portfolios. We found additional evidence to support the use of Arbitrage Pricing Theory (APT) and statistically-based and fundamentally-based multifactor models for portfolio construction and risk control. Markets are neither efficient nor grossly inefficient; statistically significant excess returns can be earned.

In this study, we produce mean-variance efficient portfolios for various universes in the U.S. equity market, and show that the use of a composite of analyst earnings forecast, revisions, and breadth variable as a portfolio tilt variable and an R&D quadratic term enhances stockholder wealth. The use of the R&D screen creates portfolios in which total active return generally rise relative to the use of the analyst variable. Stock selection may not necessarily rise as risk index and sector index returns are affected by the use of the R&D quadratic term. R&D expenditures of corporations may be integrated into a mean-variance efficient portfolio creation system to enhance stockholder returns and wealth. The use of an R&D variable enhances stockholder wealth relative to the use of capital expenditures or dividends as the quadratic term. The stockholder return implications of the R&D quadratic variable are particularly interesting given that most corporations allocate more of their resources to capital expenditures than R&D.

Organizations increasingly view their internal staff as a source of innovation and change and tend to involve an increasing number of organizational members in strategy work. This inclusion is a form of decentralized strategy and usually takes place in meetings. This chapter explores how meetings can become a planned emergence strategy for unlocking endogenous innovation potential. Data have been gathered from a still ongoing field project in which employees of six public offices such as the police or fire brigade participate. The public offices’ administration is characterized by a traditional division of responsibility, meaning that strategy has so far been the business of only few people at the top of the organization. For the first time in this organization, managers and other specialists at various organizational levels have been invited to partake in the new bottom-up strategy format Think Tank. The goals of the Think Tank are to identify the needs of the employees, to find and show potential, create a subculture and encourage innovation. The Think Tank meetings are attended by highly motivated employees who want to develop further organizational goals. The investigation illustrates that exchange on an equal basis, voluntary participation and mixed teams form the foundation for planned emergence strategy meetings. The interactions within the groups are characterized by participants having a positive attitude and avoiding negatively connoted behavior. In the strategy meetings, the various organizational members are enabled to join forces and contribute to strategic renewal. Strategic renewal is essential in a volatile, uncertain, ambiguous, and complex world. This chapter illustrates how meetings can facilitate strategic renewal through planned emergence.

This paper aims to explore the phenomenon of molecular gastronomy by conducting empirical research focusing on renowned chefs.

The approach taken is a literature review summarising past culinary innovations then the paper focuses on the origins and evolution of molecular gastronomy, followed by 18 phenomenological interviews with a snowball sample of world class chefs from across Europe.

There is far greater confusion about what molecular gastronomy might be than is implied in previous studies. The term has become wrongly used to describe a possible culinary movement mainly as a result of media influence. Leading chefs, whose new restaurant concepts have become associated with it, reject the term.

With only 20 years of history molecular gastronomy is still a comparatively new phenomenon. This initial research presents a clear picture of its evolution so far and the increasing confusion the use of the term has created. It is still far too early to decide if these are heralding a new gastronomic movement.

Although molecular gastronomy itself may not provide a foundation for a genuine and lasting development of cuisine it is generating fascination with the fundamental science and techniques of cuisine and showy culinary alchemy. As with nouvelle cuisine poor quality copycat chefs could bring into disrepute the reputation and practices of those who are at the vanguard of culinary and restaurant innovation.

This paper is the first widespread primary study, across five countries, into recognised exceptional chefs' understanding of molecular gastronomy. It clarifies that molecular gastronomy was never intended to be the foundation of a culinary movement and identifies four key elements for the development of lasting cuisine movements and trends.

The 150th anniversary of Thomas Hardy′s birth is briefly noted and a number of recent publications on the author and his work are noted in the context of his corpus of critical material on him.

We explore the simultaneous influence of activist organizations and corporations on institutional change. Focusing on protests, campaign contributions, and lobbyists as the strategies used by activist organizations and corporations to influence institutional change, we study the dynamics between movements and counter-movements and their influence on the probability of institutional change. In the context of the US tobacco industry, the results shed light on the effectiveness of these strategies and uncover potential moderators of this relationship. Overall, we demonstrate the simultaneous and asymmetric effects of activist organizations and corporations that use conspicuous and inconspicuous strategies to change institutions.