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1 – 10 of over 145000Yijiang Zhao, Michael Davis and Kevin T. Berry
The purpose of this paper is to examine the effect on the cost of capital of increased disclosure that reduces information asymmetry among market participants.
Abstract
Purpose
The purpose of this paper is to examine the effect on the cost of capital of increased disclosure that reduces information asymmetry among market participants.
Design/methodology/approach
This study uses the decision to regularly hold open (closed) conference calls pre‐Reg FD as a proxy for a commitment to the policy of public (selective) disclosure and a cross‐sectional research design to examine the associations between open/closed conference calls and three proxies for firms' cost of capital (i.e. bid‐ask spreads, share turnover, and implied costs of capital).
Findings
The results show that firms that commit to open calls exhibit lower relative bid‐ask spreads, lower implied costs of capital, and higher share turnover than firms that commit to closed calls.
Practical implications
The findings suggest that increased disclosure that “levels the playing field” for small investors benefits investors as a whole by improving firms' market liquidity and reducing the cost of capital.
Originality/value
This study contributes to existing literature on the association between corporate disclosure and firms' cost of capital.
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Kemal Yildirim, Aysen Ozkan, Elif Gunes and Ahmet Mestan
The purpose of this study is to determine the effects of window proximity on perceptions of employees in the call center offices.
Abstract
Purpose
The purpose of this study is to determine the effects of window proximity on perceptions of employees in the call center offices.
Design/methodology/approach
A semantic differential scale composed of nine bipolar adjectives, four of which dealt with “planning,” three of “privacy,” while the rest measured “lighting” was applied for evaluation. In total, 92 employees at the TEPE Call Center in the Bilkent District, Ankara, Turkey participated in the research.
Findings
The results showed that window proximity directly affected the call center employees’ perceptions. In addition, a positive approach was even less affected when the location of the workstation was more at the inner part of the workspace. On the contrary, workstations in front of the window were evaluated more positively, presumably because the employees were happy at feeling roomy and by giving them a higher level of privacy, while also minimizing distractions and interruptions. It was also found that call center employees with secondary education responded more positively than higher educated employees.
Research limitations/implications
This study was limited to examining the effects of window proximity in a call center on employees’ perceptions of an open-plan office. The study supports the results of planning, privacy and lighting, as well as the study on physical environmental factors, such as design, ambient and social, which are thought to be realized in the future.
Originality/value
This study presents suggestions that would be useful for increasing the working and solution-focused perceptual performance values in call center environments from the new generation of work areas. They should be appropriate for the psychological and physical needs of employees in twenty-first-century communication environments, especially in spatial environments and for the suitability of the technological equipment used.
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Linus Dahlander, Lars Bo Jeppesen and Henning Piezunka
Crowdsourcing – a form of collaboration across organizational boundaries – provides access to knowledge beyond an organization’s local knowledge base. Integrating work on…
Abstract
Crowdsourcing – a form of collaboration across organizational boundaries – provides access to knowledge beyond an organization’s local knowledge base. Integrating work on organization theory and innovation, the authors first develop a framework that characterizes crowdsourcing into a main sequential process, through which organizations (1) define the task they wish to have completed; (2) broadcast to a pool of potential contributors; (3) attract a crowd of contributors; and (4) select among the inputs they receive. For each of these phases, the authors identify the key decisions organizations make, provide a basic explanation for each decision, discuss the trade-offs organizations face when choosing among decision alternatives, and explore how organizations may resolve these trade-offs. Using this decision-centric approach, the authors continue by showing that there are fundamental interdependencies in the process that makes the coordination of crowdsourcing challenging.
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Sang M. Lee, Taewon Hwang and Donghyun Choi
The purpose of this study is to examine the current open innovation practices in the public sector of leading countries.
Abstract
Purpose
The purpose of this study is to examine the current open innovation practices in the public sector of leading countries.
Design/methodology/approach
Using a framework based on the role of the government in open innovation, this study analyses a profile of early open innovation adopters based on collected data from secondary sources.
Findings
First, the USA, Australia and Singapore developed open innovation policies at the national level, facilitating a positive innovation climate. Many projects, especially those in online platforms, were established under these policies. Second, although outside‐in open innovation principles seem to be popular, there have been emerging attempts to exploit the value of government data through inside‐out approaches.
Research limitations/implications
Most governments are in the early stages of adoption of open innovation and are in the process of understanding relevant issues. Future research should investigate how governments adopt open innovation, in particular inside‐out initiatives.
Practical implications
Governments should develop an overarching strategic plan, which would help its employees to recognise that new change is consistent with the needs of their workplace practices. Some organizations and projects led by citizens help the government engage external ideas in solving issues that are beyond its control.
Originality/value
This study is the first attempt to examine the current open innovation policies at the government level.
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This paper investigates how the gambling measure captures market bubble events, and how it predicts stock return and option return.
Abstract
Purpose
This paper investigates how the gambling measure captures market bubble events, and how it predicts stock return and option return.
Design/methodology/approach
This paper proposes a gambling activity measure by jointly considering open interest and moneyness of out-of-the-money (OTM) individual equity call options.
Findings
The new measure, CallMoney, captures excessive optimism during the dot-com bubble, the oil price bubble and the pre-GFC stock market bubble. CallMoney robustly and negatively predicts both OTM and at-the-money call option returns cross-sectionally. The option return predictability of CallMoney is stronger when stock price is further from its 52-weeks high, capital gains overhang is lower, and when information uncertainty of the underlying stock is higher. CallMoney also robustly and negatively predicts cross-sectional stock returns.
Originality/value
The gambling measure has the advantages of being economically intuitive, model-free, easy to measure. The measure performs more robustly than existing lottery measures with respect to option and stock return predictability and more reliably captures the overpricing of options and stocks. The work helps understanding the gambling related anomalies in equity option returns and stock returns.
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This study aims to examine the effect of the Securities and Exchange Commission's regulation fair disclosure (Reg. FD) on analyst forecast performance for pre‐Reg. FD closed‐call…
Abstract
Purpose
This study aims to examine the effect of the Securities and Exchange Commission's regulation fair disclosure (Reg. FD) on analyst forecast performance for pre‐Reg. FD closed‐call (CLC) and open‐call (OPC) firms compared with the non‐conference‐call (NCC) firms in the post‐Reg. FD period.
Design/methodology/approach
Specifically, it examines whether Reg. FD influenced the earnings forecast accuracy and forecast dispersion of financial analysts for the previous‐CLC firms in the post‐Reg. FD period compared with the previous‐OPC firms, and both sets of conference call firms relative to the NCC firms in the same period.
Findings
The main findings indicate that forecast accuracy improved for both OPC and CLC firms compared with the NCC firms in the post‐Reg. FD period. More importantly, the differences in earnings forecast performance between the pre‐Reg. FD OPC and CLC firms had disappeared in the post‐Reg. FD period.
Originality/value
These results offer further confirmation of previous findings that Reg. FD has contributed to leveling the playing field for financial analysts and investors.
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After discussing recent academic attempts to assess the status of worldwide military transparency and accountability in nations which adopted open governance paradigms, this paper…
Abstract
Purpose
After discussing recent academic attempts to assess the status of worldwide military transparency and accountability in nations which adopted open governance paradigms, this paper tries to show that such countries allegedly committed to democracy and open data should coherently fight for military transparency and citizen inclusion in the governance process, avoiding the prevalence of military secrecy over military transparency. The most important contribution of the paper is discussing the lack of military transparency, until now taken for granted as a traditional armed forces ’informal right, and proposing concrete definitions of military transparency and secrecy within the context of the open government partnership. In addition to the definitions, an exploratory model of how military accountability can affect military transparency has been suggested.
Design/methodology/approach
For the proposed endeavour, first a description on the context of open governance where the involved public defence sector is inserted is given. Second, notions of military transparency and secrecy are proposed. Finally, the paper discusses when military secrecy could be granted and what it means for military information to be unjustifiably kept secret. At the end, the urge of the citizen involvement to open the still insulated military governance systems is highlighted.
Findings
This paper proposes notions of military secrecy and military transparency and suggests the second term as a broader notion which includes the first. This paper also indirectly identifies the conditions for the inadmissibility of military secrecy and calls attention to the bad externalities of unjustifiably holding public information back.
Research limitations/implications
The consideration of the proposed notions of military secrecy and military transparency could minimize the traditional excuse of military confidentiality that armed forces worldwide tend to not to convey public information to the public while making military accountability perfectly possible without overexposing its strategies regarding national defence.
Practical implications
Providing armed forces and citizens with concrete definitions of military secrecy and military transparency could not only help military institutions to develop a sincere transparency policy based on open government terms, but it could also guide interested media and citizens with their control and oversight tasks by establishing clear limits for alleged secrecy while releasing the borders for military transparency.
Social implications
The suggested approach for military transparency and secrecy is not only adequate to the globalized strategy of open governance but also mainly a way to finally reward citizens’ often misused and manipulated trust.
Originality/value
It is the first attempt of an academic definition for military secrecy and military transparency taking into consideration the open government terms and aiming at improving military accountability.
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Anastasija Nikiforova, Miguel Angel Alor Flores and Miltiadis D. Lytras
Open data are characterized by a number of economic, environmental, technological, innovative, and social benefits. They are seen as a significant contributor to the city’s…
Abstract
Open data are characterized by a number of economic, environmental, technological, innovative, and social benefits. They are seen as a significant contributor to the city’s transformation into smart city. This is all the more so when the society is on the border of Society 5.0, that is, shift from the information society to a super smart society or society of imagination takes place. However, the question constantly asked by open data experts is, what are the key factors to be met and satisfied in order to achieve promised benefits? The current trend of openness suggests that the principle of openness should be followed not only by data but also research, education, software, standard, hardware, etc., it should become a philosophy to be followed at different levels, in different domains. This should ensure greater transparency, eliminating inequalities, promoting, and achieving sustainable development goals (SDGs). Therefore, many agendas (sustainable development strategies, action plans) now have openness as a prerequisite. This chapter deals with concepts of open (government) data and Society 5.0 pointing to their common objectives, providing some success stories of open data use in smart cities or transformation of cities toward smart cities, mapping them to the features of the Society 5.0. We believe that this trend develops a new form of society, which we refer to as “open data-driven society.” It forms a bridge from Society 4.0 to Society 5.0. This chapter attempts to identify the role of openness in promoting human-centric smart society, smart city, and smart living.
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Marta Ortiz-de-Urbina-Criado, Alberto Abella and Diego García-Luna
This paper aims to highlight the importance of open data and the role that knowledge management and open innovation can play in its identification and use. Open data has great…
Abstract
Purpose
This paper aims to highlight the importance of open data and the role that knowledge management and open innovation can play in its identification and use. Open data has great potential to create social and economic value, but its main problem is that it is often not easily reusable. The aim of this paper is to propose a unique identifier for open data-sets that would facilitate search and access to them and help to reduce heterogeneity in the publication of data in open data portals.
Design/methodology/approach
Considering a model of the impact process of open data reuse and based on the digital object identifier system, this paper develops a proposal of a unique identifier for open data-sets called Open Data-set Identifier (OpenDatId).
Findings
This paper presents some examples of the application and advantages of OpenDatId. For example, users can easily consult the available content catalogues, search the data in an automated way and examine the content for reuse. It is also possible to find out where this data comes from, solving the problems caused by the increasingly frequent federation of data in open data portals and enabling the creation of additional services based on open data.
Originality/value
From an integrated perspective of knowledge management and open innovation, this paper presents a new unique identifier for open data-sets (OpenDatId) and a new concept for data-set, the FAIR Open Data-sets.
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