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Although stock price co-movement has been examined extensively, its causes are not well understood. Using a decomposition method, we extract three information components from the turnover rate: market information, firm-specific information, and investors' opinion divergence. We find that market information strengthens stock price co-movement, whereas firm-specific information weakens it. Moreover, our analysis shows that divergence of investors' opinion increases stock price variations but weakens price co-movement.

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

A general global wave of public participation is occurring. Students and researchers as well as civil servants, policy-makers, and NGO representatives are encouraged to study, propose, and engage in public participation. New innovative forms of participation are suggested, and experiments in participation are ongoing locally and nationally. Within the transport sector, most studies of participation focus on road infrastructure and other land use changes. However, for other areas within transport, studies are limited and fragmented. Based on this, we see a need for a volume on public participation in transport, aimed at practitioners, students, and researchers, in what are unarguably times of change. The overall aim of the volume is to provide examples of different forms of public participation in transport, which can work as a setting for further analyses and discussions of public participation in transport. Drawing on different cases, eight empirical chapters are presented covering three main themes: grass-roots participation initiatives, participation in unconventional areas, and public participation that throws up unexpected results. In this introductory chapter, we set the scene for later discussions and analyses of public participation in transport. This chapter also provides an overview of the structure and content of the volume.

Although the practice of multiteam systems (MTSs) has been around for decades, the science of these systems has only just begun. Within the past decade and a half, although much remains to be investigated, substantial progress has been made in breaking the surface of this research. The current volume provides a review of MTS case studies and the current chapter provides a synopsis of this research. The goal of this chapter is to identify how MTSs are operating under real-world conditions in order to bridge MTS science and practice.

In this chapter, the authors provide a case analysis of the presented MTSs in the current volume in order to identify issues innate to MTSs. An approach based on the SWOT analysis technique was utilized to identify strengths, weaknesses, threats, and opportunities of the identified MTSs. In addition, six lessons learned were extracted from a content analysis of the successes and failures of these MTSs.

Although MTSs may be unique to the environment in which they operate, there are several features which seem to be inherent to all. Strengths include possessing the ability to manage complex tasks and unexpected events, being flexible in nature, and integrating communication across levels. In opposition, weaknesses include the use of nontraditional communication patterns, challenges stemming from unit diversity and resources, and the lack of common training. Lessons learned from identified MTSs include (1) utilize effective communication; (2) establish shared mental models; (3) identify roles and responsibilities; (4) convey accountability and ownership; (5) consider the ramp-up period; and (6) train individuals in an MTS at multiple levels. Opportunities and threats to MTSs are also discussed in this chapter.

This chapter offers several contributions to the state of the field in regard to MTSs. The current chapter provides a detailed content analysis of several real-world MTSs. Characteristics inherent to MTSs are identified and discussed, and lessons learned are extracted. Traditionally, science and practice has focused on the presentation of lab-based MTSs; the current volume breaks new ground by identifying how MTSs operate “in the wild.” This chapter provides a summation of this volume and offers lessons learned for MTS researchers and those working within MTSs.

Comparative organizational analysis once dominated American organizational sociology, grounded in rich case studies about organizational processes and outcomes. The Columbia school's approach to organizational research was exemplary in this regard. Following the publication of Robert K. Merton's (1940) essay, “Bureaucratic Structure and Personality,” he attracted a group of talented doctoral students to his formal organizations seminar (Crothers, 1990), the core of whom would go on to write dissertations, books, and articles forming the substance of American organizational sociology in the decades to come. Among those students were Philip Selznick, Alvin Gouldner, Peter Blau, Seymour Martin Lipset, Rose Coser, and James Coleman. While their work varied greatly in substantive content, their studies shared a theoretical interest in explaining intra-organizational dynamics and the unexpected outcomes of bureaucratic administration. Organizations, they demonstrated, developed “lives of their own,” quite outside the intents of their founders (Haveman, 2009; refer, especially, Selznick, 1957). Organizations, in other words, were adaptive to the needs of their constituents, but adaptations did not always produce the intended results. One of the unintended consequences of organizational development was increasing variety in the kinds of organizations that emerged to meet particular societal goals or ends. Thus, an inherent focus of this early comparative research was the explanation of variety in organizational types, policies, and outcomes and an emphasis on the ways in which organizations diverged from ideal types.

The COVID-19 pandemic has disrupted the ‘real’ world and substantially impacted the virtual world and thus the Internet ecosystem. It has caused a significant exogenous shock that offers a wealth of natural experiments and produced new data about broadband, clouds, and the Internet in times of crisis. In this chapter, we characterise and evaluate the evolving impact of the global COVID-19 crisis on traffic patterns and loads and the impact of those on Internet performance from multiple perspectives. While we place a particular focus on deriving insights into how we can better respond to crises and better plan for the post-COVID-19 ‘new normal’, we analyse the impact on and the responses by different actors of the Internet ecosystem across different jurisdictions. With a focus on the USA and Europe, we examine the responses of both public and private actors, with the latter including content and cloud providers, content delivery networks, and Internet service providers (ISPs). This chapter makes two contributions: first, we derive lessons learned for a future post-COVID-19 world to inform non-networking spheres and policy-making; second, the insights gained assist the networking community in better planning for the future.

Undoubtedly, digital transformation is permeating all domains of business and society. We envisage this volume as an opportunity to explore how manifestations of digital transformation require rethinking of our understanding and theorization of institutional processes. To achieve this goal, a collaborative forum of organization and management theory scholars and information systems researchers was developed to enrich and advance institutional theory approaches in understanding digital transformation. This volume’s contributions advance the three institutional perspectives. The first perspective, institutional logics, technological affordances and digital transformation, seeks to deepen our understanding of the pervasive and increasingly important relationship between technology and institutions. The second perspective, digital transformation, professional projects and new institutional agents, explores how existing professions respond to the introduction of digital technologies as well as the emergence of new professional projects and institutional agents in the wake of digital transformation. The third perspective, institutional infrastructure, field governance and digital transformation, inquires how new digital organizational forms, such as platforms, affect institutional fields, their infrastructure and thus their governance. For each of these perspectives, we outline an agenda for future research, complemented by a brief discussion of new research frontiers (i.e., digital work and sites of technological (re-)production; artificial intelligence (AI) and actorhood; digital transformation and grand challenges) and methodological reflections.

This chapter provides an overview of various new streams in international business (IB) research that will have an important impact on IB studies in the years to come, both from a conceptual and a methodological perspective.

The authors discuss a set of 18 chapters, all included in this research volume, and highlight both the key intellectual contributions and the challenges identified that will need to be taken into account in future research.

The findings of the studies discussed are manifold and profound. Some of the main findings include the following: (1) multinational enterprise (MNE)-centric empirical research studies should be avoided. Resource recombination typically requires taking into account the resource base and the strategies of at least two economic actors. (2) IB studies, almost by definition, need to take into account “distance,” but most prior empirical research has not done a particularly good job in including relevant distance parameters in a methodologically sound way to assess their impact on MNE strategy, operational functioning or performance. (3) Nonbusiness institutions can be very helpful in promoting MNE expansion but include “dark side” institutions that sometimes appear very effective in particular situational contexts. (4) Institutional diversity matters: it can make international knowledge transfers difficult, it can lead to discrimination against firms from specific nationalities, it certainly suggests that there is no generalizable multinationality–performance relationship, and it raises the question whether new theory is needed to accommodate previously neglected institutional contexts.

This overview of several recent IB studies confirms that managing the international innovation chain in its entirety is fraught with difficulties. MNE senior management must economize on bounded rationality (meaning: improving information quality and information processing) and bounded reliability (meaning: making sure that economic actors make good on open-ended promises, whether implicit or explicit). Any IB transaction by definition entails new resource recombination. Doing so effectively requires correct information, reliable partners and a recombination outcome that supports value creation for the MNE. Multiple, practice-driven puzzles in the IB context are proposed to the reader, and the outcomes are often unexpected.

A variety of new concepts and methodological approaches are proposed to improve the quality of future IB research.