Search results

Investors are inattentive to continuous information as opposed to discrete information, resulting in underreaction to continuous information. This paper aims to examine if the well-documented return predictability of the strategies based on the ratio of short-term to long-term moving averages can be enhanced by conditioning on information discreteness. Anchoring bias has been the popular explanation for the source of underreaction in the context of moving averages-based strategies. This paper proposes and studies another possible source based on investor inattention that can potentially result in superior performance of these strategies.

The paper uses portfolio sorting as well as Fama-MacBeth cross-sectional regressions. For examining the role of information discreteness in the return predictability of the moving average ratio, the sample stocks are double-sorted based on the moving average ratio and information discreteness measure. The returns to these portfolios are computed using standard approaches in the literature. The regression approach controls for various well-known return predictors.

This study finds that the equally-weighted monthly returns to the long-short moving average ratio quintile portfolios increase monotonically from 0.54% for the discrete information portfolio to 1.37% for the continuous information portfolio over the 3-month holding period. This study observes a similar pattern in risk-adjusted returns, value-weighted portfolios, non-January returns, large and small stocks, for alternative holding periods and the ratio of 50-day to 200-day moving average. The results are robust to control for well-known return predictors in cross-sectional regressions.

To the best of the authors’ knowledge, this is the first paper to document the significant role of investor inattention to continuous information in the return predictability of strategies based on the moving average ratios. There are many underreaction anomalies that have been reported in the literature, and the paper's results can be extended to those anomalies in subsequent research.

The findings of this paper have important practical implications. Strategies based on moving averages are an extremely popular component of a technical analyst's toolkit. Their profitability has been well-documented in the prior literature that attributes the performance to investors' anchoring bias. This paper offers a readily implementable approach to enhancing the performance of these strategies by conditioning on a straightforward measure of information discreteness. In doing so, this study extends the literature on the role of investor inattention to continuous information in anomaly profits.

While there is considerable literature on technical analysis, and especially on the performance of moving averages-based strategies, the novelty of this paper is the analysis of the role of information discreteness in strategy performance. Not only does the paper document robust evidence, but the findings suggest that the investor’s inattention to continuous information is a more dominant source of underreaction compared to anchoring. This is an important result, given that anchoring has so far been considered the source of return predictability in the literature.

Metaverse, that is extended reality (XR)-based technologies such as augmented reality (AR) and virtual reality (VR), are increasingly believed to facilitate fundamental human practice in the future. One of the vanguards of this development has been the consumption domain, where the multi-modal and multi-sensory technology-mediated immersion is expected to enrich consumers' experience. However, it remains unclear whether these expectations have been warranted in reality and whether, rather than enhancing the experience, metaverse technologies inhibit the functioning and experience, such as cognitive functioning and experience.

This study utilizes a 2 (VR: yes vs no) × 2 (AR: yes vs no) between-subjects laboratory experiment. A total of 159 student participants are randomly assigned to one condition — a brick-and-mortar store, a VR store, an AR store and an augmented virtuality (AV) store — to complete a typical shopping task. Four spatial attention indicators — visit shift, duration shift, visit variation and duration variation — are compared based on attention allocation data converted from head movements extracted from recorded videos during the experiments.

This study identifies three essential effects of XR technologies on consumers' spatial attention allocation: the inattention effect, acceleration effect and imbalance effect. Specifically, the inattention effect (the attentional visit shift from showcased products to the environmental periphery) appears when VR or AR technology is applied to virtualize the store and disappears when AR and VR are used together. The acceleration effect (the attentional duration shift from showcased products to the environmental periphery) exists in the VR store. Additionally, AR causes an imbalance effect (the attentional duration variation increases horizontally among the showcased products).

This study provides valuable empirical evidence of how VR and AR influence consumers' spatial bias in attention allocation, filling the research gap on cognitive function in the metaverse. This study also provides practical guidelines for retailers and XR designers and developers.

By conducting an online experiment, this paper proposes and tests a conceptual model about the impact of price labeling strategy on consumers' perceived price difference and purchase intention. The authors also analyze differential influences of shopping channels and price levels on documented effects. The paper provides strategic suggestions for online grocery store managers to adopt profit-maximizing labeling decisions.

In a between-subject experiment, the authors simulated a shopping task with eight scenarios by exogenously manipulating price labeling strategies (unit price/retail price), sales channels (online/offline) and price levels (higher/lower than the average price). Participants are randomly assigned to one of the eight scenarios and asked to report their perceived price difference between the stimuli product and the average market price and their purchase intention on the stimuli product.

Experimental results show that compared to the unit price, the retail price increases the perceived price difference. It shows that the unit price increases consumers' purchase intention when the product price is higher than the average market price. However, these effects only exist in the online shopping context.

This paper extends the study of price labeling strategy to an online shopping context and examines the mediation effect of the perceived price difference.

This paper aims to provide a critical synthesis of the interface of corporate social responsibility (CSR) and peer-to-peer (P2P) accommodation to offer insights that contribute to theory and practice of CSR in hospitality.

By using key CSR models, this paper reflects on the nexus between CSR and P2P accommodation (with a focus on Airbnb) to identify opportunities and challenges with regard to CSR implementation in P2P accommodation and, thereby, progress the research agenda on the topic.

This contribution will hopefully enable policymakers to improve the accountability of stakeholders related to P2P accommodation in terms of the sector’s impacts on local communities while contributing to the progression of the research agenda on CSR in hospitality.

Because this contribution is meant to be a “critical reflection paper”, the main purpose is to flesh out a commentary offering recommendations on how to account for CSR in relation to P2P accommodation and primarily Airbnb. As such, this paper aims to prompt future empirical research on the topic. Naturally, the major downside of this type of paper is the lack of an empirical approach.

This paper advances theory on hospitality-related CSR, enabling policymakers to improve the stakeholders’ accountability related to P2P accommodation in terms of the sector’s impacts on local communities.

Despite the increasing importance of CSR in hospitality, minimal academic attention has been paid insofar to CSR in the P2P accommodation sector. This inattention is surprising given the rapid expansion of the sector which, in turn, has imposed significant pressures on local communities.

This study develops and validates a theoretical model of real-time mobile connectivity, examining how employees' perceptions of their relationship with supervisors influence their emotional experiences. Through quasi-experiments, the authors investigate the behavioral patterns and emotional responses associated with real-time mobile connectivity in organizations, with a focus on messaging apps that indicate message read status. Specifically, they explore how supervisors' attentiveness or inattentiveness in mobile connectivity impacts emotional ambivalence (anxiety and pride) among subordinates. Additionally, they examine the downstream effects of this emotional ambivalence on employees' workplace thriving and job performance across various dimensions.

To address the paradox of real-time mobile connectivity, a quasi-experimental design involving 320 team members from 46 teams was implemented. Multi-level structural equation modeling was employed to analyze within-person variance and evaluate the proposed hypotheses.

The findings indicate that employees who do not receive timely indications from their supervisors are more likely to experience elevated levels of anxiety, while those who receive prompt indications experience a sense of pride. Moreover, the indirect effects of the real-time mobile connectivity paradox on employee performance, mediated by anxiety (negatively) and pride (positively), are fully explained through workplace thriving.

This study provides insights into the emotional ambivalence experienced in the workplace due to real-time mobile connectivity, highlighting its implications for organizational competitiveness. Integrating resource conservation theory and cognitive appraisal theory of emotion, the study explores the mediating role of workplace thriving and the impact on employee performance through pride and anxiety. Generalizability requires considering organizational settings and cultural contexts while acknowledging limitations such as a focus on messaging apps and specific samples. Future research should explore these dynamics in diverse contexts and identify additional factors influencing the relationship between real-time mobile connectivity and employee outcomes.

This study provides valuable insights for managers regarding the significance of message indications, as their attentiveness can elicit emotional reactions from employees that subsequently impact workplace thriving and job performance.

This study pioneers the exploration of the paradox of real-time mobile connectivity in the workplace, uncovering the discrete emotions experienced by employees. Furthermore, it elucidates the subsequent opposing effects on workplace thriving and job performance, contributing to the existing literature and knowledge in this area.

Using longitudinal data, this study aims to provide a greater understanding as to how parenting factors, including the employment of various disciplinary techniques, during a young person's early adolescence may contribute to excessive Internet use (EIU) in later adolescence.

Employing “Problem Behaviour” theory (PBT) as a guiding framework, this study uses data from the Growing Up in Ireland ’98 Cohort to investigate the effect of proximal and distal parental influences, measured when children were 13 years old, on symptoms of EIU in young adults at 17 or 18 years. Multiple regression models control for other child and family factors, and separate models for males and females examine sex differentials.

Estimation did not find a statistically significant association between internet-specific mediation practices in early adolescence and EIU in later adolescence. However, regularly playing games or sports together is a protective factor. Parent-adolescent conflict and spending time home alone are estimated as risk factors. How parents deal with misbehaviour is a strong predictor of EIU, with the direction of association dependent upon the type and frequency of discipline employed.

The findings are of practical significance in informing parents of modifiable aspects of their behaviour that can lead to EIU.

The study applies a longitudinal modelling framework and considers the effect on EIU of various parental disciplinary techniques, representing a novel contribution.

This study investigates how attention deficit/hyperactivity disorder (ADHD) in entrepreneurs functions through coping schema to affect entrepreneurship-related cognitions. It is proposed that the resource-induced coping heuristic (RICH) bridges the conceptual gap between pathological cognitive executive control/reward attributes and cognitive resources, specifically entrepreneurial alertness, cognitive adaptability and entrepreneurial intent.

With data from 581 entrepreneurs, this study utilizes partial least squares structural equation modeling for analysis. Additionally, a two-stage hierarchical component modeling approach was used to estimate latent variable scores for higher-order constructs.

Findings indicate the RICH mediates the relationships ADHD has with alertness, cognitive adaptability and entrepreneurial intent.

The RICH is introduced as a mechanism to explain how ADHD indirectly influences entrepreneurial alertness, cognitive adaptability and entrepreneurial intent.

Following recent high-profile audit failures, concern has been expressed that auditors are not demonstrating sufficient skepticism when exercising professional judgment. In particular, client assumptions and estimations relating to hypothetical valuations in financial reporting are not being challenged. This paper seeks to address the issue by advancing a decision-making framework aimed at guiding auditors beyond regulatory reductionist thinking towards an enhanced understanding of the cognitive processes which shape professional judgment in forming a reliable audit opinion.

Drawing on the normative philosophical and theological teachings of Bernard Lonergan, the authors' decision-making framework embodies reflective thinking and the data of consciousness to highlight the central role played by enquiry in the dynamics of understanding, judgment and decision-making. Such enquiry elicits challenge of the management bias inherent in hypothetical valuations.

Auditing through a Lonerganian lens allows auditors to reflect on their approach to objective decision-making by offering a set of cognitive tools to enhance the enquiry essential for nurturing professional skepticism.

This paper contributes to the literature by developing the somewhat neglected discourse on the cognitive processes essential for professional skepticism and audit judgment. The authors demonstrate how Lonerganian self-appropriation intensifies an awareness of the recursive cognitive activities pertinent to objective judgment and decision-making. This awakened consciousness has the potential not only to change how auditors question evidence to make informed judgments and decisions, but also to normalize the practice of challenge.

We have witnessed an evolution in the use of smartphones in recent years. We have been aware for some time of the potentially deleterious impact of smartphones on users' lives and their propensity for user addiction, as reflected in the large and growing body of work on this topic. One modern phenomenon – the distracted mobile phone user in public, or “smartphone zombie” – has received limited research attention. The purpose of the present study is to develop a robust measure of smartphone zombie behaviour.

The research deign comprises three studies: A round of focus groups (n = 5) and two online surveys (survey one n = 373, survey two n = 386), in order to develop and validate a three-factor, 15-item measure named the Smartphone Zombie Scale (SZS).

Following the round of focus groups conducted, Exploratory Factor Analysis and a Confirmatory Factor Analysis, the SZS measure (Cronbach's α = .932) is demonstrated to be robust and comprises three factors: Attention Deficit (Cronbach's α = .922), Jeopardy (Cronbach's α = .817) and Preoccupation (Cronbach's α = .835), that is shown to be distinct to existing closely related measures (Smartphone Addiction scale and Obsessive Compulsive Use).

The present study represents the first extant attempt to produce a measure of smartphone zombie behaviour, and provides us with a reliable and valid measure with which we can study this growing phenomenon.

Participatory budgeting's (PB’s) proponents hope that bringing development projects to historically underserved communities will improve well-being by extending infrastructure and services. This article details the logic connecting PB to well-being, describes the evolution of PB programs as they spread around the world and consolidates global evidence from research that tests hypotheses on PB's impact. The purpose of this paper is to address these issues.

Unstructured literature review and comparative case study across five global regions.

The authors find evidence for PB's impact on well-being in several important contexts, mostly not only in Brazil, but also in Peru and South Korea. They also find that very few rigorous, large-N, comparative studies have evaluated the relationship between PB and well-being and that the prospects for social accountability and PB's sustainability for well-being are not equally strong in all contexts. They argue that PB has great potential to improve well-being, but program designs, operational rules and supporting local conditions must be favorable to realize that potential.

This is one of the few efforts to build theory on where and why the authors would expect to observe relationships between PB and well-being. It is also one of the first to consolidate global evidence on PB's impact.