1,720,962 research outputs found
Baldrige Award announcement and long memory in shareholder wealth
No full textIn a competitive global market environment, the successful institution and implementa-tion of a comprehensive quality improvement programme is pivotal in attaining and sustaining business excellence. Tangible evidence of a company's level of excellence can be demonstrated by winning a prestigious quality award like the Malcolm Baldrige National Quality Award (MBNQA). While the intention to raise the level of competitiveness in all business sectors is lauded, two pertinent issues arise. Firstly, do investors or stock market participants share the belief that quality leads to business excellence. This implies that the stock market participants may have limited knowledge and experience in assessing the impact of quality improvement initiatives on performance (Easton & Jarrell, 1998). Secondly, if investors do believe and are able to assess the benefits quality improvement initiatives bring, would they acknowledge the benefits these quality awards bring in terms of sustained returns? This paper, an extension from studies by Przasnyski & Tai (2002) and Ramasesh (1998), attempts to investigate the long run sustainability of returns by recipient companies of the MBNQA from 1988 to 1996. Using long memory models commonly used in the financial econometrics literature, it was found that most recipient companies do not display long memory or, in short, recipient companies cannot sustain the previously generated significant abnormal returns on the day of announcement of winning the award.</p
Speed of adjustment in digital assets in a decentralised financial world
No full textThis paper investigates the stability and co-movement of cryptocurrency assets in Decentralised Finance (DeFi), with a focus on the Speed of Adjustment (SA), the rate at which shocks dissipate, and prices revert to long-run equilibrium. SA provides a critical measure of market efficiency and portfolio allocation in a highly volatile DeFi environment. We extend conventional cointegration analysis by applying a Fractionally Cointegrated Vector Autoregressive framework, which captures slow error corrections. Rolling estimations generate a time-varying series of SA, allowing examination of its evolution and cross-asset spillovers. The results reveal multiple cointegrating relationships, heterogeneous adjustment speeds, and strong contagion effects among DeFi assets. For instance, RPL exhibits rapid yet volatile adjustment, while LDO, BAL, and SNX revert more slowly, reflecting distinct risk-return trade-offs. Spillover analysis highlights high systemic interconnectedness, underscoring challenges for diversification and contagion management. Overall, dynamic SA emerges as a valuable forward-looking indicator of stability in digital asset markets
Herding behavior in prediction markets: evidence from UK financial spread trading markets
No full textWe contrast the degree (strong vs. weak), nature (interaction between more and less informed traders; MI and LI, respectively) and patterns of herding behavior (via their feedback strategies) amongst MI and LI traders and their speed of reaction to shifts in trading by these groups. This is achieved by analyzing individual investment records of 1,943 traders in UK spread-trading markets (2010-2012). We find that herding is far more prevalent than previous studies suggest, particularly amongst LI, herding activity of MI and LI are related and the means used to distinguish MI and LI needs to be considered carefully
Environmental impacts of bitcoin:A stakeholder theory approach
No full textThe rise of bitcoin and many other cryptocurrencies has raised serious concerns about their environmental impacts. These concerns are due to the fact that the working mechanism of various cryptocurrencies is computationally demanding and thus highly resource-intensive. In this chapter, we use the stakeholder theory to analyse environmental issues of bitcoin, the first and largest cryptocurrency. This theory suggests that firms should be examined in relation to their stakeholders. We identify 'the firm' in the context of cryptocurrency and different stakeholders including customers, suppliers, competitors, surrounding communities, and regulators. We then investigate their respective roles with regard to bitcoin and the environment.</p
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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