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Purpose The purpose of this paper is to examine programs designed to support the commercial paper market during the financial crisis. Design/methodology/approach The paper analyzes the participants in the two programs to determine why domestic financial institutions chose one program over the other. Findings Domestic financial institutions chose the Temporary Liquidity Guarantee Program over the Commercial Paper Funding Facility (CPFF) while foreign financial institutions chose the CPFF. Practical implications The analysis is intended to support future policy debate on how to address a liquidity crisis in the money markets. Originality/value The authors are the first paper to examine the participants in these two programs. The value is the policy implications of this study.

In this paper, we investigate the short-run and the long-run relationship among the financial assets of the money market funds, the commercial paper, and the repurchase agreement markets by undertaking a cointegration analysis of quarterly data over the 1985-2017 period. The evidence suggests that there exists a common long-term cointegrating trend among these three components of the shadow banking system. Any disequilibrium in this long-run relationship among these variables is corrected by movement in the financial assets of the money market funds. The Beveridge-Nelson decomposition from the estimated cointegrating relationship shows that the cyclical component in the money market funds is large and captures the huge swings in these markets during the financial crisis. Our results confirm the narrative evidence presented in Krishnamurthy et al. (2014), who argue that the short-term debt market investment opportunities in the form of the commercial paper and the repo market played a crucial role in the expansion of the balance sheet of the money market funds.

In the August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We investigate how banks scrambled for liquidity in response to this freeze and its implications for the real economy. Commercial banks in the United States raised deposits and took advances from Federal Home Loan Banks (FHLBs). In contrast, foreign banks – with limited access to the deposit market and FHLB advances – lent less in the overnight interbank market and borrowed more from the Federal Reserve’s Term Auction Facility (TAF) auctions. Relative to banks in the United States, relative to before the ABCP freeze and relative to their non-US dollar lending (difference-in-differences), foreign banks with ABCP exposure charged higher interest rates on syndicated loan packages denominated in dollars. The results point to an important funding risk in global banking, manifesting as currency shortages for banks engaged in maturity transformation in foreign countries.

The release of millions of financial documents, which has been known as the ‘WikiLeaks’ of the financial world (a.k.a. ‘Panama Papers’), has dragged global attention in how highly structured means applied by some of the elite to conceal their financial assets. Consequently, significant financial corruption allegations were raised. We concentrate on a somewhat overlooked region, the Middle East and North Africa (MENA) region. This study aims to use social network analytics to study the information contained in these documents. We are checking the major players in the MENA’s trends and patterns to determine if it matches the known economic powers. The analysis reveals that while the constructed network enjoys some typical characteristics, many interesting observations and properties are worth discussing. Specifically, using the extracted network consisting of 62 987 nodes and 84 692 edges, our social network analysis finding shows that, perhaps surprisingly, the nodes or the social network are not necessarily directly correlated with perceived economic influence.

China's commercial paper financing experienced dramatic growth in January 2019. This paper examines the bank lending channel of China's monetary transmission to commercial paper, and more broadly, the factors that affect the growth of commercial paper, which is the first of its kind in the academic literature. The main conclusions include: the bank lending channel to commercial paper exists; the performance of the real economy also has a significant effect on the growth of the commercial paper.

PurposeThe purpose of this paper is to analyze papers that have been published in the Journal of European Real Estate Research since its inception in 2008.Design/methodology/approachThe author analyzes papers published from 2008 to 2019 in theJournal of European Real Estate Researchby authors’ country of affiliation, by country of study and by theme.FindingsTheJournal of European Real Estate Researchpublishes papers from scholars from an increasing number of countries, in particular in Central and Eastern Europe. Papers that provide a comparative analysis of countries constitute the largest category of contributions. The three most popular themes remain housing, valuation and investment/portfolio management. However, the dynamics of the three categories differ notably.Originality/valueThis paper provides for a clearer understanding of key dimensions of real estate research in Europe.

This paper analyzes information opacity and systemic risk for the U.S. Bank Holding Companies (BHCs) in the context of the asset-backed commercial paper (ABCP) between 2001:Q2 and 2012:Q4. Banks which set up costly ABCP conduits might have benefited from the regulatory capital relief and from providing financing alternatives to their clients. However, BHCs faced costs in terms of the increase in information opacity through the provision of the credit enhancements and liquidity lines to their own and third-party sponsored ABCP conduits, which in turn increased BHCs’ systemic risk.

Does it pay off in terms of citations to issue an article as a working paper before it is published in a refereed journal? We show empirically that the answer is yes, using 3167 articles published ...

North Carolina’s colonial assembly emitted its own paper money and maintained some amount in public circulation during its entire history as a separate colony. No systematic or statistical analysis...

Generally speaking, financial accounting textbooks are in harmony on the explanation of accounts payable and accrued liabilities/expenses. However, the same thing cannot be said for accounts payable turnover and days in accounts payable ratios. Different financial accounting textbooks and academic papers have different explanations for the accounts payable turnover ratio. The extant literature on the ratio is mainly comprised of two groups of authors. The first group relates the ratio to purchases and the second group relates the ratio to cost of goods sold (COGS). Purchases, in a purely theoretical sense, relate to periodic inventory method, whereas the perpetual inventory method relates purchases with inventory (being debit) and accounts payable (being credit). The second major group who explain the ratio by using the COGS figure ignore what is included in COGS. It should not include depreciation, amortisation, payroll and interest expenses to be meaningful for the purposes of the calculation of the ratio. In practice, manufacturing companies do not attempt to calculate these ratios due to the difficulty of obtaining the figures. These ratios can only be truly calculated from within the company if need be. Their accounting departments will be able to calculate the ratio correctly since they can reach the data. Any financial analyst not being able to reach a detailed breakdown of the expenses of the companies whose shares are being traded in stock exchanges will not able to calculate these ratios.

In an effort to motivate firms to more rapidly detect potential misconduct, legislators, regulators, and enforcement agencies incentivize firms to have integrity or “whistleblowing” hotlines. These hotlines provide individuals an opportunity to report alleged misconduct and seek guidance about how to appropriately respond. Beyond some isolated examples, little is known about the responsiveness of hotlines to actual claims of alleged misconduct. I undertake a field study to investigate how hotlines function in practice by making four different inquiries involving alleged misconduct to nearly 250 firms. I find that one‐fifth of firms have impediments (e.g., phone line disconnected, email bounce back, direct to incorrect website) that hinder reporting and approximately 10% of firms do not respond in a timely manner. Overall, this investigation illuminates several differences between integrity hotlines “on paper” and how they actually perform in practice.

This piece is an imagined email correspondence between three renowned international relations scholars, E. H. Carr, Hedley Bull and Coral Bell, who are discussing the Australian 2016 Defence White Paper. The purpose of such an exercise is to reflect on the ‘big-picture’ international relations questions posed by what might otherwise be thought of as a relatively technical defence policy document. In particular, the correspondence between the three focuses on the central importance of the White Paper’s assumptions of a ‘rules-based global order’ and the relationship between this order and US power. In their time, all three authors spoke directly to questions of power, law and order in their scholarly work, which had been deeply influenced, in all three cases, by periods spent working at the ‘coalface’ of these issues in government in Britain and Australia. As such, Carr, Bull and Bell have much to say about how Australia is positioning itself for a post-unipolar world.

Initial Coin Offerings (ICOs) are a new form of venture capital financing that raised more than 30 billion US dollars between 2016 and 2019. ICOs opened up the venture capital market to a more diverse investor base previously limited to “sophisticated” investors. This study analyses 1,258 white papers and finds that the length is positively correlated with the amount raised during the ICO and the likelihood of successfully completing the ICO. In contrast, the readability grade of the white paper is only positively correlated with the amount raised. The study highlights the role of voluntary disclosure in the ICO market.

The link between news and investor decision making is widely discussed in the litera- ture. Utilising unique U.S. firm-level news data between 1979 and 2016, we document a cross-sectional difference in the speed of the diffusion of information contained in news. We distinguish news articles as being either slowly or quickly incorporated into contemporaneous stock prices. The return spread between stocks classified according to these two types of news yields a statistically significant profit of 139 basis points per month. This abnormal return cannot be explained by other well-known risk factors and is robust when allowing for trading costs. Overall, our research refines the role of news regarding information dissemination in the financial markets.

Journal of Business Economics (JBE) 90(7), 963-974 (2020). doi:10.1007/s11573-020-01005-w special issue: "Special Issue: Recent Trends in Real Estate Research / Issue editors: Wolfgang Breuer ; Bertram Steininger", Published by Springer, Berlin ; Heidelberg

This article evaluates several investment scenarios that could result from the rather dire economic situation existing in early 2020 caused by the coronavirus pandemic that is restricting economic production of goods and services at the same time that cost-push factors and the unlimited creation of money by central banks worldwide create upward inflationary pressures. Just as during the similar situation in Germany in 1923, the nominal prices of both equities and fixed-rate instruments might be propped up, but all security investments would generate highly negative real returns short-term. Only stock prices might eventually match the inflation rate. TOPIC:Financial crises and financial market history Key Findings • This article provides a timely evaluation of the investment outlook in the context of various scenarios that may unfold as a result of the various measures implemented to prevent the spread of the coronavirus that are inhibiting the production of goods and services at the same time that unlimited monetary and fiscal stimulus is being applied. • With the economic outlook in 2020 being very similar to that in Germany in 1923, the returns on stocks and bonds in that hyperinflation over a century ago are explained to provide perspective on the potential returns on different asset types if the worldwide monetization of the large fiscal deficits continues unabated.

Purpose This paper participates in the debate on market efficiency and correct approach for asset pricing through a comprehensive review of literature in favor, as well as against the long held belief of market efficiency. The purpose of this paper is to understand emerging trends in behavioral finance and establish its future potential as a mainstream alternative theory of asset pricing. Design/methodology/approach The review and discussion of literature is mainly divided into three different sections that are –theories supporting efficient market hypothesis (EMH); studies providing evidences from the stock market on the failure of EMH and studies on behavioral finance, discussing separately investors’ behavioral biases keeping in mind their effect on stock prices; and providing empirical evidences on the effect of investor sentiment on stock prices. Findings The review of literature from both the point of views has helped in understanding the market efficiency issue and changing dynamics of asset pricing approach. This is achieved by highlighting the gaps in the concept of market efficiency and also suggesting how these gaps can be bridged with a superior approach such as behavioral finance. Through further discussion of emerging trends in behavioral finance, the paper also points out gaps and how these can be abridged, for behavioral finance to be accepted as a mainstream alternative approach to EMH. Originality/value This is an extensive and one of a kind study that discusses market efficiency through discussion of EMH and behavioral finance side by side. With the help of such a study, researchers can precisely understand the need and can focus on the future course of action to make behavioral finance a mainstream approach to asset pricing.

LaTeX is a very popular platform for writing papers in economics, mainly due to its superior aesthetics in print. The question is whether the aesthetic (and other) benefits of adopting LaTeX outweigh the opportunity costs of learning and using LaTeX, which can be high even for experienced users. FaKe LaTeX using Microsoft Word has a remarkably similar visual appearance to papers produced in native LaTeX and it is easy to learn and use. This low cost alternative may be appealing to many economists.

The sieves’ manufacturers that want to be competitive at the market must have the implemented quality control system. Different methods, based on taking the sample, which is a representative of the total quantity of the forming sieves production, are applied for evaluation of the sieve’s conformity. The basic characteristics of this type of the quality function are control, measuring and testing of the forming sieves’ properties at the end of the manufacturing process. The objective is to detect and separate the products that deviate from the set criteria, to remain in the factory, then to be repaired if possible or discarded in the opposite case and thus to prevent delivery of the defective sieves to the paper manufacturers.

This research paper explores how the China–Africa Science and Technology (S&T) relationship has evolved over the years based on two specific outputs: research publications and patents. China–Africa...

Although there are a number of excellent suggestions from editors on how to conduct, structure, and publish research in general, we thought it would be useful to offer some guidance from an entrepreneurship perspective. Writing this paper allowed us to reflect on our work as authors, reviewers, and editors to offer some advice in the form of simple rules for conducting entrepreneurship research, templates for structuring entrepreneurship research, and heuristics for writing entrepreneurship research. While not exhaustive, we have focused on the “rules of thumb” that have served us well and we hope that others find them useful.

PurposeThis paper aims to show that when conducting a literature review, important papers can be identified by regressing citation counts on prior publications’ metadata.Design/methodology/approachThe method developed in this paper applies citation count regression analysis to identify important papers that may be overlooked when conducting literature reviews on subject areas with a large population of studies.FindingsThe developed method reduces a literature down to a small sample of important papers for further narrative analysis.Research limitations/implicationsAlthough the most widely used citation count database was used for research, there is a risk that a paper is not indexed; thus, it would be out of the scope of the literature.Practical implicationsThe developed method allows both preliminary selection of important papers for literature review, and robustness and completeness checks for already conducted narrative reviews.Originality/valueThis paper develops an automated search method for identification of important papers based on citation counts. This method allows for the reduction of big samples of research papers into smaller heterogenic subsamples. Like meta-analysis, this method is a quantitative technique that can enhance traditional narrative literature reviews.

Tax Software has become the predominant format used to prepare and file taxes in the U.S. Compared to filing paper returns, tax software significantly changes the reporting environment. For example, tax software uses tax position indicators that update a taxpayer's tax position (i.e. whether they will receive a refund or owe additional tax) in real time as they enter their tax information. This study uses an experiment to investigate how tax compliance decisions made when using tax software with a tax position indicator differ from those made when using paper forms. In addition, we investigate the extent to which taxpayer attitudes (personal norms) impact taxpayer compliance decisions in these two environments (paper v. software). We find that taxpayers using software with a tax position indicator report more (less) cash revenue depending on their “tax due” (“refund”) position, which has both beneficial and negative effects on tax compliance. In addition, we find that taxpayers are strongly influenced by their personal norms in their reporting decisions.

As a commentary paper to the FRL Article Collection on the relationship between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP), the present essay addresses and investigates in depth the heterogeneity of results from existing empirical studies. After an historical excursus on the CSP-CFP link, it emphasizes the need to pay attention to theoretical inaccuracies, endogeneity, sample-selection and aggregation bias as well as to the risk of overinterpretation. Finally, it provides researchers with a documented statement to avoid the theoretical, methodological and technical flaws that have jeopardized antecedent works and shares a range of rationalized, valuable and practicable solutions.

We consider the role of money as a means of payment, store of value and medium of exchange. I outline a number of quantitative and qualitative experiences of monetary management. Successful regimes have sprung up in a variety of surprising places, and been sustained with state (centralised) interventions. Although the link between state and money, and its standard of identity and account may be clear, particularly in earlier stages of economic development, the extent to which the state is widely felt to hold responsibility for 'sound money' is less clear in modern democracies, where there are many other public responsibilities implying ongoing trade-offs.

Are the quantitative equity strategies for country selection robust to implementation costs? To answer this question, we conduct a comprehensive examination of the country-level strategies so far. We review, classify, and replicate 120 equity anomalies within a sample of 42 country equity indices for the years 1996–2017. Next, using ETF price and spread data, we test the effect of real-life conditions and trading costs on the anomaly performance. We also examine three cost-mitigation strategies: infrequent rebalancing, capitalization-based weighting, and focus on low-cost securities. We find that 46% of the long-only monthly rebalanced anomaly portfolios display significant alphas, concentrated strongly among strategies based on value, momentum, and liquidity. The effect of transaction costs proves largely lethal to returns, leaving only a handful of anomalies profitable. Less frequent rebalancing (annually) helps to regain the effectiveness of the strategies, increasing the monthly alphas on the long-only anomaly portfolios to 0.44% on average.

Subject . Management as a science has not arisen from scratch. Management history is an integral part of human history and totals thousands of years. Reasonably a surge of interest to administration issues occurred after bourgeois and industrial revolutions alongside with the class of capitalists was developing. Since their earnings directly depend on how they administer their property. The subject of this work is the economists’ views of that time on the problems of enterprise management. Purpose . The purpose of the article is twofold. 1. To find out what the economists of the 18th and 19th centuries thought of running the enterprise, what problems they considered relevant. 2. The overwhelming majority of management textbooks rightfully begin with the presentation of concept and achievements of management scientific school. However, many thoughts and ideas of managing the enterprise effectively were formulated much earlier. Therefore, the second goal of the article is to reveal the contribution of scientists of this period to the later science of management. The management thought topics of the capitalism development period have not been fully presented in the Russian science. The given article does not claim to cover the topic in detail, but is an attempt to contribute to filling this scientific gap. Methodology . Examination and analysis of the economic works of 18th and 19th centuries (by both scientists and practitioners), their views systematization on the problems of enterprise management. Results . In the result of the analysis it has been shown that the scientists and practitioners of that period realized the necessity of planning, organizing, accounting and controlling at an enterprise. They considered the issues of human resources management and motivation, social responsibility of business. The concept of entrepreneur and the entrepreneur professional capacities were widely discussed. Conclusions . The foundations of management as a science were laid due to consideration of a wide range of issues by scientists and entrepreneurs of that period. These investigations became a basis for further development of management (both as a social phenomenon and as a science) in the 20th century.

This study examines stock market gambling using a comprehensive set of investor characteristics and past portfolio performance measures. We find that retail investors overinvest in ‘lottery stocks’, stocks with gambling-like properties. Significant portfolio underperformance is the result of gambling through lottery stocks. Investors are more likely to gamble following recent portfolio paper gains, regardless of realised performance, providing new evidence that paper gains trigger a house money effect. Investors trading greater values or holding more stocks, and older and female investors, are less likely to invest in lottery stocks.

When choices are made from ordered lists, individuals can exhibit biases toward selecting certain options as a result of the ordering. We examine this phenomenon in the context of consumer response to the ordering of economics papers in an e-mail announcement issued by the NBER. We show that despite the effectively random list placement, papers listed first each week are about 30% more likely to be viewed, downloaded, and subsequently cited. We suggest that a model of “skimming” behavior, where individuals focus on the first few papers in the list due to time constraints, would be most consistent with our findings.

This paper explores the role of profit distribution in the restructuring of the Swedish paper and pulp industry between 1945 and 1977. In addressing this issue, we will draw on the life-cycle theor ...

Of the numerous important, significant, and high-quality papers that have been published in the Journal of Risk and Financial Management (JRFM), the journal’s highly dedicated and efficient team have determined the top 10 cited papers for 2018–2020, as listed in the references, two of which are included in the World Health Organization’s (2020a, 2020b) list of “WHO COVID-19 Global literature on coronavirus disease”, and three of which are sole-authored papers [...]

In this paper, we study the association between commercial paper rating downgrades and expectations of the level and variability of future earnings. Our examination shows that such rating downgrades are associated with a significant reduction in analyst forecasts of near-term earnings. We document a tendency by financial analysts at the Value Line Investment Survey to progressively revise their estimates of quarterly earnings downward on average and implement two methods to control for the resulting bias. The reduction in earnings estimates is robust to these controls. In addition, we observe an increase in systematic risk for a subset of firms for which the downgrade implies exit from the commercial paper market. Analysis of stock price changes around the downgrade announcement dates shows that although the information on lower future earnings reflected in mild rating downgrades merely confirms market beliefs, the information on lower level and/or higher variability of future earnings associated with severe downgrades constitutes new information unavailable to the market prior to the rating change announcement.

Purpose – The purpose of this research is to know the influence of manufacture of textiles, clothing, and leather and manufacture of paper, printing, and publishing on economic growth. Design/Methodology/Approach – The method of research used was a causal research design in North Sumatera Province. The data used are secondary data sourced from Statistics Agency of North Sumatera Province. The method of analysis used in this research is SEM method using software Smart PLS. Findings – The results show that manufacture of textiles, clothing, and leather and manufacture of paper, printing, and publishing influence to the economic growth. Research Limitations/Implications – Limitations of the study included not analyzing by data pooling, and samples were restricted only to North Sumatra Province. The implication of this research is that the variables of manufacture of textiles, clothing, and leather give a significant contribution to the economic growth of North Sumatra. To this end, that need to be made some policies shoul be implemented to facilitate manufacture of textiles, clothing, and leather others invest in the district and city in North Sumatra. Originality/Value – The originality of this study attempts to examine export indicators in certain segments where other studies do not examine them.

This note introduces eight studies presented at the second International Workshop on Financial Markets and Nonlinear Dynamics (FMND), organized in Paris on June 4–5, 2015 (www.fmnd.fr). These studies focus, first, on the main effects of the recent financial crisis of 2008–2009. Second, they discuss consequences of the global economic downturn of 2008–09. To do this, the authors focus on the main effects on real economies and financial systems of the financial crisis and then sum up the key reforms, recommendations and new rules and challenges that emerged from the crisis. For each paper under consideration, the economic theory and/or hypothesis suggested is illustrated through an empirical investigation.

The global financial sector recently suffered from two interrelated crises: the credit crisis and the sovereign debt crisis. A common question is whether the recent experience with the credit crisis has helped in dealing with the sovereign debt crisis. We study more specifically whether banks with powerful CEOs perform better or worse than other banks, and if there is any difference in this relationship between the two crises. Using unique hand-collected data for 378 large global banks, we find that CEO power has a significant positive relation to bank profitability and asset quality, but also to insolvency risk, during the sovereign debt crisis. Thus, strong CEOs do not appear to be detrimental to bank performance. Our results also support the idea that deposit insurance may have contributed to the credit crisis.

The hype surrounding smart beta is drowning out valuable insights for improving investment outcomes. The core idea of smart beta—that factors independent of market direction are sources of sustainable and diversifying returns—is foremost among those insights. Unfortunately, the key selling points of most smart beta products—simplicity, transparency, and static implementation—actually make factor-based investing less effective. Smart beta also tends to be long only, equity focused, and single factor. The most promising forms of factor-based investing move beyond one or more of these constraints. In this article, the authors offer a “buyer’s guide” for linking factor-driven strategies to investors’ long-term objectives—one that may not mean “buying” any of the products on offer today.

In this paper we investigate sources and characteristics of value, size and momentum profits on the Polish stock market. The research aims to broaden the academic knowledge in a few ways. First, we deliver fresh out-of-sample evidence on value, momentum, and size premiums. Second, we analyze the interdependences among the factors. Third, we investigate whether the factor premiums are present after accounting for liquidity constraints. Fourth, we check whether the factor premiums are robust to transaction costs. Our research is based on all the stocks listed on the WSE in years 2001-2013. We find, that the value, momentum, and size premiums are to some extent present on the Polish market. Furthermore, they strengthen each other, but they disappear after accounting for transaction costs and liquidity.

Corporate research in the life sciences endures, despite diminishing in other fields of science. Corporate research in the life sciences endures, despite diminishing in other fields of science.

This paper introduces the review process to new researchers, describes the institutional background for reviews, and provides advice to reviewers. The objectives of a quality review are (1) to assist the editor in his/her gatekeeping role, and (2) to assist the authors in improving their work. We argue that the review process plays a critical role in the dissemination of research that ultimately provides credibility to the body of academic knowledge. This process relies on expert, anonymous reviews by established researchers (typically those who have already published in top journals on similar topics). Because reviewers are relatively scarce, and anonymous, the review process also relies on the personal ethics of reviewers. Invitations to review should only be accepted if the researcher has the skill, time, objectivity, and inclination to do a quality review. A quality review should consider the contribution, execution, and conclusions of the paper.

Over the past decades, football (soccer) has continued to draw more and more attention from people all over the world. Meanwhile, the appearance of the internet led to a rapidly growing market for online bookmakers, companies which offer sport bets for specific odds. With numerous matches every week in dozens of countries, football league matches hold enormous potential for developing betting strategies. In this context, a betting strategy beats the bookmaker if it generates positive average profits over time. In this paper, we developed a data-driven framework for predicting the outcome of football league matches and generating meaningful profits by betting accordingly. Conducting a simulation study based on the matches of the five top European football leagues from season 2013/14 to 2017/18 showed that economically and statistically significant returns can be achieved by exploiting large data sets with modern machine learning algorithms. Furthermore, it turned out that these results cannot be reached with a linear regression model or simple betting strategies, such as always betting on the home team.

The European desire to ensure that bearers of EU rights are adequately compensated for any infringement of these rights, particularly in cases where the harm is widely diffused, and perhaps not even noticed by those affected by it, collides with another desire: to avoid the perceived excesses of an American-style system of class actions. The excesses of these American class actions are in European discourse presented as a sort of bogeyman, which is a source of irrational fear, often presented by parental or other authority figures. But when looked at critically, the bogeyman disappears. In this paper, I examine the European (and UK) proposals for collective action. I compare them to the American regime. The flaws and purported excesses of the American regime, I argue, are exaggerated. A close, objective examination of the American regime shows this. I conclude that it is not the mythical bogeyman of a US class action that is the barrier to effective collective redress; rather, the barriers to effective, wide-ranging group actions lie within European legal culture and traditions, particularly those mandating individual control over litigation.

Deadline: 15 October 2017While the study of innovation and entrepreneurship is a diverse, multi-disciplinary endeavor, the role of culture is often neglected or under-emphasized (Lounsbury & Glynn,...

It is often said that the real estate market is divided geographically in such a manner that the value of attributes of real estate properties is different for each area. This study proposes a new approach to the investigation of the geographical segmentation of the real estate market. We develop a price model with many regional explanatory variables, and implement the generalized fused lasso - a regression method for promoting sparsity - to extract the areas where the valuation standard is the same. The proposed method is applied to rental data of apartments in the Tokyo metropolitan area, and we find that the geographical segmentation displays hierarchal patterns. Specifically, we observe that the market is divided by wards, railway lines and stations, and neighbourhoods.

Purpose The purpose of this paper is to explain and critically analyse the Sharīʿah screening criteria and cleansing process for income generated from stocks with a special focus on a newly developed ISRA-Bloomberg methodology. Design/methodology/approach The paper focuses on the methodology of ISRA-Bloomberg in terms of Sharīʿah screening of stocks and the income cleansing process. To achieve this objective, this paper adopts a descriptive approach. Findings The methodology of ISRA-Bloomberg is unique in terms of its criterion for screening stocks, the cleansing process and coverage of the universe of stocks. It facilitates the investors by offering a novel colour-coding scheme to indicate the Sharīʿah compliance of a stock. It also provides the exact ratios of the Sharīʿah-compliance criteria to the investors so they can closely observe changes in the trend of ratios and decide beforehand whether or not a company is likely to remain within the Sharīʿah-compliant list. The paper further discusses the issues in the screening and cleansing practices faced by the industry. Research limitations/implications This research is limited to the criteria of screening and income purification of stocks which have been used by ISRA-Bloomberg from a Sharīʿah perspective. Practical/implications The robust screening criteria and comprehensive analysis of the stocks will enhance the confidence of Islamic capital market participants. The investors, regulators and index providers will be equally able to benefit from this initiative. Originality/value The paper focuses on the recently established methodology of ISRA-Bloomberg, which has not been discussed in the literature until now. The methodology, because of its exceptionality, may add a new dimension to Sharīʿah screening and cleansing of stocks.

This study explores the short-run spillover effects of popular research papers. We consider the publicity of ‘Male Organ and Economic Growth: Does Size Matter?’ as an exogenous shock to economics discussion paper demand, a natural experiment of a sort. In particular, we analyze how the very substantial visibility influenced the downloads of Helsinki Center of Economic Research discussion papers. Difference in differences and regression discontinuity analysis are conducted to elicit the spillover patterns. This study finds that the spillover effect to average economics paper demand is positive and statistically significant. It seems that hit papers increase the exposure of previously less downloaded papers. We find that part of the spillover effect could be attributable to Internet search engines’ influence on browsing behavior. Conforming to expected patterns, papers residing on the same web page as the hit paper evidence very significant increases in downloads which also supports the spillover thesis. JEL Classification A11, C21 MSC Classification 97K80 Electronic supplementary material The online version of this article (doi:10.1186/2193-1801-2-168) contains supplementary material, which is available to authorized users.

Summary This article evaluates three different questioning techniques for measuring the prevalence of plagiarism in student papers: the randomized response technique (RRT), the item count technique (ICT), and the crosswise model (CM). In three independent experimental surveys with Swiss and German university students as subjects (two web surveys and a survey using paper and- pencil questionnaires in a classroom setting), each of the three techniques is compared to direct questioning and evaluated based on the “more-is-better” assumption. According to our results the RRT and the ICT failed to reduce social desirability bias in self-reports of plagiarism. In contrast, the CM was more successful in eliciting a significantly higher rate of reported sensitive behavior than direct questioning. One reason for the success of the CM, we believe, is that it overcomes the “self-protective no” bias known from the RRT (and which may also be a potential problem in the ICT).We find rates of up to 22 percent of students who declared that they ever intentionally adopted a passage from someone else’s work without citing it. Severe plagiarism such as handing in someone else’s paper as one’s own, however, seems to be less frequent with rates of about 1 to 2 percent.

Purpose: This paper identifies what business faculty, new PhDs, graduate students, practitioners, and other scholars can do to improve the likelihood of publishing their research in academic journals. Design/methodology/approach: Despite the fact that well educated scholars are generally well informed about management principles and theories, the success rate for obtaining acceptance of papers submitted to academic journals is typically well below 50% -- with some journals rejecting up to 95% of papers submitted. Findings: This paper identifies principles important to writing an academic paper, questions to address to ensure that those papers achieve a high standard, realities that impact the publishing process, and stumbling blocks to overcome to get a publication accepted. Originality/value: This article highlights the overlooked concept of flair factors in the selection process, identifies six factors that are vital for successful employee selection, suggests three tools to improve selection processes, and presents five propositions for practitioners and scholars.