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Routines, Capabilities and Innovation in the Brazilian Wine Industry
Cherubini Alves,André; Carneiro Zen,Aurora; Domingus Padula,Ant?nio;
Journal of technology management & innovation , 2011, DOI: 10.4067/S0718-27242011000200009
Abstract: as environments become more competitive and change, firms need to look for new ways of competing by implementing changes and innovations aiming at improving or even building new capabilities. through multiple case studies, we examine the relationship between routines, capabilities and innovation seeking to identify the changes and innovations that have occurred along the trajectory of two wine producing firms in the serra gaúcha of rio grande do sul, brazil. the results indicate that both companies submitted changes/innovations in routines and capabilities, however, the different strategies and decisions made led to totally different outcomes in terms of size, growth and market-share.
Impact of Psychological Traits on Rationality of Individual Investors  [PDF]
Bashir Ahmad Joo, Kokab Durri
Theoretical Economics Letters (TEL) , 2018, DOI: 10.4236/tel.2018.811129
Abstract: Over the years it has been noted that investors suffer from number of biases that affect their rationality while they take investment decisions and as such it is must for stakeholders to have an idea of these biases. Thus the objective of this paper is to explore the factors which affect the investors’ rational behavior in the stock market decisions. The authors have designed well-structured questionnaire to empirically investigate the presence of psychological traits in the individual investors’ financial decisions. Deduction approach of research has been used in present study because the main objective of the study is to identify the psychological traits that influence the decision making of individual investors, which are already out there, without inferring and building theory. Based on the data collected from 303 respondents and by applying Exploratory Factor Analysis (EFA), the study could identify the five main psychological traits including the newly identified bias i.e. “faith” that have substantial influence on the rationality of investors. Further, the results of regression analysis reveal that faith, heuristics, confirmation, pessimism, over-confidence and optimism and herd behavior are statistically significant psychological traits and all these variables collectively explain the 35 per cent variation in rational behaviour of investors. Finally, this study asserts that there is an urgent need to have the unified theory of behavioural finance and standard finance, the emphasis of which should be in identifying portfolio anomalies that can be explained by various psychological traits in individual investors for bringing greater efficiency in our stock markets.
Investors’ Risk Preference Characteristics and Conditional Skewness  [PDF]
Fenghua Wen,Zhifang He,Xiaohong Chen
Mathematical Problems in Engineering , 2014, DOI: 10.1155/2014/814965
Abstract: Perspective on behavioral finance, we take a new look at the characteristics of investors’ risk preference, building the D-GARCH-M model, DR-GARCH-M model, and GARCHC-M model to investigate their changes with states of gain and loss and values of return together with other time-varying characteristics of investors’ risk preference. Based on a full description of risk preference characteristic, we develop a GARCHCS-M model to study its effect on the return skewness. The top ten market value stock composite indexes from Global Stock Exchange in 2012 are adopted to make the empirical analysis. The results show that investors are risk aversion when they gain and risk seeking when they lose, which effectively explains the inconsistent risk-return relationship. Moreover, the degree of risk aversion rises with the increasing gain and that of risk seeking improves with the increasing losses. Meanwhile, we find that investors’ inherent risk preference in most countries displays risk seeking, and their current risk preference is influenced by last period’s risk preference and disturbances. At last, investors’ risk preferences affect the conditional skewness; specifically, their risk aversion makes return skewness reduce, while risk seeking makes the skewness increase. 1. Introduction Risk preference refers to the attitude people hold towards risks, which is a key factor in studies on investors’ decision-making behavior. Standard financial theory assumes that investors are rational and believes that when making investment decisions they tend to have invariant risk preferences-risk averse. However, as the research goes, people gradually find that the investors’ decision-making behavior in real life does not always comply with the assumption of rationality and their behaviors are usually limited by their own cognitive biases and external environment, leading to their risk preferences varying with different situations. With the development of behavioral finance, a multitude of research indicated that the result of investment in the financial market can affect their decisions, making them exhibit inconsistent risk preference. Prospect Theory proposed by Kahneman and Tversky [1] had described some prominent psychological traits of investors in their decision-making under uncertainty. Their experiments suggested that individuals tend to be risk averse with gain and risk seeking with loss, which have been confirmed by a variety of subsequent studies. For example, Laughhunn and Payne [2] found evidence that 20 managers in the process of their multiple risk choice
Market Microstructure: Rationality As Defined By The Economic Maxims And Rationality As Defined By Fama, Efficient Market Hypotheses And Opportunity To Beat Share Markets  [cached]
Liza Marwati binti Mohd Yusoff
International Journal of Business and Management , 2009, DOI: 10.5539/ijbm.v3n4p53
Abstract: This paper reviews the theory of market microstructure rigorously with the objective to relate it to the rationality as defined by the economic maxims and as defined by Fama, efficient market hypotheses and to infer what the theory has to say about the opportunity to beat the stock markets. It was found that the concept of rationality as defined by the economic maxims is inherent in dealer’s optimization problem, multiple provider of liquidity and the information based model. While the concept of rationality as defined by Fama is embedded in the later development in information based model that considers private information as another source of risk for non informed investors. Efficient market hypotheses is linked to the dealer’s optimization problem and information based model.
Recommending Investors for Crowdfunding Projects  [PDF]
Jisun An,Daniele Quercia,Jon Crowcroft
Computer Science , 2014,
Abstract: To bring their innovative ideas to market, those embarking in new ventures have to raise money, and, to do so, they have often resorted to banks and venture capitalists. Nowadays, they have an additional option: that of crowdfunding. The name refers to the idea that funds come from a network of people on the Internet who are passionate about supporting others' projects. One of the most popular crowdfunding sites is Kickstarter. In it, creators post descriptions of their projects and advertise them on social media sites (mainly Twitter), while investors look for projects to support. The most common reason for project failure is the inability of founders to connect with a sufficient number of investors, and that is mainly because hitherto there has not been any automatic way of matching creators and investors. We thus set out to propose different ways of recommending investors found on Twitter for specific Kickstarter projects. We do so by conducting hypothesis-driven analyses of pledging behavior and translate the corresponding findings into different recommendation strategies. The best strategy achieves, on average, 84% of accuracy in predicting a list of potential investors' Twitter accounts for any given project. Our findings also produced key insights about the whys and wherefores of investors deciding to support innovative efforts.
Correlates of Family Routines in Head Start Families  [cached]
Susan L. Churchill,Zolinda Stoneman
Early Childhood Research & Practice , 2004,
Abstract: The popular parenting literature places great importance on the role of routines in children's lives. Empirical research on family routines, however, is limited. This study examined correlates of family routines in a Head Start population in order to better understand their significance in the lives of families. Weak correlations were found between family demographic characteristics and the number of established routines in the home. No correlations were found between family routines and teacher and observer ratings of child outcomes and standardized test scores for the full sample. Mothers' reports of their depression levels and their children's behavior problems were correlated with the number of routines in the home. Interesting sex differences emerged, in that teachers' and observers' ratings of girls' outcomes and mothers' ratings of girls' behavior were related to the number of family routines, but boys' behavior was not.
The Institutional Investors and Corporate Governance
Niculae Feleaga
Theoretical and Applied Economics , 2006,
Abstract: The years between 1990-2000 represented the rising power period for the institutional investors, especially within the developed countries. In the Anglo-Saxon environment, such a growth significantly modified the structure of companies’ shareholder frameworks. The development and the institutionalization of the stock exchange market determined the companies’ bonds to be more concentrated within the hands of the financial institutions, which have a superior economic expertise, rather than do the natural persons when saving. In order to diminish the informational lack of symmetry, between the company’s leaders and its shareholders, and for influencing the leaders in managing the enterprise – with the purpose of maximizing value – some institutional investors tried to implement an external control system. Therefore, they formulated new corporate governance procedures. The development of the institutional investors is part of a reform movement targeted towards the macro-financial environment. That is why, two important elements deserve to be mentioned: the households’ financial patrimonies and the structure of the financing frameworks. The institutional investors are essentially the mutual funds, the insurance companies and the pension funds, and therefore they manage considerable amounts of capital (in thousands of billions of dollars) within the assembly of OCDE countries.
Stable rationality and conic bundles  [PDF]
Brendan Hassett,Andrew Kresch,Yuri Tschinkel
Mathematics , 2015,
Abstract: We study stable rationality properties of conic bundles over rational surfaces.
Opportunistic Routing Based on Daily Routines  [PDF]
Waldir Moreira,Paulo Mendes,Susana Sargento
Computer Science , 2014, DOI: 10.1109/WoWMoM.2012.6263749
Abstract: Opportunistic routing is being investigated to enable the proliferation of low-cost wireless applications. A recent trend is looking at social structures, inferred from the social nature of human mobility, to bring messages close to a destination. To have a better picture of social structures, social-based opportunistic routing solutions should consider the dynamism of users' behavior resulting from their daily routines. We address this challenge by presenting dLife, a routing algorithm able to capture the dynamics of the network represented by time-evolving social ties between pair of nodes. Experimental results based on synthetic mobility models and real human traces show that dLife has better delivery probability, latency, and cost than proposals based on social structures.
Schizophrenic Representative Investors  [PDF]
Philip Z. Maymin
Quantitative Finance , 2010,
Abstract: Representative investors whose behaviour is modelled by a deterministic finite automaton generate complexity both in the time series of each asset and in the cross-sectional correlation when the rule governing their behaviour is schizophrenic, meaning the investor must hold multiple seemingly contradictory beliefs simultaneously, either by switching between two different rules at each time step, or computing different responses to different assets.
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