Does managerial turnover affect football club share prices?

This paper analyses the 53 managerial sackings and resignations from 16 stock exchange listed English football clubs during the nine seasons between 2000/01 and 2008/09. The results demonstrate that, on average, a managerial sacking results in a post-announcement day market-adjusted share price rise of 0.3%, whilst a resignation leads to a drop in share price of 1% that continues for a trading month thereafter, cumulating in a negative abnormal return of over 8% from a trading day before the event. These findings are intuitive, and suggest that sacking a poorly performing manager may be welcomed by the markets as a possible route to better future match performance, while losing a capable manager through resignation, who typically progresses to a superior job, will result in a drop in a club’s share price. The paper also reveals that while the impact of managerial departures on stock price volatilities is less clear-cut, speculation in the newspapers is rife in the build-up to such an event.

Can perceptual differences account for managerial success?: the case of Japanese aid workers

Purpose – There is a wealth of studies which suggest that managers' positive perceptions/expectations can considerably influence the organisational performance; unfortunately, little empirical evidence has been obtained from development studies. This research aims to focus on the perceptual and behavioural trait differences of successful and unsuccessful aid workers, and their relationship with organisational performance. Design/methodology/approach – Through web-based survey, 244 valid responses were obtained from the Japan International Cooperation Agency (JICA)-aid managers worldwide. Five perception related factors were extracted and used for cluster analysis to group the respondents. Each cluster's perception/behaviour-related factors and organisational performance variables were compared by ANOVA. Findings – It was discovered that Japanese's positive perception/expectation about work and their local colleagues was related to higher organisational performance, and conversely, the negative perception on their part was generally associated with negative behaviour and lower organisational performance. Moreover, in a development context, lower work-related stress and feelings of resignation toward work were strongly associated with the acceptability of cross-cultural work environment. Practical implications – The differences in perceptual tendencies suggest that cautious consideration is advised since these findings may mainly apply to Japanese aid managers. However, as human nature is universal, positive perception and behaviour would bring out positive output in most organisations. Originality/value – This study extended the contextualised “Pygmalion effect” and has clarified the influence of perception/expectation on counter-part behaviour and organisational performance in development aid context, where people-related issues have often been ignored. This first-time research provides imperial data on the significant role of positive perception on the incumbent role holder.

Grammatical abilities of Greek-speaking children with autism

This study investigates pronoun reference and verbs with non-active morphology in high functioning Greek-speaking children with Autism Spectrum Disorders (ASD). It is motivated by problems with reflexive pronouns demonstrated by English-speaking children with ASD, and the fact that reflexivity is additionally expressed via non-active (reflexive) verbs in Greek. Twenty 5- to 8-year-old children with ASD and twenty vocabulary matched typically developing controls of the same age range completed a sentence-picture matching, an elicitation, and a judgment task. Children with ASD did not differ from controls in interpreting reflexive and strong pronouns, but were less accurate in the comprehension of clitics and omitted clitics in their production. The findings render clitics a vulnerable domain for autism in Greek, and potentially for other languages with clitics, and suggest that this could be a consequence of difficulties in the syntax-pragmatics or the syntax-phonology interface. The two groups did not differ in the comprehension of non-active morphology, but were less accurate in passive than reflexive verbs. This difference is likely to stem from the linguistic representation associated with each type of verb, rather than their input frequency.

The effect of cues on young children’s abilities to discriminate among thoughts, feelings and behaviours

Objective: To determine if cues help young children discriminate among thoughts, feelings and behaviours. Participants: Ninety-six children aged 4–7 years from three schools in Norwich, UK. Design: Within each age band (4, 5, 6, 7), children were randomised to the cue or the no cue condition on a stratified basis ensuring that equal numbers of boys and girls from each school were in each of the eight cells (cue condition×age). Cues were glove puppets and post boxes. The effect of IQ was controlled. Measures: A discrimination task, in which children were asked to identify a thought, a feeling and a behaviour from each of six brief stories, and a brief IQ assessment were administered to children individually. Results: There was a significant effect of age and cue condition on performance; older children and those who were presented with the cue performed better. There were no gender differences and no interaction between cue condition and age. Conclusion: Many young children discriminated among thoughts, feelings and behaviours suggesting that they may be able to engage in this aspect of cognitive behaviour therapy. Simple cues (puppets and posting boxes) improved children’s performance and these may be useful therapeutic tools with young children.

Cognitive Therapy Abilities in People with Learning Disabilities

Background  There is a need to develop and adapt therapies for use with people with learning disabilities who have mental health problems. Aims  To examine the performance of people with learning disabilities on two cognitive therapy tasks (emotion recognition and discrimination among thoughts, feelings and behaviours). We hypothesized that cognitive therapy task performance would be significantly correlated with IQ and receptive vocabulary, and that providing a visual cue would improve performance. Method  Fifty-nine people with learning disabilities were assessed on the Wechsler Abbreviated Scale of Intelligence (WASI), the British Picture Vocabulary Scale-II (BPVS-II), a test of emotion recognition and a task requiring participants to discriminate among thoughts, feelings and behaviours. In the discrimination task, participants were randomly assigned to a visual cue condition or a no-cue condition. Results  There was considerable variability in performance. Emotion recognition was significantly associated with receptive vocabulary, and discriminating among thoughts, feelings and behaviours was significantly associated with vocabulary and IQ. There was no effect of the cue on the discrimination task. Conclusion  People with learning disabilities with higher IQs and good receptive vocabulary were more likely to be able to identify different emotions and to discriminate among thoughts, feelings and behaviours. This implies that they may more easily understand the cognitive model. Structured ways of simplifying the concepts used in cognitive therapy and methods of socialization and education in the cognitive model are required to aid participation of people with learning disabilities.

Endogenous managerial compensation contracts in experimental quantity-setting duopolies

Given the ongoing debate on managerial compensation schemes, our paper offers empirical insights on the strategic choice of firms' owners over the terms of a managerial compensation contract, as a commitment device aiming at gaining competitive advantage in the product market. In a quantity setting duopoly we experimentally test whether firms' owners compensate their managers through contracts combining own profits either with revenues or with relative performance, and the resulting managerial behaviour in the product market. Prominent among our results is that firms' owners choose relative performance over profit revenue contracts more frequently. Further, firms' owners successfully induce a more aggressive behaviour by their managers in the market, by setting incentives which deviate from strict profit maximization.

Pragmatic abilities of high-functioning Greek-speaking children with autism

This paper reports on the findings of the pragmatic abilities of Greek-speaking children with autism spectrum disorders (ASD). Twenty high functioning children with ASD and their typically developing age and vocabulary controls were administered a pragmatics task. The task was based on the Diagnostic Evaluation of Language Variation (DELV) in the context of a larger study targeting the grammar of Greek-speaking children with autism, and assessed the children’s abilities in communicative role taking, narrative, and question asking. The children with ASD showed an uneven profile in their pragmatic abilities. The two groups did not differ in communicative role taking and question asking. However, the children with ASD had difficulties on the narrative task, and more specifically, on the items assessing reference contrast and temporal links. Yet, they performed similarly on the mental state representations and the false beliefs items. Despite their good performance on mental states and false beliefs, the ASD children’s lower performance on reference contrast can be interpreted via Theory of Mind deficits if we assume that the former involve an additional level of complexity; namely, quantifying the amount of information available to the listener. Lower performance on temporal links is in line with the ASD children’s attested difficulties in organizing events into a coherent gist. Their overall profile, and, in particular, the dissociation between the different sections of the task, does not support single deficit accounts. It rather indicates that the deficits of individuals with ASD stem from distinct deficits in core cognitive processes (Happé & Frith, 2006).