Investor heterogeneity and the cross-sectional stock returns in China

We examine the relationship between divergence of opinion and the cross-sectional stock returns in Chinese A share market where short-selling of stocks is prohibited by law. Using a proxy for divergence of opinion among the entire investor base, we document a positive relationship between divergent beliefs and future stock returns. This is in sharp contrast to Miller's (1977) prediction of a negative relationship between the two. The result is likely to be driven by the dominance of individual investors and their speculative trading behaviors in China. Miller's prediction is confirmed when divergence of opinion is measured using data on mutual fund holdings. Our results are robust to a number of common return predictors. We also find a significantly negative relationship between the fraction of tradable shares in listed Chinese companies and future stock returns. Increase in the fraction of tradable shares tends to reduce the predictability of stock returns using divergence of opinion.

Advocating avatars: the salesperson in second life

Interactive digital media are revolutionizing the marketing landscape. The virtual world is a dominant player in this new panorama, with exchanges in the virtual marketplace approaching $2 billion annually. While virtual, like real world, exchanges require buyers and sellers, there is little or no understanding of this disembodied sales process. The current study seeks to address this gap in knowledge by employing an ethnographic methodology in which researchers incarnate in Second Life to explore the personal selling process. Specifically, the various notions of the "self" that constitute the avatar salesperson are explored. Findings from this exploratory study suggest a relationship between the nature of the self and the type of exchange. From this, a conceptual model for the study of the virtual selling self is presented, propositions developed, and managerial implications for the virtual sales force suggested.

Effective writing for health professionals : a guide to getting published

Written by a best-selling academic author, Effective Writing for Health Professionals provides insights and strategies for publishing designed for nurses, midwives and health professionals

Does food store access modify associations between intrapersonal factors and fruit and vegetable consumption?

Background/Objectives:Existing theoretical frameworks suggest that healthy eating is facilitated by an individual's ability, motivation and environmental opportunities. It is plausible, although largely untested, that the importance of factors related to ability and motivation differ under varied environmental conditions. This study aimed to determine whether the magnitude of associations between fruit and vegetable consumption and intrapersonal factors (ability and motivation) were modified by differences in access to stores selling these items (environmental opportunities).Subjects/Methods: Cross-sectional analysis of 4335 women from socioeconomically disadvantaged neighbourhoods in the state of Victoria, Australia. Self-reported fruit and vegetable consumption was assessed against a number of ability- and motivation-related factors. To examine whether associations were modified by store access, interactions with access to supermarkets and greengrocers within 2 km of participants' households were tested.Results:Of the two factors related to ability and seven factors related to motivation, almost all were associated with fruit and vegetable consumption. In general, associations were not modified by store access suggesting that these factors were not tempered by environmental opportunities.Conclusions:This study provides little support for the hypothesis that the importance of intra-personal factors to fruit and vegetable consumption is modified by food store access. Further research on this topic is required to inform behaviour change interventions.European Journal of Clinical Nutrition advance online publication, 21 January 2015; doi:10.1038/ejcn.2014.287.

Introduction : democracy and history

The notion that democracy could have a ‘secret’ history might at first seem strange to many readers. Indeed, the history of democracy has become so standardized, is so familiar and appears to be so complete that it is hard to believe that it could hold any secrets whatsoever. The ancient Greek practice of demokratia and the functions of the Roman Republic are foundational to Western understanding of politics; school textbooks introduce the Magna Carta and the rise of the English Parliament; Hollywood blockbusters recount the events surrounding the American Declaration of Independence; many best-selling novels have been written about the French Revolution; and the gradual global spread of the Western model of democracy has been a recurrent news story since the end of the Cold War. So pervasive is this traditional story of democracy that it has achieved the status of received wisdom: endlessly recycled without criticism by policy-makers, academics, in the popular media and in classrooms across the world.

Contribution of objective and subjective attributes to the variation in the whiteness and brightness of commercial mohair sale lots

Colour properties are measured prior to the sale of merino wool as they are of commercial importance when greasy wool is sold and when wool is dyed. With the paucity of knowledge of the colour properties of commercial mohair, this study aimed to identify and quantify the factors affecting the brightness (Y) and yellowness (Y-Z) values of commercial lots of Australian mohair. The research database comprised 520 sale lots (>500,000 kg mohair), which had tristimulus tests, and was sold during the period 2001–2009. Mohair was subjectively classed and sale lots objectively tested using international standard methods for mean fibre diameter (MFD, μm), fibre diameter coefficient of variation (%), International Wool Testing Organization (IWTO) clean wool base (IWTO yield, %w/w), vegetable matter (VM, %w/w) and the tristimulus values X, Y and Z (T units). The tristimulus values of Australian mohair were affected by the objective measurements of MFD, VM%, the subjective classing of stain, cotting, kemp and length and by the year and selling season. Variation in Y was more easily predicted with 90.5% of variance explained by the best model compared with variation in Y-Z, where the best model explained 51.6% of the total variance. Visually assessed properties of the mohair were very important in separating mohair of different Y properties, accounting for almost 80% of the total variance, but were far less important in accounting for the variance in Y-Z, accounting for about 9–10% of the total variance. The most important effects on the Y of mohair were associated with subjectively determined fault categories determined before the sale of mohair. In particular, stain fault explained about two-thirds of the variance in brightness of mohair sale lots. Stained mohair had much lower brightness than mohair free of stain but stain fault explained very little of the variation in yellowness of mohair sale lots. The extent of the differences in tristimulus values between seasons and years were not large for Y but were more important for yellowness (Y-Z), and these effects are likely to be of commercial importance. Generally, brightness decreased and yellowness increased as MFD increased up to about 30 μm. Both cotting and kemp fault were associated with reduced brightness and increased yellowness. The effects of VM% on tristimulus values were small. IWTO yield was associated with changes in tristimulus values, but in the best model, IWTO yield was not a significant determinant. This study indicates that commercial Australian fleece (nonfaulted) mohair was essentially white. Faulted mohair on the other hand exhibited poorer colour characteristics. The mohair subjectively identified as stained prior to sale comprised all the mohair which would be regarded as not white, and this investigation indicates that the effect of staining is on the brightness of mohair rather than the Y-Z measurement. Unlike the situation with merino wool, there was little relationship between the naturally occurring contaminants, as measured by the IWTO washing yield, and either Y or Y-Z.

The methodology in empirical sales ethics research: 1980-2010

The study examines the research methodology of more than 200 empirical investigations of ethics in personal selling and sales management between 1980 and 2010. The review discusses the sources and authorship of the sales ethics research. To better understand the drivers of empirical sales ethics research, the foundations used in business, marketing, and sales ethics are compared. The use of hypotheses, operationalization, measurement, population and sampling decisions, research design, and statistical analysis techniques were examined as part of theory development and testing. The review establishes a benchmark, assesses the status and direction of the sales ethics research methodology, and helps inform researchers who need to deal with increasing amounts of empirical research. The investigation identified changing sources of publication with the Journal of Business Ethics and the Journal of Personal Selling & Sales Management maintaining their position as the main conduit of high quality empirical sales ethics research. The results suggest that despite the use of theoretical models for empirical testing, a greater variety of moral frameworks and wider use of marketing exchange theory is needed. The review highlights many sound aspects about the empirical sales ethics research statistical methodology but also raises concerns about several areas. Ways in which these concerns might be addressed and recommendations for researchers are provided. © 2013 Springer Science+Business Media Dordrecht.

Initiation of trades on the Chinese stock market

The flow of orders from buyers and sellers, relative to past returns and stock characteristics, was examined in the Chinese stock market. Order imbalance (the gap between buyer-and seller-initiated trades) was found to be negatively related to long term returns. Turn of the calendar year trading provided strong indications of tax-motivated trading as well as support for the flight-to-quality hypothesis, which suggests selling in response to perceived increases in market risk.

Management trading in Chinese entrepreneurial firms on the ChiNext

We examine management trading in Chinese entrepreneurial firms on the ChiNext. We find that management shareholdings are considerably high, and executives tend to sell their shares after the IPOs on the ChiNext. The propensity for executives to sell shares is negatively correlated with the firms corporate governance and current operating cash flows, but the amount they sell is only positively correlated with the level of management holdings. Both the management selling decision and percentage of selling do not associate with firms earnings and sales growth. This suggests that managers are profit makers rather than informed traders in their selling activities on the ChiNext. We also find that the market reaction to management selling is substantially negative, which implies a herding effect of investors following executives to sell shares.

Effects of the SEC's XBRL mandate on financial reporting comparability

© 2015 Elsevier Inc. In 2009, the US Securities and Exchange Commission (SEC) made it mandatory for firms to file interactive data using XBRL along with their 10-K and 10-Q reports on EDGAR. There was an initial three-year phase-in period, with the first (last) phase covering the largest (smallest) firms in the US capital markets. We examine the implications of the SEC's XBRL mandate for financial statement comparability. Our results indicate that financial statement comparability declined in the initial years after the mandate. We also find that firms that use more company-specific extension taxonomies (companies are allowed to use their own taxonomies when the standard taxonomy provided by the Financial Accounting Standards Board (FASB) is inadequate) have lower financial statement comparability in the post-mandate years. Finally, we document that the level of discretion involved in measuring particular financial statement line items is related to the post-mandate change in comparability - we find that selling, general and administrative expense (SG&A) comparability declined after the mandate, while depreciation comparability did not change.

Digital marketing of unhealthy foods to Australian children and adolescents

The emergence of new media—including branded websites, social media and mobile applications—has created additional touch points for unhealthy food and beverage companies to target children and adolescents. The aim of this study was to perform an audit of new media for three top selling food and beverage brands in Australia. The top selling brand in three of the most advertised food and beverage categories was identified. Facebook, websites and mobile phone applications from these three brands were assessed using a combination of descriptive analyses and structured data collection during June and July 2013. Information on target audience, main focus of the activity, marketing strategies employed and connectivity were collected. Promotional activities were assessed against industry self-regulatory codes. McDonald's, Coca-Cola and Cadbury Dairy Milk were audited, with 21 promotional activities identified. These promotional activities appeared to use a number of marketing strategies, with frequent use of indirect product association, engagement techniques and branding. We identified strategic targeting of both children and adolescents. We found that while all promotional activities technically met self-regulatory codes (usually due to media-specific age restrictions) a number appeared to employ unhealthy food or beverage marketing directed to children. Brands are using engaging content via new media aimed at children and adolescents to promote unhealthy food and beverages. Given the limitations of self-regulatory codes in the context of new media, strategies need to be developed to reduce exposure of children and adolescents to marketing of unhealthy food and beverage products via these avenues.

Living and deceased organ donation should be financially neutral acts

The supply of organs—particularly kidneys—donated by living and deceased donors falls short of the number of patients added annually to transplant waiting lists in the United States. To remedy this problem, a number of prominent physicians, ethicists, economists and others have mounted a campaign to suspend the prohibitions in the National Organ Transplant Act of 1984 (NOTA) on the buying and selling of organs. The argument that providing financial benefits would incentivize enough people to part with a kidney (or a portion of a liver) to clear the waiting lists is flawed. This commentary marshals arguments against the claim that the shortage of donor organs would best be overcome by providing financial incentives for donation. We can increase the number of organs available for transplantation by removing all financial disincentives that deter unpaid living or deceased kidney donation. These disincentives include a range of burdens, such as the costs of travel and lodging for medical evaluation and surgery, lost wages, and the expense of dependent care during the period of organ removal and recuperation. Organ donation should remain an act that is financially neutral for donors, neither imposing financial burdens nor enriching them monetarily.

Underage purchasing of alcohol from packaged liquor outlets: an Australian study

Access to the supply of alcohol is an important factor influencing adolescent alcohol consumption. Although alcohol sales outlets are prohibited from selling alcohol to underage youth, there has been limited research investigating compliance. The present study sought to estimate the extent to which adolescents that appeared underage were successfully able to purchase alcohol from packaged liquor outlets in Australia; and to identify store and sales characteristics associated with illegal purchasing. In 2012, purchase surveys were conducted (n= 310) at packaged liquor outlets in 28 urban and rural communities across three states of Australia: Western Australia, Queensland and Victoria. Confederates successfully purchased alcohol at 60% (95% CI: 55-66) of outlets. The density of general alcohol outlets in the surrounding area and the type of liquor outlet were predictors of successful alcohol purchases; however, this was moderated by the state in which the purchase was made. Regional geographical location was also found to predict underage alcohol purchase. The majority of alcohol sales outlets in Australia breach regulations prohibiting sales to underage youth. Consistent enforcement of policies across the states of Australia, and reducing the number of alcohol outlets, will help prevent alcohol outlets illegally selling alcohol to underage adolescents.

The development of bauxite at Gove, 1955–1975

In the early 1950s Australia mined little bauxite and produced no alumina, that being the chemically pure aluminium oxide which is extracted from bauxite and then smelted in electric furnaces to produce aluminium metal. The huge costs of aluminium production meant that, after World War II, six large companies dominated the aluminium industry worldwide, from mining bauxite through to fabricating and selling metal. These were Alcoa, Reynolds Metals and Kaiser in the United States, Alcan in Canada, Pechiney in France and Alusuisse in Switzerland. In the 1940s the Chifley government planned a small aluminium smelter in Tasmania largely for defence purposes, and originally dependent on imported bauxite. Government co-operation with industry to search for indigenous bauxite feedstock for the smelter saw two discoveries of bauxite at about the same time in northern Australia in the 1950s-the first at Gove in the Northern Territory and the second, much larger find, across the Gulf of Carpentaria in Queensland. These two discoveries and the proving of bauxite deposits of commercial grade in Western Australia a few years later meant that Australia possessed an astonishing one third of the world's bauxite by the early 1960s.