Momentum profits and macroeconomic factors

This article tests whether macroeconomic variables and market sentiment influence the size of momentum profits. It finds that although returns to the winner and loser portfolios are influenced by a range of macroeconomic and market wide variables; momentum profits are influenced only by the scale of portfolio outflows. Thus, when investors are sending their capital elsewhere, reduced funds at home, dampen the profitability of the momentum trading strategy. It also finds that when the market closes, below its opening level in the previous six months, momentum profits are higher, which might be a reflection of mean reversion in the market. © 2004 Taylor and Francis Ltd.

The impact of the language barrier on the management of multinational companies : a case study and survey, based exploration of the impact of the language barrier on the strategies, policies and systems by which multinational companies manage their subsidaries

The thesis begins with a conceptual model of the way that language diversity affects the strategies, organisation and subsidiary control policies of multinational companies. The model is based solely on the researcher'’ personal experience of working in a variety of international management roles, but in Chapter 2 a wide-ranging review of related academic literature finds evidence to support the key ideas. The model is developed as a series of propositions which are tested in a comparative case study, refined and then re-tested in a global survey of multinational subsidiaries. The principal findings of the empirical phases of the thesis endorse the main tenets of the model: - That language difference between parent and subsidiary will impair communication, create mistrust and impede relationship development. - That subsequently the feelings of uncertainty, suspicion and mistrust will influence the decisions taken by the parent company. - They will have heightened sensitivity to language issues and will implement policies to manage language differences. - They will adopt low-risk strategies in host countries where they are concerned about language difference. - They will use organisational and manpower strategies to minimise the consequences and risks of the communications problems with the subsidiary. - As a consequence the level of integration and knowledge flow between parent and subsidiary will be curtailed. - They will adopt styles of control that depend least on their ability to communicate with their subsidiary. Although there is adequate support for all of the above conclusions, on some key points the evidence of the Case Studies and Survey is contradictory. The thesis, therefore, closes with an agenda for further research that would address these inconsistencies.

Buyer-supplier relationships in advanced manufacturing technology acquisition and implementation : a study in Malaysia

This thesis reports the results of research into the connections between transaction attributes and buyer-supplier relationships (BSR) in advanced manufacturing technology (AMT) acquisitions and implementation. It also examines the impact of the different patterns of BSR on performance. Specifically, it addresses the issues of how the three transaction attributes; namely level of complexity, level of asset specificity, and level of uncertainty, can affect the relationships between the technology buyer and suppler in AMT acquisition and implementation, and then to see the impact of different patterns of BSR on the two aspect of performance; namely technology and implementation performance. In understanding the pohenomena, the study mainly draws on and integrates the literature of transaction cost economics theory,buyer-supplier relationships and advanced manufacturing technology as a basis of theoretical framework and hypotheses development.data were gathered through a questionnaire survey with 147 responses and seven semi-structured interviews of manufacturing firms in Malaysia. Quantitative data were analysed mainly using the AMOS (Analysis of Moment Structure) package for structural equation modeling and SPSS (Statistical Package for Social Science) for analysis of variance (ANOVA). Data from interview sessions were used to develop a case study with the intention of providing a richer and deeper understanding on the subject under investigation and to offer triangulation in the research process. he results of the questionnaire survey indicate that the higher the level of technological specificity and uncertainty, the more firms are likely to engage in a closer relationship with technology suppliers.However, the complexity of the technology being implemented is associated with BSR only because it is associated with the level of uncertainty that has direct impact upon BSR.The analysis also provides strong support for the premise that developing strong BSR could lead to an improved performance. However, with high levels of transaction attribute, implementation performance suffers more when firms have weak relationships with technology suppliers than with moderate and low levels of transaction attributes. The implications of the study are offered for both the academic and practitioner audience. The thesis closes with reports on its limitations and suggestions for further research that would address some of these limitations.

The acquisition of French past tenses by tutored anglophone advanced learners : is aspect enough?

Following Andersen's (1986, 1991) study of untutored anglophone learners of Spanish, aspectual features have been at the centre of hypotheses on the development of past verbal morphology in language acquisition. The Primacy of Aspect Hypothesis claims that the association of any verb category (Aktionsart) with any aspect (perfective or imperfective) constitutes the endpoint of acquisition. However, its predictions rely on the observation of a limited number of untutored learners at the early stages of their acquisition, and have yet to be confirmed in other settings. The aim of the present thesis is to evaluate the explanatory power of the PAH in respect of the acquisition of French past tenses, an aspect of the language which constitutes a serious stumbling block for foreign learners, even those at the highest levels of proficiency (Coppieters 1987). The present research applies the PAH to the production of 61 anglophone 'advanced learners' (as defined in Bartning 1997) in a tutored environment. In so doing, it tests concurrent explanations, including the influence of the input, the influence of chunking, and the hypothesis of cyclic development. Finally, it discusses the cotextual and contextual factors that still provoke what Anderson (1991) terms "non-native glitches" at the final stage, as predicted by the PAH. The first part of the thesis provides the theoretical background to the corpus analysis. It opens with a diachronic presentation of the French past tense system focusing on present areas of competition and developments that emphasize the complexity of the system to be acquired. The concepts of time, grammatical aspect and lexical aspect (Aktionsart) are introduced and discussed in the second chapter, and a distinctive formal representation of the French past tenses is offered in the third chapter. The second part of the thesis is devoted to a corpus analysis. The data gathering procedures and the choice of tasks (oral and written film narratives based on Modern Times, cloze tests and acceptability judgement tests) are described and justified in the research methodology chapter. The research design was shaped by previous studies and consequently allows comparison with these. The second chapter is devoted to the narratives analysis and the third to the grammatical tasks. This section closes with a summary of discoveries and a comparison with previous results. The conclusion addresses the initial research questions in the light of both theory and practice. It shows that the PAH fails to account for the complex phenomenon of past tense development in the acquisitional settings under study, as it adopts a local (the verb phrase) and linear (steady progression towards native usage) approach. It is thus suggested that past tense acquisition rather follows a pendular development as learners reformulate their learning hypotheses and become increasingly able to shift from local to global cues and so to integrate the influence of cotext and context in their tense choice.

A simultaneous examination of the effects of salesperson relationship-building activities and marketing activities on retail buyers' purchase decisions

Firms’ contemporary selling practices often not only demand that salespeople meet sales quotas, but also that they build strong, profitable relationships with customers. Given the belief that relationship-building activities can develop closer customer ties and improve sales performance, scholars have increasingly studied salesperson behaviors aimed at nurturing buyer-salesperson relations. However, while previous sales research has investigated the effects of a number of relational activities on performance outcomes in isolation, knowledge about their effectiveness in comparison to other important performance drivers is virtually absent. The present study provides some first theoretical and empirical insights into this research gap by simultaneously examining the role of specific salesperson relationship-building activities, and product-focused variables, in retail buyers’ new product purchase decisions. Following an extensive literature review, a two-part qualitative field study was conducted to explore salesperson relationship-building activities that are regarded as important by retail buyers. Two key relational behaviors were suggested by the customer-centric and retail industry-specific data; salesperson consultation (communication-based) and salesperson helping behavior (action-based). Drawing on this as well as extant literature, a conceptual framework was developed concerning the influences of these relationship-building activities and other product-focused factors on retail buyers’ new product acceptance. The study’s quantitative component contained a mail and web survey of U.S. retail buyers, resulting in a total dataset of 192 responses. After a comprehensive measure validation process, the theoretical hypotheses were tested using logistic regression analysis. Contrary to existing assertions, the results suggest that salesperson relationship-building activities themselves do not directly and/or indirectly influence purchase decisions, but instead can moderate the effects of product-focused determinants on retail buyers’ new product selections. Data on actual purchase decisions provide a high level of external validity to the findings. The study closes with a concluding discussion, including theoretical and managerial implications of the findings, limitations of the research, and directions for future inquiry.

Explaining process and performance in the co-production of knowledge:a comparative analysis of collaborative research projects

Despite considerable and growing interest in the subject of academic researchers and practising managers jointly generating knowledge (which we term ‘co-production’), our searches of management literature revealed few articles based on primary data or multiple cases. Given the increasing commitment to co-production by academics, managers and those funding research, it seems important to strengthen the evidence base about practice and performance in co-production. Literature on collaborative research was reviewed to develop a framework to structure the analysis of this data and relate findings to the limited body of prior research on collaborative research practice and performance. This paper presents empirical data from four completed, large scale co-production projects. Despite major differences between the cases, we find that the key success factors and the indicators of performances are remarkably similar. We demonstrate many, complex influences between factors, between outcomes, and between factors and outcomes, and discuss the features that are distinctive to co-production. Our empirical findings are broadly consonant with prior literature, but go further in trying to understand success factors’ consequences for performance. A second contribution of this paper is the development of a conceptually and methodologically rigorous process for investigating collaborative research, linking process and performance. The paper closes with discussion of the study’s limitations and opportunities for further research.

The political discourse and material practice of technology enhanced learning

Technology discloses man’s mode of dealing with Nature, the process of production by which he sustains his life, and thereby also lays bare the mode of formation of his social relations, and of the mental conceptions that flow from them (Marx, 1990: 372) My thesis is a Sociological analysis of UK policy discourse for educational technology during the last 15 years. My framework is a dialogue between the Marxist-based critical social theory of Lieras and a corpus-based Critical Discourse Analysis (CDA) of UK policy for Technology Enhanced Learning (TEL) in higher education. Embedded in TEL is a presupposition: a deterministic assumption that technology has enhanced learning. This conceals a necessary debate that reminds us it is humans that design learning, not technology. By omitting people, TEL provides a vehicle for strong hierarchical or neoliberal, agendas to make simplified claims politically, in the name of technology. My research has two main aims: firstly, I share a replicable, mixed methodological approach for linguistic analysis of the political discourse of TEL. Quantitatively, I examine patterns in my corpus to question forms of ‘use’ around technology that structure a rigid basic argument which ‘enframes’ educational technology (Heidegger, 1977: 38). In a qualitative analysis of findings, I ask to what extent policy discourse evaluates technology in one way, to support a Knowledge Based Economy (KBE) in a political economy of neoliberalism (Jessop 2004, Fairclough 2006). If technology is commodified as an external enhancement, it is expected to provide an ‘exchange value’ for learners (Marx, 1867). I therefore examine more closely what is prioritised and devalued in these texts. Secondly, I disclose a form of austerity in the discourse where technology, as an abstract force, undertakes tasks usually ascribed to humans (Lieras, 1996, Brey, 2003:2). This risks desubjectivisation, loss of power and limits people’s relationships with technology and with each other. A view of technology in political discourse as complete without people closes possibilities for broader dialectical (Fairclough, 2001, 2007) and ‘convivial’ (Illich, 1973) understandings of the intimate, material practice of engaging with technology in education. In opening the ‘black box’ of TEL via CDA I reveal talking points that are otherwise concealed. This allows me as to be reflexive and self-critical through praxis, to confront my own assumptions about what the discourse conceals and what forms of resistance might be required. In so doing, I contribute to ongoing debates about networked learning, providing a context to explore educational technology as a technology, language and learning nexus.

Counting on use of technology to enhance learning

In global policy documents, the language of Technology-Enhanced Learning (TEL) now firmly structures a perception of educational technology which ‘subsumes’ terms like Networked Learning and e-Learning. Embedded in these three words though is a deterministic, economic assumption that technology has now enhanced learning, and will continue to do so. In a market-driven, capitalist society this is a ‘trouble free’, economically focused discourse which suggests there is no need for further debate about what the use of technology achieves in learning. Yet this raises a problem too: if technology achieves goals for human beings, then in education we are now simply counting on ‘use of technology’ to enhance learning. This closes the door on a necessary and ongoing critical pedagogical conversation that reminds us it is people that design learning, not technology. Furthermore, such discourse provides a vehicle for those with either strong hierarchical, or neoliberal agendas to make simplified claims politically, in the name of technology. This chapter is a reflection on our use of language in the educational technology community through a corpus-based Critical Discourse Analysis (CDA). In analytical examples that are ‘loaded’ with economic expectation, we can notice how the policy discourse of TEL narrows conversational space for learning so that people may struggle to recognise their own subjective being in this language. Through the lens of Lieras’s externality, desubjectivisation and closure (Lieras, 1996) we might examine possible effects of this discourse and seek a more emancipatory approach. A return to discussing Networked Learning is suggested, as a first step towards a more multi-directional conversation than TEL, that acknowledges the interrelatedness of technology, language and learning in people’s practice. Secondly, a reconsideration of how we write policy for educational technology is recommended, with a critical focus on how people learn, rather than on what technology is assumed to enhance.