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.

Domestic energy models: complexities in defining specific tools

The domestic (residential) sector accounts for 30% of the world’s energy consumption hence plays a substantial role in energy management and CO2 emissions reduction efforts. Energy models have been generally developed to mitigate the impact of climate change and for the sustainable management and planning of energy resources. Although there are different models and model categories, they are generally categorised into top down and bottom up. Significantly, top down models are based on aggregated data while bottom up models are based on disaggregated data. These approaches create fundamental differences which have been the centre of debate since the 1970’s. These differences have led to noticeable discrepancies in results which have led to authors arguing that the models are of a more complementary than a substituting nature. As a result developing methods suggest that there is the need to integrate either the two models (bottom up − top down) or aspects that combine two bottom up models or an upgrade of top down models to compensate for the documented limitations. Diverse schools of thought argue in favour of these integrations – currently known as hybrid models. In this paper complexities of identifying country specific and/or generic domestic energy models and their applications in different countries have been critically reviewed. Predominantly from the review it is evident that most of these methods have been adapted and used in the ‘western world’ with practically no such applications in Africa.

PRESENTATION. Experimental and behavioral economics. Theory, tools and topics

This note presents the special issue on Experimental and Behavioral Economics. The volume includes some recent contributions from these correlated disciplines –empirical the former and theoretical the latter– and their potential contribution to the intersection of Economics with Psychology and Sociology. The project “El papel de la comparación social en las decisiones económicas bajo incertidumbre” (Junta de Andalucía, P07-SEJ-03155)” provided us with inspiration and financial support to publish this volume.

Bicorrelations and cross-bicorrelations as non-linearity tests and tools for exchange rate forecasting

This paper proposes and implements a new methodology for forecasting time series, based on bicorrelations and cross-bicorrelations. It is shown that the forecasting technique arises as a natural extension of, and as a complement to, existing univariate and multivariate non-linearity tests. The formulations are essentially modified autoregressive or vector autoregressive models respectively, which can be estimated using ordinary least squares. The techniques are applied to a set of high-frequency exchange rate returns, and their out-of-sample forecasting performance is compared to that of other time series models

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.