Market reactions to changes in the Nasdaq-100 Index membership

We examine stock market reactions around the Nasdaq-100 Index reconstitutions. We find a symmetric and transitory price response accompanied by a significant increase in trading volume on the effective date. Firms added to the Nasdaq-100 Index experience significant increases in institutional ownership, the number of market makers, and the number of shareholders. In contrast, firms removed from the index show significant decreases in the number of institutional shareholders. Additions to the Nasdaq-100 Index also show significant increases in four liquidity measures, whereas deletions demonstrate significant decreases in two liquidity measures. These changes in liquidity are related to the abnormal return on the announcement day. Taken together, the results suggest support for the price pressure, liquidity, and investor awareness hypotheses.

The Consequences of REIT Index Membership for Return Patterns

We study the impact of S&P index membership on REIT stock returns. Given the hybrid nature of REITs, their returns may become more like those of other indexed stocks and less like those of their underlying properties. The existing literature does not offer clear predictions on these potential outcomes. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns after controlling for the stock characteristics that determine index membership. We also document that index membership enhances the link between REIT stock returns and the performance of the underlying real estate, consistent with improved pricing efficiency. REIT investors appear to be able to enjoy the benefits of improved visibility and liquidity associated with index membership as well as the exposure to underlying real estate markets and the related benefits of diversification.

Anticipatory effects in the FTSE 100 index revisions

This paper examines the price impact of trading due to expected changes in the FTSE 100 index composition. We focus on the latter index because it employs publicly-known objective criteria to determine membership and hence it provides a natural context to investigate anticipatory trading e ects. We propose a panel-regression event study that backs out these anticipatory e ects by looking at the price impact of the ex-ante proba-bility of changing index membership status. Our ndings reveal that anticipative trading explains about 40% and 23% of the cumulative abnormal returns of additions and deletions, respectively. We con rm these in-sample results out of sample by tracking the performance of a trading strategy that relies on the addition/deletion probability estimates. The perfor-mance is indeed very promising in that it entails an average daily excess return of 11 basis points over the FTSE 100 index.

The learned societies and printing clubs of the United Kingdom : being an account of their respective origin, history, objects, and constitution : with full details respecting membership, fees, their published works and transactions, notices of their periods and places of meeting, &c., and a general introduction and a classified index /

Reprint. Originally published: London : Willis, 1853.

Membership retention within the sporting industry : factors affecting relationship dissolution

Relationship dissolution has been somewhat ignored in the study of relationship marketing paradigm. While there has been an abundance of literature giving broad conceptualizations on how to master the intricacies of relationships, very little has discussed the concept of relationship dissolution. This is especially true of the sporting industry, which does not yet understand the factors that contribute to members relinquishing their membership and severing relationship ties with the club. Team performance was found to be the most powerful predictor of relationship dissolution; however, both satisfaction with the sportscape and emotional bonds had a significant influence on the decision for a member not to renew their membership. Although team performance is mostly out of the hands of sport marketers, greater focus should be given to implementing strategies that enhance the emotional aspects of the club-member relationship while also improving aspects of the service facility.

The trade unions membership dynamics and union members’ trajectories

This text presents an analysis of aggregated membership’s dynamics for Spanish trade unions, using ECVT data, as well as union memberships’ trajectories, or members’ decisions about joining the organization, permanency and responsibilities, and subsequent attrition. For the analysis of trajectories we make use of information of the records of actual memberships and the record of quitting of CCOO, and of a survey-questionnaire to a sample of leavers of the same union. This study allows us to confirm a linkage between the decision and motivations to become union member, to participate in union activities, the time of permanency, and the motives to quit the organization. We also identify five types of union members’ trajectories, indicating that, far from views that assert a monolithic structure, unions are complex organizations.

The relief of Vienna in vain. Assessing the Implications of Turkish EU-membership for Council of Ministers’ Decision-making. IES WORKING PAPER 1/2011

This research forecasts the implications of Turkish membership for decision-making effectiveness and dynamics within the Council of Ministers of the European Union (EU). Effectiveness is determined in this research by 'passage probability': the chance that a random proposal as put forth by the European Commission (EC) is accepted by the Council of Ministers. Dynamics are determined by means of the Shapley-Shubik Index (SSI), which plots power values of individual member states by forecasting a number of possible EU enlargement scenarios. This study falsifies earlier research by Baldwin and Widgrén.1 It finds that the implications of Turkish EU-membership for EU decision-making efficiency are ambiguous and depend on the number of other candidate states entering the EU alongside Turkey, as well as the timeslot - 2014 or 2020 - at which the accession would take place. Moreover, this study asserts that Turkish EU-accession would result in unequal- but generally negative - power changes among other EU member states, although member states with similar demographic weight will experience comparable changes. Finally, it appears that the larger a EU member state is, the more power it loses if Turkey would join the EU.