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Short-term Returns (short-term + return)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	75%

Selected Abstracts

Short-run Returns around the Trades of Corporate Insiders on the London Stock Exchange

EUROPEAN FINANCIAL MANAGEMENT, Issue 1 2002
Sylvain Friederich
Previous work examined the long-run profitability of strategies mimicking the trades company directors in the shares of their own company, as a way of testing for market efficiency. The current paper examines patterns in abnormal returns in the days around these trades on the London Stock Exchange. We find movements in returns that are consistent with directors engaging in short-term market timing. We also report that some types of trades have superior predictive content over future returns. In particular, medium-sized trades are more informative for short-term returns than large ones, consistent with Barclay and Warner's (1993) ,stealth trading' hypothesis whereby informed traders avoid trading in blocks. Another contribution of this study is to properly adjust the abnormal return estimates for microstructure (spread) transactions costs using daily bid-ask spread data. On a net basis, we find that abnormal returns all but disappear. [source]

Relationship marketing, audience retention and performing arts organisation viability

INTERNATIONAL JOURNAL OF NONPROFIT & VOLUNTARY SECTOR MARKETING, Issue 2 2002
Ruth Rentschler
Marketing strategy in performing arts organisations has become particularly important in the increasingly competitive environment in which the arts operate. Since the late 1980s there has been a necessary shift in focus to audience development away from product development. This change in focus is being encouraged to ensure the long-term viability of performing arts organisations (PAOs) and micro-economic reform. While government reports have recommended strategies aimed at building audience-based recognition, this is an expensive approach for many PAOs and does not produce short-term returns. Little attention has been paid to building enduring relationships with existing audiences as a way of having a more dramatic impact on PAOs' long-term viability. This paper explores this theme through relationship marketing and the implication of retaining existing audiences. The paper identifies the changing cultural environment which has led to the importance of marketing. It then explains the concepts of relationship marketing and its pertinence to PAOs' viability by presenting a loyalty ladder. The structure is modelled as a dynamic conceptualisation of the relationships (audience and organisation) to assist arts managers to decide whether to focus their efforts on catching or keeping customers to maximise earned income. Copyright © 2002 Henry Stewart Publications [source]

Deferred Harvests: The Transition from Hunting to Animal Husbandry

AMERICAN ANTHROPOLOGIST, Issue 2 2001
Michael S. Alvard
We define animal husbandry as prey conservation. Conservation is rare among extant hunters and only likely to occur when prey are highly valued, private goods. The long-term discounted deferred returns from husbandry must also be greater than the short-term returns from hunting. We compare the returns from hunting and husbanding strategies as a function of prey body size. Returns from husbanding are estimated using a maximum sustainable yield (MSY) model. Following Charnov (1993), allometric analyses show that the MSY is nearly independent of prey body size. The opportunity costs of husbanding are measured as prey standing biomass times the discount rate. Since standing biomass scales positively with body size, the opportunity costs of husbanding are greater for larger animals. An evolutionary discount rate is estimated following Rogers (1994) to be between 2.4% and 6%. Using these values, the prey body size for which hunting and meat-only husbanding provide the same return is approximately 40kg. Animals greater than 40kg are predicted to be hunted, [animal husbandry, evolutionary ecology, allometry, hunting, Neolithic transition] [source]

Momentum, Business Cycle, and Time-varying Expected Returns

THE JOURNAL OF FINANCE, Issue 2 2002
Tarun Chordia
A growing number of researchers argue that time-series patterns in returns are due to investor irrationality and thus can be translated into abnormal profits. Continuation of short-term returns or momentum is one such pattern that has defied any rational explanation and is at odds with market efficiency. This paper shows that profits to momentum strategies can be explained by a set of lagged macroeconomic variables and payoffs to momentum strategies disappear once stock returns are adjusted for their predictability based on these macroeconomic variables. Our results provide a possible role for time-varying expected returns as an explanation for momentum payoffs. [source]