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Open Access
E-commerce adoption in the retail sector: empirical insights
(International Journal of Retail & Distribution Management, 2006) Nikolaeva, Ralitza
Purpose of this paper To investigate the determinants of e-commerce adoption in the retail sector using duration analysis. Design/methodology/approach The study proposes a conceptual model based on technology adoption and population ecology models. It identifies specific determinant factors organized under three areas: perceived benefits, organizational readiness, and external influences. Duration analysis is applied to data on 392 retailers.
Open Access
The dynamic nature of survival determinants in e-commerce
(2006-03) Nikolaeva, Ralitza
Longitudinal data on 460 e-tailers are used to test the dynamic effects of survival determinants in e-commerce. The model includes elements of competitive strategy, industry structure, firm and product characteristics, and the macro environment. The study demonstrates that very few of the factors affecting survival have a constant effect over time. For example, order of entry advantages are observed, but they are short-lived meaning that etailers cannot rely on early entry as a strategic move in the long run. This finding reconciles the arguments about the existence of pioneering advantages in the empirical literature. Retailers benefit from multiple channels throughout their lives...
Open Access
Testing the PIN variable
(Social Science Research Network (SSRN) http://www.ssrn.com/en/, 2007-02-17) Benos, Evangelos; Jochec, Marek
This paper puts the PIN variable (Probability of INformation-based trading) to test. We ¯nd that for a large set of stocks, the PIN vari- able is lower (albeit insigni¯cantly) in the periods before earnings an- nouncements dates than in the periods after earnings announcements dates. This is inconsistent with the idea of PIN capturing the proba- bility of informed trading.
Open Access
The dynamic nature of survival determinants in e-commerce
(Journal of the Academy of Marketing Science, 2007-12-01) Nikolaeva, Ralitza
The dynamic effects of survival determinants in e-commerce are tested using longitudinal data on 460 e-tailers. This is achieved through the incorporation of both time-varying covariates and coefficients in a discrete hazard rate model. The model includes elements of competitive strategy, industry structure, firm and product characteristics, and the macro environment. The study demonstrates the changing effect over time of factors affecting survival. For example, order of entry advantages are observed, but they are short-lived. This finding shows that e-tailers cannot rely on early entry as a strategic move in the long run. E-tailers with more media presence seem to survive longer. Being publicly traded and selling products with digital characteristics present advantages for e-tailers only in the beginning years, but they are not sustainable over long time periods. Survival chances decrease with higher competitive density, market growth rate, and equity market level at the time of entry. Conversely, economic growth tends to increase survival chances. The study also finds an inverted-U relationship between the hazard of exit and firm age. The conclusion section discusses the implications of the timevarying nature of survival determinants.
Open Access
Liberalism and home equity bias
(Social Science Research Network (SSRN) http://www.ssrn.com/en/, 2009-04-29) Benos, Evangelos; Jochec, Marek
Countries whose citizens have liberal ideals are less biased toward domestic equity. Data from 30 countries suggests that economic as well as social liberalism is associated with proportionally higher foreign equity holdings. A one standard deviation increase in the level of economic (social) liberalism relative to time-series and cross-sectional averages, is associated with a 5% (2%) relative decrease of home equity bias. These results hold after controlling for standard rational and behavioral explanations of the home equity bias as well as country and time fixed effects.
Open Access
Short term persistence in mutual fund market timing and stock selection abilities
(Social Science Research Network (SSRN) http://www.ssrn.com/en/, 2009-05-01) Benos, Evangelos; Jochec, Marek
Using daily return data from 448 actively managed mutual funds over a recent 9- year period, we look for persistence, over two consecutive quarters, in the ability of funds to select individual stocks and time the market. That is, we decompose overall fund performance into excess returns resulting from stock selection and timing abilities and we separately test for persistence in each ability. We ¯nd persistence in the ability to time the market only among well performing funds and in the ability to select stocks only among the very best and worst performers. The existing literature patterns appear only when funds are ranked by their overall performance, which includes stock selection, market timing and fees. With respect to overall performance, there is persistence among most poorly performing and only the top well performing funds. Furthermore, the pro¯tability of a winner-picking strategy depends on the rebalancing frequency and potentially the size of the investment. Small investors cannot pro¯t, whereas large investors can take advantage of the class A share fee structure and realize positive abnormal returns by annually rebalancing their portfolios.
Open Access
Patriotic name bias and stock returns
(Social Science Reserach Network (SSRN) http://www.ssrn.com/en/, 2011-09-01) Benos, Evangelos; Jochec, Marek
Companies whose names contain the words “America(n)” or “USA” earn positive abnormal returns of about 6% per annum during the Second World War, the War in Korea and the War on Terror. These abnormal returns are not realized immediately upon the outbreak of each of the wars but are accumulated gradually during wartime. Given that no such effect is observed for the Vietnam War, we hypothesize that major, victorious wars arouse investors’ patriotic feelings and cause them to gradually and perhaps subconsciously gravitate toward stocks whose name has a patriotic flavor.
Open Access
Iinterorganizational imitation heuristics arising from cognitive frames
(Journal of Business Research, 2012) Nikolaeva, Ralitza
The literature on organizational imitation mostly disregards its cognitive aspect. Yet, imitation is a cognitive heuristic for complex strategic decisions. The current essay draws a unifying framework of different models of imitation through a cognitive lens in the context of innovation adoptions. It describes the interaction of the framing of imitation and the organization’s evaluation of an innovation. This interaction of threat and opportunity categorizations results in the use of various combinations of the two most popular imitation heuristics – “imitate the successful” and “imitate the majority” – as managers decide to copy predecessors in order to improve the status quo or to avoid losing it. Since the framings dictate different imitation timings, the speed of innovation diffusion depends on these interactions. However, as different cognitive frames may trigger the same heuristics, generalizations about the adoption motivation based on its timing can be unrealistic...
Open Access
Online market entry: the motivations for imitation across retailer types
(Managerial and Decision Economics, 2014) Bhatnagar, Amit; Nikolaeva, Ralitza; Ghose, Sanjoy
This study examines the motivations for imitation in retailers’ online channel entry. Extant literature suggests that legitimacy and efficiency are the primary motivators for firms to imitate. We develop hypotheses which center on the belief that not all firm types would use the same motivator for deciding to imitate and enter the online market; legitimacy would be the driving force for some retailer types while efficiency would be the motivator for others. We test our hypotheses on a unique data collected from multiple sources. Our findings confirm that the motivators for imitation vary across retailer types. Bhatnagar, Amit and Nikolaeva, Ralitza and Ghose, Sanjoy, Online Market Entry: The Motivations for Imitation Across Retailer Types (November 2014). Managerial and Decision Economics, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2522084
Open Access
Employee attrition in selected industries: ITES, Banking, Insurance and Telecommnication in Delhi & NCR
(International Journal of Trends in Human Resource Management, 2014) Saini, Pankaj; Subramanian, Venkat
Employee attrition has been seen as across the industries and retaining talented employees has become a challenge for HR managers. This research focsed how selected four industries differe on factors of attrition ..In this research descriptive research design has been used and through non random quota sampling 600 employees from four industries have been interviewd with a structured questionnaire. Thirteen factors came out through factor analysis which is responsible for employee attrition. Telecommunications sector employees feel they are having high job targets and feel unsupportive organization culture.Insurance sector employees feel low perceived value and insecurity for their job, less growth opportunities and have less learning opportunity. IT&ITES sector employees feel they are not provided good compensation and there are high job targets in their job.Banking sector employees there is a role stagnation, stress and office politics in their jobin comparison.
Open Access
Helping Learners Recognize, Diagnose, and Unravel Incompetence Traps to Achieve Synergistic Exploration–Exploitation in Classroom
(Journal of Management Education, 2015) Gnanlet, Adelina; Khanin, Dmitry
Sensemaking theory suggests that sensemaking may collapse when perception fails to detect weak signals of changes in the environment, cognition fails to appropriately categorize the new data coming from perception, and action fails to test the applicability of new concepts and schemas. Mindfulness–mindlessness theory warns us that routine practices based on low levels of exploration and exploitation may hinder performance. Finally, the theory of learning failure distinguishes between the traps of failure or overexploration and the traps of success or overexploitation. Combining and advancing these insights, we offer a typology of incompetence traps: (a) underexploration–underexploitation or mindlessness, (b) overexploration–underexploitation, and (c) overexploitation–underexploration. We examine their manifestations in perception, cognition, and action. Based on our analysis of how incompetence traps may hamper learning in management education, we give examples of how instructors may help students achieve synergistic exploration– exploitation via informed vision (combining depth and multiple perspectives); perceptive thinking (combining theoretical, constraint-savvy knowledge and practical, context-savvy knowledge); and mindful action (developing and refining new and existing capabilities).
Open Access
Exploring curvilinearity through fractional polynomials in management research
(Organizational Research Methods, Forthcoming, 2015) Nikolaeva, Ralitza; Bhatnagar, Amit; Ghose, Sanjoy
Imprecise theories do not give enough guidelines for empirical analyses. A paradigmatic shift from linear to curvilinear relationships is necessary to advance management theories. Within the framework of the abductive generation of theories, the authors present a data exploratory technique for the identification of functional relationships between variables. Originating in medical-research, the method uses fractional polynomials to test for alternative curvilinear relationships. It is a compromise between non-parametric curve fitting and conventional polynomials. The multivariable fractional polynomial (MFP) technique is a good tool for exploratory research when theoretical knowledge is non-specific and thus, very useful in phenomena discovery. The authors conduct simulations to demonstrate MFP’s performance in various scenarios. The technique’s major benefit is the uncovering of non-traditional shapes that cannot be modeled by logarithmic or quadratic functions. While MFP is not suitable for small samples, there does not seem to be a downside of overfitting the data as the fitted curves are very close to the true ones. The authors call for a routine application of the procedure in exploratory studies involving medium and large sample sizes.
Open Access
Now that we have a free float... / ВОТ И ПУСТИЛСЯ КУРС В ПЛАВАНИЕ…
(National Business KZ, 2015-10-01) Jochec (Йохец), Marek (Марек); Есенгалиева, Айдана (переводчик)
On tenge devaluation and switch to free float regime.
Open Access
Test of PIN algorithms through simulation
(Social Science Research Network (SSRN) http://www.ssrn.com/en/, 2015-10-08) Jochec, Marek
I use simulated series of buys and sells to test nine different PIN estimation algorithms implemented in SAS, proc NLP. I conclude that the algorithms do a good job estimating PIN, on average, when applied to series generated from high‐PIN data generating process (PIN>0.2). However, when applied to series generated from zero‐PIN or low‐PIN (PIN<0.2) data generation process, the algorithms yield overstated PIN estimates. Supplying initial values to parameters in the estimation has strong effect on the estimated PIN. Factorization of the likelihood function plays a less important role. Not supplying initial values dramatically overstates PINs for zero‐PIN and low‐PIN data: zero‐ PIN data shows PIN as high as 0.26; low‐PIN data tend to have PINs overstated by 0.05 to 0.10. Supplying initial values as in Lin and Ke (2011) eliminates the bias for low‐PIN data but not for zero‐ PIN data. Supplying initial values which correspond to the null hypothesis (of no informed trading) yields zero PIN estimates for low‐Pin as well as high‐PIN data.
Open Access
Do markets care enough about deficit to raise future cost of capital? Non-linear deficitinterest rate relationship in the U.S. economy
(Social Science Research Network (SSRN), 2015-11-30) Rakshit, Atanu
This paper finds strong evidence of non-linear impact of long-horizon expected government deficits, measured by CBO projections, on expected future long-term interest rates for the US economy. The impact of a shock to expectations (“news shock”) in a regime where the expected deficit/GDP ratio is above 1.8 % (the estimated threshold value) increases future nominal interest rates by 29-30 basis point, and future real rates by 12-18 basis points. When expected deficit/GDP ratio is below 1.8 %, a surprise increase in expectations of deficit has no statistically significant impact on future interest rates.
Open Access
National Fund of the Republic of Kazakhstan - Where to go from here / Нацфонд Казахстана – куда двигаться дальше?
(National Business KZ, 2016) Jochec (Йохец), Marek (Марек); Айдана, Есенгалиева (переводчик)
On how to invest the sovereign wealth fund of Kazakstan.
Open Access
Is Investing in Social Media Really Worth It? How Brand Actions and User Actions on Social Media Influence Brand Value
(Service Science, 2016) Colicev, Anatoli; O'Connor, Peter; Vinzi, Vincenzo Esposito
Although previous studies have documented a positive link between traditional media and brand performance, how social media is related to brand value has not yet been comprehensively explored. We propose a conceptual model to address this research gap, collecting a unique data set that captures information on user and brand actions on three social media platforms (Facebook, Twitter, and YouTube), word-of-mouth, and brand value for 87 brands in 17 industries. We empirically test our model with partial least squares path modeling (PLS-PM). First, we test the direct effects and ﬁnd that user actions on YouTube and brand actions on Facebook have a positive inﬂuence on brand value. Second, we enrich our model by including word-of-mouth as a mediator, ﬁnding that the effect of social media goes above and beyond pure word-of-mouth spread. We test for alternative models, by ﬁrst accounting for sample heterogeneity and second by including brand strength as a control variable, ﬁnding that the main model results’ are indeed robust. Our study demonstrates that making use of social media positively relates to brand value, as well as validates a set of objective metrics to measure social media actions, thus advancing knowledge on social media marketing for both academics and practitioners.
Open Access
РЕЦЕПТЫ УСПЕХА ДЛЯ ОТЕЧЕСТВЕННОЙ ЭКОНОМИКИ ПРЯМЫЕ ИНОСТРАННЫЕ ИНВЕСТИЦИИ И «COOL» ГОСУДАРСТВО
(Kapital.kz, 2016) Йохец, Марек
Open Access
The power of numbers: base-ten threshold effects in reported revenue
(Social Science Research Network (SSRN), 2016) Stice, Derrald; Stice, Earl K.; Stice, Han; Stice-Lawrence, Lorien
We provide evidence that managers have a revealed preference for reporting total revenue numbers just above base-ten thresholds (i.e., “round” numbers) of the form N × 10K. Examples are $10 million (1 × 107) and $4 billion (4 × 109). Our finding is consistent with a literature in psychology demonstrating that humans are susceptible to a cognitive bias associated with baseten reference points. However, we also document several rational explanations for this revenue management behavior on the part of managers. First, analyst revenue forecasts also exhibit this regularity, especially in early forecasts when greater uncertainty can potentially induce analysts to rely to a greater extent on heuristics, suggesting that managers may be managing reported revenue numbers to meet externally-determined base-ten-influenced benchmarks. In addition, the effect that we document is stronger for firms that face greater pressure to report high revenue growth, while firms that exceed base-ten revenue thresholds for the first time benefit from increased press coverage. Finally, we show that the revenue growth needed to stretch for a baseten threshold is not sustainable; firms that just exceed base-ten thresholds have lower subsequent revenue growth. Given that managers engage in extra, and, on average, unsustainable efforts to increase revenues to reach base-ten thresholds, our results suggest that revenue manipulation is even more pervasive than previously documented and that lenders, investors, auditors, and regulators should apply an extra degree of skepticism when a reported revenue number just exceeds a base-ten threshold.
Open Access
Ұлттық баяндама Жаһандық кәсіпкерлік мониторингі: Қазақстан 2015/2016
(Жоғары бизнес мектебі, Назарбаев Университеті, 2016) Ханин, Дмитрий; Субраманян, Венката; Увалиева, Әсел; Тұрғанбаев, Еркен; Оспанова, Бақыт; Едігеева, Айман; Құлбатыров, Нұрлан; Турез, Шыңғыс
«Жаһандық кәсіпкерлік мониторингі: Қазақстан 2015/2016» есебі – бұл Қазақстан Республикасында Назарбаев Университеті Жоғары бизнес мектебінің басшылығымен Экономикалық зерттеу институтымен ынтымақтастықта жиналған деректерге негізделген алғашқы баяндама. Басты ролі – Қазақстанның кәсіпкерлік саласындағы жетістіктерге ерекше назар аудару. Біздің мақсатымыз – саяси қайраткерлердің, сондай-ақ жетекші бизнесмендер мен мемлекеттік басшылардың ірі және орта кәсіпкерлікті дамытатын экономикалық және әлеуметтік артықшылықтарды қалайша жақсарта алатынын түсіну