We studied monthly seasonality in the top 50 Australian stocks across different industry sectors. Unlike other Australian studies, we examined monthly seasonality using stock return data of individual companies for th...We studied monthly seasonality in the top 50 Australian stocks across different industry sectors. Unlike other Australian studies, we examined monthly seasonality using stock return data of individual companies for the period of January 1980 through to August 2010. We found that stock returns of over half of the 50 companies are significantly positive in April and December, and most companies have low stock returns in October. Seven companies have higher returns in April than in other months of the year, most of which are banking and financial services companies, while six companies have lower returns in February than in other months. Although Australia has a July-June taxation cycle, we found that only three stocks have a July anomaly. The findings are inconsistent with the tax-loss selling hypothesis and other studies on the Australian equity markets （e.g., Brown, Keim, Kleidon, ＆ Marsh, 1983; Brailsford ＆ Easton, 1991）. However, our findings are generally consistent with Bonin and Moses （1974） on individual stock seasonality展开更多
With the accelerating pace of life and work, increase Haler employees competing pressure, survey data show that the mental health of its employees is becoming more and more serious, and psychological diseases are a th...With the accelerating pace of life and work, increase Haler employees competing pressure, survey data show that the mental health of its employees is becoming more and more serious, and psychological diseases are a threat to personal life and health of the enemy is the enemy, destroy the organization efficiency. It is necessary to help them understand their mental health, relieve their mental pressure, adjust their mental and emotional conditions, and seek effective psychological assistance. This paper analyzes the psychological health problems of Haler employees in the production line in the process from the society, enterprises and families, using literature method and case analysis, introduces the related theories, from the Haler company specific starting from maintaining a high degree of mental health staff＋ and actively explore the Countermeasures of staffs psychological health, such as employee assistance program on the mental health of the staff. investigation and analysis of the necessary, the Haler group to further promote the physical and mental stability, safety and health of employees, has a very important significance.展开更多
The broad objective of this study was to establish the moderating effect of corporate culture on the relationship between intellectual capital and organizational performance of firms listed on Nairobi Securities Excha...The broad objective of this study was to establish the moderating effect of corporate culture on the relationship between intellectual capital and organizational performance of firms listed on Nairobi Securities Exchange. The review of literature provided conceptual and empirical gaps that formed the basis of the conceptual hypotheses. Two hypotheses were deduced from general objective： Intellectual capital has a significant influence on corporate performance; corporate culture moderates the relationship between intellectual capital and corporate performance. A cross-section research design was adopted. A survey questionnaire was the main tool of data collection and was distributed to the 50 heads of human resource departments in the different firms＇ period covering four financial years from 2009 to 2012. The study also utilized secondary data obtained from Capital Market Authority Statistical bulletins and Nairobi Securities Exchange Handbook 2012-2013 to collect data on financial performance （ROA, ROE, and Dividend Yield）. Data were tested for reliability results showing that study dimensions were reliable, apart from task-oriented culture that had a Cronbach alpha of 0.262, thus being not considered for further analysis; thus the study relied on employee-oriented culture as a measure of corporate culture. The hypotheses were tested using multiple regression analysis and hierarchical regression respectively. Multiple regression analysis showed that intellectual capital had a significant influence on non-financial performance and no significant influence on financial measures of performance （ROA, ROE, and Dividend Yield）. Test for moderation showed that the interaction term was not significant and thus, employee-oriented culture did not moderate the relationship between intellectual capital and corporate performance. The study demonstrates importance of the influence of intellectual capital on non-financial performance of firms listed on Nairobi Securities Exchange. The results show that interplay among human capital, social capital, and organization capital is important for firms listed on Nairobi Securities Exchange and that the firms should nurture the employees into sharing their knowledge by creating internal and external networks and also creating support system within the organization to retain the knowledge.展开更多
文摘We studied monthly seasonality in the top 50 Australian stocks across different industry sectors. Unlike other Australian studies, we examined monthly seasonality using stock return data of individual companies for the period of January 1980 through to August 2010. We found that stock returns of over half of the 50 companies are significantly positive in April and December, and most companies have low stock returns in October. Seven companies have higher returns in April than in other months of the year, most of which are banking and financial services companies, while six companies have lower returns in February than in other months. Although Australia has a July-June taxation cycle, we found that only three stocks have a July anomaly. The findings are inconsistent with the tax-loss selling hypothesis and other studies on the Australian equity markets （e.g., Brown, Keim, Kleidon, ＆ Marsh, 1983; Brailsford ＆ Easton, 1991）. However, our findings are generally consistent with Bonin and Moses （1974） on individual stock seasonality
文摘With the accelerating pace of life and work, increase Haler employees competing pressure, survey data show that the mental health of its employees is becoming more and more serious, and psychological diseases are a threat to personal life and health of the enemy is the enemy, destroy the organization efficiency. It is necessary to help them understand their mental health, relieve their mental pressure, adjust their mental and emotional conditions, and seek effective psychological assistance. This paper analyzes the psychological health problems of Haler employees in the production line in the process from the society, enterprises and families, using literature method and case analysis, introduces the related theories, from the Haler company specific starting from maintaining a high degree of mental health staff＋ and actively explore the Countermeasures of staffs psychological health, such as employee assistance program on the mental health of the staff. investigation and analysis of the necessary, the Haler group to further promote the physical and mental stability, safety and health of employees, has a very important significance.
文摘The broad objective of this study was to establish the moderating effect of corporate culture on the relationship between intellectual capital and organizational performance of firms listed on Nairobi Securities Exchange. The review of literature provided conceptual and empirical gaps that formed the basis of the conceptual hypotheses. Two hypotheses were deduced from general objective： Intellectual capital has a significant influence on corporate performance; corporate culture moderates the relationship between intellectual capital and corporate performance. A cross-section research design was adopted. A survey questionnaire was the main tool of data collection and was distributed to the 50 heads of human resource departments in the different firms＇ period covering four financial years from 2009 to 2012. The study also utilized secondary data obtained from Capital Market Authority Statistical bulletins and Nairobi Securities Exchange Handbook 2012-2013 to collect data on financial performance （ROA, ROE, and Dividend Yield）. Data were tested for reliability results showing that study dimensions were reliable, apart from task-oriented culture that had a Cronbach alpha of 0.262, thus being not considered for further analysis; thus the study relied on employee-oriented culture as a measure of corporate culture. The hypotheses were tested using multiple regression analysis and hierarchical regression respectively. Multiple regression analysis showed that intellectual capital had a significant influence on non-financial performance and no significant influence on financial measures of performance （ROA, ROE, and Dividend Yield）. Test for moderation showed that the interaction term was not significant and thus, employee-oriented culture did not moderate the relationship between intellectual capital and corporate performance. The study demonstrates importance of the influence of intellectual capital on non-financial performance of firms listed on Nairobi Securities Exchange. The results show that interplay among human capital, social capital, and organization capital is important for firms listed on Nairobi Securities Exchange and that the firms should nurture the employees into sharing their knowledge by creating internal and external networks and also creating support system within the organization to retain the knowledge.
