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AbstractWe examine the implications of active mutual fund management across manager skill levels. We find that funds in the highest active share quintile outperform funds in the lowest active share quintile on a risk‐adjusted basis. When sorted on both active share and capture ratio, only managers with high skill and high active share experience positive future performance. Funds with high active share and low skill experience negative future risk‐adjusted returns, and these funds underperform all funds with low active share. We conclude that only funds with both high active management and high manager skill are preferable to index funds.

AbstractPrevious research has discovered different subtypes of social withdrawal based on motivations to approach or avoid social interactions. Each of these motivations are uniquely related to indices of maladjustment during emerging adulthood, including aspects of the self. However, research has yet to investigate whether or not relationship quality moderates these associations. The purpose of this study was to examine whether relationship quality with best friends, romantic partners, mothers, and fathers, respectively, serve as protective factors in the negative links between shyness and avoidance and self-worth. The participants included 519 college students (Mage = 19.87, SD = 1.99, 61% female) from four universities across the United States. Results revealed that relationship quality with both best friends and romantic partners moderated the relation between shyness and self-worth. The differences between parent and peer relationships are discussed.

AbstractWe examine executive stock option exercises around a sample of merger and acquisition announcements between 1996 and 2006, focusing on a subset we identify as potentially informed. For stock‐financed acquisitions, we find a surge in informed exercises by acquirer insiders in the year leading up to the acquisition announcement, but target insiders display no similar increase. We find the market reaction upon the announcement for acquirers is negatively related to extreme early exercises and find some evidence of long‐run underperformance. Overall, our evidence indicates that insiders knowingly bid for firms when they personally believe their own firm is overvalued.

AbstractThere is growing evidence that motivations reflecting social withdrawal are linked to various correlates and outcomes in childhood, adolescence, and emerging adulthood. However, little work has examined the subtypes of withdrawn motivations in early adulthood. Hence, the purpose of this study was to compare shy, avoidant, unsocial, mixed‐withdrawn, and non‐withdrawn men and women in early adulthood on indices of well‐being. This study drew on a large, representative U.S. sample of 5,000 participants (2,930 female) ages 30–35 (Mage = 32.50, SD = 1.70). Findings reveal that shy, avoidant, and mixed‐withdrawal individuals experience more negative outcomes (e.g., receiving less education) and lower well‐being (e.g., lower life satisfaction, more internalizing problems, and regret) in early adulthood.

Esta investigación tiene como objetivo conocer la incidencia de la legislación en la llegada de franquicias extranjeras a Colombia, donde comenzamos en el capitulo uno con una introducción a la historia de las franquicias extranjeras en Colombia, en el segundo capitulo se hace referencia a la relación que tiene la legislación Colombiana y las franquicias como modelo de negocio tanto su llegada, crecimiento y posterior posicionamiento, ya en el tercer capitulo se realiza el estudio de un caso en especial el cual fue la empresa norteamericana Subway la cual nos permite dar un mayor entendimiento a la problemática de la investigación, las aproximaciones de el proyecto estuvieron basadas en teorías de internacionalización como lo son: Apreciación de Eroglu y Modelo Uppsala con el fin de poder concluir que la legislación colombiana si influye en la incursión de franquicias extranjeras. ; The purpose of this research is to introduce the foreign franchises impact in Colombia where the local law has an important role for them to be well positioned inside the country, without leaving aside the problem that is happening now about the creation of new business. The first phase involves the background of the franchises since they arrived here, then it will talk about the most important franchises that entered to Colombia having as reference point the years in whice there are peaks of income to the country. Also this study makes a direct relationship between the foreign franchises and the colombian law, in order to know if the changes in legislation throughout history have influenced that franchises from abroad have decided to choose Colombia as their target market. For this purpose, a case study will be made with the Subway franchise, which allows fully understanding the success of foreign franchises and knowing the reason why the new businesses in Colombia do not increase in comparison with those of the outside. In addition, theories will be used which will allow us a better understanding of this business model taking into account that franchises count as a foreign investment which currently is not being regulated by a an entity and neither by a local law.

AbstractWe examine seasoned equity offering (SEO) initial‐day returns after controlling for the dilution effect from the SEO discount and new shares offered. Contrary to the existing literature that ignores the effect of dilution, we find that initial‐day returns are not consistently positive. Modeling adjusted initial‐day returns, we show that dilution‐adjusted initial‐day returns respond to partial price adjustments reflecting both private and public information. Additional determinants of SEO offer‐day returns include lockup length, discount reversal, prior operating performance, and underwriter reputation. Long‐run tests reveal that adjusted initial‐day returns are not predictive of postissuance long‐term performance.