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"Momentum is consistent with value maximization of firms. The neoclassical theory of investment implies that expected stock returns are connected with expected marginal benefits of investment divided by marginal costs of investment. Winners have higher expected growth and expected marginal productivity (two major components of marginal benefits of investment), and consequently earn higher expected stock returns than losers. The investment-based model succeeds in capturing average momentum profits, reversal of momentum in long horizons, and the interaction of momentum with firm characteristics. However, the model fails to reproduce procyclical momentum profits. Overall, our evidence suggests that momentum can be understood within a framework in which markets are efficient and managers maximize the market value of equity"--National Bureau of Economic Research web site

The neoclassical q-theory is a good start to understand the cross section of returns. Under constant return to scale, stock returns equal levered investment returns that are tied directly with characteristics. This equation generates the relations of average returns with book-to-market, investment, and earnings surprises. We estimate the model by minimizing the differences between average stock returns and average levered investment returns via GMM. Our model captures well the average returns of portfolios sorted on capital investment and on size and book-to-market, including the small-stock value premium. Our model is also partially successful in capturing the post-earnings-announcement drift and its higher magnitude in small firms.

Globalization and Its Discontents is a must-read for those in higher education seeking greater understanding of global economic policy's key role in shaping globalization's unfolding. Candidly and insightfully composed by 2001 Nobel Prize winner in economics, Joseph Stiglitz, this personalized narrative presents a brief history of the complex dynamic among global economic institutions and key regions of the world these institutions have impacted, for better or for worse. This review highlights that cultivating a shared global value for reducing inequality is as vital as it is challenging. Organizing shared approaches for addressing inequality present even greater challenges, as international political and economic systems differ enormously. In accessible language, Stiglitz (2003) approaches this complexity with a perceptive eye for trends. This review draws upon neurological and sociological bases for empathy as an active healing agent not only for persons (micro-level), but also for nations and our emerging global society (macro-level).

PurposeThis study aims to model the creative pedagogy of children's book development and then engages teacher education students in this work, as a way to explore and express conceptions of teacher quality, across cultural perspectives.Design/methodology/approachThis self-study engages a/r/tography and currere to explore teacher quality in a teacher education classroom in a Chinese university. A/r/tography (Irwin et al., 2006) considers teacher quality through the conventional lens based on standards and through a more aesthetic lens shaped by cultural nuances and personal experiences. This self-study engages currere (Pinar, 2004) as a methodology marked by contiguous living inquiry explored with an abstract lens aimed to see openings for insight leading to transformation (Pourchier, 2010).FindingsDiscussing similarities and distinctions across the presentation and conceptualization of teacher quality in the created children's books promoted dialogue considering intercultural, international pictures of a caring student–teacher relationship. A/r/tographic, currere approaches to exploring this enhanced reflective insight and supported acceptance of diverse notions of teacher quality.Originality/valueAs 21st-century global societies evolve, the meaning of progress also evolves from vertical linear trajectories to horizontal, webbed transformations, driven by differences leading to rhizomatic global connections. A/r/tography and currere are meaningful methodologies to explore the concept of teacher quality from aesthetic angles and on a more personal level so that our understandings may be shaped meaningfully by more diverse perspectives and voices.

Generosity is a shared virtue with distinct expressions across cultures and regions. This article engages 26 teacher education students in a/r/tographic exploration of local cultures and ecologies during a 1-week global teacher education program at a large, urban university in China. Participants across eight Chinese provinces/municipalities, and the nations of Brazil, Canada, South Africa, South Korea, and the United States reflected on and shared local cultures and ecologies via photo collage, autobiographical reflection, children's book creation, and lesson plan creation. This article presents a generosity-inspired theory for culturally and ecologically sustaining pedagogies to demonstrate how local cultures and ecologies shape global norms and understandings and make a case for why such local generosity must be sustained. A/r/tography emerged in this article as a meaningful pedagogical practice for examining, sharing, and appreciating local cultural and ecological generosity across global contexts.