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The proposition made in this thesis is the provision of a testable hypothesis that risk-adjusted abnormal returns are associated with a contrarian strategy that is induced by the low-interest rate environment. The monetarist and risk-taking channels of interest rate transition derive the proposition that an increased amount of private investors is pushed towards the stock markets. Therefore, the behavioristic model of Hong and Stein (1999) is adjusted for this circumstance. The assumption is made that this group of private investors increases the portion of “momentum traders” in the model; this leads to a pronounced momentum pattern that is followed by a trend reversal. The line of argumentation gives reason to believe that risk-adjusted abnormal returns are associated with this behavioral pattern. Hence, this would imply that this pattern is exploitable by a contrarian strategy. First, in the empirical analysis, a Markov regime-switching model for the German stock market is used to establish a link with the principal components that have been extracted from the interest rate yield curve. Then, an explorative portfolio analysis of this stock market finds the presence of the predicted contrarian effects. Contrary to the proposition of the theoretical model, this contrarian effect is explained by the market risk premium, size, and B/M ratio, and does not yield excess return. Nevertheless, the considered strategy is of interest, as it corresponds to investors’ search for yields within this low-interest rate environment.

Overreaction Hypothesis --- Contrarian Effect --- Markov Regime-Switching Model --- Sciences économiques & de gestion > Finance

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A contrarian challenge to the status quo, this book vigorously champions healthy skepticism in management theory and practice. Several common management maxims -- often taken for granted as truisms -- are examined and debunked with evidence-based arguments. The constant repetition of these flawed tropes perpetuates their mythological status and limits personal and organizational performance. Eleven management maxims are rebuked using empirical data, original scholarship, literature reviews, field observations, and thoughtful opinions from numerous experts. Far from a business as usual business book, this has been researched with academic rigor yet written in an approachable style. Unafraid of taking on conventional business wisdom, it contains some controversial yet substantiated positions that will provoke critical thinking and debate. After all, sacred cows and long-believed tenets of management lore do not go away quietly. A clear message from this book is that you don't have to believe everything you read or hear-- be it in the classroom or at work! It offers a refreshing break from the constant drumbeat of dronish corporate and academic clichés. This book is best appreciated by readers wanting to think critically about important management phenomena.

Industrial management --- Business --- business plan --- competitive advantage --- consensus decision making --- contrarian --- customer satisfaction --- diversity --- English language --- failure --- human resources --- introvert --- leadership --- management --- mission statement

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Nat Hentoff, renowned jazz critic, civil liberties activist, and fearless contrarian-"I'm a Jewish atheist civil-libertarian pro-lifer"-has lived through much of jazz's history and has known many of jazz's most important figures, often as friend and confidant. Hentoff has been a tireless advocate for the neglected parts of jazz history, including forgotten sidemen and -women. This volume includes his best recent work-short essays, long interviews, and personal recollections. From Duke Ellington and Louis Armstrong to Ornette Coleman and Quincy Jones, Hentoff brings the jazz greats to life and traces their art to gospel, blues, and many other forms of American music. At the Jazz Band Ball also includes Hentoff's keen, cosmopolitan observations on a wide range of issues. The book shows how jazz and education are a vital partnership, how free expression is the essence of liberty, and how social justice issues like health care and strong civil rights and liberties keep all the arts-and all members of society-strong.

Music --- Jazz --- Criticism --- History and criticism. --- History and criticism --- Gillespie, Dizzy --- Armstrong, Louis --- Monk, Thelonious Sphere --- Woods, Phil --- Parker, Charles Christopher --- american music. --- american society. --- art. --- biographical. --- blues music. --- civil liberties. --- civil rights. --- contrarian. --- duke ellington. --- engaging. --- famous jazz musicians. --- feel good. --- free expression. --- gospel. --- health care. --- interviews. --- jazz band ball. --- jazz critics. --- jazz history. --- jazz lovers. --- jazz music. --- jazz musicians. --- jazz scene. --- louis armstrong. --- musicians. --- nonfiction. --- ornette coleman. --- personal history. --- political activists. --- quincy jones. --- retrospective. --- short essays. --- social justice issues.