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This paper recasts the model presented in ‘The Dynamics of Job Separation: The Case of Federal Employees’, as an optimal stopping problem. It shows that the individuals represented by the model are assumed to behave suboptimally and illustrates several policy analysis problems introduced by assuming such behaviour.  相似文献   

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In this paper we develop a model of workers' quit decisions. Using panel data on a sample of US Federal government employees we use maximum-likelihood techniques to determine how much of the observed decline in quits with job tenure is a result of declining individual quit propensities (‘state dependence’) rather than dynamic sample self-selection (‘heterogeneity’). The latter is found to be much more important than the former. The effects of relative Federal government wages and other variables on quits are also estimated. The results are useful for analysing Federal compensation policies.  相似文献   

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Many factory managers are hesitant about implementing a just-in-time system due to concern about the dip in productivity that occurs. Here, a simple analytic model is used to study the trade-off between disruption and learning/improvement on a production line. While simple, the model is shown to capture many of the effects of just-in-time mentioned in the literature.Using insights from the model, an attempt is made to identify those factors to which successful implementation of just-in-time is most sensitive.  相似文献   

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In this journal, Miller [Miller, R. A. (2009). The weighted average cost of capital is not quite right. The Quarterly Review of Economics and Finance, 49, 128–138] argues that the standard WACC formula fails to correctly remunerate shareholders and bondholders. This is proved by considering a project yielding a zero net present value. In this comment, we prove that this apparent failure of the standard WACC approach simply stems from the fact that, in Miller's example, the project's debt ratio is implicitly assumed constant throughout the project's life, whereas it is not. We also show that the suggested modified WACC formula is not relevant. More generally, we emphasize that, in any year, a project's debt ratio must be defined with respect to the economic value of the project.  相似文献   

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We point out that the main concern of this comment is on the assumptions about “managerial compensation” and “who should make the donation decision for the firm”.  相似文献   

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This paper explores interactive epistemology within Morris’ [S. Morris, Alternative definitions of knowledge, in: M.O.L. Bacharach, L.-A. Gerard-Varet, P. Mongin, H.S. Shin (Eds.), Epistemic Logic and the Theory of Games and Decisions, Kluwer Academic Publishers, Amsterdam, 1997, pp. 217–233] framework of knowledge. Specifically, this paper proves a generalized “agreeing to disagree” result. The major features of this formalization are: (i) non-expected utility receives a unified treatment; (ii) the information structure is not necessarily partitional; (iii) Aumann’s celebrated result of “agreeing to disagree” and Milgrom and Stokey’s well-known result of “no trade” are derived as special cases. This paper also presents some new extensions of the “no trade theorem”.  相似文献   

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“Worthless,” “money burning,” or “black holes” is how media and professionals describe compliance practices today. Practitioners are unenthusiastic about control systems, codes of conducts, and systems for compliance management that are increasing in volume but not in effectiveness. In order to help practitioners clarify what actually makes employees comply with their compliance program, this study examines intrinsic and extrinsic motivators of 119 employees from procurement and sales. We contribute to the existing motivation literature, testing the self‐determination theory in low and high hierarchical levels. Our findings show that intrinsic motivators are more strongly and positively related to compliance intention on higher hierarchical levels than the lower ones. However, employees from higher hierarchies show overall less compliance intention than employees from lower hierarchies. © 2015 The Authors. Human Resource Management published by Wiley Periodicals, Inc.  相似文献   

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This article shows how the major foundations were extremely influential in America's rise to global hegemony over the past century. The leadership of these foundations was part of the eastern foreign policy establishment that initially mobilized support for a globalist, anti‐isolationist agenda and after World War II worked to construct a viable intellectual framework promoting American perspectives in world affairs. The development of foundation leadership in international relations took place in three phases with different emphases, aimed at softening the sharper edges of globalization and elite dominance to retain public legitimacy: 1) shifting American public opinion from the 1920s to the 1950s in favor of liberal internationalism and a strong national government, 2) creating an integrated global elite from the 1950s to the 1970s that could serve as conduits for American interests within the institutions of each nation, and 3) developing democratic reforms in response to neoliberalism after 1980 to gain legitimacy for the international order, in order to sustain the idea that the political and economic systems work for everyone. In this fashion, foundations were able publicly to espouse principles of self‐determination and economic development for every nation, even though their actions paved the way for the continuation of neocolonialism.  相似文献   

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Spurred by the political debate in the US and several high-profile corporate moves, "offshoring" has become a lively topic of discussion. This paper by Grant Colquhoun, Keith Edmonds and David Goodger tries to put recent developments in context and argues that "offshoring" should be seen as part of a long-standing and largely beneficial trend of international specialisation. In the short term at least, the transfer of service sector activities abroad is likely to involve relatively small numbers of jobs when compared to overall UK employment and labour market turnover. However, specific areas — such as call centres, back office functions and software programming — are expected to be increasingly affected, impacting upon regions of the UK with heavy exposure to those activities and giving rise to adjustment costs. In contrast, retailing, hotels and catering and personal services could well benefit from the move of low value-added jobs abroad. Overall, the impact of "offshoring" on the UK economy in terms of output and productivity should be positive.  相似文献   

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