How 'modern' is the modern apprenticeship?

Despite the fact that some sectors of industry are facing major skills shortages, the Scottish labour market continues to be characterised by occupational segregation and a large disparity between the wages of women and men. The concentration of individuals in occupations and training based on their gender effectively restricts the pool of potential recruits to industry and is unlikely to make the best use of human capital. Moreover, it obstructs the pursuit of gender equality by reinforcing the gender pay gap and restricting individual career choices. This paper reports on the government's flagship training policy, the Modern Apprenticeship programme, from a gender perspective. It concludes that, ten years on from its introduction, the scheme represents something of a 'missed opportunity' to tackle occupational segregation and its deleterious effects in the wider economy and in society at large. It is recommended that the government and organisations involved in the development and delivery of Modern Apprenticeships adopt a more conscious and cohesive approach to promoting non-traditional choices at the vocational level.     

The reluctant Hong Kong consumer: purchasing travel online

Hong Kong consumers have embraced the web but appear reluctant to buy airline tickets online, suggesting that perceptions of risk outweigh perceived convenience. In this study we identify that both risk and convenience factors are associated strongly with willingness to purchase, particularly privacy, security and poor customer service, time savings, site usability and information provision. We identify further that the experienced shopper is only moderately satisfied and that satisfaction appears to be associated strongly with willingness to make further purchases. Overall, findings suggest that although consumers recognize a number of benefits, there is deep‐rooted resistance to buying this particular product online. The explanation may lie in a combination of the physical density of the Hong Kong market, love of the whole shopping experience and a desire to minimize risk. We conclude that to tempt consumers online airlines and agents must target the Hong Kong market with a clear value proposition which includes user‐friendly sites, streamlined payment procedures, on‐ and offline customer support, price‐related promotions and tailored offline services which reinforce online offerings.     

Market Making with Costly Monitoring: An Analysis of the SOES Controversy

This article presents a model of information monitoring andmarket making in a dealership market. We model how intensivelydealers monitor public information to avoid being picked offby professional day traders when monitoring is costly. Pricecompetition among dealers is hampered by their incentives toshare monitoring costs. The risk of being picked off by theday traders makes dealers more competitive. The interactionbetween these effects determines whether a firm quote rule improvestrading costs and price discovery. Our empirical results supportthe prediction that professional day traders prefer stocks withsmall spreads, but offer less support for the prediction thattheir trading leads to wider spreads.     

Software section

Abstract

In this study, first year commerce students in Australia were surveyed about their perceptions of their accounting studies and their perceptions of the attributes required of professional accountants. The paper specifically addresses the factors important in determining whether first year students intend to become accountants. The study uses a logistic regression model incorporating demographic and academic factors, as well as students' perceptions of the work of accountants, to predict intention to become an accountant. The results show that the perception of importance of generic skills, intrinsic interest in the discipline area, and course satisfaction were significant in determining intention to pursue a career as an accountant. As many students formed their judgments about the work of accountants from their accounting studies, the findings have implications for accounting educators in terms of the enthusiasm and motivation required in teaching accounting, as well as curriculum development that reflects the skill set required for an increasingly sophisticated business environment.     

What have we learnt about joint working between health and social care?

Joint working between local authorities and the National Health Service (NHS) has been an integral part of health and social care policy in the United Kingdom for many years. Using evidence from two literature reviews this paper argues that there is little indication that joint working delivers the outcomes envisaged in policy. While recent reforms may be beginning to influence improvements, they are undermined by constant reform and professional scepticism.     

Making sense of metaphor: The impact of target-group-specific headlines in direct mail

Metaphors are used extensively to cut through the increasing volume of noise in contemporary, hyper-competitive markets. Whilst there is a growing body of literature on the impact of metaphor in marketing communications, much of it concerns style, whilst relatively little is understood about the relationship between creative execution and target audience response. In an exploratory study designed to measure the effectiveness of metaphor in direct mail, we introduce and investigate the concept of target-group-specificity. We find that carefully crafted headlines that contain target-group-specific (TGS) metaphors – in other words, both content and style created specifically for a particular audience – outperform less target-specific metaphors and their literal alternatives. Positive results are found in relation to attention, attitude and behavioural intention. The findings offer evidence that TGS metaphors are more persuasive than the alternative and have strong advertising effects.     

A note on the marginal tax rate in a finite economy

The marginal tax rate is shown to be non-negative in Guesnerie and Seade's model of nonlinear pricing in a finite economy under assumptions that are as mild as those customarily adopted in nonlinear tax models with a one-dimensional continuum population.     

The Impact of Treasury Yields on US Presidential Approval, 1960–2010

ABSTRACT

The ‘power of bond markets’ is a widely assumed and poorly understood feature of the global economy. We demonstrate that even in a bond market as stable as the United States this influence is considerable. In this article, we scrutinise a particularly direct influence, the impact of US Treasury yields on presidential approval rates. Our empirical analysis from 1961 to 2010 demonstrates that rising/falling bond yields lead to a decline/increase in approval rates. We show that this impact is mediated via the US mortgage market. The stronger the rise in mortgage rates, the stronger the influence of Treasury yields on presidential approval. We then outline the broader possible political impacts of this, particularly given foreign and domestic central bank ownership of US Treasuries.     

Rethinking Work and Income Maintenance Policy: Promoting Gender Equality Through a Citizens' Basic Income

A citizens' basic income scheme is based on the principles of individuality, universality, and unconditionality; when combined with the notion of meeting "basic needs" it would serve to provide a minimum income guarantee for all adult members of society. However, implementation would entail radical reform of existing patterns of welfare delivery and would bring into question the institutionalized relationship between work and welfare, a basic premise of modern welfare states. To date, the debate over a citizens' basic income has emphasized its effects on labor markets, thereby displaying an androcentric bias. Although the role of women in society is central to social policy reform, the existing basic income literature is disturbingly void of any comprehensive treatment of women. No genuine discussion has taken place about the nature of women's lives and work and how these should be valued. Social policy reform should take account of all gender inequalities and not just those relating to the traditional labor market. This paper argues that the citizens' basic income model can be a tool for promoting gender-neutral social citizenship rights, but that any future marriage of justice and efficiency must first divorce work from income.