Finite state Markov-chain approximations to highly persistent processes

The Rouwenhorst method of approximating stationary AR(1) processes has been overlooked by much of the literature despite having many desirable properties unmatched by other methods. In particular, we prove that it can match the conditional and unconditional mean and variance, and the first-order autocorrelation of any stationary AR(1) process. These properties make the Rouwenhorst method more reliable than others in approximating highly persistent processes and generating accurate model solutions. To illustrate this, we compare the performances of the Rouwenhorst method and four others in solving the stochastic growth model and an income fluctuation problem. We find that (i) the choice of approximation method can have a large impact on the computed model solutions, and (ii) the Rouwenhorst method is more robust than others with respect to variation in the persistence of the process, the number of points used in the discrete approximation and the procedure used to generate model statistics.     

Masculinities and gender-based violence in South Africa: A study of a masculinities-focused intervention programme

Violence, and particularly gender-based violence (GBV), has become an increasingly serious problem in the democratic era in South Africa. While numerous suggestions have been offered for why this is the case, a growing body of literature links the perpetration of violence and GBV to the expectations of men’s prescribed gender roles, or their masculinities. In response to this, some organisations have begun working specifically with men as a violence prevention mechanism, through the use of masculinities-focused interventions. This paper uses a South African example as a case study, looking primarily at how men who participate in the intervention understand masculinities and violence, and the impact that the intervention has on this understanding. Results suggest that violence has become largely normalised in the country, but that the intervention can play a role in beginning to problematise that normalisation.     

What Drives the Issuance of Putable Convertibles: Risk-Shifting,Asymmetric Information,or Taxes?

This paper presents the first empirical analysis of firms’ rationale for issuing putable convertible bonds in the literature. We distinguish between three possible rationales for the issuance of putable convertibles: 1) the risk-shifting hypothesis, 2) the asymmetric information hypothesis, and 3) the tax savings hypothesis. The results of our empirical analysis can be summarized as follows. First, putable convertible issuers are larger, less risky firms, having larger cash flows, smaller growth opportunities, and lower bankruptcy probabilities as compared to ordinary convertible issuers. Second, putable convertible issuers have lower preissue market valuations, more favorable announcement effects, and better postissue operating performance when compared to ordinary convertible issuers. Third, putable convertible issuers have better postissue long-run stock return performance as compared to ordinary convertible issuers. Finally, putable convertible issuers typically have greater tax obligations and better credit ratings than ordinary convertible issuers. Overall, the results of our univariate as well as multivariate analyses provide support for the asymmetric information and tax savings hypotheses, but little support for the risk-shifting hypothesis.     

Recognition of tacit skills: sustaining learning outcomes in adult learning and work re‐entry

This paper is based on the project ‘Recognition of Tacit Skills and Knowledge in Work Re‐entry’ carried out as a part of the ESRC‐funded Research Network ‘Improving Incentives to Learning in the Workplace’. The network aims to contribute to improved practice among a wide range of practitioners. The study has investigated the part played by tacit forms of personal competences in the education, training and work re‐entry of adult learners. The models of learning produced within this study with the assistance of the Dynamic Concept Analysis method are used to provide a better understanding of individual case studies.     

Heterogeneous networks and resource acquisition of SMEs in emerging economies

It is acknowledged that social capital plays an important role in the growth of entrepreneurial firms. However, few studies have examined the contribution and function of social capital networks that contain structural holes (heterogeneous networks) in emerging economies. It is not clear how trustworthiness and behavioural commitment impact on effectiveness of these networks in obtaining resources. This study explores how heterogeneous networks characterize successful entrepreneurship of small-medium enterprises in such setting. We find that behavioural commitment moderates the relationship between heterogeneous networks and resource acquisition, while trustworthiness does not significantly moderate this relationship. The impact of the findings on the literature and practice in emerging economies is discussed, as is the need for future research in this domain.     

Top management team turnover as an adaptation mechanism: The role of the environment

Based on an organizational adaptation framework, this study examines the influence of three environmental dimensions–munificence, stability, and complexity–on top management team turnover. In addition to investigating the direct influence of these environmental dimensions, indirect effects through firm performance and strategic change are also examined; the indirect effect of environmental complexity through demographic heterogeneity is also studied. Path analysis indicates that the direct effects of the three environmental dimensions predominate. Indirect effects were nonsignificant except for the effect of instability and munificence through strategic change. By expanding the team turnover context to include environmental and strategic dimensions, in addition to previously examined performance and heterogeneity factors, this study enhances our understanding of managerial turnover as a form of organizational adaptation.     

Comparing variations in labor costs for two vs. one full-time nurse manager

Labor costs for two versus one full-time nurse manager were compared. Results revealed reductions in nursing costs per patient day. These results suggest that innovative models may hold promise as organizations struggle to retain nurses and decrease costs.