Institutional Resilience in a Changing World Economy? The Case of the German Bankking and Chemical Industries

This paper examines whether there has been a transformation towards company-specific and unitarist industrial relations in Germany. On the basis of 25 case studies of employment practices in German and foreign-owned banks and chemical firms as well as industry data, the research found that the German system has so far remained relatively stable. Companies in the two industries studied generally still comply with the labour market institutions of multi-employer collective bargaining, workplace representation and initial vocational training. Pressures have been accommodated by changes within the system rather than by a radical change of the system.     

Land tenure and rental in Western Sudan

This paper reports on aspects of land tenure in western Sudan, especially the nature of tenure insecurity and the functioning of the land rental market. The active land rental market accounted for about one-third of cultivated land. Patterns of land rental transactions, and tests of the importance of insecurity in renting land, where the owner may not be able to reclaim land rented out, do not support the presumption that rental markets perform poorly. The role of the sheikh as administrator of village land, and the claims of large landowners to vast tracts, are, however, important political problems that must be resolved before attempts at ‘rationalizing’ land tenure.     

The Impact of Macroeconomic Risk on Asset Prices in Ghana, 1997–2002

Abstract: The dwindling nature of overseas development assistance in the early part of the 1990s called for the establishment of capital markets in some African countries, including Ghana, with the view to increasing foreign direct investments and achieving sustainable inflows, growth and development. One important factor which affects the determination of prices and the growth of capital markets is macroeconomic risk which is quite high in developing countries. Following works done on advanced stock markets, this study seeks to investigate the impact of six macroeconomic risk factors on asset pricing in the various industrial classification — financial, manufacturing, food and beverages, distribution and mining under the Ghana Stock Exchange (GSE) for the period January 1997 to December 2002. Using the arbitrage pricing methodology developed by Ross (1976) and Chen et al. (1986) , the study revealed that investors in Ghana considered three main macroeconomic risk factors — short‐term interest rate risk, inflation risk and the term structure of the country's interest rate in the determination of the various industrial asset prices during the period under consideration. Analysis of the risks and returns profile of the industries also shows that financial assets made the best gains on the market. Both general and specific policy recommendations aimed at improving the performance of the GSE are explored.     

The ‘new public management’ and the reform of public services to agriculture in adjusting economies: the role of contracting

This paper outlines the conditions under which contracting of different types succeeds in the provision of public services to agriculture. It observes that performance contracting has been widely attempted in adjusting countries but generally with little success, since it is demanding of resources, flexibility and motivation in government under conditions where these are scarce. Examples are drawn from agricultural marketing. Given the largely private nature of the services to agriculture currently provided by the state, the long-term reform strategy should be market development. Contracting out and management contracting may have a role in this strategy, particularly in better managed adjusting economies.     

Modeling ethical attitudes and behaviors under conditions of environmental turbulence: The case of South Africa

This study explores the impact of environmental turbulence on relationships between personal and organizational characteristics, personal values, ethical perceptions, and behavioral intentions. A causal model is tested using data obtained from a national sample of marketing research professionals in South Africa. The findings suggest turbulent conditions lead professionals to report stronger values and ethical norms, but less ethical behavioral intentions. Implications are drawn for organizations confronting growing turbulence in their external environments. A number of suggestions are made for ongoing research. Michael H. Morris became the Fletcher Jones Chair in Entrepreneurship at the University of the Pacific, Stockton, CA in 1993. He received his Ph.D. in Marketing. He is the author of two books and over forty articles in academic journals, including the Journal of International Business Studies, the Journal of Business Research, the Journal of Management, and the Journal of the Academy of Marketing Science. Dr. Morris' principal research interests include entrepreneurial behavior, industrial marketing strategy, and pricing.Amy Seidel Marks has been a Senior Lecturer in Marketing at the GSB UCT since 1989. She holds a Ph.D. in Marketing from the Kellogg Graduate School of Management, and has worked in the areas of consumer behavior analysis and social marketing for 20 years. During her time in South Africa she has conducted numerous research projects in areas such as AIDS prevention, tobacco control and iodine deficiency, and has also served as a consultant to national projects in tuberculosis drug compliance, tobacco control and adult education.Jeff Allen received his doctorate from the University of Kentucky. He is currently an Assistant Professor of Marketing at the University of Central Florida, Orlando, Florida, Dr. Allen has published in various national and international academic journals on topics of social responsibility, marketing ethics, and health care marketing. Newman S. Perry, Jr. is Professor of Management, School of Business and Public Administration at the University of the Pacific in Stockton California. He has just completed Business, Government, and Society: Managing Competitiveness, Ethics, and Social Issues published by Prentice-Hall and previously coauthored a book on strategic management.     

Design and valuation of debt contracts

This articles studies the design and valuation of debt contractsin a general dynamic setting under uncertainty. We incorporatesome insights of the recent corporate finance literature intoa valuation framework. The basic framework is an extensive form game determined bythe terms of a debt contract and applicable bankruptcy laws.Debtholders and equityholders behave noncooperatively. The firm'sreorganization boundary is determined endogenously. Strategic debt service results in significantly higher defaultpremia at even small liquidation costs. Deviations from absolutepriority and forced liquidations occur along the equilibriumpath. The design tends to stress higher coupons and sinkingfunds when firms have a higher cash payout ratio.