British employers and the Social Chapter: some survey evidence

This note reports the results of a survey of firms operating in Britain concerning the impact on their costs and operations of the Social Action Programme. We find that the realised and anticipated adverse impacts of the legislation are rather limited, although both do appear to be greater for firms which are relatively large, skill intensive, and which have a substantial amount of trade with other EU countries. In particular, the survey results provide little evidence to suggest that the imposition of a minimum wage of £3.50 per hour would have a substantial adverse impact on employment. Evidence does, however, suggest that firms which pay relatively low wages are likely to be affected more than others by the legislation.     

并购交易中的金降落伞计划

对于即将奔赴海外进行并购的中国企业而言,必须仔细审视这些“金降落伞”计划是否会加大收购成本或增加目标公司现金支出从而阻碍购并公司收购往往导致目标公司的管理人员被解职。为了解除高管人员的后顾之忧,美国有许多公司采用金降落伞(Golden Parachute)的做法。“金降落伞”计划对美国高管而言是极好的保障,但对于即将奔赴海外进行并购的中国企业而言,就必须仔细审视这些“金降落伞”     

WTO Disciplines on Domestic Support and Market Access in Agri‐Food Supply Chains

Multilateral negotiations on agriculture in the WTO are making very little progress as developed economies are reluctant to bind trade‐distorting domestic support and import tariffs at levels acceptable to developing countries. This paper presents the basic Bagwell–Staiger framework as it relates to agricultural trade negotiations. In its basic version, market access commitments are sufficient to achieve efficient trade agreements. We show that vertical linkages between agricultural goods and processed food commodities may prevent countries to reach an efficient trade agreement. We argue that the features of agricultural supply chains hinder the argument that total discretion over domestic policies is appropriate. Les négociations multilatérales de l'OMC sur l'agriculture progressent très lentement étant donné que les pays développés hésitent à maintenir un soutien interne qui fausse les échanges et des barrières tarifaires à des niveaux acceptables pour les pays en développement. Le présent article traite du modèle Bagwell–Staiger dans le contexte des négociations sur le commerce des produits agricoles. Dans sa version de base, les engagements quant à l'accès au marché sont suffisants pour permettre des échanges commerciaux efficaces. Nous montrons que les liens verticaux entre les produits agricoles et les produits alimentaires transformés peuvent empêcher les pays d'atteindre un accord commercial efficace. Nous soutenons que les caractéristiques des chaînes d'approvisionnement agricole entravent l'argument voulant que l'entière discrétion quant aux politiques intérieures soit appropriée.     

Forecast Encompassing and Parameter Estimation*

A desirable property of a forecast is that it encompasses competing predictions, in the sense that the accuracy of the preferred forecast cannot be improved through linear combination with a rival prediction. In this paper, we investigate the impact of the uncertainty associated with estimating model parameters in‐sample on the encompassing properties of out‐of‐sample forecasts. Specifically, using examples of non‐nested econometric models, we show that forecasts from the true (but estimated) data generating process (DGP) do not encompass forecasts from competing mis‐specified models in general, particularly when the number of in‐sample observations is small. Following this result, we also examine the scope for achieving gains in accuracy by combining the forecasts from the DGP and mis‐specified models.     

Rural tourism and gendered nuances

Research findings on rural residents’ attitudes towards tourism are often contradictory, in part due to a lack of data examining the often divergent perspectives of particular subgroups. Regional survey data from the Intermountain Western United States is used to provide an improved understanding of rural tourism attitudes as they are linked to community involvement and changes, while also exploring both intragender and intergender differences. Group differences in levels of community involvement, perceptions of tourism and various other issues are observed. While differences emerge, there is also widespread agreement on the importance of preserving local culture and the opposition to sale of agricultural land for development.     

Understanding and optimizing multisource feedback

This article integrates the most recent research results on the topic of multisource feedback with what researchers have learned over the years about performance feedback in general. We believe that this review and set of recommendations represent the state of the art at this time. We provide practitioners with new ideas about how to continue to improve the multisource feedback process in their organizations. We also suggest ideas for feedback providers and facilitators about how to maximize the success of the feedback process. Additionally, we provide “food for thought” for researchers concerning ideas for future research. © 2002 Wiley Periodicals, Inc.     

Sterilization and interest rates

In this note, the effect of a rise in the foreign interest rate on the home rate is considered in a small economy model with a fixed exchange rate. The cases of sterilization annd non-sterilization are considered. The effect of the degree of substitutability beteen domestic and foreign bonds is outlined.