Index arbitrage and the pricing relationship between Australian stock index futures and their underlying shares

This paper examines the mispricing of Australian stock index futures. Exogenous and endogenous price volatility is confirmed to have a positive impact on the mispricing spread, after filtering out predictable time series components. More accurate pricing associated with surprise trading volume in the underlying stocks is consistent with arbitrageurs acting to narrow price disparities relative to the futures market. Ex‐ante interest rate volatility is the primary source of risk faced by arbitrageurs and fluctuations in the transaction cost of opening index arbitrage positions influence the extent to which they drive prices towards theoretical fair values.     

Coaching models for leadership development: An integrative review

The purpose of this article was to describe and compare coaching models and to address their relevance to the advancement of leadership. Coaching has become a popular strategy for leadership development and change in complex environments. Despite increasing popularity, little evidence describes the necessity and impact of coaching. An integrative literature review from 1996 to 2010, retrieved through seven databases, reference tracking, and consultation with academic networks, led to inclusion of peer‐reviewed articles on coaching models. Themes and critical elements in the selected coaching models were analyzed. The search yielded 1,414 titles. Four hundred twenty‐seven abstracts were screened using inclusion/exclusion criteria, and 56 papers were retrieved for full‐text screening. Ten papers were included: two coaching models from health care settings, seven from business settings, and one from a medical education institution. Critical components of coaching models are: coach–coachee relationship, problem identification and goal setting, problem solving, transformational process, and mechanisms by which the model achieves outcomes. Factors that impact positive coaching outcomes are: coach's role and attributes, selection of coaching candidates and coach attributes, obstacles and facilitators to the coaching process, benefits and drawbacks of external versus internal coaches, and organizational support. The elements of coaching models identified in this review may be used to guide future research on the effectiveness of coaching as a leadership strategy.     

Measuring price thresholds using social judgment theory

Price perceptions of 120 homemakers were assessed for one product using social judgment theory. In keeping with the theory, the homemakers' latitudes of acceptance, rejection, and noncommitment were established in a laboratory experiment. Product involvement and price sensitivity were manipulated, and their impact on the respective latitudes was measured. Implications for price strategy based on the analysis are presented.     

Managerial attitudes toward environmental management within Australia,the People's Republic of China and Indonesia

This study presents a survey of the attitudes of corporate managers and managerial students across Australia, the People's Republic of China and Indonesia toward 18 key contemporary environmental management issues. The study sought to explore whether respondents from these countries, characterized by differing levels of development, also differ in their attitude toward environmental management. Results indicated that, despite age being a moderating factor, significant differences did exist between the 676 country respondents on 15 of the 18 questions. Contrary to expectations, Australian respondents were more cautious of supporting a forthright view on environmental issues, whilst Chinese respondents favoured a more centralized approach to decision making regarding the environment. The results lend marginal support to the new environmental paradigm (NEP), but also to the radicalization of environmental issues and age as a possible influence on respondent beliefs. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

Development Assistance and Exports: The Case of the United States

The relationship of development assistance and exports has been a controversial subject in recent years. U.S. public organizations feel that development assistance, particularly for research, while intended primarily and immediately to encourage economic development in low-income nations, will also help increase the effective demand for agricultural exports. Some commodity-oriented U.S. farm groups, on the other hand, see assistance primarily in terms of leading to increased competition for exports of their product. They would have the U.S.A. provide less international support for agricultural development and they have had some influence. While there has been considerable debate on the subject, this has not yet resulted in the development of an enlightened national policy. The paper attempts to sort out the facts and perceptions that have led to this situation and to provide some policy suggestions. Two important needs are for: (a) greater public understanding, and (b) strengthened domestic research and improved linkages between domestic and international research activities. Paradoxically, the latter point tends to be overlooked by some of the farm groups but is essential if the U.S. is to remain competitive in what is likely to become a more open international market in the future.     

A Learning Design for Reducing Hypothetical Bias in the Contingent Valuation Method

Over the last few years a great deal of research has focussed on hypothetical bias in value estimates obtained with the contingent valuation (CV) method and on means for ameliorating if not eliminating such bias. To date, efforts to eliminate hypothetical bias have relied on calibration techniques or on word-smithing of one kind or another to induce subjects to provide responses to hypothetical questions that mimic responses made by subjects facing actual payments in the valuation experiment. This paper introduces a different approach for eliminating hypothetical bias. A design for a CV survey format is presented which provides subjects with the opportunity to learn how the CV institution works. Sequential referenda are conducted where respondents gain experience in CV settings by participating in both hypothetical and real referenda. The logic of this Learning Design is a straightforward application of the trials process used in experimental economics. We demonstrate that the Learning Design is effective in eliminating hypothetical bias in surveys concerning donations to two different public goods.