Credit rationing and macroeconomic adjustment in Latin America

This research attempts to provide an answer to the important question of whether sovereign borrowers of developing countries are credit rationed in international capital markets. After defining the type of credit rationing to be tested an econometric technique is developed and tested with the results casting doubt on the extent of credit rationing for 12 of 13 Latin American developing countries over the sample period 1965–1988. The test is limited in that it will not detect credible threats of credit rationing followed by macroeconomic adjustments to bring about an equality of domestic investment and national savings. This form of ex ante credit rationing could still be pervasive. Nevertheless it would appear that on the whole, Latin American countries are quickly able to adjust to anticipated shocks by a combination of policies to reduce the investment-savings gap.     

Assessing some determinant effects of ethical consulting behavior: The case of personal and professional values

A random sample of 207 national business consultants is employed to test the effects of individual values and professional ethics on consulting behavior. The results suggest that the individual values held by consultants are positively correlated with professional ethics, but are negatively correlated with consulting behavior. Moreover, there appears to be no significant relationship between the professional ethics of consultants and business consulting behavior. Findings and issues regarding the effectiveness of codes of ethics and implications for both the provider and recipient of professional consulting services are discussed.Dr. Jeff Allen is currently an Assistant Professor in the Department of Marketing at the University of Central Florida, Orlando. He received his D.B.A. in Marketing. Professor Allen has published in theJournal of Travel Research theJournal of the Academy of Marketing Science, and theJournal of Education for Business. Dr. Allen's research interests include social responsibility, distribution management, and the development of marketing strategy.Dr. Duane Davis is currently a Professor in the University of Central Florida's Department of Marketing. Dr. Davis received his D.B.A. in Marketing. Professor Davis has published in theJournal of Psychology, theJournal of Retailing, theJournal of the Academy of Marketing Science, theJournal of Travel Research, Interfaces, andIndustrial Marketing Management. This research stream largely focuses on research methodology, marketing of services, and strategic marketing management. In addition, Dr. Davis has co-authoredBusiness Research for Decision Making with PWS-Kent Publishing Company.     

Strategy formulation processes: Differences in perceptions of strength and weaknesses indicators and environmental uncertainty by managerial level

Some literature suggests that managers' perceptions of strengths and weaknesses indicators vary by management level. Differences likely result because of individuals' cognitive schemes, which include their cognitive biases. In turn, systematic errors may occur in managerial decisions. Results from the research reported herein support the notion that managers' perceptions of the indicators of a firm's strengths and weaknesses, and of environmental uncertainty, vary by managerial level. Differences in these perceptions were discovered to be more significant within each firm. Implications of these results are examined, including the impact on the deployment of firms' strategy formulation processes.     

A study of the performance of Developmental Studies students in the principles of economics

This study assesses the performance of Developmental Studies students in the principles of economics. The null hypothesis is that once demographic and academic variables are taken into account, completion of a developmental studies course(s) contributes nothing to the probability of success in a principles of economics course. The study analyzes a sample of 1,053 principles of economics students during the 1989 academic year. A logit regression model is used to estimate the probability of successfully completing a course in the principles of economics. The study finds that the completion of the Developmental Study Skills course is an important determinant of the probability of success in the principles of economics courses.     

Bond returns and betas as dependent upon conditioned Brownian motion

This research uses a conditioned Brownian motion process, the Brownian bridge, to analyze bond return dynamics and systematic risk. The results are contrasted with prior results that assume that yields follow unconditioned Brownian motion and reveal significant differences. Expected returns and the variance of expected returns can be given in much more concise terms that are more easily interpreted. Also, bond betas are demonstrated to depend on returns above an initially stated deterministic yield and shown to fluctuate proportionately with this excess return, which can often be negative. Finally, empirical tests show that bond excess returns do follow a Brownian bridge process or at least do so up to a multiple of the conditioned drift term.