TRANSATLANTIC CAPITAL MARKET PRICE DISCOVERY DURING A FINANCIAL CRISIS

Previous results show relatively small amounts of time variation in the Hasbrouck (1995) information share across international markets. Using data from a security that was cross‐listed on the New York and London Stock Exchanges in the 1860s, we find that the information share changes dramatically during a financial crisis that began in the foreign market.     

Physician behavioural responses to variation in marginal income tax rates: longitudinal evidence

The longitudinal component of the Young Physicians Surveys (1987, 1991) is used to examine the impact of changes in marginal tax rates on key indicators of physician behaviour. Following the federal Tax Reform Act of 1986, many states' marginal income tax rates changed. This variation is used to estimate the responsiveness of work hours, HMO contracting and practice size to changes in taxes.     

The Relation between Returns and Earnings: Evidence for the UK

This paper presents an empirical study of the explanatory power of annual earnings figures for annual stock returns using UK data. The analysis is performed on a sample of companies, with varying year-ends, over the period 1969–1990. The research exploits Ohlson's recent theoretical contributions to the study of the valuation relevance of accounting information, and it complements a study by Easton and Harris (1991) on US data. Similar to the results of Easton and Harris, the results for the UK provide consistent evidence that both earnings levels and earnings differences have significant explanatory power for security returns. However, unlike Easton and Harris, the evidence from individual year regressions suggests that changes in earnings rather than the level of earnings may be more important in explaining security returns in the UK.     

Human factors in the transfer of the ‘Japanese best practice’ manufacturing system to Singapore

A detailed examination of the practices reported by managers in thirty-one affiliates of Japanese companies engaged in manufacturing in Singapore revealed a high degree of conformity with the Japanese best practice (also known as ‘lean production’) model in the way work is organized and in the shop-floor level manufacturing practices, but greater conformity to host country norms in the HRM practices applied to the local work-force. This is consistent with the patterns reported in the existing literature regarding Japanese transplants in other countries, including the US and the UK. Strong statistical relationships were found in the Singapore study among the work organization cluster, the manufacturing practices cluster, and the performance outcomes. No significant relationships were found between the HRM cluster and any of the ‘downstream’ variables (work organization, manufacturing practices or performance outcomes), but relatively heavy reliance on expatriates was found to be highly related to work organization, manufacturing practices and performance outcomes. These findings suggest that heavy reliance on expatriates may function as an alternative to Japanese-style HRM practices in situations where it would be unduly difficult or costly to extend the whole package of Japanese-style HRM practices to the local work-force.     

Enhancing value for Chinese shoppers: The contribution of store and customer characteristics

This study tested the relationships between store and customer characteristics with perceived value and customer loyalty in retailing in China. Survey data were collected from shoppers in department stores (n=200) and supermarkets (n=200) in the tier 2 coastal city of Tianjin. Data for each type of store were analysed separately using structural models. In supermarkets, value was predicted by quality and price, but for department stores, only the customer orientation of the store was significant, suggesting that customers seek different shopping experiences in each context. In each case, value mediated the links to loyalty and, for supermarkets, choice of merchandise and consumer time pressure demonstrated direct links to loyalty. The paper discusses the implications of the findings, and concludes with possible future research.