Labour utilisation and industrial relations at Scott-Lithgow 1967–87

This article, a case study of a Scottish shipbuilding and offshore construction company, examines the impact of management style and organisational structure on labour utilisation and industrial relations     

On the interpretation of cointegration in the linear–quadratic inventory model

The traditional formulation of the linear–quadratic inventory model with unit roots predicts cointegration between inventories and sales. That formulation implies that marginal production costs and the marginal benefits of inventories are both tending to ∞, and the cointegrating coefficient reflects the optimal trade-off between these competing factors. This paper suggests a reformulation of the problem in which marginal production costs and marginal inventory benefits are both stationary and in which the cointegrating coefficient is the same as the value that characterizes the target inventory level in the cost function.     

The influence of tempo,loudness, and gender of listener on responses to music

This study explores the impact of gender and two psychophysical stimulus properties of instrumental music (tempo and loudness) on hedonic responses, including judgments of music's affective character and behavioral intentions toward the music. Digital recording technology was used to create multiple versions of an original musical score that varied tempo but held pitch constant. A 2 (slow/fast) by 2 (soft/loud) by 2 (male/female) between-Ss factorial experiment was conducted. Results indicate that gender moderates the influence of loudness, such that females respond more positively to music at lower volumes. Implications for the differential targeting of men and women through music in ads and in retail environments are discussed. (c) 1993 John Wiley & Sons, Inc. © 1993 John Wiley & Sons, Inc.     

Buying group choice: The effect of individual group member's prior decision frame

This article reports the results from two experiments that tested decision‐framing effects on choices made by simulated organizational buying groups. The first experiment showed that the choice of suppliers by buying groups varied depending on the nature of the decision frame. Moreover, group influence seemed to intensify the effect of the loss decision frame. The second experiment tested whether mixed‐frame groups used a lexicographic strategy to make multidimensional supplier choice decisions. Buying groups faced with a choice between two suppliers that differed with respect to price and quality chose the supplier that was best on the most important attribute—quality. Also, the decision frame associated with the important attribute affected the buying groups' choices. © 2002 John Wiley & Sons, Inc.     

Resource Scarcity and Agency Theory Predictions Concerning the Continued Use of Franchising in Multi-outlet Networks

A study of 439 franchisors was conducted to identify factors influencing changes in their propensity to franchise. Consistent with agency theory, franchisors with wide multinational scope were increasing their proportion of franchised outlets whereas franchisors with large outlets were emphasizing firm ownership. As predicted by resource scarcity theory, franchisors were decreasing their proportion franchised as they grew in size, although most of the decrease occurred while firms were relatively small. In contrast to resource scarcity theory, franchisors increased their proportion franchised over time. Key implications are that both agency and resource scarcity theories are needed to explain franchising, but perhaps future research should look beyond resource scarcities toward resource-based capabilities to better explain franchising decisions.     

Which Daily Price is Less Noisy?

The daily efficient price is the price that would prevail if the market were frictionless. I show that volume-weighted average price (VWAP) provides a less noisy estimate for the unobservable efficient price as compared to the closing price. The variance of daily returns computed with VWAPs is smaller than that computed with closing prices. The difference between these two realized variances is economically significant. The volatility of log closing price change tends to understate the beta risk and Sharpe ratio. A higher noise level in the closing price leads to derivative prices that favor option and volatility-related swap writers.