A theoretical analysis of institutional investors' trading costs in auction and dealer markets

This paper compares trading costs for institutional investors subject to liquidity shocks, in auction and dealer markets. The batch auction restricts the institutions' ability to exploit informational advantages because of competition between institutions when they simultaneously submit orders. This competition lowers aggregate trading costs. In the dealership market, competition between traders is absent but private information is revealed by observing the flow of successive orders and so reduces aggregate trading costs. We analyse the relative effects on trading costs of competition and information revelation in the two systems and derive a parameter inequality which determines which system has lower costs.     

Computing Professionals and the 'Peace Dividend'

For the last four decades much of the world's most advanced technical resources have been devoted to military systems; but with the end of the Cold War economic and technical resources are being freed to yield the so-called 'peace dividend'. This promotes the possibility of a more ethical orientation to many information technologists' work, and also represents the chance to argue for, and develop, more socially useful and responsible applications of computer technology, in accordance with the development of professional ideals and standards within the computing industry. The author is a member of the Computing Research Centre in the School of Computing and Management Sciences at Sheffield Hallam University, 100 Napier St, Sheffield S11 8HD, England; email: A.Bissett@shu.ac.uk     

成本全面上涨推动珠三角经济转型

外资企业离开世界工厂 据报道，2007年有224家外资企业离开了珠三角，另有29840家港资企业（占大约80000家港资企业的37．3％）也有同样的计划。另一方面，自2007年初至今，已有103家韩资企业离开了北方制造业中心山东。     

Human capital and the internationalisation of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.     

Twenty Years of Expenditure Inequality in Indonesia, 1993–2013

In this article, we consider the recent increase in inequality in Indonesia. We make new, consistent estimates of expenditure inequality for 1993–2013, using several measures that draw on household expenditure data from the National Socioeconomic Survey (Susenas) for 1993–2013. In doing so, we note that the central statistics agency, Badan Pusat Statistik (BPS), used grouped data for its estimates of inequality until 2009 and that this underestimated inequality up to then. Thus the rise in inequality reported since 2009 actually has a longer history. We argue that Indonesia experienced divergence and convergence at the same time: the magnitude of the rise in inequality was significant (divergence), but the rise was greatest in provinces or districts with low initial levels of inequality (convergence). We consider the literature on drivers of changes in inequality and identify a set of hypotheses, with an empirical basis, which we introduce as potential Indonesian-specific drivers of rising inequality for future exploration.     

Assessing Poverty Trends in Indonesia by International Poverty Lines

Indonesia has made well-documented and drastic progress in raising average incomes and reducing poverty. This article adds to the literature by providing a complementary perspective of poverty between 1984 and 2011. We discuss the evolution of poverty in Indonesia using international poverty lines—$1.25 per person per day (in 2005 purchasing power parity dollars) and $2.00 per day, and we add $10.00 per day. We generate estimates of poverty since 1984 and make projections based on various trends in growth and inequality. We find that Indonesia has the potential to become a high-income country by around 2025 and end $1.25-per-day and $2.00-perday poverty by 2030, but this will require strong economic growth and favourable changes in distribution. Looking ahead, the end of poverty in Indonesia may mean that a large proportion of the population will remain vulnerable to poverty for some time to come, suggesting that public policy priorities will need to balance insurance and risk-management mechanisms with more ‘traditional’ poverty policy.     

Does stable ownership create value? Evidence from the global financial crisis

We investigate the value of stable ownership for a sample of European firms using the global financial crisis as an exogenous shock and pre-and post-crisis years as benchmark periods. Consistent with the argument that stable ownership allows managers to focus on the creation of long-term value, we find that stable ownership resulted in higher stock returns and a higher market-to-book ratio during the crisis. This positive effect of stable ownership was not reversed after the crisis. Stable institutional blockholdings were more valuable in countries with weaker investor protection. However, the positive effect does not apply to firms in which a family is the largest blockholder. Finally, we also find that ownership stability was associated with a higher level of investments, illustrating that stable ownership affects real corporate decisions.

     

Only the Brave: Product Innovation,Service Business Model Innovation,and Their Impact on Performance

Recent empirical findings concerning the performance effects of service business model innovation (servitization) and its interplay with product innovation are mixed. Using the lenses of the demand‐based view on value creation and complementarity, the performance impact of two key service business models is examined: the product‐oriented model and the customer‐oriented model, implemented jointly with product innovation. Results indicate that the interplay between service business model innovation and product innovation results in long‐term performance benefits coupled with a degree of short‐term performance sacrifice. Service business model innovation in isolation from product innovation results in short‐term profit gains but long‐term knowledge loss and, thus, market performance decline. Our study suggests that firms need to look beyond the evidence on short‐term effects in order to achieve superior performance in the long run.     

The importance of career goal in relation to academic performance: a case study of hospitality management students

ABSTRACT

Hospitality management programs have commonly offered exclusive learning opportunities to talented students in order to keep “brains” in the industry. While academic performance indices are often used to identify “brains” in the education sector, scant research has empirically examined whether “brains” are intended to stay in the industry. This study surveyed 304 hospitality management students and examined the relationships between their career-goal related factors and academic performance. Findings indicate that career goal and positive job valence toward the hospitality industry are significantly related to academic performance. The results of this study contribute to the limited literature on the relationship between career goal and academic performance.