Net selectivity revisited: An extension

In this critique of Kochman and Badarinathi's study (1993) of net selectivity, mutual funds are not found to have a return distribution exhibiting limited semivariance when monthly return data are used. Several funds are overrated, however, in the sense that they have negative semivariance-adjusted excess returns, despite having positive beta-adjusted excess returns. Similar results are obtained using the Standard and Poor's 500 Index, which was employed by Kochman and Badarinathi, and the Wilshire 5000.     

The UK and EMU: Lessons from Europe

Her Majesty's Treasury is due to report in June 2003 on the economic case for the UK adopting the Euro. One criterion concerns the extent of economic convergence between the UK and the European Union countries. Differences in financial, credit and housing institutions between countries present one important subset of constraints to sustained convergence (Maclennan et al, 1998) - largely neglected in the economic literature on common currency areas. These types of differences create tension within the Eurozone. Empirical evidence supporting these concerns has emerged in signs of overheating in the Netherlands, UK and some of the fringe economies, and in the relative stagnation of Germany and Italy. The UK's buoyancy, however, is accompanied by serious economic imbalances, with consequent risks of instability. These would be exacerbated should the UK be prematurely locked into an exchange rate and interest rate regime unresponsive to domestic conditions. There is much to learn from European experience: from Germany and Italy, on the consequences of illiberal economic structures; from The Netherlands, on some of the risks of liberal credit markets; and from Denmark, with a liberal credit market but rational property taxation. In this paper, John Muellbauer argues that convergence does not have to be fully achieved, if there is a counterbalancing policy instrument to mitigate some of the effects of these slow-to-dissipate differences. Specifically in the UK, a reformed system of property taxation would contribute greatly to long-term stability and the preservation of economic balance.     

Britain in a social Europe: industrial relations and 1992

This article suggests that European Community social policy is now moving into a third stage that is having an increasing impact on the UK. However, continuing differences in European labour markets, collective bargaining and trade union organisation make it impossible to identify a common European pattern of industrial relations     

Two speed ahead: social Europe and the UK after Maastricht

Legislation and collective bargaining are a different but often complementary means of protecting employees and strengthening workers’ rights. At the EC level both means are now being followed but, at present, since Maastricht largely without the UK. Here the author considers whether in the longer term the UK's isolation from such developments can be sustained even in the light of the outcome of the April General Election.     

Income convergence prospects in Europe: Assessing the role of human capital dynamics

We employ income projection models based on human capital dynamics in order to assess quantitatively the role that educational improvements are expected to play as a driver of future income convergence in Europe. We concentrate on income convergence dynamics between emerging economies in Central and Eastern Europe and Western European countries during the next 50 years. Our results indicate that improvements in human capital contribute significantly to the income convergence potential of European emerging economies. Using realistic scenarios, we quantify the effect that future human capital investment paths are expected to have in terms of speeding up the income convergence process in the region. The income projection exercise shows that the returns to education in terms of income convergence in Europe could be sizeable, although it may take relatively long for the poorer economies of the region to rip the growth benefits.     

Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe

Since 2005, European‐listed companies have been required to prepare their consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS). We examine whether value relevance increased following the introduction of IFRS, using a sample of 3,721 companies listed on five European stock exchanges: Frankfurt, Madrid, Paris, London, and Milan. We find mixed evidence of an increase in value relevance. However, the influence of earnings on share price increased following the introduction of IFRS in Germany, France, and the United Kingdom, while the influence of book value of equity decreased (except for the United Kingdom).     

公共关系战略运行的五大要素

随着现代科技的突飞猛进,社会组织与公众之间的关系,人与人之间的关系,越来越备受全人类的高度重视.过去,有些社会组织仅把公共关系当作战术来运用.现在,逐步提升到战略的高度上来研究了.良好的人际关系,是一个难得的可开发的资源,也是一个营造出来的生存与发展的环境.充分运用公共关系学为社会组织主体服务,是业界内外都关心的课题.但是,对于这个问题的深入分析和研究,特别是对于企业中带有战略性的重大决策,很有价值.     

Market Services: Productivity Benchmarks for the UK

This paper presents comparisons of labour productivity (value added per hour worked) in market services for the UK, the US, France and Germany in 1993. Market services, defined as (1) Distribution, Hotels and Catering, (2) Transport and Communications and (3) Finance, Insurance and Real Estate, make up 34–43 percent of total employment in the four countries. For productivity in market services overall, the US led the UK by 35 percent in 1993, Germany led the UK by 34 percent and France led the UK by 36 percent. The UK productivity shortfall vis-à-vis Germany and France was wider in market services than in manufacturing.     

1992: job market in the doldrums

Manufacturing continued to lose large numbers of jobs, and other industries had small employment declines; only services and government added substantially to their employment, but with weaker gains than in the 1980's.     

Benefit shifting: The case of sickness insurance for the unemployed

This study describes the probability of transition from unemployment with unemployment insurance (UI) to sickness insurance (SI), using a proportional hazard duration model and a large register-based dataset. The combination of limited UI duration and the fact that SI rights do not depend on remaining UI, creates an incentive to use SI to effectively extend UI. The separate effects of elapsed unemployment duration and of UI duration on hazard rates are identified through a reform of the UI system. The estimated hazard rate for transition from unemployment to SI increases sharply the last months before UI exhaustion. The spikes are larger for diagnosis for mental illness, and vary across individuals, but are present for all groups and all diagnoses.     

Prospects for the UK Economy

The prospects for the UK economy are the brightest for some time. Growth is above trend, inflation is low, and balance-of-payments pressures are benign.     

Introduction: the Asia-Pacific HRM model revisited

This article introduces a symposium which 'revisits' the Asia-Pacific HRM model, much discussed in recent literature. It argues that, while the IR/HRM systems of the countries in the region are prima facie heterogeneous, there is both commonality and diversity. It posits the four logical cases of 'hard convergence', 'soft convergence', 'soft divergence' and 'hard divergence'. It argues that the most probable outcomes are likely to be the middle options. 'Soft convergence' may have occurred as a result of broader responses to broad economic trends such as globalization; 'soft divergence' may still be de rigueur , as the devil is always 'in the details'. Institutional and legal changes may also take place more slowly than enterprise-level or organizational ones.     

UK Consumer Spending: Prospects for the Late 1990s

Over the last eighteen months, strong growth of personal consumption has fuelled the growth of the UK economy raising fears of a 1980s style consumer boom. The boost to consumption provided by "windfall gains" from building society conversions has added to these fears. In this article, Guglielmo Maria Caporale, Andrew Sentance and Geoffrey Williams discuss the forces behind this recent pick-up in consumption and assess the prospects for consumer spending in the late 1990s.