Automated Model Selection in Finance: General‐to‐Specific Modelling of the Mean and Volatility Specifications*

General‐to‐Specific (GETS) modelling has witnessed major advances thanks to the automation of multi‐path GETS specification search. However, the estimation complexity associated with financial models constitutes an obstacle to automated multi‐path GETS modelling in finance. Making use of a recent result we provide and study simple but general and flexible methods that automate financial multi‐path GETS modelling. Starting from a general model where the mean specification can contain autoregressive terms and explanatory variables, and where the exponential volatility specification can include log‐ARCH terms, asymmetry terms, volatility proxies and other explanatory variables, the algorithm we propose returns parsimonious mean and volatility specifications.     

The Dark Side of Deeply Meaningful Work: Work‐Relationship Turmoil and the Moderating Role of Occupational Value Homophily

How are close personal relationships experienced by people in deeply meaningful work? Drawing upon in‐depth interview data with 82 international aid workers, I offer three distinct contributions. First, I find that people who experience their work as deeply meaningful have high work devotion. I identify boundary inhibition as a mechanism to explain why they participate more willingly in overwork and erratic work, despite giving rise to time‐ and trust‐based conflict in their relationships. Second, I find that people with high work devotion often also experience emotional distance in their personal relationships when their close others don’t value their work – a context I call occupational value heterophily. This disconnection‐based conflict compounds the time‐ and trust‐based conflict and engenders an emotionally agonizing situation, which I call work‐relationship turmoil. Third, when close others do value their partner’s work – a context I call occupational value homophily – it fosters an emotional connection and offers an avenue for work‐relationship enrichment. These findings draw upon deeply meaningful work to detail the multi‐faceted work‐relationship experience among those with high work devotion.     

Internal Markets,Management by Targets,and Quasi‐Markets: An Analysis of Health Care Reforms in the English NHS

There have been two major attempts to introduce market mechanisms into England's National Health Service: the ‘internal market’ reform project of the 1990s, and the ‘quasi‐market’ of the 2000s. Despite their similarities, the former attempt was on balance unsuccessful while the latter succeeded. This article examines and compares the outcomes of the two periods, analysing the reasons for their relative successes and failures. It goes on to highlight options for future reforms that would build on those achievements.