Income comparison,collectivism and life satisfaction in Turkey

The current research examines the impact of income comparisons on life satisfaction in Turkey which has a feature of “collectivism” or “low individualism”. This is done by analyzing the results of the “Life Satisfaction Survey” applied by the Turkish Statistical Institute (TUIK) for 2011. Using ordered logit estimations, this paper reveals that most of the income comparison, interaction variables and socio-economic variables have a significant explanatory power on life satisfaction levels in Turkey. The main emphasis of the paper is that reference group’s self-reported life satisfaction is related to income comparisons, along with other socioeconomic factors. The impact of comparisons is asymmetric, in that in most cases, under-performing one’s benchmark had a greater effect than out-performing it.     

Optimal versus adequate level of international reserves: evidence for Turkey

The determination of international reserve balance for emerging economies is part of the efforts to strengthen the immunity of these economies to crises. However, there is still evidence on crises even for the countries with large foreign reserves. It has usually been experienced that the countries with greatest need for reserves economize more than others on their holdings since they might underestimate the cost of crisis. In this study, the official international reserves of Turkey are tested against optimality and adequacy. During 1988–2002, the actual reserves fell short of both the optimal and the adequate levels. They are only optimal when the expected cumulative contraction is about 5.2% of real GDP under crisis. However, early evidence from emerging economies and Turkey show that crises hit more heavily. Hence, it is found that the current financial structure in Turkey such as the absence of capital controls and a highly dollarized banking system necessitates more foreign reserves for preventing any future economic and/or financial shocks.     

Academic leadership and commercial activities at research institutes: German evidence

This paper focuses on entrepreneurship by academic leaders. With the use of patents, inventions, and spin‐offs to measure commercialization, and directors, research group leaders, and business owners as academic leaders, results, using a sample of more than 2,500 German researchers, show differences across academic leaders and commercialization. Findings for spin‐offs are different from those for patents and inventions. Academic leaders in sciences were more likely to commercialize. Doctoral degrees helped patents by business owners and spin‐offs by group leaders, whereas female business owners and female group leaders faced challenges patenting and inventing, respectively. For business owners, age increased the likelihood of patenting but lowered spin‐offs.     

Inventory management effects,isolated: Evidence from the federal funds market

The federal funds market is highly competitive, has uniform information, and does not have most order-processing cost components of equity markets. Hence, it provides an opportunity to study the effect of inventory management on the bid-ask spread in an isolated fashion. Using a unique data set of daily borrowing and lending federal funds quotes posted by a large commercial bank, we find that the bank maintains a fairly constant bid-ask spread throughout a two-week reserve maintenance period. It acts similarly to a market maker facilitating flow of funds between depository institutions throughout the reserve maintenance period. The bank becomes more active toward the end of the period. In particular, on settlement Wednesday it increases the bid and ask quotes relative to the effective federal funds rate in an apparent attempt to manage its reserve inventory and satisfy its own reserve requirements.     

Examining the role of leadership,trust for school culture and policy

Quality of life relies on also the quality of working context and the group dynamic. Culture of schools, trust and leadership facilitate quality in fostering strategic policies in establishing policy and development. The aim of the research study is to examine the role of leadership, trust for school culture in regard to the perceptions of inspectors. As this research stands on qualitative nature, experiences, perceptions of research participants shape the current understanding to give insights on the role of leadership, trust. In addition, establishing school culture is a part of quality to set policy in terms of development, inspection is a moderation of encapsulating the nature of school culture. Interview was employed to gain understanding and experiences of inspectors in relation to leadership, trust for the school culture. Mission, vision of schools, principles of schools, loyalty to schools, policies, objectives of practices in schools, social interaction in schools. Thematic analysis through laddering was done that five themes were established in examining leadership, trust in the school culture. It is important that employees in the training organization act in a joint view on implementing educational objectives. This is achieved by developing positive attitudes in people and by being able to act constructively with each other. The research results revealed that the inspectors who are currently working at the Ministry of National Education have their views on the mission, vision and leadership of schools and what they think about school culture trust in schools.

     

Macroeconomic stabilization in developing economies: Are optimal policies procyclical?

Many empirical studies provide evidence that macroeconomic policies as well as capital flows exhibit procyclical characteristics in developing economies. In particular Kaminsky et al. [2004. When it rains, it pours: Procyclical capital flows and macroeconomic policies. NBER Macroeconomics Annual, MIT Press] demonstrate that a large group of middle-income countries run contractionary policies and experience capital flight during times of recession. This paper investigates the role of international financial markets in explaining these macroeconomic policy and capital flow characteristics. An optimal fiscal and monetary policy problem is formulated and solved for a small-open economy that faces a country-specific interest rate spread in international financial markets. It is found that, in the presence of the country spread, optimal fiscal and monetary policies as well as capital flows are procyclical under a reasonable parametrization. Optimal policies and capital flows turn countercyclical in the absence of the country spread. This pattern is robust to a range of alternative model specifications.     

Leadership styles and ethical decision-making in hospitality management

This study examined the ways in which hospitality leaders in Australia seek to influence others in the workplace. One hundred and thirty three hotel managers participated in this study, of which 91 provided answers to all questions. The results indicate that the prevailing leadership styles in Australia are a blend of Machiavellian and Bureaucratic styles and that variance in this choice correlates with the age of the respondent. That is, older managers are less inclined to use a utilitarian or rule-based ethical decision-making style, and more inclined to embrace a social contract or personalistic ethic approach.     

Why Do Firms Issue Equity after Splitting Stocks?

This paper examines the motivations of firms that conduct seasoned equity offerings (SEOs) after splitting stocks. We find no difference in equity announcement and issue period returns between these firms and other equity‐issuing firms, suggesting that firms do not split stocks to reveal information and reduce adverse selection costs at the subsequent SEO. However, because investors react positively to split announcements, firms that issue equity after splitting stocks sell new shares at a higher price and raise more funds. We also find that firms split stocks to make the subsequent SEO more marketable to individual investors who are attracted to low‐priced shares.     

Industrial interactions and academic patenting: evidence from German scientists

Using a unique survey of scientists at a large public research organization, this paper examines the effects of industry interactions on academic patenting. Two types of collaborations, industrial cooperation and consulting, are considered. Results show that both cooperation and consultancy increase the likelihood of patenting. However, only the positive influence of industrial cooperation stands up to robustness checks. Effects of personal, professional and institutional factors are in line with the literature, yet with some differences across cooperation and consultancy. Implications for research policy concerning academic patenting and challenges that industry may experience are discussed.     

Hierarchical multimodal hub location problem with time-definite deliveries

Hierarchical multimodal hub location problem is a cost-minimizing hub covering problem where two types of hubs and hub links, accounting for ground and air transportation, are to be established, while ensuring time-definite deliveries. We propose a mixed-integer programming formulation and perform a comprehensive sensitivity analysis on the Turkish network. We show that the locations of airport hubs are less sensitive to the cost parameters compared to the locations of ground hubs and it is possible to improve the service quality at not much additional cost in the resulting multimodal networks. Our methodology provides the means for a detailed trade-off analysis.