Savings neutrality for the new personal income tax in Spain

The primary aim of this research is to identify to which extent alternative ways of savings are treated differently by the Spanish personal income tax before and after the tax reform of 1998. The proposed measure for appraising savings tax neutrality is based on the methodology of effective tax rates, originally developed by King and Fullerton [1983a, 1983b] and adapted to the Spanish case by González-Páramo [1991, 1995] and González-Páramo and Badenes [1999]. In light of the results, support is found for the expected lack of neutrality under the 18/91 law and the 40/98 law. However, in the savings taxation arena, it is possible to appreciate a trend toward greater doses of simplicity and neutrality as means of a closer treatment between capital income and capital gains returns.This project was funded by the Distance Teaching National University.     

The causal effects of organizational internal labor market on firm-specific learning – the mediating effect of willingness to internal transfer

While most of the research work addressed the internal labor market (ILM) issues from the aspect of internal and social equity point of view, our current research is, however, aimed to present the ILM model from the angle of learning the employees' firm-specific and job-specific skills. We took one step further to explore the determinants of firm-specific learning within the organizational ILM using three main criterion comprised of (1) job-related training, (2) advancement via sequence of jobs, and (3) long-term attachment to the organization. With a survey tackling the willingness to transfer internally among employees as our mediator, questionnaires were disseminated among the five traditional manufacturing industries selected in Taiwan. Our statistical results not only demonstrate the positive direct effects of all the dimensions of ILM on firm-specific learning, but also testify the indirect positive effects of ILM through willingness for internal transfer on firm-specific learning.     

Elements of a Franchise: the Experiences of Established Firms

Only a small amount of research has been published which directly addresses the alternative operational methods which have been employed by British franchisors. Similarly, the experiences of well-established firms which have chosen to introduce franchising as a method of expansion have received little attention. In this study, representatives of 13 such firms were interviewed. Their responses have been used to illustrate how franchisors' decisions as regards franchisee selection, the establishment of outlets, the setting of fees, the length of franchise contract, and continuing support, differ according to circumstances.     

Employee knowledge and the effects of a deferred profit‐sharing system: A longitudinal case study of personnel funds in Finland

We explain the special features of the Finnish profit‐sharing system and explore what outcomes this deferred plan has for the company under longitudinal conditions. We measure changes in employee attitudes, effects of the system, and, in particular, the changes in the employee's pay knowledge before and after the combination of a deferred profit‐sharing system with a cash‐based one. Statistical analyses are preceded by qualitative analyses of interview data to provide the reader with an understanding of the context. Even though the employees' pay knowledge has increased and they perceive that they get more feedback on company key ratios, there still is a need for human resource management and managers to provide training and enhance discussions on the pay system for both supervisors and subordinates. © 2010 Wiley Periodicals, Inc.     

Editorial

Ohne Zusammenfassung     

Costs of in-house genomic profiling and implications for economic evaluation: a case example of non-small cell lung cancer (NSCLC)

Abstract

Objectives

Genomic profiling in oncology is vital for determining eligible patients for mutation-specific targeted therapies. Use of commercial genomic testing has the potential to improve patient outcomes. Economic evaluations of in-house genomic profiling typically only include material costs while external commercial services include many other factors. Using non-small cell lung cancer (NSCLC) as an example, this study sought to characterize the unique challenges of costing testing services and their impact on results of economic evaluations.     

Interest rate risk in long-dated commodity options positions: To hedge or not to hedge?

We empirically assess hedging interest rate risk beyond the conventional delta, gamma, and vega hedges in long-dated crude oil options positions. Using factor hedging in a model featuring stochastic interest rates and stochastic volatility, interest rate hedges consistently provide an improvement beyond delta, gamma, and vega hedges. Under high interest rate volatility and/or when a rolling hedge is used, combining interest rate and delta hedging improves performance by up to four percentage points over the common hedges of gamma and/or vega. Thus, contrary to common practice, hedging interest rate risk should have priority over these “second-order” hedges.