VOLATILITY FORECASTS,TRADING VOLUME,AND THE ARCH VERSUS OPTION‐IMPLIED VOLATILITY TRADE‐OFF

We investigate empirically the role of trading volume (1) in predicting the relative informativeness of volatility forecasts produced by autoregressive conditional heteroskedasticity (ARCH) models versus the volatility forecasts derived from option prices, and (2) in improving volatility forecasts produced by ARCH and option models and combinations of models. Daily and monthly data are explored. We find that if trading volume was low during period t?1 relative to the recent past, ARCH is at least as important as options for forecasting future stock market volatility. Conversely, if volume was high during period t?1 relative to the recent past, option‐implied volatility is much more important than ARCH for forecasting future volatility. Considering relative trading volume as a proxy for changes in the set of information available to investors, our findings reveal an important switching role for trading volume between a volatility forecast that reflects relatively stale information (the historical ARCH estimate) and the option‐implied forward‐looking estimate.     

Human Rights,Transnational Corporations and Embedded Liberalism: What Chance Consensus?

I assessed change in students’ moral reasoning following five 75-min classes on business ethics and two assignments utilizing a novel pedagogical approach designed to foster ethical reasoning skills. To minimize threats to validity present in previous studies, an untreated control group design with pre- and post-training measures was used. Training (n = 114) and control (n = 76) groups comprised freshmen business majors who completed the Defining Issues Test before and after the training. Results showed that, controlling for pre-training levels of moral reasoning, students in the training group demonstrated higher levels of post-training principled moral judgment than students in the control group.     

Gender Differences Among Managers and Nonmanagers: An Analysis of Assessment Data

Abstract This study examined gender differences among both middle- and lower-level managers, and among nonmanagers, in terms of abilities, social skills, values, needs, managerial aptitude, temperament, personality, and interests. Many significant gender differences were found, but these differences decreased as managerial level increased. The differences between male managers and female managers in general were more pronounced in temperament, personality, needs, and interests than in managerial aptitude, ability, and values. Greater differences were found between male and female nonmanagers than between male and female managers. Résumé La présente étude examine les différences entre les hommes et les femmes chez les cadres moyens et inférieurs et chez les non-cadres, du point de vue des caractéristiques suivantes: capacités, sociabilité, valeurs, besoins, aptitude à la gestion, tempérament, personnalité et intéréts. II ressort d'importantes différences entre les hommes et les femmes mais elles s'at-ténuent plus on gravit les échelons de la direction. En général, les différences entre les cadres hommes et les cadres femmes sont plus prononcées pour ce qui est du tempérament, de la personnalité, des besoins et des intérěts que pour l'aptitude à la gestion, les capacités et les valeurs. Par ailleurs, on note des différences plus marquées entre les hommes et les femmes non-cadres qu'entre les hommes et les femmes cadres.     

Immigration and Chinese food preferences in the Greater Toronto Area

This paper presents important socio‐economic characteristics of Chinese Canadians in the Greater Toronto Area (GTA) and the impact of these characteristics and acculturation on their expenditure on and consumption of ethnic vegetables. These consumers purchase ethnic vegetables based on attributes such as quality, traceable production, versatility and language. The factors that predict expenditure on ethnic vegetables among Chinese Canadians are as follows: the percentage spent on food out of total monthly income, years spent in Canada and acculturation. The estimated demand per month for Chinese ethnic vegetables in the GTA is $CAD21 million. Meeting this demand with ever more locally produced vegetables will reduce ‘food miles’, enhance niche market production and facilitate greater agricultural sustainability in Ontario.     

“I am Disgusted by Your Proposal”: The Effects of a Strategic Flinch in Negotiations

To flinch in negotiations refers to verbal or physical displays of shock, disgust, or disbelief made in response to an opening offer. We investigated the impact of advising negotiators to strategically flinch in distributive bargaining. In experiment 1, negotiators who flinched claimed significantly more value than negotiators who did not flinch. Targets of a flinch, however, viewed the negotiation relationship less positively than negotiators in a control condition. Yet, flinching appeared to have no effect on the target negotiators’ perceptions of how well they did. In experiment 2, the notion that a subtle flinch might still facilitate value claiming but without imperilling the bargaining relationship was supported. Implications for negotiation theory and practice, and directions for future research, are discussed.     

Process Coordination Within a Health Care Service Supply Network

There are two manifestations of supply chains in health care. One involves the supply of equipment and materials used in health care delivery. The other supply chain involves the delivery of health care itself, wherein patients supply their physical conditions and service suppliers deliver health care services. This article considers the latter supply chain, analyzing a case study in which patients have comorbidities and thus require the services of a network of multiple health care providers. In the case study, we examine three schemes for coordination of care. In the first scheme, the patient herself is expected to manage the coordination. In the second scheme, physicians are expected to coordinate the care. In the third scheme, a third‐party coordinator manages care across network members. We examine these three possible coordination alternatives using a technique known as Process‐Chain‐Network (PCN) Analysis. PCN Analysis helps us document how coordination schemes are implemented and where they may fail. Our analysis of the case study leads us to the development of ex post theory about who should initiate coordination and how it should take place under conditions of comorbidities. Empirical data coming from the case study support the theory. We describe possible applications of the theory inside and outside of health care, and show how the PCN approach can guide process innovation.     

Access to agricultural extension,credit and markets among small‐scale farmers in southern Zambia

This article used survey data to determine the extent to which small‐scale farm households in the Choma district of Zambia's southern province have access to agricultural extension services, credit and markets. The findings show that the majority of the sample households had access to extension and credit services. They also showed that the resource base or wealth of the households — as manifested by farm size, livestock ownership and human capital or management capacity (the household head's training in agriculture) — is a significant factor when accounting for differential access to extension and credit. On the other hand, study findings suggest that farm households are facing problems with marketing their produce under the liberalised agricultural marketing system. Based on these findings, the article discusses recommendations for providing solutions to some of the problems affecting small‐scale farmers in accessing production services.