The challenges of global capitalism: unemployment and state workers' reactions and responses in post-reform China

As China enters the twenty-first year of reform, the success of its economic policies has been widely recognized. But what is also true is that economic reforms initiated in the past decades, particularly the restructuring of state-owned enterprises, have inevitably marginalized state workers - the 'masters of socialist China'. Workers in private and non-state sectors might have benefited from the economic reforms but state workers of most state-owned enterprises feel bitterly left behind. The aim of this article is to examine the perception of state workers of the causes of organizational difficulties, their worries in face of redundancy and their coping strategies. Observations made in this study are based on field interviews and questionnaire survey of 649 state workers in Beijing, Shenyang and Zhejiang from 1996 to 1999.     

Marketing research through the salesforce

This article reviews the use and role of the salesforce as an extension of the marketing research function. The purpose of this paper is to provide a tentative assessment of the role of salespeople in the marketing research function as applied to an advanced-technology company active in several industries, countries, and continents.     

The prospects of a monetary union in East Asia

This paper assesses the empirical desirability of the East Asian economies to form a monetary union. The Structural Vector Autoregression (VAR) method is employed to assess the nature of macroeconomic disturbances among the East Asian countries, as a preliminary guide in identifying potential candidates for forming an Optimum Currency Area (OCA). In comparison with European countries, East Asia has less symmetric underlying structural shocks but the speed of adjustment to shocks is much faster. The empirical results suggest that there exists a scope among some small sub-regions, comprising mainly of ASEAN countries, for potential monetary integration. The finding of an increased symmetry of shocks among countries after the Asian Financial crisis indicates that the regional policy-coordinating effort after the crisis has put the region on the right track if monetary union is a desired goal.     

Understanding the role of retail store service in light of self‐image–store image congruence

The relationships among a consumer's service experience, the servicescape, and perceived value for the money spent on the service are important theoretical as well as practical issues. Little effort has, however, been devoted to understanding these in the context of the effects of consumer image–store image congruency. Image congruency has not only been shown to be valuable in relation to product choices, but has also been shown to contribute to our understanding of retail store choice and preferences. This study examines the effect of retailer service provision and the retail store environment (servicescape) on the customers' perception of value for money. The study also examines the role of self–store image congruence in the above relationships. The findings confirm the hypothesized relationships in the conceptual model (except for servicescape effects). The findings also indicate that the effects are stronger for those individuals experiencing high self–store image congruence. © 2008 Wiley Periodicals, Inc.     

Speculative trading preferences of retail investor birth cohorts

This study examines the effect of investor birth cohorts on speculative investment preferences. Using retail trading and portfolio data from Finland over two decades, we find that individuals who have experienced desirable macro-economic and social conditions during adolescence, such as high gross domestic product (GDP) growth and low divorce rates, are more likely to invest in speculative stocks. A positive relation is found between the proportion of speculative-prone cohorts in the stock market and returns of stocks of lottery nature. We provide new evidence on the adverse effect of speculative investments, finding that cohorts with higher speculative investment weights on their portfolios achieve lower absolute and risk-adjusted returns. We also provide support for earlier research that identifies a positive association between recent portfolio performance and the propensity to invest in speculative stocks.     

The robustness of output measures in property-liability insurance efficiency studies

We empirically examine two methods for measuring output in property-liability insurer efficiency studies: the value-added approach and the “flow” (or financial intermediation) approach. The approaches are not mutually consistent. The value-added approach is closely related to traditional measures of firm performance, but the flow approach is not. In addition, efficient value-added approach firms are less likely to go insolvent, while firms characterized as efficient by the flow approach are generally more likely to fail. We also find that the theoretical concern regarding the value-added approach’s use of losses as a measure of output is not validated empirically.     

The Perfect Storm: Hurricanes, Insurance, and Regulation

The intense hurricane seasons of 2004 and 2005 caused considerable instability in property insurance markets in coastal states with the greatest problems occurring in Florida and the Southeast. Insurers have substantially raised rates and decreased their exposures. While no severe hurricanes struck the United States in 2006 and 2007, market pressures remain strong given the high risk still facing coastal states. These developments generate considerable concern and controversy among various stakeholder groups. Government responses have varied. In Florida, political pressures prompted a wave of legislation and regulations to expand government underwriting and subsidization of hurricane risk and constrain insurers' rates and market adjustments. Other states' actions seem more moderate. In this context, it is important to understand how property insurance markets have been changing and governments have been responding to increased catastrophe risk. This article examines important market developments and evaluates associated government policies. We comment on how regulation is affecting the equilibration of insurance markets and offer opinions on policies that are helpful and harmful.     

Augustinian Moral Consciousness and the Businessman

Augustine of Hippo (354–430 A.D.) meditated on the transcendent attributes of numbers that accountants so skillfully employ and on the attributes of moral rules. He thereby achieved a profound awareness of their Source in Truth. Nature is also governed by numbers; it is a “melody” that, again, woos one to its Source in Beauty. Whereas some businessmen meditate to clear their minds of clutter so as to make successful business decisions, Augustine persisted beyond the mere absence of clutter. Within the stream of his own consciousness he found a focal point that led to the experience of the presence of a transcendent God in his own deeper self. The “order of love” enables one to achieve balance and a higher freedom wherein one cannot do wrong and possesses the courage to work toward building an earthly city that is just and beautiful, one that facilitates Everyman’s penetration of his own depth. Grace Natoli received her Master’s degree and Doctorate from Fordham University, having written dissertations on Augustine the Stoic and on The Actualism of Giovanni Gentile. A recipient of Fulbright and Italian government grants, she studied at the University of Genoa with Michele Sciacca, who was strongly influenced by Augustine. She studied the subjective idealism of Gentile and the objective idealism of Antonio Rosmini and of Sciacca. She is Adjunct Assistant Professor of Philosophy at St. John’s University in Jamaica, New York.