Testing Mundell's Intuition of Endogenous OCA Theory*

This paper presents an empirical assessment of the endogenous optimum currency area theory. Frankel and Rose (1998 ) study the endogeneity of a currency union through the lens of international trade flows. Our study extends Frankel and Rose's model by using FDI flows to test the original theory developed by Mundell in 1973. A gravity model is used to empirically assess the effectiveness of the convergence criteria by examining location‐specific advantages that guide multinational investment within the European Union. A fixed effects model based on a panel data of foreign direct investment (FDI) flows within the EU‐15 shows that horizontal investment promotes the diffusion of the production process across the national border. Specifically, our results suggest that economic convergence ensured by belonging to the common currency area helps double FDI flows.     

The value of tradeability

This paper determines the value of asset tradeability in an option pricing framework. In our model, tradeability is valuable since it allows investors to exploit temporary mispricings of stocks. The model delivers several novel insights on the value of tradeability: The value of tradeability is the larger, the higher the pricing efficiency of the market is. Uncertainty increases the value of tradeability, no matter whether the uncertainty results from noise trading or from new information about the fundamental value of the stock. The value of tradeability is the larger, the longer the illiquid stock cannot be traded and the more trading dates the liquid stock offers.     

Protected Areas in an era of global–local change

This review article advances debate and research on the global–local nexus that shapes, and increasingly determines, the existence of Protected Areas (PAs) and their function as areas of high conservation value as well as tourism destinations. The demands on PAs have grown from an initial focus on facilitating recreation experiences and species and habitat protection, to more inclusive and participatory approaches that seek to safeguard ecological services whilst also supporting regional and national livelihoods. We propose that the simultaneous analysis of global and local drivers of change will generate a deeper understanding of impact processes and response implications. To this end, a draft framework for better understanding the global–local nexus of PAs is developed and tested through a Delphi sketching approach to 20 experts in least developed, newly industrialised and developed countries. Key challenges, implications and opportunities for PA management and governance, and for tourism development at local and global levels (and their interactions), are discussed in follow-up papers to this review, including research priority areas, the measurement of tourism numbers, economic impact modelling, private PAs, the changing roles of zoning, the need for flexible, inclusive and accountable governance structures, and for better understanding of tourist behavioural change mechanisms.     

Short selling,unwinding, and mispricing

This article highlights the impact of short selling restrictions and early unwinding opportunities on the relation between futures and spot prices. Within a multiperiod equilibrium model, the influence of optimal arbitrage trading on the mispricing is analyzed. Results concerning trade volume and level, mean reversion, and path dependence of the mispricing are provided. The empirical evidence suggests that short selling restrictions and early unwinding opportunities are influential factors for the mispricing behavior. They help explain empirical findings reported in the literature. © 1998 John Wiley & Sons, Inc. Jrl Fut Mark 18:903–923, 1998     

Technology development mode: a transaction cost conceptualization

Technology alliances have emerged in the past decade as a significant mode for the development of innovation. The present research assesses the factors explaining whether firms will engage in such technology alliances or utilize the more traditional mode of internal R&D. The hypotheses stem from a transaction cost conceptualization. Results suggest that firms which pursue technology alliances are likely to have less commitment to product category-specific assets, to face higher technological uncertainty, to be more capable at measuring innovation performance, to have more successful technology alliance experiences, and to compete in lower growth product categories. © 1998 John Wiley & Sons, Ltd.     

Le burn-out: Est-il une maladie?

Dans cet article on examine le concept de burn-out en regard de la nosographiepsychiatrique (notamment la dépression). Le burn-out ressemble à plusieurs diagnostics sans leur ětre assimilable, notamment, parce qu'il n'a pas de critères systématiques d'inclusion et d'exclusion de symptǒmes. Il n'est pas évident qu'il s'agisse d'un maladie spécifique, ni měme d'une maladie tout court. Le niveau de burn-out, tel que mesuré par les échelles, est en relation avec plusieurs caractéristiques organisationnelles: ǎge du travailleur conflit de rǒle, ambiguïté de rǒle, satisfaction au travail, style de leadership. Le burn-out a donc certainement une composante organisationnelle. Mais, son importance sociale semble suggérer une problématique récente quant au sens du travail. Abstract In this paper, the concept of burn-out is analyzed with regard to psychiatric nosography (depression more specifically). Burn-out is similar to several diagnoses without being included in them because it has no systematic criteria of exclusion or inclusion of symptoms. Moreover, it is not obvious that we are dealing with a specific illness or with an illness at all. The level of burn-out, as it is measured, is related to various organizational characteristics such as the age of the worker, role conflict, role ambiguity, professional satisfaction and style of leadership. Therefore, there is most certainly an organizational component in burn-out, but its social importance seems to suggest a recent problem relating to the meaning of work.     

On the Continuity Correction

A simple, and fairly general, analytical derivation of the "one-half" continuity correction is presented.     

Technological change and worker participation in Europe

This article analyses the extent, evaluation and strategies for the future of employees, representatives and management regarding participation in technological change. The results from interviews in the UK, France, Germany, Italy and Denmark show a low level of involvement, particularly in strategic decision making, a positive evaluation of participation by practitioners and the intention to increase levels of involvement on both sides of industry.     

The Land Development Corporation: A System for Selling Rural Real Estate

This research illustrates ways in which rural real estate is converted into potential vacation home sites by large land development corporations. The individual and previously disorganized approach to selling property is replaced by an organized framework that is designed to create a demand for rural real estate.
Unfortunately, development is progressing without serious or adequate consideration being given to a number of specific problems. Developers and local governmental officials often fail to consider the environmental impact of these developments, the adequacy of service facilities being provided or the direct and indirect public costs associated with this type of developmental activity. Because of these shortcomings and others, serious questions arise concerning the desirability of this kind of developmental activity for rural areas.