Can group identity explain the gender gap in the recruitment process?

Despite evidence that the gender gap in the labour market favours men, aggregate findings from correspondence studies show that women are more likely than men to be invited for a job interview. We hypothesize that the predominance of women among recruiters may explain this somewhat puzzling finding; recruiters may favour applicants of their own gender. We use the data from a large-scale correspondence study to test this hypothesis. As expected, we find that female applicants are more likely to receive callbacks for interview. We also see that in our sample the majority of contact persons responsible for the recruitment process are female. More importantly, we find that if recruiter and applicant are of the same gender, then the likelihood that the applicant will be invited for an interview increases. These findings reveal the gender favouritism at the selection stage in the labour market.     

Computing the endogenous mortgage rate without iterations

A number of mortgage prepayment models require a specification of the mortgage rate process. Usually, ad-hoc models are used (e.g., a Treasury yield plus some constant). Recently, a number of papers have appeared where the authors have utilized a mortgage rate implied by the current yield curve (the so-called endogenous mortgage rate). However, the existing computational algorithms suffer from the curse of dimensionality and, consequently, are problematic to use for full-scale problems. A computational algorithm, proposed in this paper, is tractable in the sense that its complexity is equivalent to the problem of mortgage valuation. Moreover, the algorithm does not require iterations. The numerical example is based on a PDE computation. An implementation of a Monte Carlo method is also discussed.     

Innovation Processes in the Russian Manufacturing Subsidiaries of Multinational Corporations: An Integrated View from Case Studies

The extant literature acknowledges the role of overseas subsidiaries in the growth and development of multinational companies (MNCs). Such subsidiaries are viewed as critical players in the innovation process at MNCs. This topic remains largely under-researched in the Russian context. This study aims to fill this gap by examining the dynamics of the innovation process in Russian-based subsidiaries of global MNCs. We present qualitative findings that indicate Russian subsidiaries are not only recipients of knowledge and technology developed elsewhere in the MNCs but are active developers of innovative products and solutions.     

A dominant archetype of the HRM system in Russian industrial companies in post-recession times

Russian human resource management (HRM) practices remain durable even with the onslaught of economic change and exposure to global HRM practices and international competition. Based on survey results of 201 CEOs of domestic industrial companies located in central regions of Russia we identify the resilient archetype of Russian HRM system. Even companies that have achieved high levels of profitability or those that engage in innovations continue to practice retrograde HRM techniques left over from an earlier era. We are able to identify strategic misfits that are a direct result of the continuation of rigid HRM system that prevents the development of an organizational climate to support innovative or dynamic firms.     

How organizational support impacts affective commitment and turnover among Italian nurses: a multilevel mediation model

This study examines multilevel relationships between perceived organizational support (POS), affective commitment and voluntary turnover among nurses. We explored the mediation role of affective commitment between POS and turnover behavior at both individual and work-unit levels. This cross-level study involved 945 Italian nurses from 60 work units. We hypothesized and showed that collective affective commitment fully mediated the impact of climate for POS on individual and collective turnover among nurses. This study helps explain the variance in turnover among nurses in healthcare organizations by analyzing the influence of unit-level climate on individual behavior. Results stress that social environments within wards are important in explaining the processes by which nurses decide to quit their work unit.     

Current Strategic Actions of Russian Manufacturing Subsidiaries of Western Multinational Corporations

This article provides a critical analysis of the current strategic actions of Russian manufacturing subsidiaries of Western multinational corporations. The authors retraced the content of strategic actions in various aspects of subsidiary management implemented during 2015–16 and the activities of strategists of different ranks. The authors found that some actions that multinational corporations in Russia implemented during 2014–16 represent standard strategic practices during downturns. In contrast, other strategic practices (facilities expansion against negative market dynamics and reluctance to change the system of permanent job contracts and abundant employee social benefits) generally contradict with the textbook solution for company strategies during downturns.     

Transaction Costs of Entrepreneurs as a Deterrent of Housing Construction Development in Russia

Nowadays realization process of investment and construction projects is not always effective because of imperfection of institutions regulating construction, high investment risks and, as a consequence, increase transaction costs. The facts of the objective existence of transaction costs in the economy, including housing construction, are researched in the article. We have determined that the transaction costs significantly affect the cost of construction, reduce profit entrepreneurs, and indirectly increase the shortage of housing in Russia. Such parts of modern economics as neoclassical economics and institutional economics are methodological basis of the paper. Logical, economic and legal （institutional）, socio-economic approaches were used during the research of transaction costs function. The authors used the complex of ideas and different methods of sociological and economic analysis that allowed deepening the importance of institutional state regulation of business activity in housing construction area. The classification of transaction costs creation was worked out; this model unlike well-known models considers the most important parts of transaction costs which really exist in business activity of construction companies nowadays; implementation of the model allows calculating and predicting this kind of costs in business. Recently Russian government returns to the questions about efficiency of production （increase of labor productivity, efficiency and profitability of production）, therefore attention to the reduction of transaction costs is going to increase profits and efficiency.     

Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends

Abstract

This study revisits prior research on the valuation of dividends in an accounting-based valuation framework. Using a battery of tests, we show that market value deflation is essential in market-based tests of dividend displacement and signalling because it controls for ‘stale’ information in addition to scale (size) differences across firms. For US firms, we show that after controlling for ‘stale’ information, the empirical association between dividends and market values switches from positive to negative. This switch is not explained by scale differences across firms. Further, we show that after controlling for staleness, the valuation of dividends remains positive for European firms. This result is explained by the relatively stronger association of dividends with future earnings in these settings (i.e. signalling). Lastly, our country-specific estimates of dividend valuation provide a potentially valuable index for studies aimed at examining the effects of accounting and securities regulation on information asymmetries in an international context.     

MARKET SELECTION OF FINANCIAL TRADING STRATEGIES: GLOBAL STABILITY

In this paper we analyze the long-run dynamics of the market selection process among simple trading strategies in an incomplete asset market with endogenous prices. We identify a unique surviving financial trading strategy. Investors following this strategy asymptotically gather total market wealth. This result generalizes findings by Blume and Easlcy (1992) to any complete or incomplete asset market.