Appreciating Stockbroking: Constructing Conceptions to Make Sense of Performance

ABSTRACT The performance of individual stockbrokers differs. This paper aims to make sense of these differences. In a study of 14 stockbrokers, the high performing brokers described their working life in a systematically different way, compared to the low performing brokers. The brokers gave different and conflicting accounts of what, from an outsider's viewpoint, seemed to be very similar work and working conditions. The brokers’ different accounts are interpreted and reconstructed into two opposing conceptions of stockbrokers’ world of working. In an ideal typical sense these two conceptions make sense of, and maybe even explain the stockbrokers’ different levels of performance.     

Eating Out: Statistics and Society Presidential Address

Eating-out is generally considered to be of increasing importance as a form of food consumption even though there are differing definitions of its scope. There have recently been some noteworthy additions to the available statistics on eating-out in the UK and these indicate its growth through time and its pattern across society. Eating-out involves a degree of interaction with others and has been studied by sociologists as well as by those whose interest primarily stems from ones in the agri-food chain or in food consumption. It also raises some interesting issues about how ‘externalities’ (and, in particular, those arising from smoking) are best allowed for in circumstances in which both application of the polluter-pays principle and very restrictive regulations may be considered impractical and inappropriate.     

中东投资者为何令全球不安?

当阿拉伯投资者收购西方企业的股份时，西方各国的监管者可能会担忧，然而，巨大的石油美元储备已经使利率保持低水平并支持了金融资产。那么，石油美元剧增更广泛的影响是什么呢？     

Growth dynamics of dedicated biotechnology firms in transition economies. Evidence from the Baltic countries and Poland

Countries undergoing the difficult transition from state ownership to market economies have characteristics which are often portrayed by scholars as adverse to the development of SMEs. Others nonetheless suggest that the performance of such firms can be positively influenced by business strategies. To develop a better understanding of the relation between these two seemingly different standpoints, this paper investigates the effects of (1) human capital; (2) administration system for start-ups; (3) financial capital; and (4) intellectual property rights on the emerging biotechnology industry in Estonia, Latvia, Lithuania and Poland and considers the strategic response of two highly successful dedicated biotechnology firms (DBFs): Bioton in Poland and Fermentas in Lithuania. The results suggest that the decision to implement an internationalization strategy (and alliances with foreign partners) in association with the production of low cost, high quality products can drive the growth dynamics of SMEs.     

Determinants of absenteeism in a large Danish bank

An empirical study of the determinants of absenteeism in a large Danish bank is performed. The study is based on information from approx. 7,000 employees in 500 different units. Based on a review of the absence literature a model combining the psychological and economic approaches to absence studies is constructed. The model is based on hedonic theory and uses the frequency metric when measuring absence. The results of the empirical study show that there is indeed a significant negative relationship between job satisfaction and absence. Furthermore, the study shows that demographic variables for both employees and employers play an important role for the frequency of absence. One very interesting result is that the absenteeism for employees is very clearly related to observed absence by the unit manager.     

Theoretical Perspectives on the Internationalization of Firms

The purpose of this article is to build a coherent framework of the four main theories relating to the internationalization of firms, in order to facilitate better business teaching and research. Yet, theories of the internationalization of firms are broad and rest on different underlying assumptions. With the purpose of clarifying the potential for integration of partial theories and fragments in a more logically connected theoretical area, this article offers a meta‐theoretical overview of four perspectives within international business economics: Research and its related background, basic assumptions, study area, and implications of the theories in the internationalization of the firm.     

Value Creation and Category Management through Retailer–Supplier Relationships

Abstract

This article discusses category management interactions in supplier–retailer relationships based on conceptual insights about value in business markets. Much category management literature has studied supplier–retailer relationships, but despite value creation being central to category management the conceptual approach is often the power-trust controversy. Based on value concept, category management and supplier–retailer relationship literature this study develops a model and hypotheses of retailer perceived benefits and sacrifices from category management collaboration. The article proposes that closer supplier-retailer interactions through the category management process hold the potential for increased value creation through application of complementary information resources, an improved coordination of tactical efforts, and an alignment of category aims and strategies explicitly linked to retailers' value systems. Further, the perceived necessity of trust in these relationships meshes with retailers' perceived sacrifices regarding negotiation power and full control of category marketing variables, thus establishing a trade-off for retailers between benefits and sacrifices.     

Integrating the supply chain: industrial relations implications in US grocery distribution

Recent technological innovations have emphasised increasing integration between enterprises across the supply chain. This article reviews these developments within US grocery distribution and highlights the potential for supply chain integration to increase union bargaining power, as well as employer strategies aimed at reducing the threat of industrial vulnerability resulting from cross-enterprise interdependence.     

EFFICIENCY GAINS IN BETA-PRICING MODELS1

Recent literature shows that the risk premium is efficiently estimated in the usual two-pass procedure, estimating betas in the unrestricted model, and then regressing returns on estimated betas. This paper shows that this is not so when allowing for factor unobservability. Imposing the financial theory restriction from the outset leads to a strictly positive efficiency gain in the risk premium estimation. In addition, the role of an associated efficiency gain in the beta estimation is studied in the context of a zero-beta model.