Non-parametric estimation of historical volatility

Evolving volatility is a dominant feature observed in most financial time series and a key parameter used in option pricing and many other financial risk analyses. A number of methods for non-parametric scale estimation are reviewed and assessed with regard to the stylized features of financial time series. A new non-parametric procedure for estimating historical volatility is proposed based on local maximum likelihood estimation for the t-distribution. The performance of this procedure is assessed using simulated and real price data and is found to be the best among estimators we consider. We propose that it replaces the moving variance historical volatility estimator.     

“The Unbearable Lightness of Cleaning”: Representations of Domestic Practice and Products in Good Housekeeping Magazine (UK): 1951–2001

In this paper we begin to open the black box that constitutes the organisation of domestic cleaning and consumption in the latter half of the twentieth century. We focus specifically on change and continuity in the manner in which cleaning practices and cleaning products are represented in the UK woman's magazine Good Housekeeping, in the late modern period. After a discussion of the modern history of cleanliness, we proceed with a rationale for why this magazine was chosen for our analysis, followed by a summary of our methodology. We then argue that three phases of representation may be delineated in the time period we investigated. The first phase, which is apparent in the 1951 and 1961 issues, we have named “pride in domestic practice” and it covers a period when, what we call “the women's lobby”, speaks in a uniform voice about the tasks of the housewife and the purpose of domestic cleaning. The second phase, manifest in the 1971 and 1981 issues, is termed “domestic dreaming”, and it heralds a period when Good Housekeeping calls its readership to dream about the potentials of a transformed consumer culture. The third phase, which is evident in some respects in 1981, but which is more clearly present in 1991 and 2001, we have called “modern advising in a late modern world”. During this period, Good Housekeeping settles into a new role as a modern advisor of cleaning products and practices within the context of a world that poses significant complexities. Our discussion also focuses on how three values of cleanliness; that associated with germs, aesthetics and efficiency/ease are present in the magazine. Our analysis is contextualised in relation to the cultural silencing of cleanliness in this period and related to social and cultural changes associated with feminism and consumer culture.     

Introduction to the Special Issue: Management in Africa in the Global Context 1

ABSTRACT

The primary focus of this introductory article is to provide a synoptic peek into the challenges and opportunities facing the countries of Africa in today's global economy and in their attempts to develop their national economies to achieve what is commonly termed the Millennium Development Goals. While foreign direct investment (FDI) is seen as a way to attain these goals, FDI flows to African countries remain extremely low. If Africa is to attract diversified FDI inflows, not just those focused on extractive/natural resources, African countries need to develop a system of management that is effective and efficient, internationally oriented and nationally focused, culturally inclusive and institutionally supportive and reliable, and one that promotes business growth and economic development with a sense of social responsibility.     

Sustainability and Accounting Education

Given the growing debate concerning the use of alternative presentation formats in corporate financial reporting, Volmer's recent paper in this journal is to be welcomed (June, 1992). Volmer conducts an experiment which compares students' perceptions of graphical and numerical presentations of financial information. From this he concludes that (i) graphical presentations improve the communication of financial information, and (ii) the integration of accounting research and teaching constitutes an effective alternative teaching method. We agree with the general message of Volmer's paper, and hope that subsequent studies will build on his exploratory work. This comment suggests a number of areas for future developments. These concern the literature base, experimental design, corporate practice and educational implications.     

The Conflict of Ethos and Ethics: A Sociological Theory of Business People’s Ethical Values

This article develops a sociological theory of ambivalence to explain several puzzling and contradictory ethical attitudes of business people: (1) a simultaneous disposition to comparatively more self-interested and more charitable behavior than many other occupational groups and (2) a moderate level of receptiveness to inculcation of moral principles through social channels such as higher education. We test the theory by comparing the way that business students rate the ethical acceptability of various ethically challenging scenarios with the way that criminal justice students rate these same scenarios. We also explore the malleability of ethical views by measuring differences between the responses of sophomores and seniors. The data generally support hypotheses based on a theory of ambivalence. At the same time, however, we also report on findings that suggest alternative explanations to ambivalence.     

Gender differences of shoppers in the marketing and management of retail agglomerations

This paper aims to first identify gender differences in perception and evaluation of retail agglomerations, and second, discuss the implications of these differences for marketing and management. Based on a conceptual model 2151 agglomeration shoppers were surveyed using interviewer-administered questionnaires. Structural equation modelling revealed that accessibility, parking and infrastructure are perceived differently between gender groups. The attractiveness in terms of satisfaction, retention proneness and patronage intention was also evaluated distinctively. Nevertheless, when examining the impact of the perceived attributes on agglomeration attractiveness, there was no difference. In both settings, the retail tenant mix and the atmosphere are the main antecedents of attractiveness. Finally, an importance–performance analysis offers managers a method for prioritising their marketing efforts considering gender differences.     

Combining value and price to make purchase decisions in business markets

The authors investigate how purchasing managers combine information about product offerings' values and prices to make purchase decisions. The results of two field studies show that managers do not regard monetarily-equivalent changes in value and price to be the same. Using reference-dependent theory, the authors show that, rather than a single utility function, separate functions for value and price appear to underlie purchasing managers' decisions. The authors also address means of inducing managers to choose higher-valued, higher-priced product offerings.     

Review: Time machines,ethics and sustainable development: accounting for inter-generational equity in public sector organizations

This review paper explores the key challenges associated with effective inter-generational equity accounts in relation to the governance of public sector organizations and sustainable development transformations. Three different approaches to inter-generational equity accounting are evaluated and an outline for future research is provided.     

On properties of division rules lifted by bilateral consistency

We consider the problem of adjudicating conflicting claims in the context of a variable population. A property of rules is “lifted” if whenever a rule satisfies it in the two-claimant case, and the rule is bilaterally consistent, it satisfies it for any number of claimants. We identify a number of properties that are lifted, such as equal treatment of equals, resource monotonicity, composition down and composition up, and show that continuity, anonymity and self-duality are not lifted. However, each of these three properties is lifted if the rule is resource monotonic.