An investigation of the benefits of portfolio investment in Central and Eastern European stock markets

This paper: (i) examines the potential benefits from diversifying into eight stock markets of Central and Eastern Europe (CEE); and (ii) quantifies the importance of country, industry and time factors in CEE equity returns. The findings suggest that substantial benefits exist from investing in CEE stock markets and that they accrue more from the geographical spread than from the industrial mix of the equities included in the portfolio. However, the returns earned by CEE equities vary dramatically over time. This variability may hamper the efforts of investors attempting to exploit the diversification “free lunch”.     

MBA Student Opinion about the Teaching of Business Ethics: Preference for Inclusion and Perceived Benefit

Data about whether business ethics should be taught generally,whether it was included in the current class the students were taking, and how beneficialthat inclusion was are analyzed in relation to two general questions about the qualityof the course. The database is from a large U.S. MBA program in an institution thatis committed to integrating business ethics throughout the curriculum. Thegraduate students felt strongly that ethics should be taught in business classes. All five itemsunder study were significantly correlated with one another and a factor analysisidentified two major factors. Significant effects were found in student opiniondepending on whether the course was elective or core as well as the discipline of theclass. Areas for future research were suggested.     

When One Size Does Not Fit All: A Problem of Fit Rather than Failure for Voluntary Management Standards

Voluntary management standards for social and environmental performance ideally help to define and improve firms?? related capabilities. These standards, however, have largely failed to improve such performance as intended. Over-emphasis on institutional factors leading to adoption of these standards has neglected the role of firms?? existing capabilities. External pressures can drive firms to adopt standards more than their technical capacity to employ them. This can lead to problems of ??fit?? between institutional requirements and a firm??s existing capabilities. We describe a conceptual model that considers the impact of an interaction between a firm??s institutional requirements and its existing capabilities on standards failure. We suggest solutions that align institutional requirements to appropriate governance forms as a means to improve standards success. We contribute to theory by describing the role of firms?? internal capabilities to the success of voluntary management standards and the reliability of self-regulation generally.     

煤电联动：化解矛盾

电力作为国民经济的基础产业,在 国家的经济运行中起着十分重要的作 用。火力发电厂装机容量占我国电力总 装机容量的74％,是我国电力生产的主 要力量。近两年来,火力发电厂在“市场 煤”和“计划电”的双重价格体系等压 力下,经营中举步维艰,电厂的安全生产 也遇到了前所未有的挑战。统计资料显 示:2004年,全国1140家火电企业中有 440家亏损,亏损幅度达到了38．6％,总 亏损额达到78亿元。     

Parasitic-Industries Analysis and Arguments for a Living Wage for Women in the Early Twentieth-Century United States

This paper examines arguments by activists and economists surrounding attempts to establish minimum wages for women in the United States in the Progressive Era. In particular, the paper focuses on analyses based on Beatrice and SidneyWebbs' argument that industries paying less than a living wage were "parasitic" on the society, a net drain on macro-efficiency. This analysis, widely accepted among economists of the time, viewed women as particularly vulnerable workers facing labor markets that were institutionally constructed and predatory. Unequal gender roles, employer power, and the absence of collective bargaining could all result in wages that were socially unacceptable as well as economically nonoptimal. These debates offer insights for modern feminist wage theories, and for current living wage campaigns.     

Professional Research,Lobbying and Intangibles: A Review Essay

The publication in January 1992 of The Valuation of Intangible Assets, a report by Arthur Andersen & Co., has again stimulated the ‘brands’ debate. The Report claims to present a range of valuation methods for intangibles that command a ‘consensus’ among preparers, and that overcome the problems of subjectivity, consistency, separability and relevance identified in earlier research into brand accounting. This paper argues that the concept of separability, upon which these claims depend, is far from clear. The Andersen Report also raises questions as to the nature of its appeal to consensus, the role of codification in determining accounting policy, and the status of professional ‘research’.     

An Employer Analysis of Managed Care Costs and Satisfaction: Process, Effects, and Policy

ABSTRACT: Do managed care health plans truly control costs more effectively than nonmanaged care plans? Recent evidence suggests that employees are getting used to the managed care idea and that managed care is responsible for the sharp slowdown in health-care costs. This article examines recent changes in the delivery, financing, and consumption of health care from the perspective of a large multiple-site American corporation to see whether its health-care costs are controlled and whether this control occurs at the expense of employee satisfaction. A unique aspect of this study is that managed care was implemented more slowly and in phases at one of the six sites analyzed. The results suggest the following. First, the Study Corporation's health-care costs have not significantly increased four years following the change from an indemnity to a managed care plan. The authors interpret this result to mean that managed care has controlled costs because before the change, plan costs were increasing 15 percent per year. Second, the site with the underdeveloped network did not have higher costs than the other sites based on the analysis. Third, the authors show that employee satisfaction increased after implementation of the managed care plan. Moreover, satisfaction was higher at sites with more employees, higher usage, and higher health-care costs. Last, the results suggest that plan participant satisfaction increases as the managed care network becomes more developed. Policy and benefit manager recommendations are made on the basis of these reported findings.     

Practitioners’ Perspectives on the IPO Process and the Perils of Flotation

Abstract

A substantive literature examines the short- and long-run performance of share returns following an Initial Public Offering (IPO). However, the related issue of why companies seek to raise money through an IPO, or the factors that are important in this equity-issuing process, have attracted very little academic attention. The current paper seeks to redress this imbalance by investigating attitudes to these issues in the UK using two research methods: (i) a detailed questionnaire survey of companies that have recently undertaken an IPO; and (ii) interviews with managers and advisers who have been involved in the IPO process.