Sensitivity of the Pakistan Economy to Changes in Import Prices and Profits,Taxes or Subsidies

A revised ^{1 1} John McKean under contract to Chemonics supported by the Pakistan Food Security Management Project. View all notes and condensed Pakistan input–output (I–O) model is used to trace and quantify the inflationary impacts of changes in ‘primary’ input prices on the domestic processing sectors of the Pakistan economy. The I–O model ^{2 1} John McKean under contract to Chemonics supported by the Pakistan Food Security Management Project. View all notes is applied to estimate impacts of changes of primary input prices on a Laspeyres price index of input costs to domestic Pakistan industry. Cost push in ‘primary’input prices can include: new or increased tax rates, changes in the terms of trade and prices on imported goods, duties which raise import costs, or increases in the mark-up or profit rate in various industries.     

Closed-form transformations from risk-neutral to real-world distributions

Risk-neutral and real-world densities are derived from option prices and risk assumptions, and are compared with historical densities obtained from time series. Two parametric risk-transformations are used to convert risk-neutral densities into real-world densities. Both transformations are estimated by maximizing the likelihood of observed index levels, for two parametric density families. Results for the FTSE-100 index show that parametric densities derived from option prices have more explanatory power than historical densities and higher likelihoods than densities estimated by spline methods. A combination of parametric real-world and historical densities provides the preferred predictive densities.     

Response to discussants'' comments: The demand for auditor reputation across international markets for audit services

Previous research has documented a positive relation between variation in audit fees across countries and specific macroeconomic factors such as a country's level of litigiousness and the level of required disclosure. Such studies have focused on the supply of auditor services using single-equation models. This study examines not only the supply of but also the demand for large-firm auditors across 20 different countries using the simultaneous-equations approach. This approach is used to account for the endogeneity between choice of auditor and audit fees. The results indicate an association between greater disclosure requirements and the choice of a large-firm auditor. They also indicate that increased litigation and regulation are associated with higher audit fees.     

Are performance appraisals a bureaucratic exercise or can they be used to enhance sales‐force satisfaction and commitment?

In some sales organizations the performance appraisal is treated as a bureaucratic exercise. As such, sales managers may essentially conduct appraisals in an arbitrary and perfunctory manner. This behavior could be based on the belief that conducting performance appraisals requires considerable amounts of time and effort, generates few rewards, and adds considerably to the manager's level of conflict and stress. The purpose of this research is to examine the relationships existing between performance appraisals, salesperson organizational commitment, and job satisfaction. If various characteristics of performance appraisals that build commitment and satisfaction could be identified, then managers may be more capable of using performance appraisals that yield positive results. A survey of 185 retail salespeople and 58 retail sales managers provided the data required to evaluate the relationship between satisfaction, commitment, and various aspects of performance appraisals. The results of the study indicate that managerially mediated factors may be used to enhance salesperson job satisfaction and organizational commitment. © 2001 John Wiley & Sons, Inc.     

Resource Utilization and Economies of Size in Secondary Schools

This paper identifies the determinants of costs per pupil in English secondary schools. A distinction is made between the short run and the long run in order to estimate the separate effects on costs per pupil of short‐run variations in school output and school size. A school’s capacity utilization rate is used to indicate short‐run deviations in output from pupil capacity, and pupil capacity is used as an indicator of school size to capture scale effects on costs per pupil. The statistical analysis uses both published and unpublished data for secondary schools in England. Two separate analyses are undertaken, one for grant‐maintained schools alone and the other for all schools. A separate analysis is undertaken for grant‐maintained schools since cost data are available only for schools in this sector. Staff hours per pupil is used as a proxy for costs per pupil for schools as a whole. The main finding is that costs per pupil and staff hours per pupil are both highly significantly negatively related to both school size and the capacity utilization rate of schools. A range of other variables are also estimated to have a significant effect on costs per pupil in secondary schools. The main finding is that there is scope for reducing the costs of schooling in the secondary schools sector in England.     

ARE FOREIGN FIRMS MORE TECHNOLOGICALLY INTENSIVE? UK ESTABLISHMENT EVIDENCE FROM THE ARD

This paper employs establishment level data from the annual respondents database to consider technological differences between establishments operating in the UK. We adopt very precise measures of technology, arguably much more detailed than have hitherto been employed to address the key question of whether use of technology differs by nationality. After numerous controls we find that typically North American establishments have a higher probability of being more technologically intensive than their UK counterparts. This result also stands up in panel analysis.     

Highwaymen or heroes: Should hedge funds be regulated?: A survey

There are increasing calls for the regulation of hedge funds, both for consumer protection and systemic reasons. We argue that the consumer protection arguments for direct regulation are not convincing, but find that the systemic concerns are sufficiently serious to warrant some forms of regulation. Existing regulatory methods, disclosure and activity restrictions, are unsuitable for hedge funds. Any future regulation must reduce the likelihood and potential costs of the failure of systemically important hedge funds while at the same time preserving the wider market benefits of hedge funds’ ongoing activities.     

Antecedents and consequences of psychological contracts: Does organizational culture really matter?

Exploring the role of psychological contracts, this study proposes that different organizational cultures are associated with relational psychological contracts compared to transactional contracts while both types of contracts serve as mediators. While clan cultures positively impact relational contracts and are negatively associated with transactional contracts, hierarchical cultures have the reverse effect. In addition, psychological contract types mediate the two culture types' relationship to both organizational commitment and employee yearly earnings. In sum, clan cultures relate to more positive organizational outcomes than hierarchical cultures, a finding which as implications for future research and practice.