The Common Language of Leadership

As our complex society continues to call for leadership across all career fields, preparing leaders at the college level can be challenging. This article outlines the results of a comprehensive examination of learning outcomes of 475 academic programs within 72 academic accrediting organizations in regard to student leadership development. The purpose of the current study was twofold: (a) to understand better what competencies college students need to develop in order to engage in leadership in their respective career fields and (b) to use research findings to develop a list of leadership competencies across academic disciplines, serving as a “common language” for use in program planning, course development, as well as individual student advising and mentoring. The Student Leadership Competencies have been translated to contemporary leadership models such as the Relational Leadership Model, the Social Change Model of Leadership Development, the Five Practices of Exemplary Leadership, Emotionally Intelligent Leadership, and the CAS Standards. Implications for the use of the Student Leadership Competencies in program development, program assessment, and the development of strategic partnerships are also discussed.     

A new industry in an older industrial region: Skills, technology and linkages

It has been suggested that recent organisational change centred on functional integration, outsourcing and upskilling has raised prospects of economic development in peripheral regions. This paper examines the character of a new industry in an older industrial region for signs of such upgrading and increased local embeddedness. The paper discusses recent organisational change in the South Wales automotive component industry. Despite some organisational innovation, the main elements of the branch plant syndrome remain apparent in the South Wales automotive components industry.     

Offshore outsourcing of professional services: A transaction cost economics perspective

This research utilizes the framework of transaction cost economics (TCE) to develop an understanding of how firms manage the costs and risks of offshore outsourcing of professional services. This research examines the perspectives of eight organizations through interviews with 10 high-ranking supply management executives. The paper first explores the rationale for offshore outsourcing among the organizations studied. Using the tenants of TCE, this paper postulates that fixed costs of establishing the relationship dominate the variable costs of day-to-day transactions, and that organizations will not offshore outsource areas where there is high perceived degree of unmanageable risk. The paper expands on themes provided by TCE and offers some lessons learned, and guidelines for managing and controlling offshore outsourced services relationships.     

DEEP sleep: The impact of sleep on financial risk taking

In this paper, we examine the relationship between sleep and financial risk taking. The results indicate that individuals who have better sleep display less distortion of probability, are less susceptible to the present bias, and have a lower discounting rate. Specifically, individuals with better self‐reported sleep quality have less distortion of probability, a more curved utility function, and are less loss averse, while those with fewer sleep disturbances display less probability distortion and have more curvature in their utility function. Overall, the results show that there are cognitive deficits in financial decision making by having poor sleep habits that can have important consequences.     

A SIMULATION ANALYSIS OF HERDING AND UNIFRACTAL SCALING BEHAVIOUR

We model the financial market using a class of agent‐based models in which agents’ expectations are driven by heuristic forecasting rules (in contrast to the rational expectations models used in traditional theories of financial markets). We show that, within this framework, we can reproduce unifractal scaling with respect to three well‐known power laws relating (i) moments of the absolute price change to the time‐scale over which they are measured, (ii) magnitude of returns with respect to their probability and (iii) the autocorrelation of absolute returns with respect to lag. In contrast to previous studies, we systematically analyse all three power laws simultaneously using the same underlying model by making observations at different time‐scales and higher moments. We show that the first two scaling laws are remarkably robust to the time‐scale over which observations are made, irrespective of the model configuration. However, in contrast to previous studies, we show that herding may explain why long memory is observed at all frequencies. Copyright © 2013 John Wiley & Sons, Ltd.     

Do jet fuel price movements help forecast airline fares and the demand for air travel?

The paper studies the predictive content of jet fuel prices for the U.S. aviation industry through in-sample and out-of-sample forecasting exercises. Our results suggest the possibility of limited improvements in the predictions of airline fares, and little evidence of predictability from jet fuel prices to measures of air travel demand.     

Wives' motives and fertility

This analysis assumes that childhood learning has a strong impact on the measured motivations of adults. This study uses responses among 354 White married women in 1976 to the Thematic Apperception Test (TAT). Wives' responses to four pictures are expected to mirror the following four typologies: affiliation imagery (AFF), power imagery (POW), power and affiliation imagery (POWAF), and without references to affiliation or power (CULT). CULT is presumed to reflect the motivation of the wife in the average family. Expected relationships between these root motives and fertility are identified. Findings show that families with persuasive affiliative wives allocated more time to child care and had lower family incomes than other families. AFF wives worked fewer hours per week than other wives and allocated more time per child than other wives. Husbands helped them with child care sometimes or often. Households sacrificed material possessions for children. Findings did not support the inference that low income was due to husband's low earnings but did support the inference that low income might be due to the wives' short work week. The logistic model that controls for hours worked per week and number of years at the present job shows that wives were happiest in their marriage, if wives had high power motivation. Family income was a significant determinant of achievement satisfaction and not of affiliation satisfaction. Nerlove's hypothesis that there is an inverse relationship between wife's level of education and her taste for children was rejected. The wife's motivation toward her husband was an important factor that impacted on her preference for children and for work and her perceived level of utility. Wives who asserted themselves in socially acceptable situations (high in power motivations) were most likely to report having a happier than average marriage. Both affiliative and persuasive affiliative wives took satisfaction in their children's happiness and achievements.     

Oil prices implied volatility or direction: Which matters more to financial markets?

We examine the impact of oil price uncertainty on US stock returns by industry using the US Oil Fund options implied volatility OVX index and a GJR-GARCH model. We test the effect of the implied volatility of oil on a wide array of domestic industries’ returns using daily data from 2007 to 2016, controlling for a variety of variables such as aggregate market returns, market volatility, exchange rates, interest rates, and inflation expectations. Our main finding is that the implied volatility of oil prices has a consistent and statistically significant negative impact on nine out of the ten industries defined in the Fama and French (J Financ Econ 43:153–193, 1997) 10-industry classification. Oil prices, on the other hand, yield mixed results, with only three industries showing a positive and significant effect, and two industries exhibiting a negative and significant effect. These findings are an indication that the volatility of oil has now surpassed oil prices themselves in terms of influence on financial markets. Furthermore, we show that both oil prices and their volatility have a positive and significant effect on corporate bond credit spreads. Overall, our results indicate that oil price uncertainty increases the risk of future cash flows for goods and services, resulting in negative stock market returns and higher corporate bond credit spreads.     

Physical activity and social connectedness in single‐parent families

Little is known about how to promote physical activity in single‐parent families. We evaluated physical activity, barriers to physical activity and social connectedness changes in single‐parent families following a one year YMCA programme. At baseline, 106 single parents completed a survey about physical activity, barriers to activity and social connectedness. Sixty‐four parents provided data after 12 months. Self‐reported minutes of physical activity per week decreased over the 12 months (p < 0.05). However, perceptions of activity over the 12 months increased 44% for parents and 66% for children. Family‐related barriers that decreased following the programme included a lack of time and affordability of existing opportunities. Compared with their baseline responses, parents at 12 months showed an increased frequency of visits with friends (p < 0.05). Difficulties in recruiting and retaining single parents to complete the evaluation are testimony to the current poor understanding of the leisure needs of single‐parent families. The results provide direction for future research.