Global Cities in Process of World Economy Net-Working and Transnationalization

Cities play a key role in the modem global economy. They became full-fledged （together with states, multinational corporations, and international economic organizations） subjects of international economy relationships; concentrated financial and commodity markets, enormous productive and innovative potential of humanity. The main reasons of transformation of economic importance of cities are their advantages in comparison with State economic systems. Labor and capital in urban economy systems are more mobile and productive; cities are more predisposed to create and commercialize innovations. Moreover, cities are easier to connect with international markets and world trade, which are able to reduce transport costs, to increase own investment attractiveness, and to rapidly form new types of business activities and forms of manufacturing organization. This study analyzes a current system of global cities, an intensity of inter-cities relationships, a potential of global urban system transformations in a future.     

THE COSTS OF EQUITY ISSUES SINCE RULE 415: A CLOSER LOOK

In this paper I re-examine the effect of shelf registration (SEC Rule 415) on the underwriter fees of firms issuing equity. The data indicate that lower fees cannot be obtained by typical firms using the shelf procedure. Rather, previously documented evidence of lower underwriter spreads for shelf issues appears to be due to a selection bias in the firms choosing shelf registration. These firms enjoy a comparative cost advantage over other firms regardless of the registration procedure used.     

Policies and structures for spinning off new companies from research and development organizations#

This paper develops five alternative structural 'models' for formal efforts aimed at spinning off new companies from universities, government laboratories, and other research and development organizations. In various ways the models combine the roles of the technology originator, the entrepreneur, the R&D organization itself, and the venture investor. The paper also presents the policies and structures of technology commercialization operations from investigations at eight R&D organizations in the United States and the United Kingdom. The data indicate that a R&D organization operating in an environment where venture capital and entrepreneurs are readily available (e.g., MIT and Stanford) can appropriately: (1) exercise a low degree of selectivity in choosing technologies for spin-off creation, and (2) provide a low level of support during the spin-off process. The spin-off process is more difficult in environments where venture capital and entrepreneurs are scarce (e.g., ARCH) and mechanisms for high-selectivity and a high level of support must be in place by the R&D organization to compensate for this scarcity.     

Perceptions of High‐Involvement Work Practices,Person‐Organization Fit,and Burnout: A Time‐Lagged Study of Health Care Employees

Previous research demonstrates that high‐involvement work practices (HIWPs) may be associated with burnout (emotional exhaustion and depersonalization); however, to date, the process through which HIWPs influence burnout is not clear. This article examined the impact of HIWPs on long‐term burnout (emotional exhaustion and depersonalization) by considering the mediating role of person‐organization fit (P‐O fit) in this relationship. The study used a time‐lagged design and was conducted in a Canadian general hospital among health care personnel. Findings from structural equation modeling (N = 185) revealed that perceived HIWPs were positively associated with P‐O fit. There was no direct effect of HIWPs on burnout; rather, P‐O fit fully mediated the relationship between employee perceptions of HIWPs and burnout. This study fills a void in the HR and burnout literature by demonstrating the role that P‐O fit has in explaining how HIWPs alleviate emotional exhaustion and depersonalization. © 2016 Wiley Periodicals, Inc.     

A profile of the human fears of technological change

Workers often express a great deal of concern over managerial policies and tactics in introducing technological change. This article summarizes 11 concerns that workers in the telecommunications industry expressed about the changes they were experiencing. Many of these concerns arise from misunderstandings and miscommunications of managerial policies and are based on beliefs and expectations rather than fact and accurate information. It is argued that management should be concerned with these issues when implementing technological changes. Ideally, policies relating to the implementation of technological changes might be based on employee input and involvement. At a minimum, managers have an obligation to clarify policies regarding technological change so that rumors and false expectations do not dominate.     

Impact of individual characteristics and sociocultural environment on academic success

This article aims at ascertaining the factors of academic success and failure of 1,980 freshmen enrolled for the first time at the University of Brussels in 1987, by means of an ordered probit methodology. The results confirm the impact of variables characterizing social as well as cultural capital of the students. They highlight the significant impact of schooling record prior to attending a university and suggest the importance of variables such as sex and nationality. The results illustrate the respective roles of mothers in transmitting verbal skills and of siblings in conveying "inside information" on university life. Finally, they stress the essential role played by ability, which is proxied by a filtered measure of high school results.The authors would like to thank A. de Palma, F. Thys-Clément, and A. Micomibi for their comments, as well as R. Kurgan-Van Hetenryk.     

Zur Modellierung von Rückversicherungsverträgen in der dynamischen Finanzanalyse

In this paper we study the influence of Gaussian dependencies on the payoff of reinsurance contracts and the resulting effects on a non-life insurer's risk and return profile. To achieve this, we integrate different Gaussian dependencies and reinsurance contracts in a dynamic financial analysis (DFA) framework and conduct numerical tests within a simulation study. Depending on the reinsurance contract and the dependency employed, we find substantial differences in risk assessment for the ruin probability and for the expected policyholder deficit. The results have important implications for regulators and rating agencies that use these risk measures as a foundation for capital standards and ratings. Our results extend the findings of a recent working paper by Eling and Toplek (2008) with a detailed analysis of Gaussian dependencies under different reinsurance contracts.