The dynamics of price discovery for cross-listed shares: Evidence from Australia and New Zealand

This paper studies the dynamics of price discovery for markets with bilateral cross-listings. Using a sample of four Australian stocks cross-listed in New Zealand and five New Zealand stocks cross-listed in Australia for the period January 2002 to December 2007, we assess Hasbrouck (1995) information shares and Grammig et al. (2005) conditional information shares over time. We observe that in both cases the home market is dominant in terms of price discovery. However, when studying price discovery over time, we find that the importance of the Australian market (the larger of the two markets) is increasing for both Australian and New Zealand domiciled firms. Finally, using panel regression analysis, we find that the growth in the importance of the Australian market is positively related to the growth in the size of the firm and negatively related to the size of the percentage spread in the Australian market, implying that as firms grow larger and their cost of trading in Australia declines, the Australian market becomes more informative.     

‘Nil Repente!’: Galiani and Necker on economic reforms

The problem of the transition to a market economy provoked a lasting and important debate in eighteenth-century Ferance. The climax was reached during the 1760s and the 1770s with the two important pre-revoluntionary attempts, in 1763–64 and 1774a–76, to liberalize the French economy and, initially, the grain market. During these controversies, the reformers’ camp clearly split into two groups - the so-called ‘moderates’ and the alleged enthousiastes - which were apparently in deep disagreement as to the strategy to adopt in such circumstances. Among the ‘moderates’, two authors especially are of great interest: Ferdinando Galiani and Jacques Necker, who crystallized and developed the ideas of their camp to promote a strategy of prudence.

This paper analyes their arguments on the issue at stake: the objectives and methods of a transition to a market economy. The historical and intellectual context of the debate is first briefly restated and the basic theoretical tenets of Galiani's and Necker's critique are then outlined. The various obstacles which, in our author's opinion, were likely to come from the opponents to a transition to a market economy or from its proponents are analysed, and Galiani's and Necker's main ideas on the best way to achieve successful reforms are stressed. Some provisional conclusions are dawn at the end.     

The Role of Economics in Interdisciplinary and Problem-Oriented Programs

Although research on the teaching of economics beyond the introductory course appears to be increasing, it is still rare. This study is one of the few that deals with the intermediate level. Ault and Rutman used a three-part test (one part of which was made up of an essay question) in measuring student knowledge before and after instruction in intermediate theory. They compared an experimental group being taught through a problem-centered format (in combination with the usual lecture-discussion approach) with a control group getting only the lecture-discussion treatment. The experimental students did no better than the control students, but the authors discuss several variables that might help to explain these results.     

Probabilistic access forecasting for improved offshore operations

Improving access is a priority in the offshore wind sector, driven by the opportunity to increase revenues, reduce costs, and improve safety at operational wind farms. This paper describes a novel method for producing probabilistic forecasts of safety-critical access conditions during crew transfers. Methods of generating density forecasts of significant wave height and peak wave period are developed and evaluated. It is found that boosted semi-parametric models outperform those estimated via maximum likelihood, as well as a non-parametric approach. Scenario forecasts of sea-state variables are generated and used as inputs to a data-driven vessel motion model, based on telemetry recorded during 700 crew transfers. This enables the production of probabilistic access forecasts of vessel motion during crew transfer up to 5 days ahead. The above methodology is implemented on a case study at a wind farm off the east coast of the UK.     

A buyer's perspective on collaborative versus transactional relationships

This research examines collaborative and transactional relationships in buying firms to determine whether collaborative relationships offer greater benefits than transactional relationships, and to ascertain which relational factors drive satisfaction and performance for both collaborative and transactional relationship types. Factor analysis, t-tests and step-wise regression were used to analyze data from a survey of buying firms. Results show that collaborative relationships offer higher levels of satisfaction and performance than transactional relationships. Satisfaction factored into two separate constructs: satisfaction with the relationship and satisfaction with the results. Of the relational factors examined, trust is the most important predictor of performance and satisfaction with the relationship regardless of the type of relationship examined.     

企业如何选择报告质量提升及评价策略？

大多数的中国企业都会在上半年发布企业社会责任报告,并遭遇同样的考验：如何保证报告得到公司内外利益相关方的最高认同？现在中国国内许多机构及专家都参与到企业社会责任领域评价报告,但是观点往往不尽相同。     

An Institutional Analysis of Corporate Social Responsibility in Kenya

There is little doubt that Corporate Social Responsibility (CSR) is now a global concept and a prominent feature of international business, with its practice localised and differing across countries. Despite the growing body of research focussing on CSR in developing countries, there is dearth research on CSR institutionalisation in African countries. Drawing on institutional theory (IT), this article examines the focus and form of CSR practice of companies in Kenya. It is evident from our findings that the nature and orientation of CSR differ across companies with operations only in Kenya and those headquartered abroad or with international operations. Significantly, firm-related drivers such as public relations and performance, as well as global institutional pressures explain the focus and form of CSR in Kenya. This article concludes that for the institutionalisation of CSR in Kenya, attention must be paid to conditions that stifle CSR uptake such as lack of government regulations, and the government’s capacity and commitment to enforce regulation. The establishment of functional CSR institutions and a vibrant civil society that advance civil regulation ought to be encouraged.