Use of social capital among Russian managers of a new generation

Dynamic changes in the Russian political economy during the 1990s led to a unique combination of low levels of social capital at the general (state) level and very high levels of social capital at the interpersonal level. This research uses the three dimensions of social capital as outlined by Nahapiet and Ghoshal [Nahapiet, J. and Ghoshal, S. (1998) Social capital, intellectual capital and the organizational advantage. Academy of Management Review, 23, 242-266.], to investigate the operation of business networks within Russia. Focusing on a generation of Russian business managers who had minimal exposure to the previous regime and who experienced western education/business practices, this study illustrates one snapshot of social capital in Russia in 2004. Results highlight how this generation of business managers operates and how they conduct their business networks. It is expected that there will be changes in Russian business networks, as formalized legal systems become stronger and the new generation of Russian managers, who have had little exposure to socialist systems and nomenklatura emerge.     

Effecting change in colleges and universities

Institutional leaders often try to use theories to rethink or resolve organizational challenges. Bolman and Deal (2003) describe four organizational frames (structural, human resource, political, and symbolic) to understand and diagnose problems within any organization. A classic organizational challenge in higher education is the status quo or conservatism relating to change of faculty involvement in institutional decision making. Leaders in higher education recognize the need for change but are often uncertain how to facilitate it or lack an understanding of how to implement it. The use of multiple theoretical frameworks can assist leaders in diagnosing dilemmas and instigating change.     

Correction to: The impact of a U.S.–U.K. free trade agreement on workers: a CGE model with worker displacement

Business Economics -     

M(Art)Worlds: Consumer Perceptions of How Luxury Brand Stores Become Art Institutions

Through an ethnographic study of how consumers perceive and experience Louis Vuitton flagship stores, we show that luxury stores are becoming hybrid institutions, embodying elements of both art galleries and museums, within a context of exclusivity emblematic of luxury. We create the term “M(Art)World” to capture the essence of this aesthetically oriented strategy. Participants take note of the company's sleekly elegant architecture, interior design, and adroit use of lighting that are modelled after those of museums housing world-class exhibits. The store's merchandize is artisanal, often produced in collaboration with artists. Objects for sale are displayed alongside actual art, rendering both products equivalent. Employees function as curators, offering guidance and knowledge, as well as goods for sale. We analyze how luxury consumers experience and evaluate the ways in which luxury stores operate as contemporary art institutions, and extrapolate those insights into managerial implications for other retail venues.     

Long memory in volatility and trading volume

We use fractionally-integrated time-series models to investigate the joint dynamics of equity trading volume and volatility. Bollerslev and Jubinski (1999) show that volume and volatility have a similar degree of fractional integration, and they argue that this evidence supports a long-run view of the mixture-of-distributions hypothesis. We examine this issue using more precise volatility estimates obtained using high-frequency returns (i.e., realized volatilities). Our results indicate that volume and volatility both display long memory, but we can reject the hypothesis that the two series share a common order of fractional integration for a fifth of the firms in our sample. Moreover, we find a strong correlation between the innovations to volume and volatility, which suggests that trading volume can be used to obtain more precise estimates of daily volatility for cases in which high-frequency returns are unavailable.     

The influence of age and gender on food choice: a focus group exploration

With 25% of the UK population predicted to be obese by 2010, the costs to individuals and society are set to rise. Due to the extra economic and social pressures obesity causes, there is an increasing need to understand what motivates and prevents consumers from eating a healthy diet so as to be able to tailor policy interventions to specific groups in society. In so doing, it is important to explore potential variations in attitudes, motivation and behaviour as a function of age and gender. Both demographic factors are easily distinguished within society and a future intervention study which targets either, or both, of these would likely be both feasible and cost‐effective for policy makers. As part of a preliminary study, six focus groups (total n = 43) were conducted at the University of Reading in November 2006, with groups segmented on the basis of age and gender. In order to gather more sensitive information, participants were also asked to fill out a short anonymous questionnaire before each focus group began, relating to healthy eating, alcohol consumption and body dissatisfaction. Making use of thematic content analysis, results suggested that most participants were aware of the type of foods that contribute to a healthy diet and the importance of achieving a healthy balance within a diet. However, they believed that healthy eating messages were often conflicting, and were uncertain about where to find information on the topic. Participants believed that the family has an important role in educating children about eating habits. Despite these similarities, there were a number of key differences among the groups in terms of their reasons for making food choices. Older participants (60+ years old) were more likely to make food choices based on health considerations. Participants between the ages of 18–30 were less concerned with this link, and instead focused on issues of food preparation and knowledge, prices and time. Younger female participants said they had more energy when they ate healthier diets; however, very often their food choices related to concern with their appearance. Older female participants also expressed this concern within the questionnaire, rather than in the group discussions. Overall, these results suggest that consumer motivations for healthy eating are diverse and that this must be considered by government, retailers and food producers.