Visiting Nurse Association of New York and Crisis Management after September 11, 2001

September 11, 2001 was a devastating event that changed all of our lives and organizations. This article examines the impact of September 11, 2001 on the Visiting Nurse Association of New York and how it decided to respond in the future. Crisis Management, which has become more prevalent for many organizations, is an important strategic initiative for the VNA helping them provide the infrastructure to respond effectively to emergencies and unpredictable events. It is important in today's volatile business climate, that hospital and nursing organizations develop a strategic system to handle "worst case scenarios".     

The relative efficiency of commodity futures markets

The ability of futures markets to predict subsequent spot prices has been a controversial topic for a number of years. Empirical evidence to date is mixed; for any given market, some studies find evidence of efficiency, others of inefficiency. In part, these apparently conflicting findings reflect differences in the time periods analyzed and the methods chosen for testing. A limitation of existing tests is the classification of markets as either efficient or inefficient with no assessment of the degree to which efficiency is present. This article presents tests for unbiasedness and efficiency across a range of commodity and financial futures markets, using a cointegration methodology, and develops a measure of relative efficiency. In general, the findings suggest that spot and futures prices are cointegrated with a slope coefficient that is close to unity, so that the postulated long-run relationship is accepted. However, there is evidence that the long-run relationship does not hold in the short run; specifically, changes in the spot price are explained by lagged differences in spot and futures prices as well as by the basis. This suggests that market inefficiencies exist in the sense that past information can be used by agents to predict spot price movements. A measure of the relative degree of inefficiency (based on forecast error variances) is then used to compare the performance of different markets. © 1999 John Wiley & Sons, Inc. Jrl Fut Mark 19: 413–432, 1999     

From vision into action

Utopian thinking, problematic as it can be, is used for imagining alternative visions of the future as a design process. Visioning adds foresight to an active-learning process in which participants share critical reflection, decision and change, as Anticipatory Action Learning. Guidelines, including ethics, are suggested. Once its limitations are recognised, it can be a used for integrating learning in a social system.     

The impacts of large trades by trader types on intraday futures prices: Evidence from the Taiwan Futures Exchange

We find that China's P/E ratio is comparable to that of the U.S. S&P 1500 index, a broad based index covering large, middle, and small capitalization firms. We provide an explanation as to why China's seemingly low P/E ratio is not surprising in light of the economic growth that it has experienced. Specifically, we show that (i) the P/E ratio is negatively associated with earnings volatility in both the Chinese and U.S. stock markets with an economically significant magnitude; and (ii) historical earnings volatility is considerably higher in China than in the U.S. Higher earnings volatility in China offsets higher growth prospect in setting the P/E ratio, making its P/E ratio much closer to what is observed empirically than otherwise implied by its growth rate.     

Computation of search duration probabilities and the integral of the normal distribution function

The constraction of likelihood functions for data on individuals assumed to be sampling from a price distribution and operating a reservation price policy involves calculation of the probability that their duration of search exceeds, say, t periods, P( T > t). In this note we show how this calculation can be simply done by (a) working in continuous time, and (b) using a result on the integral of the Normal distribution function. We then use the result to study some properties of the model.     

Market Orientation in the Transition Economies of Central Europe:: Tests of the Narver and Slater Market Orientation Scales

The Narver and Slater (Narver, J.C., and Slater, S.F.: The Effect of Marketing Orientation on Business Profitability. Journal of Marketing 54 (1990): 20–35.) market orientation scale is tested in the context of the transition economies of central Europe and found to be both valid and reliable. Relationships between market orientation and both marketing strategy and performance broadly follow predictions from the Western literature indicating that the adoption of a market orientation is equally applicable in transition as in Western economies. A number of different approaches, however, are evident in the transition economies suggesting that other business orientations may coexist with a market orientation creating a richer and more complex set or organizational drivers.     

The Role of Stock Markets in the Asian-Pacific Region

This paper identifies the role of stock markets in developing economies with a focus on the Asian-Pacific region. The region's markets generally do not play a major role in resource allocation. The stock exchanges of the region are primarily secondary markets facilitating portfolio construction by domestic and international investors. The paper concentrates on secondary market activity and the controls regulators use to contain excessive speculation and price volatility. It also covers the role of stock markets in the recent financial crisis in the region.