PIGS or Lambs? The European Sovereign Debt Crisis and the Role of Rating Agencies

This paper asks whether rating agencies played a passive role or were an active driving force during Europe??s sovereign debt crisis. We address this by estimating relationships between sovereign debt ratings and macroeconomic and structural variables. We then use these equations to decompose actual ratings into systematic and arbitrary components that are not explained by previously observed procedures of rating agencies. Finally, we check whether systematic, as well as arbitrary, parts of credit ratings affect credit spreads. We find that both do affect credit spreads, which opens the possibility that arbitrary rating downgrades trigger processes of self-fulfilling prophecies that may drive even relatively healthy countries towards default.     

The Path to Service Encounter Performance in Public and Private ‘Bureaucracies’

This article examines the evolution of building societies against a background of environmental change. By the application of specific analytical measures developed by Ansoff five distinct periods of change can be isolated. Key events in the environment have become progressively more novel, less predictable and costlier to deal with, which, in turn, has necessitated both operational and strategic redirection.     

Signalling with official interest rates: the case of the German discount and lombard rate

A major characteristic of the operating procedure of the European Central Bank (ECB) is its reliance on standing facilities. It is intended that the official rates on those facilities also serve the function of signalling. The case of Germany, where the Bundesbank followed a similar signalling strategy, is analysed. In particular the paper investigates whether announcements of official interest rates provide information not already contained in other policy measures and whether the resulting revisions of expectations are efficient. Significant differences are found between signalling in the case of increasing and decreasing interest rates.     

An international review of sponsorship research: extension and update

This article extends and updates an existing review of 80 Anglo-Saxon studies on sponsorship published prior to 1996 with contributions of European origin (66 additional studies) and studies published subsequently (87 additional studies). It thus gives an account of the evolution and current state of sponsorship research worldwide and points out new research directions. Over the past six years there have been clear advances in research into, and evaluation of, sponsorship effects and strategic sponsorship management. There has also been a notable shift towards a better understanding of how sponsorship is perceived by the end consumer. Overall, however, research is focused too much on consumer goods and service companies pursuing awareness and image objectives while engaged in sports sponsorship. Other types of institutions, other sponsorship objectives and other sponsorship areas are widely neglected. The same is true of the functional affiliation of sponsorship within the firms and sponsorship budgeting processes.     

When Stress Frustrates and When It Does Not: Configural Models of Frustrated versus Mellow Salespeople

The purpose of this study is to elucidate the stress–strain relationship by examining compound causes of frustration in the workplace. Drawing on configuration theory, this article describes stress patterns, that is, configurations of role stressors and social stressors, and underlying frustration and its negation, that is, mellowness. In addition, this article describes potential sources of such frustration‐stimulating stress patterns by examining constellations of employee and task characteristics. Based on a sample of 118 salespeople, the authors analyze the data using fuzzy‐set Qualitative Comparative Analysis—an analytic method pertinent to describing configurational patterns of causal factors. The findings from this study indicate the coexistence of alternative patterns of stressors for frustration. In addition, the findings show that configurational patterns for frustrated salespeople are quite different from those characterizing mellow salespeople. In summary, knowledge of these constellations of stressors helps sales managers detect conditions that frustrate, and develop strategies to diminish these conditions in order to improve sales force performance.     

Conference Tourism: A Problem for the Environment,as well as for Research?

The increase in professional trips to conferences and seminars made by employees in the 'knowledge industries' presents an environmentally worrying trend in mobility in contemporary post-industrial society. A number of factors are involved. Globalisation and regional competition encourage host cities and institutions to put themselves on the conference map. For the individual traveller, conferences and seminars offer escape from daily routines and the chance to experience new, perhaps exotic, places. But trips to distant conferences can have serious environmental impacts, especially if made by airplane. Because of the aggressive impact of greenhouse gas emissions in the upper atmosphere, their threat to the global climate is more serious than similar trips made at surface level. In addition, the time spent on such trips competes with other tasks: conference participation takes scarce time resources available to university academics for research. In the age of electronic communication, it is questionable whether conferences are effective arenas for communicating and gathering knowledge.     

The macroeconomics of India's 6th five year plan

A macrodynamic model is constructed to analyse the potential stabilization problems related to the implementation of the 6th Five Year Plan in India. The model is in the applied general equilibrium tradition emphasizing the role of structural factors in the macroeconomy. The macroeconomics of the plan are discussed in relation to the development of the overall savings investment balance. The performance of the private savings and the agricultural production capacity is shown to be crucial to achieve the planned growth with stable inflation and income distribution.     

Talent or Not? Employee Reactions to Talent Identification

In this article, we examine the effect of talent identification on employee attitudes. Building on social exchange theory, we analyze the association between employees' perceptions about whether or not they have been formally identified as “talent” and the following attitudinal outcomes: commitment to increasing performance demands, building skills, and supporting strategic priorities; identification with the unit and the multinational enterprise; and turnover intentions. Our analyses of 769 managers and professionals in nine Nordic multinational corporations reveal a number of differences between employees who perceive that they have been identified as “talent” and those who either perceive that they have not been identified or do not know whether they have been identified. We found only limited differences between the two latter categories.