Trend breaks and non-stationarity in the Yugoslav black market for dollars, 1974–1987

We estimate a model of the black market premium for dollars in Yugoslavia from 1974 to 1987. Unlike previous applications of the model, our analysis addresses non-stationarity in the underlying data by allowing for trend breaks. Endogenous structural break tests indicate the presence of breaks closely associated with the death of Tito and changes in laws affecting the operation of the black market. After accounting for these breaks, we find strong support for the underlying model. In addition, we find evidence consistent with the era of increased government involvement in the black market leading to greater volatility of the premium following regime change.     

The effectiveness of teams in organizations: a meta-analysis

The proposed meta-analysis of 61 independent samples aims to identify whether, and if so under what conditions, team working in organizations is related to organizational effectiveness. Team working had a significant though small positive relationship with both performance outcomes and staff attitudes. Our contingency analyses further showed that team working had a stronger relationship with performance outcomes if accompanied by complementary HR measures and in non-health-care settings. Finally, we found that team working is more strongly related to attitudinal outcomes in Sociotechnical Systems and health-care settings.     

On farmland prices and rents in Japan

Historically, the Japanese farmland market has been strongly regulated, although fundamental changes in policy were introduced in 1967 and 1980. This article examines the relationship between farmland prices and rents in Japan for 1955–2000 using the cointegration procedure of Johansen et al. (2000) , which admits structural breaks. Results show the presence of a cointegrating relationship with a significant break in 1980. There is Granger‐causality from prices to rents, which suggests that rents are determined within an institutional setting according to farmland prices. The rent–price elasticity is unity, which supports the notion of efficiency in the farmland market.     

AVERAGE EARNINGS,MINIMUM WAGES AND GRANGER-CAUSALITY IN AGRICULTURE IN ENGLAND AND WALES

Abstract The Agricultural Wages Board (AWB) for England and Wales sets minimum wages, hours and overtime rates. Post-war average earnings have always exceeded minimum wages. This paper examines the relationship between average earnings and minimum wages from 1948–1993 for regular whole-time males using cointegration analysis. The results imply the existence of such a relationship, and that earnings Granger-cause minimum wages. The AWB therefore has been reactive having had no impact on average earnings.     

'A' Level Economics Model Answers I

Graham Dawson, who has taught economics for 12 years at Bedford High School, gives the first of a new series of Model Answers for 'A' Level economics.     

Computer technology and the job of the First-Line Supervisor

This article presents a detailed case study of changes in the job tasks of British Rail yard supervisors under the routine operation of a computerised system of freight information control in order to critically evaluate the claim that computer technology is contributing to the demise of first-line supervisors.     

An application and extension of a multidimensional ethics scale to selected marketing practices and marketing groups

The purpose of this research was to test and extend a multidimensional ethics scale developed by Reidenbach and Robin to selected marketing groups. Different marketing practices and groups were used in order to give these measures a wide variety of exposures. These measures performed well in all settings and for all practices. Factor structures in fifteen different trials identified the same three dimensions with one exception. In that exception, two dimensions merged together in five of those fifteen trials. While these dimensions captured much of the variance in the global concept of “ethical/unethical”, they did a better job of predicting the respondents’ intention to behave than the global measure. These measures also provide the researcher with a partial explanation of why the respondents answered in the manner that they did. The shifting relative importance of the three dimensions in accounting for the variance in the behavioral intention measure provides this explanation.     

Singapore share recommendations using technical analysis

Recent statistical studies of the Singapore Stock Exchange generally conclude that the market is weak-form efficient. This means that technical analysis or the study of past share prices cannot reliably forecast future prices and lead investors to returns which exceed the market. This article reports on a study of 292 technical analysis-based investment recommendations made over a five year period, November 1979 to April 1984, by a Singapore investment advisory firm. The objective was to test whether this firm was able to use technical analysis to select common share investments which would allow investors to earn an excess return. After adjusting for trading commissions, market trends, and risk, the recommended shares did not outperform the market. Thus, the results correspond with what would be expected in a weakly efficient market.