UK universities and the state: A Faustian bargain?

The universities are now 'one of the last semi-nationalised sectors of the British economy, ' used by government as an instrument of social policy. This situation represents a 'Faustian bargain ' which threatens both the quality and the prosperity of universities. One solution would be privatisation of some universities through public flotation. These universities could then contract with government to take state-funded students. Two objections are that the scheme would promote elitism and that it would encourage greater inequality between universities, but the relevant question is whether it would offer an improvement on the present regime.     

Asset Pricing Specification Errors and Performance Evaluation

Many evaluation techniques typically measure performance asdeviations of average returns on actively managed funds fromthose predicted by some asset pricing model. Empirical evidence,however, has so far suggested that all asset pricing modelslack empirical support, implying that the models contain mis-specificationerrors to various degrees. Evaluating mutual fund performancerelative to any of these models thus becomes problematic. Inthis paper, we propose an approach to performance measurementthat emphasizes minimizing explicitly the pricing error associatedwith an asset pricing function which is employed to computeperformance measures. This approach is henceforth called theminimum specification-error (MSE) method. We also discuss thestatistical properties for implementing MSE performance measure.To demonstrate the significance of the pricing error confoundedin evaluation measurement, we contrast our methodology withthe Grinblatt and Titman (1989) period weighting approach andwith the empirical implementation of Chen and Knez (1996). Wefind that the greater the pricing error of passive assets, thelarger the performance measures. Given the average pricing errorgenerated from a collection of 163 diverse passive portfoliosused in this analysis the performance values assigned to a largenumber of the funds become statistically and economically insignificant.     

Dominance Effects from Local Competitors: Setting Institutional Parameters for Employment Relations in Multinational Subsidiaries; a Case from the Spanish Supermarket Sector

Dominance effects are normally associated with multinational corporations (MNCs). However, we argue that a strong local competitor can create ‘dominance effects’ setting the institutional parameters for employment relations in multinational subsidiaries. Moreover such an effect can be persistent. In this case the Spanish‐owned El Corte Inglés (ECI) used its power and influence to establish an employer's federation and two ‘yellow unions’. These yellow unions infiltrated the French‐owned MNC Carrefour and most of the Spanish supermarket sector by the early 1980s and continue to dominate collective bargaining rounds and works council elections, marginalizing the main independent trade unions. This has resulted in poor pay and working conditions and a lack of effective employee representation across most of the Spanish supermarket sector. The fact that Carrefour established an international framework agreement to observe union rights in 2001 has as yet not changed this situation.     

未来犹在——关于共建能源未来的七点建议

编者按:2009年2月10日,在剑桥能源研究协会主办的剑桥能源周暨第28届剑桥能源高层年会(28th CERA Executive Conference)上,BP集团首席执行官唐熙华博士应邀发表了题为"未来犹在"的开幕词.他认为,能源的问题不在地下而在于人,保障未来稳定的能源供应需要政府和企业携手合作.他就共建能源未来提出了七点建议,本刊特整理如下,以飨读者.     

“Right Time,Right Place,and Right People” and Chinese Entrepreneurship: A Case Study of Taiwan’s Din Tai Fung Dumpling House

In examining corporate success, many scholars overlook an important contributing factor, namely entrepreneurship. However, Chinese wisdom believes that the “right time, right place, and right people” (Three R’s) are crucial for business success. This study utilizes theories of entrepreneurship from the Austrian School of Economics to reinterpret the three factors for business success. This new interpretation is then applied to explain the success of a famous dumpling house in Taiwan, Din Tai Fung. This study argues that although favorable timing is critical to business success, it requires an entrepreneur to grasp the opportunity when it comes. The seizure of a golden chance requires alertness and preparation. More importantly, this study argues that even during an adverse period, a crisis can be turned into a profit opportunity. Whereas a favorable location is also regarded as a key factor, this study goes beyond sheer spatial dimensions. Location also encompasses culture, social customs, norms and traditional folklores. This paper argues that an entrepreneur transplants culture and social customs from one location to another, thus, gaining pure entrepreneurial profit. Finally, the “right people” in an entrepreneurial sense involves a harmonious social network and good personal relationship (Guanxi). By maintaining a harmonious relationship with staff members, partners, customers, and suppliers, entrepreneurs can “get things done.” This case study provides a new insight into Chinese entrepreneurship in East Asia.     

基于R/S分析的上海股市有效性实证研究

以上海股票市场为研究对象,以1995年10月24日至2009年3月16日这一时间段的上证综合指数日收盘价对数收益率序列为研究样本,利用R/S分析方法计算出上证指数的Hurst指数,并对上海股市分形特征加以描述。实证结果表明,上证综合指数日收益率序列的Hurst指数为0.619607,明显偏离0.5,说明上海股票市场具有明显的分形特征,投资者可以通过分析股价的历史数据来获得超额利润,因而市场是无效的。最后,分析了上海股市无效的原因,并提出了政策和建议。     

The Impact of Formal and Informal Distance on Gender Equality Approaches: The Case of a British MNC in Saudi Arabia

This study explores the forces that promote and hinder gender equality efforts of a multinational corporation (MNC) operating in the Middle East. Specifically, we draw from a case study to document the formal and informal pressures exerted on a British MNC operating in Saudi Arabia to better understand the multiple forces that influence gender equality approaches in the host country. Our findings suggest that while formal institutions such as the legal requirements and localization policies support gender equality, informal forces that are rooted in the cultural norms and traditions are formidable in hindering such efforts and in reinforcing the status quo. The insights generated from our study have the potential to inform public policy makers and organizational decision makers to locate the right policy tool to promote gender equality. © 2016 Wiley Periodicals, Inc.     

Economic and non-economic determinants of FDI inflows in Vietnam: a sub-national analysisPost-Communist Economies

This article focuses on identifying the factors that determine FDI inflows at the sub-national level (i.e. provinces/cities) in Vietnam. Based on a longitudinal dataset for the period 2008–2013 of 63 provinces/cities, we examine the impact on FDI of conventional factors (market size, human resources and infrastructures) as well as emerging factors (institutions and policies, domestic and foreign agglomeration) that are suggested by theories in economics and international business. Statistical results show that market size, infrastructure, labour quality, institutions and policies, and agglomeration are major determinants of FDI inflows at the sub-national level in Vietnam. Implications for policy makers and future research are also discussed.