Equity yields

We study a new data set of dividend futures with maturities up to ten years across three world regions: the US, Europe, and Japan. We use these asset prices to construct equity yields, analogous to bond yields. We decompose the equity yields to obtain a term structure of expected dividend growth rates and a term structure of risk premia, which decomposes the equity risk premium by maturity. We find that the slope of the term structure of risk premia is pro-cyclical, whereas the slope of the term structure of expected dividend growth rates is counter-cyclical. The comovement of yields across regions is, on average, higher for long-maturity yields than for short-maturity yields, whereas the variation in this comovement is much higher for short-maturity yields.     

Curriculum reform and teachers' training needs: the case of higher education in Ghana

Professional development is the key to curriculum‐based reform, yet there is little empirical evidence upon which to base decisions of design or implementation of training and development programmes. This study examined the training and development needs of Ghana's polytechnic teachers in an existing curriculum reform scenario as they became involved in curriculum design. Forty‐four teachers and four heads of mechanical engineering departments and representatives of the leadership of four polytechnics granted comprehensive interviews and responded to questionnaires. Findings revealed that updating subject knowledge through industrial attachments was a major training and development need for teachers. Teachers indicated that they were keen to get more involved in curriculum design and argued for their subject knowledge to be improved to give them the confidence to do so. The results of the study suggest higher education teachers have training and development needs in relation to effective curriculum design and implementation. It is proposed that polytechnic–industry links are strengthened and that teachers should draw on teamwork to plan and undertake industrial attachments.     

Family labour force participation: Multinomial logit estimates

Studies of labour force participation choices are mostly aimed at explaining determinants of participation for individuals. The objective of this study is the empirical estimation of the parameters of family participation decisions.

Family participation decisions can be analysed as a choice problem of a family between a finite number of distinct alternatives. The appropriate estimation procedure for a model involving choice among multiple discrete alternatives requires a statistical technique different from ordinary least squares. In this study I use the multinomial logit model. A logit model allows me to explain the probability that a particular participation alternative will be chosen by a family as a function of a set of independent variables.

It is found that economic variables such as wage rates and wealth, play a significant role in affecting the probabilities of choosing a particular labour force participation alternative. This study shows that an increase in the market wage for a family member not only increases the probability of labour force participation for that family member, but at the same time also reduces the probability of participation for his or her partner. Hence there is both a pure and a cross-substitution effect in participation. There is also an income effect. As wealth increases families will, in some sense, buy more leisure. Furthermore, they will allocate the extra leisure in a certain order: it is found in this study that the wife's probability of participation reduces sooner and faster than the husband's probability, as wealth increases.     

The management spectrum

While leadership dominates the attention of many, it is management that drives the work at hand. Julian Birkinshaw and Jules Goddard suggest that you reconsider the management model you practice daily to see if it's really working inside your company.     

Environmental and health benefits of hunting lifestyles and diets for the Innu of Labrador

The Innu of northern Labrador, Canada have undergone profound transitions in recent decades with important implications for conservation, food and health policy. The change from permanent nomadic hunting, gathering and trapping in ‘the country’ (nutshimit) to sedentary village life (known as ‘sedentarisation’) has been associated with a marked decline in physical and mental health. The overarching response of the national government has been to emphasize village-based and institutional solutions. We show that changing the balance back to country-based activities would address both the primary causes of the crisis and improve the health and well-being of the Innu. Drawing on ethnographic fieldwork, interviews with Innu older people (Tshenut), empirical data on nutrition and activity, and comparative data from the experiences of other indigenous peoples, we identify pertinent biological and environmental transitions of significance to the current plight of the Innu. We show that nutrition and physical activity transitions have had major negative impacts on individual and community health. However, hunting and its associated social and cultural forms is still a viable option as part of a mixed livelihood and economy in the environmentally significant boreal forests and tundra of northern Labrador. Cultural continuity through Innu hunting activities is a means to decelerate, and possibly reverse, their decline. We suggest four new policy areas to help restore country-based activities: (i) a food policy for country food; (ii) an outpost programme; (iii) ecotourism; and (iv) an amended school calendar. Finally, we indicate the implications of our analysis for people in other countries.