Diversity in trade union membership: a typology based on the study of a Spanish trade union

While existing literature on the changing nature of trade union membership concentrates on unidimensional differences between members, this article proposes a multidimensional typology, which considers demographic characteristics as well as labour market position and length of union membership. Our results allow the identification of different member profiles; these are significantly associated to differences in employment conditions, work participation, job satisfaction and union activism. In the last section of the article, we discuss the practical implications that these different member profiles may have for union policy and organisation.     

Differences in campaign funds: A racial explanation

Black candidates for the U. S. House of Representatives receive substantially lower levels of campaign contributions than non-black candidates. This article investigates the reason for this discrepancy. Are blacks discriminated against or do they receive less money because they are riskier candidates? The results suggest that blacks do receive less money because of their race and that the source of the funds is important. Political action committees and political parties tend to discriminate but individual contributors do not.     

Evaluation of industrial policy — The case of the Swedish textile and clothing industry

This paper evaluates the Swedish industrial policy for the textile and clothing industry and attempts to provide an interview-based method for assessing the effects of state intervention. The Swedish industrial policy, in the period 1970–1990, was general and defensive in character. In the majority of firms interviewed, government policy had either no effect at all on firm behaviour or where effects were found there were no underlying market imperfections. Only in a minority of firms was it found that the policy alleviated market imperfections and changed firms' investment behaviour in a way which was judged to be beneficial for the firms' competitiveness. Therefore, the Swedish industrial policy for the textile and clothing industry was associated with very substantial inefficiencies in the use of sizeable resources.     

Culture,Wasta and perceptions of performance appraisal in Saudi Arabia

This article explores the relationship between Arabic culture and employees’ perceptions of performance appraisal in a Saudi Arabian company named SACO. Using an interpretive and qualitative methodological framework, the article suggests that Western models of performance appraisal rooted in rationality and objectivity conflict with aspects of Saudi Arabian culture. Specifically, the personal relations implicated in the social practice of Wasta. However, the article also shows how SACO employees are beginning to reject Saudi Arabian cultural norms and adopt alternative values which are linked to notions of organisational justice and individual egalitarianism. These values are compatible with Western models of performance appraisal.     

Penalty and related estimation strategies in the spatial error model

Spatial autoregressive models are powerful tools in the analysis of data sets from diverse scientific areas of research such as econometrics, plant species richness, cancer mortality rates, image processing, analysis of the functional Magnetic Resonance Imaging (fMRI) data, and many more. An important class in the host of spatial autoregressive models is the class of spatial error models in which spatially lagged error terms are assumed. In this paper, we propose efficient shrinkage and penalty estimators for the regression coefficients of the spatial error model. We carry out asymptotic as well as simulation analyses to illustrate the gain in efficiency achieved by these new estimators. Furthermore, we apply the new methodology to housing prices data and provide a bootstrap approach to compute prediction errors of the new estimators.     

Did crisis alter trading of two major oil futures markets?

The paper analyzes how traders in two major oil futures markets: New York Mercantile Exchange (NYMEX) and Intercontinental Exchange, reacted to the 2008 financial crisis, particularly whether they shifted their trading pattern and whether the relative information role of the two markets changed. Using trade-by-trade data, the paper analyzes several trading characteristics including trading volume, trade size, volatility, bid–ask spread, and relative information share. On average, NYMEX is characterized by greater volume, trade size and slightly greater spread. Before the crisis, NYMEX leads the process of price discovery, and volatility and trade size are significant factors explaining this leadership. However, following the financial crisis of 2008, the leadership role of NYMEX declines and trade size and volatility are no longer significant factors. Contrary to results of most equity market research, bid–ask spread is not a significant factor in information share and causality tests indicate that causality runs from spread to information share before the crisis but the opposite holds during the crisis period.     

Cognitive sophistication and deliberation times

Experimental Economics - Differences in cognitive sophistication and effort are at the root of behavioral heterogeneity in economics. To explain this heterogeneity, behavioral models assume that...     

The effect of oil prices on stock prices: fresh evidence from asymmetric causality tests

This article investigates the causal impact of oil prices on stock prices in each G7 market as well as in the world market. An asymmetric causality test developed by Hatemi-J is used for this purpose. Since the underlying data appears to be non-normal with time-varying volatility, we use bootstrap simulations with leverage adjustments in order to produce more reliable critical values than the asymptotic ones. Based on symmetric causality tests, we find no causal effect of oil prices on the stock prices of the world market or any of the G7 countries. However, when we apply an asymmetric causality test, we find that increasing oil prices cause stock prices to rise in the world, the U.S. and Japan while decreasing oil prices cause stock prices to fall in Germany. This may imply that the world, the U.S. and Japanese stock markets consider increases in oil prices as an indicator of good news as this may mean that there is an increase in oil demand due to an expected growth in the economy while the German stock market treats decreasing oil prices as a signal of an expected contraction in the economy.     

THE EFFECT OF CROSS‐LISTING ON TRADING VOLUME: REDUCING SEGMENTATION VERSUS SIGNALING INVESTOR PROTECTION

We examine the relation between cross‐listing on the U.S. and UK regulated and unregulated exchanges and trading volume for a sample of 500 foreign firms from 34 countries. We find that the increase in trading volume is a function of both reducing segmentation and signaling investor protection. In addition, we find that home market trading volume, firm size, firm returns, and analyst forecast accuracy are the major determinants of a firm's trading volume. We also show that U.S. and UK investors trade foreign securities that originate from low‐investor‐protection countries more than they trade those from high‐investor‐protection countries, which is consistent with the bonding hypothesis.