Sources of volatility persistence: A case study of the U.K. pound/U.S. dollar exchange rate returns

This paper utilizes a new approach to examine the inherent nonlinear dynamics of the exchange rate returns volatility. Specifically, we utilize a regime switching threshold (i) generalized autoregressive conditional heteroskedasticity (RS-TGARCH) and (ii) a fractional generalized autoregressive conditional heteroskedasticity (RS-TFIGARCH) model. The RS-TGARCH model is found to be adequate in analyzing the first two moments of the U.K. pound/U.S. dollar monthly exchange rate returns series. The RS-TFIGARCH is found to be adequate for the daily returns series. The volatility persistence and leverage effects associated with exchange rate returns series are jointly tested by means of a Wald Chi-square test.     

A two-methodology comparison study of a spatial gravity model in the context of interregional trade flows

This article argues that the introduction of spatial interactions to model the determinants of origin-destination (OD) flows can potentially result in excessive contiguity. To explain flows between OD regions, it is not only what happens in the origin and destination that is relevant, but also what happens in their neighbouring regions. However, what happens if there is a high degree of overlap between origin neighbouring areas and destination neighbouring areas? The article presents an empirical illustration to re-examine the evidence presented in previous research (Alamá-Sabater et al., 2013) and more closely analyses the territorial level, focusing on the case of interregional trade of goods at the NUTS3 level (Spanish provinces). We then use two different methodologies within the framework of a spatial gravity equation for interregional trade modelling. The findings confirm the importance of spatial dependence on trade flows and in particular that logistics decisions within a province affect shipments from contiguous provinces.     

Unilateral liberalisation and WTO GATS commitments: the telecommunications sector in selected countries

This paper examines how unilateral liberalisation of the telecommunications sector affected WTO Member countries' commitments in the GATS of the WTO. It is argued from observations and interviews that unilateral liberalisation provides a basis for making WTO commitments. The differing objectives of WTO Members, their attitudes towards reform (strong reformer or lukewarm supporter of reforms), and country-specific sensitivities appear to be factors responsible for the observed differences between unilateral reforms and GATS commitments in the telecommunications sector.     

Business Ethics in New Zealand Organisations: Views from the Middle and Lower Level Managers

This study is carried out to assess the state of business ethics in New Zealand organisations from the point view of middle and lower level managers. The survey results clearly indicate that companies in New Zealand give low priorities to ethics with other values in the corporate culture. A significant number of respondents also believe that pressures from the top to achieve results and the organisational climate and ruthless competition help create an unethical environment. A greater emphasis on ethical content in the business curricula has been overwhelmingly supported by the respondents. Moreover, the majority of respondents also think that the ethical standard in New Zealand businesses has declined in the past decade.Finally, a number of suggestions have been put forward by the respondents to develop and maintain a high standard of ethical environment. These include mandatory moral/ethical education both in the educational institutions and in commerce and industry, commitment of top management and written and published code of ethics.     

How new is the New Deal? A qualitative study of the New Deal for Young People on minority ethnic groups in Oldham

Despite a clear commitment to equality of opportunity under the New Deal, some have questioned whether the New Deal for Young People has served ethnic minority communities as well as the white population. This research is based primarily on a qualitative longitudinal study of ethnic minority New Deal participants (and non-participants) in Oldham in Greater Manchester, and also on analysis of the New Deal Evaluation Database. We find that objective outcomes, particularly employment, can be problematic, but that there is strong evidence of positive impacts on employability, especially through work experience. In these terms the NDYP clearly represents a departure from the YTS and has had a generally positive reception from participants. However, our research emphasizes the fact that participants are a self-selected section of young unemployed people, and that there are major differences between participants and 'avoiders'. Most notably, non-participants were much more disaffected with the labour market and more negative about the New Deal.     

Attitudes towards business ethics of business students in Malaysia

The main objective of this paper is to assess the attitude of a group of Malaysian business students towards business ethics. The survey results indicate that the respondents in general are of the opinion that the businesses in Malaysia consider ethics as secondary. A greater emphasis on ethical values in the business curricular has been strongly supported by the respondents. Moreover, the majority of the respondents believe that moral/ethical education and top management attitudes are the most important factors influencing ethical standards in business practices.Dr Kazi Firoz Alam is a Senior Lecturer at the Department of Accountancy, Massey University, New Zealand. He has been teaching Accounting to MBA students since 1984 and has supervised Masterate students in different areas of accounting, including accounting and tax ethics. He has written three books on Accounting and Taxation and has published articles on Corporate Taxation and Company Financial Policy, The Influence of Tax Incentives on Investment Decisions, Taxation and Company Dividend Policy and Business Ethics. Some of the journals where his publications have appeared includeMetu Studies in Development, Managerial and Decision Economics, Accounting Forum, Investment Analysts Journal andJournal of Business Ethics.     

Anatomy of Corruption: An Approach to the Political Economy of Underdevelopment

Abstract . An examination and critique of the functionalist literature on corruption in the political administration of Less Developed Countries (LDCs) indicate that its claims are without empirical foundation. Its theses with regard to the political, economic and administrative effects in most LDCs contrast with the facts. No benefits for development from corruption are found; market corruption, for example, does not appear to improve allocative efficiency. The erosion in a government's capacity to formulate and implement policies making for economic growth is an obstacle to economic progress.     

Excess Capacity and Asymmetric Information in Developing Country Fisheries: The Malaysian Purse Seine Fishery

Excess capacity poses a problem in many developing country fisheries. These countries often pursue a development strategy aimed at expanding capacity under open access. Sustainable development, however, requires management. Principal-agent issues from asymmetric information between the regulator and fishers, which potentially form serious obstacles to fisheries management, arise in the likely forms of management. This article discusses principal-agent issues and examines the principal-agent moral hazard issue, which is due to divorce of ownership and vessel operations. The article also illustrates a method for estimating capacity when information is limited. The Peninsular Malaysian purse seine fishery forms a case study.