Voting for the Open Society

A Labour MP for a mining constituency from 1964 to 1983 writes without inhibition of the backlog of economic reform that cannot be postponed much longer without increasing damage to British society. The June election revealed the strength of feeling among the electorate for an open society that no politician will be able to ignore.     

The Performance of UK International Unit Trusts

We evaluate the performance of UK unit trusts with international equity objectives between January 1985 and December 2000 relative to domestic benchmark strategies. We use performance measures based on Jensen (1968) , Ferson and Schadt (1996) , and the Chen and Knez (1996) law of one price (LOP). We find more favourable trust performance using the Jensen and Ferson and Schadt measures relative to the LOP measure. There is evidence of inferior performance by some international trusts using the unconditional LOP measure. The charges and investment sector of the trust also has an impact on the performance of the trusts using the LOP measure.     

Cabri Project—a Collaborative Research Facility

This paper describes the results of a case-study carried out within the context of a wider evaluation of the benefits and costs of international collaboration in Europe for the development of fast breeder reactors. The Cabri reactor is a large scale research facility jointly owned and operated by France and Germany, with the UK, USA, and Japan involved as junior partners. The organisation of the collaboration is discussed. Particular issues include problems surrounding barter arrange- ments, personnel aspects and the extent to which costs and benefits have been incurred. It is concluded that a substantial saving was achieved compared with performing the work in one country, but at a cost of reduced national control. The collaboration was facilitated by the lack of immediate commercial significance and by the organisational structure.     

An Examination of UK Unit Trust Performance within the Arbitrage Pricing Theory Framework

This paper examines the performance of a sample of 101 United Kingdom unit trusts within an Arbitrage Pricing Theory framework and considers the relationship between performance and the investment objective, size and expenses of the trusts. Also, portfolio strategies using past trust performances to rank the trusts fails to generate significant abnormal returns relative to two different benchmark portfolios.     

A change in the time-varying correlation between oil prices and the stock market

We investigate the time-varying correlation between oil prices and stock prices. Estimation results from a multivariate DCC-GARCH model reveal that the correlation has changed since the financial crisis. Historically, the correlation has been close to zero or slightly negative. However, the correlation changed to positive during the Great Recession and continued to be positive through the first half of 2017. We investigate the role quantitative easing played in this change in correlation using a threshold model.     

‘Pushing the Boundaries’ versus Identifying the Boundaries: An Institutional Perspective on NPM Principles

This paper considers the boundaries of new public management (NPM) principles in the context of the mandate for a commercial approach within a New Zealand state‐owned enterprise (SOE). Investigating a commercial approach to NPM through an institutional theory lens, the case study highlights complexities and potential conflict between structured NPM principles and the more complex reality. Analysis reveals blurred lines and boundaries have implications for public sector organisations such as SOEs, government and other stakeholders, where managers push the boundaries beyond the point where stakeholders are comfortable. Thus, a key challenge involves developing clearer institutional boundaries to balance freedoms with stakeholder acceptability.     

EXAMINING ACCOUNTABILITY DIMENSIONS IN STATE‐OWNED ENTERPRISES

This paper examines accountability in the context of New Zealand's state‐owned enterprises (SOEs), and considers an accountability framework which extends beyond traditional (upward and outward) dimensions. While traditional accountability dimensions are clearly detailed in the legislation, less clear are the dilemmas and contradictions faced by SOEs, balancing multiple interests, and at times, conflicting objectives. These issues are explored through interviews conducted in two phases over a two year period with senior executives from 12 of the then 17 SOEs operating in New Zealand. Findings reveal a number of dimensions of accountability that extend beyond current conceptualisations of accountability in the public sector, often including multiple directions of accountability. Implications suggest the need for a more explicit framework of accountability relevant to the SOE context, which may serve useful in identifying potential pathways to conflict mitigation.