An empirical procedure to evaluate monetary management under exogenous changes in the money supply

This article proposes an empirical procedure to evaluate central banks’ monetary management in a presence of exogenous changes in the money supply. Monetary shocks deviate the market interest rate from the target, and the monetary authority decides its optimal intervention in the money market, bearing in mind the benefits and costs of re-establishing its target interest rate. According to monetary management theory, typically a central bank will allow for variation in the interest rate within a range around the target interest rate, thereby intervening in the money market when the interest rate trends toward a point outside that range. In this context, we develop an empirical strategy to analyse central bank’s reactions to exogenous money changes by making a statistical comparison of the actual and the estimated intraday shift in the money supply. We also employ our method to test the reactions of the Brazilian Central Bank to liquidity shifts caused by changes in the Treasury Single Account (TSA) balance. Using different metrics of analysis, the applications of our procedure confirms the predictions of the optimal monetary management theory.     

Entry Deterrence and Entry Accommodation Strategies of a Multiproduct Firm Regulated with Dynamic Price Cap

In this paper we study the way a multiproduct firm, regulated through a dynamic price cap, can develop a price strategy that uses the regulatory policy to deter entry. We consider a firm that initially operates as a monopolist in two markets but faces potential entry in one of the markets. We conclude that the regulated firm can have the incentive to block the entry. This strategy leads to the reduction of the price in both markets. However, the final effect of the entry deterrence strategy on total consumer surplus is not always positive.     

Mental Health and the ADA: A Focus Group Discussion with Human Resource Practitioners

In 1997, the Equal Employment Opportunity Commission (EEOC) issued new guidelines to clarify implementation of the mental health regulations under the ADA. This paper explores the impact of those guidelines on human resource practices in the workplace. Focus group discussions were conducted with human resource practitioners from over a dozen medium-sized, mid-western corporations. Analysis of the focus group discussions identified four primary issues: underreporting of mental health disabilities; the impact of demographic differences on mental health; misreporting of mental health disabilities; and the impact of the environment on mental health.     

Value Gains on Flotation and IPO Underpricing

Abstract:  Utilising a unique dataset of 502 UK IPOs we undertake an empirical analysis of the relationship between underpricing and value gains on flotation. We find support for our hypothesis that IPO underpricing is related to the extent of anticipated value gains on the private to public transition. We analyse alternative driving mechanisms behind this relationship, and our results suggest that the underpricing of IPOs is driven by both underwriters and issuing company directors, each of whom derive net benefits over the longer term from underpricing at the IPO.     

Packaging Ethics: Perceptual Differences among Packaging Professionals, Brand Managers and Ethically-interested Consumers

In this article, we explore ethical perceptions of three product packaging issues as viewed by packaging professionals, brand managers, and ethically-interested consumers. We examine, differences between business practitioners and consumers with respect to ethical sensitivity, perceived consequences of business practices, and perceived industry norms. Additionally, we explore the prevalence of two types of values, pragmatic and moral, to determine if the use of these value-types differs among the three groups. We find that business practitioners exhibit less ethical sensitivity. Businesspeople also feel that the likelihood and severity of negative consequences resulting from a packaging practice is lower than do ethically-interested consumers. Finally, business practitioners do not differ from consumers with respect to moral values.     

Does Vertical Integration Promote Downstream Incomplete Collusion? An Evaluation of Static and Dynamic Stability

This paper analyzes the impact of vertical integration on the static and dynamic stability of downstream incomplete collusion. It is shown that a vertical merger between an upstream firm and a downstream cartel or fringe firm promotes downstream collusion, under certain conditions on the market size. However, for low downstream market concentration, a vertical merger with a cartel firm hinders collusion. Moreover, a welfare analysis shows that consumer surplus increases with the vertical merger because the merger partially eliminates the double marginalization problem.     

Farmland conversion to non-agricultural uses in the US and Canada: current impacts and concerns for the future

Conversion of farmland to non-agricultural uses presents a challenge to future food production and ecosystem services in US and Canada. Expansions of housing, transportation, industry, retail sales, schools and other developments are driving land out of farming. In the US there is annual conversion of 500,000 ha away from food and fibre production systems. Coupled with 1% annual population increase, this will reduce today's 0.6 ha per person to 0.3 ha by 2050. Canada has more land and smaller population, but farmland losses are occurring in fertile areas near coasts and in level valleys where highest quality land is located. Current rates of increase in agricultural productivity will not compensate for this land loss. Compared to US, there are more specific tools and legislation at the provincial level in Canada that provide opportunities for controlling sprawl. Important in both countries is general lack of awareness and concern about loss of productive farmland, a situation that could be improved through education. Stimulating collective understanding of this growing problem and providing viable solutions could provide the basis for national policy strategies to promote and assure sustainable food systems for the future and enhance the capacity to maintain vital ecosystem services.     

EXPLORATIONS IN MACRO COMMUNICATION BEHAVIOUR: THE EFFECTS OF ORGANIZATIONAL FEEDBACK ON ORGANIZATIONAL EFFECTIVENESS [1]

Organizational feedback is identified as an attribute of organizations and as a form of macroscopic communication behaviour. Previous organizational theory is used to generate propositions linking organizational feedback (horizontal and vertical) to organizational effectiveness in order to evaluate the construct validity of feedback. Reliable measures of feedback are devised and the posited relationships are empirically examined using federated nonprofit organizations. Horizontal feedback is observed to be positively related to three forms of organizational effectiveness (goal attainment, superordinate approval and lateral approval). Vertical feedback is found to be positively related only to goal attainment. Organizational feedback is concluded to be a viable concept worthy of further investigation and additional research on communication as a property of organizational collectivities is recommended.