The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics

The neoclassical concept of the market is built on a number of assumptions that lead one to view it as a type of ether, devoid of any institutional content. In opposition to this point of view, this article proposes an alternative characterization of markets based on the fundamental principles of institutional and post‐Keynesian economics. After reviewing the main features that characterize the behavior of economic agents, we analyze the set of interrelations between these agents within markets and the role of institutions in the regulation of these interrelations. Finally, we discuss some of the consequences generated by the institutional dimensions of markets with regard to their origins and evolution, the justification for their existence, or the evaluation of their results.     

Promoting Employee Flexibility Through HR Practices

Current competitive environments have created a growing interest in employee flexibility in firms. Recently researchers have differentiated between two facets of employee flexibility: behavior flexibility and skill flexibility. This study proposes a model of relationships between these two facets of employee flexibility and the extent to which HR practices influence them. This model is tested by estimating structural equation models on a sample of 226 commercial departments in Spanish companies. The results of the study show that the two facets of employee flexibility are interrelated, in that skill flexibility influences behavior flexibility. Furthermore, findings confirm the influence of job enrichment on employee flexibility and the significant effect of the internal fit among HR practices on employee flexibility. © 2013 Wiley Periodicals, Inc.     

A moment-based test for extreme-value dependence

This paper proposes a new rank-based test of extreme-value dependence. The procedure is based on the first three moments of the bivariate probability integral transform of the underlying copula. It is seen that the test statistic is asymptotically normal and its finite- and large-sample variance are calculated explicitly. Consistent plug-in estimators for the variance are proposed, and a fast algorithm for their computation is given. Although it is shown via counterexamples that no test based on the probability integral transform can be consistent, the proposed procedure achieves good power against common alternatives, both in finite samples and asymptotically.     

Sustainable Development and the Financial System: Society's Perceptions About Socially Responsible Investing

The debate surrounding the financial needs of investors and the impact on society of investment is considered to be an important research topic due to the growth of socially responsible financial markets. The main objective of this research is to study society's perception about socially responsible investing (SRI) and to identify investor's preferences regarding environmental, social and governance criteria, their real‐life investment needs and the most relevant sustainable financial products. To examine society's perception of SRI, we conducted a field survey among Spanish investors. The results show that SRI is at an early stage and Spanish investors need more exact information regarding social, environmental, and governance criteria in order to invest in socially responsible companies and products. This paper offers some guidelines that could be used by Spanish institutions, managers and investors and by foreign managers when approaching the Spanish market, in order to promote the growth of socially responsible financial products. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.     

Forecasting aggregates and disaggregates with common features

This paper focuses on the provision of consistent forecasts for an aggregate economic indicator, such as a consumer price index and its components. The procedure developed is a disaggregated approach based on single-equation models for the components, which take into account the stable features that some components share, such as a common trend and common serial correlation. Our procedure starts by classifying a large number of components based on restrictions from common features. The result of this classification is a disaggregation map, which may also be useful in applying dynamic factors, defining intermediate aggregates or formulating models with unobserved components. We use the procedure to forecast inflation in the Euro area, the UK and the US. Our forecasts are significantly more accurate than either a direct forecast of the aggregate or various other indirect forecasts.     

Declining sectors and strategies within the area of human resources: a case study from Spain

Based upon the existing theoretical framework, empirical research on successful generic strategies has resulted in various recommendations for strategic management in declining sectors. However, these studies do not consider (aspects of) strategy implementation, and thus ignore the importance of aspects of the implementation for the ultimate success of the proposed strategy. Consequently, it is difficult to uncover some important factors that contribute to the success or failure of the proposed strategies. One such factor is the congruence between the generic 'decline strategy' and its concurrent social strategy. Although some theoretical proposals on this congruency exist, empirical studies on this topic are lacking.

Given the exploratory, 'real-life' and process nature of the study, the case-study method is used. This allows us to establish a dialectic relationship between the theoretical proposals available and the empirical observations. The company that is studied is a Spanish state-owned shipyard. Following a brief analysis of the sector and its specific characteristics of decline, the evolving congruence between the generic and social strategies within the company is analysed. Basically, the study focuses on the process of continuously adjusting and balancing the two types of strategies. Also, the resulting implementation issues and difficulties are assessed. Conclusions are based on the permanent comparison and confrontation of field data and theoretical insights.     

Evolving research on expatriates: what is ‘known’ after four decades (1970–2012)

The purpose of this paper was to provide a comprehensive review of the evolving research on a still key challenge for human resource management (HRM) in the globalized business of today: the expatriates and their impact on business performance. Research of four decades was reviewed to show what was known and what was not yet known. A bibliometric analysis was conducted to build a conceptual map of the evolving research. Up to 438 papers published in 104 different journals by 233 authors were analyzed. Most of the literature studies and research does not show a systematic approach, so this review may be useful for scholars and practitioners in the field of HRM and International Business Management in order to advance into the next stage of development on how to deal with and take advantage of hiring expatriates. Even after more than four decades of intensive research, the literature on expatriation is still nascent and requires higher order content. New contexts and organizations should be included in the research agenda, while an effort must be made in systematic approaches and in building higher order content in the international HRM field.     

Combining predictive distributions for the statistical post-processing of ensemble forecasts

Statistical post-processing techniques are now used widely for correcting systematic biases and errors in the calibration of ensemble forecasts obtained from multiple runs of numerical weather prediction models. A standard approach is the ensemble model output statistics (EMOS) method, which results in a predictive distribution that is given by a single parametric law, with parameters that depend on the ensemble members. This article assesses the merits of combining multiple EMOS models based on different parametric families. In four case studies with wind speed and precipitation forecasts from two ensemble prediction systems, we investigate the performances of state of the art forecast combination methods and propose a computationally efficient approach for determining linear pool combination weights. We study the performance of forecast combination compared to that of the theoretically superior but cumbersome estimation of a full mixture model, and assess which degree of flexibility of the forecast combination approach yields the best practical results for post-processing applications.     

Diferencias salariales en una ocupación mayoritariamente femenina. El trabajo doméstico informal y flexible en Portugal

Se investigan los efectos de las modalidades contractuales informales y flexibles sobre los salarios de los trabajadores domésticos contratados por empleadores privados en Portugal, a partir de una muestra de datos transversales originales. Las estimaciones MCO indican que la formalidad beneficia a los trabajadores tanto en contratos estables como flexibles. Los procesos sociales y del mercado de trabajo tienden a perpetuar la desigualdad, principalmente en detrimento de los trabajadores migrantes. Aunque las competencias están infravaloradas y mal retribuidas, los trabajadores eventuales que prestan servicio a múltiples empleadores o cuidan de los ancianos perciben salarios más altos y, aun así, están sujetos a explotación e inseguridad.     

A Note on US Worker Turnover

The length of new employment relationships is of first‐order importance for a number of questions in recent macro‐labour research. We investigate it using data from the Survey of Income and Program Participation for the US from 1996 onwards, and document that above two‐fifths of newly employed workers fall into non‐employment within a year. We also find that the transition rate from employment to non‐employment within the first year varies significantly for different groups of the population, increases with the duration of the previous non‐employment spell, exhibits an acyclical or weakly procyclical pattern and a much higher volatility than the unemployment rate.