Effective fair pricing of international mutual funds

We propose a new methodology to provide fair prices of international mutual funds by adjusting prices at the individual security level using a comprehensive and economically relevant information set. Stepwise regressions are used to endogenously determine the stock-specific optimal set of factors. Using 16 synthetic funds whose characteristics are extracted from 16 corresponding actual US-based Japanese mutual funds, we demonstrate that our method estimates fund prices significantly more accurately than existing methods. Although existing fair-pricing methods provide an improvement over the current practice of simply using Japanese market closing prices, they are still highly vulnerable to exploitation by market-timers. By contrast, our method is the most successful in preventing such strategic exploitation since no competing method can profit from our stated prices.     

Social Value Orientation and Climate Strength as Moderators of the Impact of Work Group Cooperative Climate on Affective Commitment

We investigate the moderating role of an individual's social value orientation (which refers to self‐ versus other‐regarding preferences) and of climate strength (which refers to the extent of agreement among group members on group norms and values) on the relationship between work group cooperative climate and affective commitment among professional employees. We develop two plausible but opposite hypotheses on the moderation effect of social value orientation, one based on the behavioural assimilation assumption and the other on goal transformation theory. We argue that the work group's climate strength is an important contingency factor that affects which of both contradictory predictions holds. In a sample of 209 academic employees of a Belgian university, we find support for our arguments. Specifically, a cooperative climate enhances the affective commitment of employees with a prosocial value orientation (as predicted by the behavioural assimilation argument) but only when there is strong consensus among group members about the group's climate (high climate strength). Conversely, for those whose social value orientation is towards the self rather than others, a cooperative climate enhances affective commitment (consistent with goal transformation theory), especially when the climate is not agreed upon (low climate strength). These findings underscore recent claims that the predictive power of different theories in organizational behaviour depends on an individual's motives and values. We discuss the implications of our findings for the management of work groups consisting of employees with different social value orientations.     

Freedom Net

As the Internet becomes ubiquitous, there is widespread anxiety that it is either a source of moral corruption or a threat to business. This anxiety stems from the fact that the Internet calls the most restrictive aspects of legislation into question. Because the Internet is intrinsically orientated towards freedom, it should be championed, but there is a danger of celebrating new technology as an end in itself rather than the uses to which it can be put. Those commentators who most zealously promote the Internet are often as deluded as those who are afraid of it.     

Panel evidence on the impact of tourism growth on poverty,poverty gap and income inequality

Using a panel of 13 tourism-intensive economies for the period 1995–2012, this paper shows that rising growth in tourism which is proxied by tourism receipts to GDP ratio has an impact on poverty conditional on the poverty measure used. Using a panel Vector Autoregression method, there is little evidence to suggest that growth in tourism reduces headcount poverty. However, the poverty gap measure shows that the amount of money needed to help the poor out of poverty is significantly reduced. Based on different types of Gini coefficient, the results fail to find an improvement in income inequality resulting from tourism growth. Alternative measures such as relative poverty and poverty gap may be considered to better assess the impact of tourism on the poor.     

Marketing communications implications of children's new electronic media use: a survey of parental opinions and perceptions

Currently new electronic media, the Internet in particular, are poised to become a major part of the marketing and communications mix, not only for adults but also children. This poses challenges and heralds a new debate on both protection of the young vis‐à‐vis more equitable access and the need, nature and forms of regulation warranted. This paper reviews the literature on this debate and related issues. It reports on a New Zealand empirical study of parental perceptions of their children's electronic media use and examines the findings and the insights obtained on the use of the Internet and its role as a marketing communications medium. It also reports on what these parents consider to be the key concerns in this area and their Internet site preferences. The issues relating to children, the Internet and the link between violence and video games are examined and implications for marketing communications are discussed.     

Exploring the link between obesity and advertising in New Zealand

This paper reviews the debate on the causes and potential solutions to growing obesity and whether there is a proven correlation with advertising, particularly among children. The paper first considers this debate from the context of the burgeoning literature on this topic. The findings from an empirical study with parents of primary‐age children in New Zealand are then presented. However, any kind of proposed relationship between obesity and advertising tends to be as much emotive as evidential, with for‐and‐against camps lined up to defend entrenched positions. However, it does seem fair to argue that, while advertising does present a problem in relation to food selection choice, many other issues, such as peer pressure, quality of life, in‐school food services, nearby retail outlets and social class criteria, exacerbate the problem. Thus, easy solutions based on insufficient evidence that have failed to substantiate causal effects between advertising (ostensibly) directed at children and nutrition can be seen as inequitable and, thus, ineffective in their intended aims. Although here the paper considers the problem from a New Zealand perspective, the findings may have implications for research elsewhere in the world.     

Rhetorical Institutionalism: Language,Agency, and Structure in Institutional Theory since Alvesson 1993

In 1993, Mats Alvesson published ‘Organizations as Rhetoric’. In his paper, Alvesson proposed that knowledge was ambiguous and that rhetoric was therefore critical to the construction and operation of institutions and organizations. Moreover, he argued that in such an ambiguous and thus rhetorical world, knowledge operated as an institutionalized myth and rationality surrogate. Alvesson's insights helped inspire and initiate one of the most promising and growing areas of institutional research: rhetorical institutionalism. Rhetorical institutionalism is the deployment of linguistic approaches in general and rhetorical insights in particular to explain how institutions both constrain and enable agency. In this paper, we trace these original insights and discuss the benefits of continuing the integration of rhetorical ideas in institutional research. In addition, we propose and develop a rhetorical model of institutionalism that can spearhead research and conclude with some direct suggestions for future research.     

Mining redundancy

In the particular circumstances of a colliery closure the Redundancy Payments Act did not appear to accomplish the legislators' intentions or indeed to operate equitably. Nor did the apparently inconsistent decisions of the Industrial Tribunal provide guidance for employers in future cases of redundancy.     

Employee Treatment and Bank Default Risk during the Credit Crisis

Journal of Financial Services Research - We examine whether banks’ interest in the well-being of their workforce, measured by an index of employee relations strengths, explains their default...