POSITIVE SELF‐IMAGE IN TOURNAMENTS*

This article analyzes the implications of worker overestimation of productivity for firms in which incentives take the form of tournaments. Each worker overestimates his productivity but is aware of the bias in his opponent's self‐assessment. The manager of the firm, on the other hand, correctly assesses workers' productivities and self‐beliefs when setting tournament prizes. The article shows that, under a variety of circumstances, firms can benefit from worker positive self‐image. The article also shows that worker positive self‐image can improve welfare in tournaments. In contrast, workers' utility declines due to their own misguided choices.     

The effect of firm size and firm activities on CSR practices of selected Chinese-Filipino-owned MSMEs in Metro Manila

Socially-responsible business and ethical behavior of companies have been of interest to academia and practice for decades, but the focus has almost exclusively been on large corporations, while small and medium-sized enterprises （SMEs） have not received as much attention （Hammann, et al., 2009）. Worthington, et al （2006） recognized the need to encourage socially-responsible business practices among the 90 per cent or more of the world＇s businesses that are classified as SMEs. Perrini, et al （2007） found that size explains the differences in firms＇ willingness to define and implement such specific corporate social responsibility （CSR） strategies, while Murillo and Lozano （2006） concluded that it still remains to be explored whether manufacturing companies tend to apply CSR more extensively, or whether businesses oriented to other business have a tendency to incorporate CSR into their management patterns to a higher degree. Moreover, President Gloria Macapagal-Arroyo, in her 7 June, 2002 speech, recognized the importance of Chinese-Filipinos in helping improve the Philippine economy, and yet, not much research had been done on this sub-sector. Thus, this paper focuses on the effect of finn size and finn activities on the social responsibility practices of selected 30 micro, small and medium-sized enterprises （MSMEs） in Metro Manila which are owned by Chinese-Filipinos. Survey questionnaires and interview were used for gathering data, while a correlations test was used to analyze the data and to conclude whether finn size and finn activities have an effect on the sampled companies＇ CSR practices.     

Money,Trust, and Culture: Elements for an Institutional Approach to Money

The development gap between countries in tropical and temperate zones has been attributed to a variety of factors. Using data from the World Values Survey, we find that social norms about thrift, as opposed to sharing, vary with the length of the winter season. We also show that this cultural dimension “thrift versus sharing” and institutional quality both have an independent effect on contemporary economic outcomes. This suggests that the tropical development gap might be the consequence of deep-rooted effects of pre-industrial agro-climatic conditions on both the quality of institutions and social norms about thrift versus sharing that fostered development in the industrial era.     

Multi‐period hedge ratios for a multi‐asset portfolio when accounting for returns co‐movement

This study presents a model to select the optimal hedge ratios of a portfolio composed of an arbitrary number of commodities. In particular, returns dependency and heterogeneous investment horizons are accounted for by copulas and wavelets, respectively. A portfolio of London Metal Exchange metals is analyzed for the period July 1993–December 2005, and it is concluded that neglecting cross correlations leads to biased estimates of the optimal hedge ratios and the degree of hedge effectiveness. Furthermore, when compared with a multivariate‐GARCH specification, our methodology yields higher hedge effectiveness for the raw returns and their short‐term components. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:182–207, 2008     

Commercial Banks in the Securities Business: A Review

This paper analyses the potential effects of commercial banks' expansion into the securities business in the context of the contemporary theory of financial intermediation. The analysis focuses on the gains claimed to emerge with that expansion, particularly the gains due to information advantages and economies of scope, and on the costs also claimed to arise with it; namely, those due to conflicts of interest and safety and soundness considerations. The paper ends with a discussion on how these effects depend on the location of the securities unit within the banking conglomerate.     

Workplace bullying and employee outcomes: a moderated mediated model

Abstract

This paper investigates the relationship between workplace bullying and employee outcomes in a healthcare setting. Drawing on HR process theory, we investigate the mediating role of the perceived effectiveness of implementation of anti-bullying practices on employee outcomes and whether targeted line manager training was a moderator of that relationship. Our multi-level analysis (utilising responses from 1507 employees within 47 hospitals with matched HR Director interviews), finds that the relationship between workplace bullying and employee outcomes is partially mediated by employees’ perceived effective implementation of intended anti-bully practices. The mediated relationship is moderated by targeted line manager training in anti-bullying practices. The mediated moderation model illustrates that it is effective implementation of anti-bullying practices enhanced by targeted training that is required to reduce bullying probabilities and their associated negative employee outcomes. The paper contributes to resource based view of the firm, HR process and human capital theories. The implications for future research and practice are discussed.     

New Nonlinear Approaches for the Adjustment and Updating of a SAM

Many structural relationships should be taken into account in any reasonable adjustment and updating process. These structural relationships are mainly represented by ratios of different types, such as technical coefficients or the proportion of the cell value in relation to its row or column total. We believe that in many cases (either because of lack of information or when the time elapsed for the estimation of a social accounting matrix is not long enough to allow for any significant structural change) the updating process should try to minimize the rela- tive deviation of the new coefficients from the initial ones in a homogeneous way. This homogeneity would mean that the magnitude of this relative deviation is similar among the elements of each row or column, therefore avoiding the concentration of the changes in particular cells of the SAM. In this work, we propose some new adjustment criteria in order to obtain a more homogeneous relative adjustment of the structural coefficients. These criteria combine the adjustment method proposed by Matuszewski et al. (1964) with other deviation functions. Each of the adjustment criteria proposed leads to a nonlinear optimization problem which is reformulated as a linear program. We test the usefulness of this proposal by comparing its results with the ones obtained by more standard approaches and we are able to show that these approaches tend to produce a less homogeneous pattern of coefficient adjustment, under certain circumstances, than the ones we put forward.     

On Non-existence of Markov Equilibria in Competitive-Market Economies

This paper presents some examples of regular dynamic economies with externalities and taxes that either lack existence of a Markov equilibrium or such equilibrium is not continuous. These examples pose further challenges for the analysis and computation of these economies. Journal of Economic Literature Classification Numbers: C10, C62.     

The legacy of European Capitals of Culture to the “smartness” of cities: The case of Guimarães 2012

The objective of the paper is to examine the extent to which the legacy of European Capitals of Culture (ECOC) increases the “smartness” of cities. A qualitative approach based on semi-structured interviews and desk research was used to assess the impact on the smart city's dimensions hypothesized by Giffinger et al. (2007 Giffinger, R., Fertner, C., Kramar, H., Kalasek, R., Pichler-Milanovic, N., &; Meijers, E. (2007). Smart cities—Ranking of European medium-sized cities (Report). Vienna University of Technology Retrieved November 25, 2015, from http://www.smart-cities.eu/download/smart_cities_final_report.pdf [Google Scholar]). The research revealed that this kind of mega-event reinforces the smartness of the city in which it is hosted in terms of attributes such as living, economy, people and environment. No significant legacy is observed with respect to the mobility dimension.