High‐involvement work practices and analysts' forecasts of corporate earnings

Research has shown that high‐involvement work practices are positively related to corporate financial performance. However, it is unknown if investors are able to use information on high‐involvement practices to predict the performance of specific companies. In this study, we examine earnings forecasts for a sample of Fortune 1000 firms and find professional stock analysts consistently underestimated the earnings of firms that made greater use of high‐involvement practices during the 1990s. Based on data collected from newspaper articles and annual reports, we argue that these lower estimates resulted from a lack of information on innovative HR practices. Recommendations to managers for disseminating information on and leveraging highinvolvement HR practices are discussed. © 2006 Wiley Periodicals, Inc.     

FINANCIAL INTEGRATION IN EAST ASIAN EQUITY MARKETS

Abstract.  This paper examines the degree of financial integration that exists in East Asian equity markets using the International Capital Asset Pricing Model methodology. We employ three market portfolios to test for integration: the weighted average equity index of all sample countries, the Japanese market index and the US market index. The study shows that the level of financial efficiency and the integration of sample countries is high and has improved significantly during 1991 to 2005, and they are more financially integrated within the region and with the Asian leading market (Japan) than with the world leading market (the USA).     

Conceptual estimating tool for technology-driven projects: exploring parametric estimating technique

This paper examines a parametric estimating technique applied to technology-driven projects. Parametric cost estimating is a widely used approach for bidding on a contract, input into a cost benefit analysis, or as the pre-planning tool for project implementation. Extensive literature reviews suggest that effective parametric estimating methodology is becoming an essential tool for technology-driven organizations. The use of parametric estimating in budgeting, scheduling, and control of projects will enhance the ability of project management organizations to effectively and efficiently utilize valuable resources. The benefit of parametric estimating is its use as an estimating model for better determining potential resource requirements during the project pre-planning and conceptual phase.     

Share Ownership and Employee Attitudes: Some Evidence from China''s Postprivatization Rural Industry

In this paper, we report the impacts of share ownership on employee attitudes in China's privatized rural industries based on a survey administered in the Provinces of Jiangsu and Shandong. Our results indicate that, in general, employee shareholders have higher levels of job satisfaction, perceive greater degrees of participation in enterprise decision-making, display stronger organizational commitment, and have more positive attitudes towards the privatization process than nonshareholders in privatized firms. J. Comp. Econ., June 2002 30(4), pp. 812–835. Department of Economics, University of Winnipeg, Winnipeg, Manitoba, Canada; Economics Program, University of Northern British Columbia, Prince George, British Columbia, Canada; and Department of Economics, University of British Columbia, Vancouver, British Columbia, Canada. © 2002 Association for Comparative Economic Studies. Published by Elsevier Science (USA). All rights reserved.Journal of Economic Literature Classification Numbers: P3, P2, J5.     

NEXUS BETWEEN HOUSING AND THE MACRO ECONOMY: THE HONG KONG CASE

Abstract.  This paper shows that, consistent with the 'economic base' theory, exports drive domestic consumption and domestic investment, but housing appears to serve as an important link between exports and domestic expenditures. Focusing on the Hong Kong economy, which is a small open economy with a big population, we found that exports and interest rates drive housing prices over a long period, while housing prices in turn drive domestic expenditures.     

Further Long Memory Properties of Inflationary Shocks

Several previous studies have found fractionally integrated, or long memory behavior, in the conditional mean of inflation. This paper notes that extremely similar phenomena are also apparent in the squared and absolute values of residuals from fractionally filtered inflation series. Hence, the inflation process appears to have a dual long memory feature in both its first and its second conditional moments. We suggest a parametric model of long memory in both the conditional mean and the conditional variance. Some Monte Carlo evidence is presented that supports estimation of the model by approximate maximum likelihood methods. We then report estimated models for the inflation series for several different industrialized countries, including the United States. For nearly all of the countries in our study, there is strong evidence of statistically significant long memory parameters in both the conditional mean and the variance. We note some of the implications for modeling inflation.     

对TMT构成和组织成果关系国际性比较的探索性研究——以民族文化的特点为中心

企业的成功取决于CEO和最高经营者集团(TMT;top managenent team)。他们决定组织内的资源分配、重要决策使企业能适应外部变化。可是组织的变化不决定于最高经营者一个人,决定组织变化能力和适应能力更重要的因素是TMT。以往的TMT研究一般没有考虑文化的差异,大部分都以美国和欧洲企业为研究对象。本文主要研究文化、经营习惯、组织特点、组织process等的差异对TMT构成和组织成果的影响。