Wage mobility in Europe. A comparative analysis using restricted multinomial logit regression

The paper investigates cross-country differences in wage mobility in Europe using the European Community Household Panel. We examine the impact of specific wage-setting institutions, such as the collective bargaining and the trade union density, the employment protection regulation and the welfare state regime on wage mobility. We apply a log-linear approach that is very much similar to a restricted multinomial logit model and much more flexible than the standard probit approach that is typically applied in the research on wage mobility. It is shown that the macro-economic context and the aforementioned specific institutions explain a substantial part of the cross-country variation that is larger than the part that regime type explains. The findings also confirm the existence of an inverse U-shape pattern of wage mobility, showing a great deal of low-wage and high-wage persistence in all countries.     

Examining bank SEOs: Are offers made by undercapitalized banks different?

Despite extensive monitoring, banking operations are often considered opaque, and despite explicit capital adequacy regulation, banks may have substantial discretion in their financing. Both monitoring and capital regulation have changed substantially over time, with the adoption of FDICIA being one important breakpoint. This article empirically studies seasoned equity offerings (SEOs) by banks to understand how opacity and capital regulation interact to determine the timing of bank SEOs and their market valuation. SEOs both by banks that are undercapitalized relative to regulatory standards and also well-capitalized banks are fully discretionary when it comes to SEOs, even before FDICIA. Both undercapitalized and well-capitalized banks experience similar and significantly negative stock price reactions to SEO announcements, and also have similar prior patterns of insider trading and similar economic drivers of the issuance decision. Moreover, post-SEO abnormal stock returns are similar to benchmark returns for both types of issuers in the long run, suggesting that, contrary to the well-documented evidence for industrial SEOs, investors understand the value implications of bank SEOs upon announcement. The evidence implies that undercapitalized banks' SEOs are more discretionary and that all bank SEOs are less opaque than implied by earlier studies.     

Internationalizing audit education

Audit education is typically offered only to accounting majors. We argue that auditing provides a way of thinking that could serve as a framework for an accounting curriculam. We describe two parts of a course content that could be incorporated into an existing auditing course or a begining accounting course. The first section emphasizes accountability; the second emphasizes the role of the auditor in the accountability process. The concepts are best taught within an international paradigm that permits examination of various institutional environments.     

Leader political skill and casino dealer morale: the mediating role of follower perceptions of leader–member exchange

Our study investigated the follower perceptions of leader–member exchange (FPLMX) as a mediator between leader political skill (LPS) and follower morale and tested these relationships using data obtained from casino dealers in Korea. Social astuteness, interpersonal influence, networking ability, and apparent sincerity are the indicators of LPS, while follower morale is composed of job satisfaction and affective organizational commitment. The results from structural equation modeling suggest that the research model we have proposed is viable. Broadly speaking, FPLMX is a partial mediator between LPS and follower morale.     

Sources of time varying return comovements during different economic regimes: evidence from the emerging Indian equity market

We study the economic and non-economic sources of stock return comovements of the emerging Indian equity market and the developed equity markets of the US, UK, Germany, France, Canada and Japan. Our findings show that the probability of extreme comovements in the economic contraction regime is relatively higher than in the economic expansion regime. We show that international interest rates, inflation uncertainty and dividend yields are the main drivers of the asymmetric return comovements. Findings reported in the paper imply that the impact of interest rates and inflation on return comovements could be used for anticipating financial contagion and/or spillover effects. This is particularly critical since during extreme market conditions, the tail return comovements can potentially reveal critical information for active portfolio management.     

The influence of website quality dimensions on e-purchasing behaviour and e-loyalty: a comparative study of Egyptian travel agents and hotels

Websites have become a channel for tourism enterprises to market and sell their services online. These enterprises are committed to improving their online services to retain customers and improving their competitiveness. This study aims to measure the effect of website quality dimensions on customer purchasing behaviour, and how this behaviour affects customer electronic (e)-loyalty. It compares the perceptions of 275 customers of travel agencies and 355 hotels using structural equation modelling. Findings revealed that website quality dimensions significantly affect the customer purchasing behaviour. The study highlighted the dimensions with a negative effect to help managers improve their website quality.     

Economic Implications of Further Harmonisation of Electronic Communications Regulation in the EU

There are some aspects of the European RFEC and its implementation today that could benefit from increased harmonisation; there are others in which substantial accommodation to local, national or regional circumstances and preferences is desirable or required.     

Local Venturing as Compassion Organizing in the Aftermath of a Natural Disaster: The Role of Localness and Community in Reducing Suffering

In contrast to models of compassion within existing organizations, this grounded theory study examines how ventures emerge relying on localness and community in direct response to ‘opportunities’ to alleviate suffering in the aftermath of a natural disaster. While a natural disaster is a surprising disruptive event devastating a local community, that local community is nested within a broader community, which can be a source of abundant resources. Ventures created in the aftermath of a natural disaster, given local knowledge and unencumbered by pre‐existing systems, procedures, and capabilities, are highly effective at connecting the broader community with the local community through customizing resources to meet victims' needs and to quickly delivering these resources to alleviate suffering.     

STADIUM CONSTRUCTION AND MINOR LEAGUE BASEBALL ATTENDANCE

The established literature shows that new stadium construction for major league baseball (MLB) teams can increase attendance, but there are limited studies at the minor league level. We use a data set encompassing all A, AA, and AAA minor league baseball teams from 1992 to 2006 to estimate the impact of stadium construction on minor league attendance. This data set includes almost 200 teams, over half of which constructed a new stadium during the 15‐year observation period. Over a 10‐year period our results show that new stadiums increase attendance by 1.2 million fans at the AAA level, 0.4 million at the AA and high A level, and 0.2 million at short season low A. A cost benefit analysis suggests that increased ticket sales do not offset the stadium costs, in line with previous works on MLB. (JEL H0, L83)