The importance of research teams with diverse backgrounds: Research collaboration in the Journal of Productivity Analysis

Journal of Productivity Analysis - The Journal of Productivity Analysis (JPA) is a pioneering academic journal that aims to develop new methodologies for efficiency and productivity measurement and...     

Yield curve risks in currency carry forwards

We provide empirical evidence that cross-country yield curve gaps (parallel gap, twist gap, and butterfly gap) are predictive to the expected currency carry premiums using currency forward contracts. We find that the expected currency gains are more notable as these yield curve risk factors at time t indicate short-term bond prices of investment currencies to go up (positive parallel movement, negative twist, and positive butterfly). We also find carry gains are more sensitively affected by cross-country monetary shocks than currency-country inflation pressures and business cycles. Our findings support that cross-country yield curve risk premiums still exist even after considering transaction costs.     

European Sector Returns and Capital Market Integration

The paper tests European capital market integration at the sector level. It examines the recent trend of sector‐level returns for four European countries, France, Germany, Italy, and the UK, using “return on assets” of a panel of listed firms of these countries for the period 1988–95. Initial findings suggest that sector returns have converged across countries over time. However, when integration is tested within a capital‐asset pricing model framework, the country effect remains strong. The overall results support the view that European capital market integration is under way, but is far from complete.     

When Do Employees Cyberloaf? An Interactionist Perspective Examining Personality,Justice, and Empowerment

Cyberloafing—using the Internet for non‐work‐related activities—is a prevalent counterproductive work behavior in the workplace, but researchers have not yet paid sufficient attention to this issue, especially related to the role of personality in cyberloafing. Recognizing such a research gap, and using a trait activation theory framework, this study examines whether conscientiousness and emotional stability negatively relate to cyberloafing. We further investigate how organizational justice perceptions and psychological empowerment moderate the negative relationship between these personality traits and cyberloafing. Based on a sample of 247 employees, we find that those high in conscientiousness cyberloaf less when they perceive greater levels of organizational justice. In addition, highly conscientious individuals cyberloaf less when they have low, rather than high, levels of psychological empowerment. Implications for research and practice as well as future research directions are discussed. © 2015 Wiley Periodicals, Inc.     

The Research‐Practice Gap in Human Resource Management: A Cross‐Cultural Study

In this study, we examine the cross‐cultural differences in human resource (HR) managers’ beliefs in effective HR practices by surveying HR practitioners in Finland (N = 86), South Korea (N = 147), and Spain (N = 196). Similar to previous studies from the United States, the Netherlands, and Australia, there are large discrepancies between HR practitioner beliefs and research findings, particularly in the area of staffing. In addition, we find that interpersonal‐oriented aspects of HR practices tend to be more culturally bound than technical‐oriented aspects of HR practices. We interpret the differences using Hofstede's cultural dimensions (Power Distance, Individualism versus Collectivism, Masculinity versus Femininity, Long‐Term Orientation versus Short‐Term Orientation, and Uncertainty Avoidance). We discuss the overall nature of the science‐practice gap in HR management, and the implications for evidence‐based management. © 2014 Wiley Periodicals, Inc.     

Economic and policy implications of spectrum license fee payment methods

This paper argues that “Do auctions raise consumer prices?” is a misleading question. License fee payment methods, rather than spectrum assignment methods, are key factors that bring forth different market outcomes in the wireless telecommunication industry. This paper analyzes and discusses the effects of three spectrum license fee payment methods—upfront lump-sum fees, royalties, and profit sharing—on economic efficiency, spectrum supply, and government revenue. Royalties create distortions in product and factor markets but can induce the government to increase spectrum supply and encourage firms’ investments. A caveat is that the analyses are based on the model assuming monopoly market and information certainty.     

Technical change and total factor productivity growth for Swedish manufacturing and service industries

This article presents alternative specifications of the production functions of a large panel of Swedish firms for the period 1992 to 2000. The period can be characterized as a transition when long-run productivity growth in the Swedish economy improved from being among the weakest to one of the strongest within the Organization for Economic Co-operation and Development (OECD). In order to present a detailed exploration of this dramatic change, the time trend and general index models are applied to estimate Total Factor Productivity (TFP) growth, rate of technical change and returns to scale. The models are extended to allow for firm specific as well as time-varying technical change. The parametric TFP measures are also compared with the nonparametric Solow residual, and several hypotheses are tested to explain the growth patterns in the Swedish economy. It is found that the improved growth rate, initially starting in large exporting manufacturing firms, after a deep economic crisis at the beginning of the 1990s, spilled over to the rest of the economy, both manufacturing and services.     

The Globalization Strategy of Daewoo Motor Company

This paper aims to add to the existing body of literature on multinational enterprise (MNE) by addressing the dynamic aspect of emerging market MNEs. Emerging market MNEs can follow non-sequential and non-linear internationalization process. The paper presents the globalization strategy of Daewoo Motor Company as a case study.