Monetary Policy and Stock Returns

The Standard & Poor stock market composite index is examined to determine how much of the variance in returns can be explained by monetary policy. The note employs the econometric technique of generalized forecast error variance decomposition developed by Koop et al . ( Journal of Econometrics , vol. 74, 1996, pp.119–47) and Pesaran and Shin ( Economics Letters , vol. 58, pp.17–29). Unlike the traditional orthogonalized decomposition, the generalized version is invariant to the ordering of the variables in the underlying vector autoregression. The results provide important information about the relationship between monetary policy and the stock market.     

What Women Managers Want: Customising Human Resource Management Practices

Amanda Sinclair and Jill Ewing report on a detailed study of women managers in a large retailing organisation to discuss why women are a poorly utilised and misunderstood reserve of managerial talent. They identify three main groups- ‘family first job occupants’, ‘mature career traditionalists’ and ‘career-family committeds’- and show how each has different aspirations and correspondingly different attitudes to organisational incentives. the message to policy-makers is that they need to ‘customise’ their practices in order to relaise benefits both for their women managers and their organisations. Amanda Sinclair is Associate Professor in Organisational Studies at the Graduate School of Management of the University of Melbourne. Jill Ewing is a postgraduate student in the same university and a Senior Research Assistant at the Key Centre for Women's Health in Society.     

Cyclical comovements in energy-related venture capital investments

This article examines the cyclical comovements of venture capital investments in the energy sector and key macroeconomic variables. In particular, we decompose the cyclical component of two venture capital investment series (clean technology and industrial/energy) and several macroeconomic factors including oil prices. A number of important cyclical relationships are documented such as increases in crude oil prices tend to signal future venture capital investment in both energy-related sectors and these investments tend to move concurrently with movements in the overall economy     

Integrating social media within an integrated marketing communication decision-making framework

The reported failure of organisations to successfully implement social media (SM) within marketing communications is likely to result in competitive disadvantage. An exploratory methodology was undertaken to understand implementation challenges of SM. The methodology drew on grounded theory with the in-depth interviews with senior marketers in the first phase of data collection guiding the second phase of data collection. The third phase involved 21 senior marketers completing an online questionnaire which obtained more generalised feedback on the model and identified differences in model application for different SM platforms. The contribution of the study is to propose a sequential decision-making framework for marketers that may help them overcome decision-making uncertainty regarding the choice and implementation of SM platforms.     

INDUSTRIAL RELATIONS AND THE BRITISH ECONOMY IN THE 1990s: MRS THATCHER'S LEGACY

The authors challenge the view that the UK Conservative governments during the 1980s achieved important advances in industrial performance through the abandonment of corporatist policies that allowed management to regain the initiative and push through changes in work organization. The article takes issue with the idea that collective labour institutions necessarily impair economic efficiency, and it points up important connections between Thatcher's offensive against organized labour and the enduring weaknesses in human capital and technology. The article has three sections: the first examines labour markets and industrial relations; the second analyses government regulation; and the third assesses trends and prospects for the future, with emphasis on employment flexibility and labour productivity. The authors conclude with some comments on future prospects in the context of Britain's fuller integration in Europe.     

Risk Transmission from Oil and Natural Gas Futures to Emerging Market Mutual Funds

This study evaluates the impacts of energy markets on emerging market mutual funds (EMMFs). In particular, we investigate the volatility transmission between these funds and the oil and natural gas prices. The findings suggest significant risk spillover from the energy markets to EMMFs. Furthermore, we find a large number of EMMFs’ risk transmitting to oil prices and almost all of the EMMFs’ risk transmitting to natural gas prices. By dividing the sample into two (before and after 2008), we find the EMMFs’ influence on the oil market decreasing after this turbulent period. Our results have important implications for mutual fund managers and investors.     

Union-Nonunion Gender Wage and Benefit Differentials across Establishment Sizes

Based on data from the National Longitudinal Surveys of Youth (NLSY), both male and female workers in larger establishments receive not only higher wages but also have a higher probability of receiving benefits than those in smaller establishments. This phenomenon reinforces the well documented size effect. This study also provides evidence of vast gender differences in estimated union effects on the different components of the compensation structure. Hence unions should not treat both genders similarly with respect to wages and benefits. Specifically, unions may be successful in attracting more female workers to join rank and file if unions could play an active role in making available maternity (paternity) leave, and also provided opportunities for women to join large establishments.     

Using Social Media to Engage Employees: Insights from Internal Communication Managers

The growth of social media in organizations is reshaping internal communication strategy. This article explores the value of internal social media with a focus on employee engagement, which is defined as employees who are connected to the values and mission of the company, feel empowered, bring energy, passion, and discretionary effort to their jobs, and serve as advocates. Interviews were conducted with 27 senior-level internal communication practitioners working for global companies. Practitioners said they use a variety of communication channels, including social media, to drive employee engagement. The findings revealed best practices in using internal social media to engage employees, including providing clear social media policies and employee training; empowering employee social advocates; involving leadership and securing endorsement; social media listening; sharable, relevant, and practical content strategies; and, authenticity and consistency. Future trends and evolvement of internal communication around social media are also discussed.