Unpacking Union Density: Membership and Coverage in the Transformation of the Israeli IR System

To understand the transformation of the industrial relations (IR) system in Israel, we propose a four-group typology according to workers' membership in unions and coverage of collective agreements. Using this typology, and relying on various data sources, we estimate that in 2000 membership was 40 to 45 percent, and coverage was about 56 percent, down from 80 to 85 percent for both measures in 1981. The data also reveal the emerging differences among the four groups, including income differentials. Moreover, comparing workers' actual membership and coverage with their preferences suggests that the system has not yet reached equilibrium. The study demonstrates that only a four-group typology succeeds in surfacing the complex nature of union decline.     

Robust linear static panel data models using ε-contamination

The paper develops a general Bayesian framework for robust linear static panel data models using$\epsilon$-contamination. A two-step approach is employed to derive the conditional type-II maximum likelihood (ML-II) posterior distribution of the coefficients and individual effects. The ML-II posterior means are weighted averages of the Bayes estimator under a base prior and the data-dependent empirical Bayes estimator. Two-stage and three stage hierarchy estimators are developed and their finite sample performance is investigated through a series of Monte Carlo experiments. These include standard random effects as well as Mundlak-type, Chamberlain-type and Hausman–Taylor-type models. The simulation results underscore the relatively good performance of the three-stage hierarchy estimator. Within a single theoretical framework, our Bayesian approach encompasses a variety of specifications while conventional methods require separate estimators for each case.     

The Relationship between the Canadian Treasury-Bill Rate and Expected Inflation in Canada and in the United States

This paper investigates the relationship between treasury-bill rates and expected inflation rates in Canada and in the United States during the 1953–75 period. The tests are based on quarterly data and use two inflation-interest-rate models in which expected real returns on treasury bills are assumed either to be constant or to follow a random walk. The study indicates that treasury-bill rates in Canada have provided good assessments of expected inflation in the United States rather than in Canada during the entire period under study. This result is consistent with empirical evidence about the predominant influence of American monetary policy and interest-rate trends on Canadian monetary policy and interest-rate policy, and with the evidence about the efficiency of the United States treasury-bill market during most of the period under study. Résumé Ce mémoire étudie la relation entre les taux des bons du Trésor et le taux attendu d'inflation au Canada et aux Etats-Unis entre 1953 et 1975. Les tests sont menés à partir de données trimestrielles. Ils utilisent deux modèles de rapport taux d'inflation taux d'intérět dans lesquels le rendement réel des bons du Trésor est supposé constant ou fluctue librement. L'étude indique que les bons du Trésor au Canada ont prévu adéquatement le taux d'inflation attendu aux Etats-Unis plutǒt qu'au Canada pendant toute la période à l'étude. Ces résultats correspondent à la preuve empirique de l'influence prédominante de la politique monétaire américaine et de la fluctuation des taux d'intérět sur la politique monétaire et les taux d'intérět du Canada. Ces résultats corroborent également l'efficacité prouvée du marché américain des bons du Trésor pendant presque toute la période à l'étude.     

Raleigh building products: A teaching case that highlights the differences between IFRS and US GAAP

Within 5 years, the United States will join the rest of the world’s industrialized countries and many emerging economies in adopting International Financial Reporting Standards (IFRS). However, many educational programs have not yet developed full curricula or integrated case studies in existing programs to compare and contrast how US GAAP and IFRS would record and present major accounting transactions.Based on events that reflect real world scenarios, this study presents a series of three Raleigh Building Products cases as an instrument to fill the current IFRS education void. The first case in the series discusses US GAAP acquisition and consolidation activities, the second case examines asset and intangible impairment under US GAAP and IFRS, and the last case adds components that differ significantly between US GAAP and IFRS. The series of cases can be used stand alone or build upon each other throughout the semester. The combined cases focus on the following key concepts: (1) calculating acquisition price; (2) preparing combination financial statements including deleting LIFO reserves; (3) measuring goodwill and other intangibles; (4) determining the impairment of goodwill due to economic declines; and (5) comparing fundamental differences between US GAAP to IFRS. The attached teaching notes detail these matters and discuss the statements of cash flows under US GAAP and IFRS.Results from classroom use indicate that this case will benefit accounting students and practitioners as IFRSs become effective in the US.     

On the Inverse of the Covariance Matrix in Portfolio Analysis

The goal of this paper is the derivation and application of a direct characterization of the inverse of the covariance matrix central to portfolio analysis. Such a characterization, in terms of a few primitive constructs, provides the basis for new and illuminating expressions for key concepts as the optimal holding of a given risky asset and the slope of the risk-return efficiency frontier faced by the individual investor. The building blocks of the inverse turn out to be the regression coefficients and residual variance obtained by regressing the asset's excess return on the set of excess returns for all other risky assets.     

Is there a pilot in the chain? Identifying the key drivers of change in the fresh pineapple sector

High-value export-oriented agriculture is today considered as a means of integrating smallholders into the world economy. This paper examines the geographic and organisational changes that have taken place in the fresh pineapple sector over the past 50 years. We begin with a historical analysis of the changes in leadership among producer countries, namely the dethroning of Côte d’Ivoire by Costa Rica. We show that this geographical shift has been accompanied by massive organisational changes: the pineapple sector is increasingly driven by large downstream actors who derive their power from the ability to impose their definition of quality to the whole chain, and from economies of scale and scope. Although varietal innovation plays a key role throughout the period, commercial and logistical innovation are of increasing strategic importance. However, because of the constraints imposed by the concerned supply chains, small farmers risk being excluded or marginalized.     

Examining the effect of novelty seeking,satisfaction, and destination image on tourists’ return pattern: A two factor,non-linear latent growth model

With many destinations relying on repeat business, intention to revisit has become an important research topic. As revisit intention changes over time, this paper proposes the use of a latent growth curve to model the developmental trajectory of return behavior. The proposed model was tested in two steps in AMOS 16.0 using SEM methodologies to investigate the effects of novelty seeking, destination image and overall satisfaction levels across intent to revisit trajectories using data collected among French, English, and German travelers. Findings indicate that both novelty seeking and low satisfaction among travelers temper immediate intent to return. Conversely, a positive image of the destination enhances both immediate and future intentions to return.     

Assessing the effectiveness of fire prevention strategies

ABSTRACT

The authors examined the process of assessing the effectiveness of fire prevention within a Fire and Rescue Service in north west England, demonstrating how this was applied in practice. The approach to fire prevention strategy assessment included overall fire and rescue service performance, performance in relation to different population segments, cost per head performance, and multi-agency collaboration to support an effectiveness-based rather than outcomes-based performance assessment.     

Evidence of governance arbitrage by private equity sponsors

The motivation for private equity bids is not well understood, partly due to the private nature of their activity. This research contributes to understanding the merits of current-day private equity by examining whether ineffective governance of target public corporations contributes to the role that private equity fulfils. I examine the characteristics of large public target firms that receive a private equity bid to investigate the evidence that private equity is motivated to address ineffective governance. I find evidence the private equity is motivated by what is referred to as governance arbitrage and that this role is heightened when there are constraints such as the imposition of uniform governance practices within public corporations.