Misunderstood and Undervalued? Personnel Management In Construction

Janet Druker and Geoffrey White, principal lecturer and senior lecturer respectively in the Business School at the University of Greenwich, draw on interviews and on a postal survey of personnel managers in the construction industry, to consider the role and responsibilities of personnel practitioners in construction. They point to the changing balance of employment within the construction firm and the greater involvement of personnel with non-manual employees. They highlight the importance of various forms of sub-contracting as a means of strengthening management control at site level. They suggest that the centrally located personnel function may well be close to strategy makers but ultimately the role was found to be advisory with a limited capacity for direct intervention.     

Market integration and currency risk in Asian emerging markets

Most of the Asian emerging stock markets started to liberalize their markets in 1990s. In this paper, I examine whether those markets have become integrated with world stock market since the 1990s by estimating and testing a dynamic version of international CAPM (ICAPM) in the absence of purchasing power parity (PPP) using a parsimonious multivariate GARCH-in-Mean (MGARCH-M) approach. I also investigate to what extent the liberalization process has affected the cost of capital and price volatility for each market. The empirical results show that Philippines was segmented from the world stock market before its liberalization date, but no evidence of market segmentation is found for the other five markets (India, Korea, Malaysia, Taiwan, and Thailand) before their liberalization dates. However, all six markets have become integrated after opening up their markets to foreign investors. In addition, the estimated risk premia are lower after the liberalization, indicating that the liberalization process has reduced the cost of capital for their domestic firms. Moreover, there is no evidence of extra market volatility introduced by capital market liberalization, and on the contrary, the markets have become more stabilized through the liberalization process.     

大学教学的若干问题

本文论述大学教学过程的主要特点,阐述大学教学全面改革必须以转变教学观念为先导,考核改革为"牛鼻",强调大学教学要研究教学方法,努力实现教学手段现代化.     

Ghana's agricultural food policy: Operation feed yourself

Prompted by food shortages, the newly ensconced Ghanaian military regime in 1972 initiated ‘Operation Feed Yourself’, a national programme directed at increased production of food crops. The authors attempt to determine how effective Operation Feed Yourself has been in attaining its goals. The bureaucracy which was set in place to implement the programme is assessed. Building on personal interviews conducted in Ghana with persons responsible for and affected by it, the authors discuss the successes and shortcomings of Operation Feed Yourself and suggest areas in which improvement might be made.     

Exercising Market Power in Proprietary Aftermarkets

Over 20 recent antitrust cases have turned on whether competition in complex durable-equipment markets prevents manufacturers from exercising market power over proprietary aftermarket products and services. We show that the price in the aftermarket will exceed marginal cost despite competition in the equipment market. Absent perfectly contingent long-term contracts, firms will balance the advantages of marginal-cost pricing to future generations of consumers against the payoff from monopoly pricing for current, locked-in equipment owners. The result holds for undifferentiated Bertrand competition, differentiated duopoly, and monopoly equipment markets. We also examine the effects of market growth and equipment durability.     

International Integration and Growth: A Survey and Empirical Investigation

The authors attempt a comprehensive assessment of different forms of international integration on growth. In particular, the paper considers the impact of trade flows, of inward foreign direct investment, of preferential treatment of less-developed countries, and of membership in trade blocs. Results confirm that general openness and foreign direct investment into a country do lead to increased growth; that membership in a trade bloc facilitates growth; and that the variation in income in the trade bloc also encourages more rapid growth among member countries.     

Optimal Futures Hedging Under Multichain Markov Regime Switching

Most of the existing Markov regime switching GARCH‐hedging models assume a common switching dynamic for spot and futures returns. In this study, we release this assumption and suggest a multichain Markov regime switching GARCH (MCSG) model for estimating state‐dependent time‐varying minimum variance hedge ratios. Empirical results from commodity futures hedging show that MCSG creates hedging gains, compared with single‐state‐variable regime‐switching GARCH models. Moreover, we find an average of 24% cross‐regime probability, indicating the importance of modeling cross‐regime dynamic in developing optimal futures hedging strategies. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 34:173–202, 2014     

Beneath the Appearance of Gentrification: Probing Local Complexities

In ‘Gentrification in Hong Kong? Epistemology vs. Ontology’ , Ley and Teo examine what they find to be the absence of identification and naming of gentrification in Hong Kong. They argue for the need to look at urban redevelopment in non‐Anglo‐American cities, those in Asia Pacific at the very least, in a different light. They query the extent to which the concept of gentrification has been overly stretched to explain urban processes falling outside Anglo‐American cities. This essay is a response to their argument. It presses for further and closer examination of local complexities and greater critical‐theoretical reflection on the transferability of analytical concepts to different socio‐economic contexts. Ley and Teo have raised some important questions for serious theoretical reflection and discussion. Yet they seem to have fallen into the problematic positions that they critique. Without sufficient attention to the part played by historical and local context in shaping the urban landscape, they have wrongly associated the absence of any identification of gentrification with the hegemony of a property‐related ideology of social mobility. The unpacking of the different social and political processes and mechanisms in urban redevelopment in different stages of urban growth in Hong Kong alerts us to the complexities of the local.