A Note on Tests for Market Integration in a Multivariate Non‐Stationary Framework

In this note relationships among agricultural prices are studied to offer a guide to the degree of market integration. Unlike many previous studies, which examine market integration using pairs of prices, we conduct testing in a multivariate framework to exploit the information embodied in the indirect price linkages. We focus on the formulation of hypotheses that identify the cointegration space using time series data on European pork and lamb markets. Results indicate that the national markets for pork are more closely integrated than those for lamb. Extraneous market information is exploited in an attempt to identify the cause of this segmentation in the European lamb market, although results do not support any of the hypotheses proposed.     

How ICT shifts the power balance of tourism distribution channels

The restructuring process of the tourism sector and of the distribution channels caused by Information and Communications Technologies (ICT) may have altered the power positions in the channels. In the literature, the relationship between structure and power has been analyzed under the structure-conduct-performance paradigm, and the structure-conduct-outcome framework. The question is if the structure is antecedent or consequence of power balance in the channel. Our objective and contribution is to provide a common framework for both approaches by including the two different conceptualizations of the structure and analyzing their cause-effect link with the power balance. Moreover, we show that the two concepts of structure have a strong link with power balance but that the nature of the link might be very different: market structure is exogenous and might be considered an antecedent and, channel structure is endogenous, suggesting that it is intimately interrelated with power balance and that the cause-effect link works in the two directions.     

Vocational skills in the accounting professional profile: the Chartered Institute of Management Accountants (CIMA) employers' opinion

The increasingly dynamic environment in which accountants work has necessitated a reorientation of accounting education. In some countries this issue has raised great interest amongst accounting educators and practitioners. The ongoing debate has already resulted in the publication of several statements and research papers that have raised the question of the relevance of the role of vocational skills in accounting education. Examples of these vocational skills are communication skills, interpersonal skills, and problem-solving skills. This paper reports on the importance that the employers of management accountants gave to a specified set of vocational skills and capabilities and the level of ability of these skills exhibited by students. In order to prioritize future developments an integrated analysis of the two attributes, importance and exhibited level, is enabled by the use of strategic mapping. The results of this study suggest that the employers perceive deficiencies in several capabilities that they have identified as being quite important. These deficiencies exist, in the employers' opinion, both prior to recruitment and on professional qualification. The research also indicates that, in the opinion of these employers, the development of these skills should be a central concern for universities and professional bodies. The employers also indicated that vocational skills should be attained in an integrated way.     

The influence of variables of attitude on collective entrepreneurship

In the current global corporate climate that surrounds us, firms would do well to encourage the talent and creativity of their employees in order to achieve success. This is achieved, not by giving priority to individual talent, but by optimizing the collective as a whole and the firm’s activity based on team work and joint effort. Heads of organizations might benefit from creating a favorable context for the birth and growth of collective internal cooperation, which is understood to be the collective ability to create and innovate on the part of the team, the firm or the organization. Having contrasted our hypotheses through research on Spanish firms, we have concluded that job satisfaction and commitment to the team are factors that have a direct and positive effect on collective entrepreneurship.     

Port choice and freight forwarders

In light of the growing supply chain power of 3PLs and very limited empirical studies on port choice from the freight forwarders’ perspective, this paper tries to evaluate the major factors influencing port choice from the Southeast Asian freight forwarders’ perspective, their decision-making style and port selection process and draw out some policy implications for port operators and authorities. Efficiency is found to be the most important factor followed by shipping frequency, adequate infrastructure and location. Their selection process is complex and a two-stage process and supports the new approach that models ports within the framework of a supply chain.     

Collective bargaining under perfect information. The negotiation of national agreements

We structurally estimate a perfect information bargaining model of collective negotiations using data on national agreements for Spain. The model is a stochastic model of sequential bargaining in which we allow for the possibility of negotiations ending without agreement, a common feature in the data. Delays in equilibrium are the result of uncertainty about the surplus to be divided among the players and not of information asymmetries. The model fits the data well regardless of the limitations imposed by the parametric specification adopted. Our results show that agents are patient and that the advantage from proposing is large.JEL Classification: J50, C73, C78We thank Fabian Marquez, Sergio Santillan and Jose Maria Zufiaur for helping us to create the data base on Spanish National Agreements. We also thank Cesar Alonso, Juanjo Dolado, Gautam Gowrisankaran, Maia Guell, Antonio Merlo and participants at the 1999 European Meeting of the Econometric Society for very helpful comments. Jose E. Galdon thanks financial support from the following institutions: European Commission for a TMR Marie Curie Fellowship, Spanish Ministerio de Ciencia y Tecnologia for project BEC2002-00954 and Spanish Ministerio de Educacion, Cultura y Deporte for project PR2004-0057. He also thanks the hospitality of STICERD (LSE) and the IR Section (Princeton University) where part of this work was completed. The usual disclaimers apply.     

POLICY PAPER: The Technical Process of Bank Privatization in Mexico

This paper describes the process of Mexican bank privatization that took place in 1991. We show that the Mexican government was very careful to ensure due process and transparency through the entire bank privatization process. However, the lack of a legal and regulatory framework and lax oversight shadowed the success of the technical process. Hence, the financial system in Mexico had to deal with a banking crisis shortly after their privatization, in 1994.