Fund Advisor Compensation in Closed-End Funds

This paper examines the relation between the premium on closed-end funds and organizational features of the funds and advisors, including the compensation scheme of the investment advisor. We find that the fund premium is larger when: (a) the advisor's compensation is more sensitive to fund performance; (b) the assets managed by the advisor are concentrated in the fund in question; (c) the advisor manages other funds with low compensation sensitivity to performance and with low concentration of assets managed by the advisor; and (d) the advisor's compensation contract evaluates performance relative to a benchmark.     

Wild cards, weak signals and organisational improvisation

This paper addresses the need for reliable action guidelines which can be used by organisations in turbulent environments. Building on current conceptual and empirical research, we suggest an analytical approach to the management of surprising and potentially damaging events. In order to do so we propose the wild card management system. Wild cards refer to sudden and unique incidents that can constitute turning points in the evolution of a certain trend. As the first of the two components of such a wild card system, we advocate a weak signal methodology to take into account those wild cards that can be anticipated by scanning the decision environment. The second component, the nurture of improvisation capabilities, is designed to deal with unanticipated ongoing crises. This paper can be seen as part of a broader agenda on how to manage in conditions of continuous but unpredictable change.     

Convergence in OECD countries: technical change,efficiency and productivity

The aim of this study is to analyse labour productivity convergence in the OECD countries over the period 1975-90. A nonparametric frontier approach is used to calculate the Malmquist productivity index. By breaking it down, the contribution in the growth of labour productivity of technical progress, of changes in efficiency, and of the accumulation of inputs per worker are quantified. Unlike other studies, the results obtained show that technical change has worked against labour productivity convergence, since it has always been greater in the countries with higher labour productivity.     

Does the quality of public-sponsored training programs matter? Evidence from bidding processes data

This paper analyzes the link between training quality and labor-market outcomes. Multiple proxies for training quality are identified from bidding processes in which public and private training institutions compete for limited public funding in Peru. Information about exact dates of program enrollment is analyzed to show whether the first-come-first-served assignment rule randomized eligible individuals across courses of varying quality. Generalized propensity score (GPS) is implemented to estimate dose–response functions in the context of multiple treatments. We find that beneficiaries attending high-quality training courses show higher earnings and better job-quality characteristics than either beneficiaries attending low-quality courses or nonparticipants. The returns are particularly robust for women, making the provision of high-quality training services cost-effective. Furthermore, the most important training attribute is expenditures per trainee. Class size and infrastructure are weakly related to the expected impacts, while teacher experience, curricular activities, and market knowledge seem to bear no relationship with the expected impacts. External validity was assessed by using five cohorts of individuals over an eight-year period.     

How supply chain oriented is the port sector?

The current literature recognizes the relevance of supply chain orientation for ports and terminals. However, there is very little empirical study on the issue, particularly in relation to whether in fact ports are supply chain oriented. This paper contributes to the empirical literature by considering the port of Incheon as a case in point and by measuring the degree of its supply chain orientation based on certain valid indicators drawn from the current literature. Further, unlike the previous empirical literature, this paper examines both operator and user perspectives. The findings of this study have significant strategic policy implications and shed more light on the role of supply chain orientation in practice.     

Women,men and organic food: differences in their attitudes and willingness to pay. A Spanish case study

The main purpose of this work consists of displaying the different attitudes of men and women towards organic food, and their willingness to pay for it, in three different consumer intensities: usual, occasional and potential consumers. Several surveys have been carried out to obtain a representative sample of regular food purchasers living in Castilla‐La Mancha (Spain). Statistic analysis previously detecting significant differences with regard to gender and type of consumer has been conducted by univariate analysis to describe attitudes, and multivariate analysis, through ‘logit’ models, to calculate maximum willingness to pay. Results show that women have a more favourable attitude (directly related to their lifestyle) to the purchase and consumption of organic food than men, whereas men are inclined to pay a higher price for organic food than women. In general, men are disposed to pay a higher increase in price than women.     

IS ECONOMIC GROWTH GOOD FOR THE POOR? TRACKING LOW INCOMES USING GENERAL MEANS

We propose the use of an alternative methodology to track low incomes based on Atkinson's “equally distributed equivalent income” functions or “general means” and present a new characterization to justify their application. To evaluate the effects of growth on lower incomes, growth rates are compared for two income standards: the ordinary mean and a low‐income‐sensitive general mean. The question is: How closely related are these two variables? After estimating the growth elasticity, we find that it is not significantly different from zero. Thus, it cannot be concluded that poorer incomes grow proportionately to increases in the average income.