Extracting inflation expectations and inflation risk premia from the term structure: A joint model of the UK nominal and real yield curves

This paper analyses the UK interest rate term structure over the period since October 1992, when the United Kingdom adopted an explicit inflation target, using an affine term structure model estimated using both government bond yields and survey data. The model imposes no-arbitrage restrictions across nominal and real yields, which enables interest rates to be decomposed into expected real policy rates, expected inflation, real term premia and inflation risk premia. The model is used to shed light on major developments over the period, including the impact of Bank of England independence and the low real bond yield ‘conundrum’.     

Perceived effectiveness of influence strategies among Hong Kong managers

This study extended recent attempts to build a conceptual framework for the study of organizational influence behaviors. A hundred and four Hong Kong managers rated the perceived effectiveness of 16 influence tactics in six scenarios, covering three directions of influence—upward, downward, and lateral. Results consistently generated a two-dimensional model of basic strategies—the more nurturing, conformity-inducing Gentle Persuasion (GP); and the more agentic, compliance-pressuring Contingent Control (CC). A three-way interaction among these two strategies, the three influence directions, and gender was found, and the relationships between the perceived effectiveness of these strategies and the managers’ social beliefs explored.

Mixed Motives and Ethical Decisions in Business

Discerning the motives that lead businesspeople to make ethical decisions in economic contexts is important, for it aids the moral evaluation of such decisions. But conventional economic theory has for too long assumed an egoist model of motivation, to which many contrast an altruist view of ethical choices. The result is to see business decision making as implying dilemmas. On the other hand, we argue, if one assumes multiple motives, economic and ethical, in ordinary business decisions, a more fruitful model of ethical motivation in such decisions emerges. In this paper multiple motives are assumed to be the norm in a world of large organizations, complex decisions and stakeholder management. An example of a technology acquisition decision, with environmental overtones is presented in illustration of this approach. A method for discerning motives, primarily in terms of behavioural efficacy is presented. On this basis a two step approach to morally evaluating mixed motives in business decisions is proposed. First, the fit of motives with substantive ethical values should be ascertained, and then the efficacy of moral motives in yielding ethical behaviour and outcomes should be determined. This approach, we conclude, offers a much more concrete model of the actual role of moral motives in business decision making. It also signals the importance of moral learning in organizations.     

COVID-19 and Inequalities*

This paper brings together evidence from various data sources and the most recent studies to describe what we know so far about the impacts of the COVID-19 crisis on inequalities across several key domains of life, including employment and ability to earn, family life and health. We show how these new fissures interact with existing inequalities along various key dimensions, including socio-economic status, education, age, gender, ethnicity and geography. We find that the deep underlying inequalities and policy challenges that we already had are crucial in understanding the complex impacts of the pandemic itself and our response to it, and that the crisis does in itself have the potential to exacerbate some of these pre-existing inequalities fairly directly. Moreover, it seems likely that the current crisis will leave legacies that will impact inequalities in the long term. These possibilities are not all disequalising, but many are.     

Temporary and permanent migrant selection: Theory and evidence of ability‐search cost dynamics

We integrate two workhorses of the labor literature, the Roy and search models, to illustrate the implications of migration duration—specifically, whether it is temporary or permanent—for patterns of selection. Consistent with our stylized model, we show that temporary migrants are intermediately selected on education, with weaker selection on cognitive ability. In contrast, permanent migration is associated with strong positive selection on both education and ability, as it involves finer employee–employer matching and offers greater returns to experience. Networks are also more valuable for permanent migration, where search costs are higher. Labor market frictions explain observed network–skill interactions.     

Job perceptions and turnover behavior of tenure-track accounting educators

This paper compares the job-related need fulfillment of academic accountants in 1994 with that reported nearly a quarter of a century earlier by Carpenter and Strawser (1971. A study of the job satisfaction of academic accountants. The Accounting Review (July), 46, 509-518). We also investigate whether job dissonance (dissatisfaction resulting from unmet needs) foreshadowed turnover of faculty respondents during the 2-year period following our survey. Results suggest that fulfillment for most job-related needs was lower for 1994 accounting educators than for their 1970 counterparts. Within the 1994 sample, certain perceptual differences were attributed to both race (black versus non-black) and gender. Regardless of demographics, however, reported job dissonance in 1994 was strongly associated with subsequent job turnover, particularly among assistant professors. Taking steps to reduce or eliminate job dissonance is arguably more important in today's environment than in 1994. Accounting faculty members today enjoy a greater number of opportunities and thus can more readily remove themselves from situations that create perceived job dissonance.     

Is cooking dead? The state of Home Economics Food and Nutrition education in a Canadian province

High population rates of obesity and nutrition‐related chronic diseases warrant an examination of the role of food and nutrition education in health promotion. Using a mixed‐methods approach, this study explored student enrolment trends in, and perceptions of, Home Economics Food and Nutrition education in a Canadian province. Enrolment in Home Economics Food and Nutrition courses for grades 7–12 was examined from 2000 to 2010 using administrative data. Perceptions of Home Economics Food and Nutrition education by home economics teachers and superintendents were investigated through in‐depth interviews using a grounded theory approach. Results revealed that, although enrolment, including boys, increased slightly over the study period, the majority of children do not take Home Economics Food and Nutrition classes. Further, enrolment decreased significantly from grades 7 (45.77%) to 12 (7.61%). Home Economics Food and Nutrition education faces significant challenges to its future viability. These include: many school administrators, non‐home economics teachers and some parents do not value Home Economics Food and Nutrition education; Home Economics Food and Nutrition education is seen as less valuable than math and science for future career planning; outdated curriculum and teaching infrastructure; reduced numbers of new home economics teachers; decreasing student food knowledge and skills; and changing social norms regarding food and eating (increased use of convenience foods across population groups, a youth ‘fast food culture’ and fewer family meals). Results also indicated that Home Economics Food and Nutrition education is seen as critically important for youth, given that one third of Canadian children are now overweight or obese, fast and highly processed foods make up an increasing proportion of Canadians' diets, and there are increasing dilemmas being faced with food production and food safety. These results signal a growing tension between societal trends towards technological solutions in education and everyday living, and the growing acknowledgement of the externalities associated with these trends including poor health and environmental impacts. Consequently, evidence‐based food and nutrition education that is relevant for today's food environment and busy lifestyles is warranted to improve the health of current and future generations. This should be based on a comprehensive food and nutrition framework including functional, interactive and critical ‘food literacy’. Policy measures are urgently required to ensure all youth have access to food literacy education.     

Earlier financial literacy and later financial behaviour of college students

This study examined the association of earlier financial literacy and later financial behaviour of college students. Financial literacy was measured by both subjective and objective knowledge and financial behaviours were categorized into risky paying and borrowing behaviours. Based on data collected at two time points from a panel of college students at a major state university in the USA, the results showed that the association between earlier knowledge and later financial behaviours differed by the specific type of knowledge (subjective vs. objective), with stronger effect of subjective knowledge, compared with objective knowledge on both composite and individual measures of risky borrowing and paying behaviours. We found that only subjective knowledge was correlated with a reduction in both composite behaviours. Both subjective and objective knowledge, however, reduced some specific risky paying and borrowing behaviours. Finally, we found consistent differences for two of the control variables: higher GPA (Grade Point Average) was associated with fewer risky paying behaviours; and gender (male vs. female) was associated with more of both types of risky behaviours.