Asset Substitution and Aggregate Liquidity in Australia: 1969–1983*

This paper has two goals. The first goal is to examine the degree of substitutability between various bank and non-bank assets and a reference asset using A ustralian quarterly data for the sample period 1969(4)-1983(2). Particular attention is directed towards quantifying the degree of liquidity of financial innovations introduced recently into the A ustralian financial sector. The second goal is to construct a weighted monetary aggregate series derived. explicitly from microeconomic consumer demand theory. While both the bank innovations and building society deposits are close substitutes for currency, the aggregation restrictions implicit in the Australian monetary aggregates beyond Ml are violated.     

The customer compatibility scale: measuring service customers' perceptions of fellow customers

Customers forced to share the service environment may not react favourably to one anothers' behaviour or presence-possibly jeopardizing customer satisfaction with the overall service experience and thereby risking future patronage. This study introduces a 19-item customer compatibility scale that measures the extent of interaction between customers within a business's physical environment and whether it leads to satisfaction or dissatisfaction. An overview of the scale's development is presented, including evidence indicating the reliability and validity of the scale. Recommendations are made for future research, and practitioner applications of the scale are discussed.     

Corporate Performance,Corporate Takeovers,and Management Turnover

This paper examines the hypothesis that an important role of corporate takeovers is to discipline the top managers of poorly performing target firms. We document that the turnover rate for the top manager of target firms in tender offer-takeovers significantly increases following completion of the takeover and that prior to the takeover these firms were significantly under-performing other firms in their industry as well as other target firms which had no post-takeover change in the top executive. We interpret the results to indicate that the takeover market plays an important role in controlling the nonvalue maximizing behavior of top corporate managers.