Reversing the lead,or a series of unfortunate events? NYMEX,ICE, and Amaranth

A number of studies compare the efficiency and transparency of floor trading with automated/electronic trading systems in the competition for order flow. Although most of these studies find that electronic systems lead price discovery, a few studies highlight the weaknesses of electronic trading in highly volatile market conditions. A series of unusual events in 2006, sparking extreme volatility in natural gas futures trading, provide an ideal setting to revisit the resilience of trading system price leadership in the face of high volatility. We estimate time‐varying Hasbrouck‐style information shares to investigate the intertemporal and cross‐sectional dynamics in price discovery. The results strongly suggest that the information share is time‐dependent and contract‐dependent. Floor trading dominates price discovery in the less liquid longer‐maturity contracts, whereas electronic trading dominates price discovery in the most liquid spot‐month contract. We find that the floor trading information share increases significantly with realized volatility. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:1130–1160, 2009     

Firm heterogeneity and wages in unionised labour markets: Theory and evidence

In many countries wages are set in two stages, where industry-level collective bargaining is followed by firm-specific arrangements determining actual paid wages as a mark-up on the industry wage floor. What explains the wage set in each of these stages? In this paper we show that both the industry wage floor and the average wage cushion are systematically associated with the degree of firm heterogeneity in the industry: The former (latter) is negatively (positively) associated with the productivity spread. Furthermore, since the response of the wage floor dominates that of the wage cushion, workers in more heterogeneous industries tend to get lower actual paid wages. These conclusions are reached in a model of Cournot oligopoly with firm productivity heterogeneity and a two-tiered wage setting system. They are then confirmed by administrative data covering virtually all workers, firms and collective bargaining agreements of the Portuguese private sector for the period 1991–2000.     

An Empirical Analysis of Consumers' Attitudes Towards Physician Advertising

This study revealed that both older and younger consumers generally favour physician advertising, although relatively few wished to see more advertising by physicians. Also, it was found that lower-income consumers thought that physician advertising would be useful to inform potential patients about services and specialties while lower-educated consumers were more receptive to and more likely to believe physician advertisements.     

Young Hong Kong managers: Their doubts about 1997

The economic success of Hong Kong—especially when compared to its much larger neighbor the People's Republic of China—has been a source of worry among business leaders in light of the colony's planned reversion back to China in 1997. Young managers in particular are nervous that, under the bureaucratic and repressive dominion of China, economic growth and opportunities will dwindle. How China handles its own affairs, as well as those of Hong Kong, may well affect the region's economy well into the next century.     

A Simple Formula for Duration: An Extension

This paper extends a recent algorithm to calculate Macaulay's duration for the case of intra-period coupon bonds. The extended algorithm overcomes errors introduced by bond-price formulae that incorrectly compound yields to maturity. These results simplify the computation of Macaulay's duration.     

Evaluating rater training with double-pretest one-posttest designs: an analysis of testing effects and the moderating role of rater self-efficacy

Abstract

Previous research on performance appraisal in Human Resource Management has found that frame-of-reference (FOR) training can improve rating accuracy. However, both the time-consuming development of training materials and the almost exclusive use of experimental evaluation designs limit the dissemination of FOR training as well as a better understanding of how and when it works. Therefore, unlike past research, the present studies used more general rater training materials and examined improvements in rater accuracy by means of a double-pretest one-posttest design. Study 1, using a student sample (the majority being part-time employees; N = 58), demonstrated the effectiveness of the rater training over and above a testing effect. Study 2 with participants from the workforce population (N = 45) replicated these results. In addition, in Study 2, pre-training rater self-efficacy moderated rater training effectiveness such that the rating accuracy of trainees with low self-efficacy improved more than did accuracy scores of trainees high in rater self-efficacy. We conclude that an effective FOR training can be conducted with less organization-specific materials, though both testing effects must be controlled for and individual differences (i.e. rater self-efficacy) between trainees have to be taken into account.     

Analysis of Competences for Innovation in Technology-Based Enterprise Incubators

ABSTRACT

Incubators are rated as public policy mechanisms driving innovation in companies. The purpose of this project was to ascertain the level of development of competences for innovation in Technology-Based Enterprise Incubators (TBEI) as perceived by businesspeople in associated companies. With regard to technological innovation, it was decided to use a neo-Schumpeterian approach, and with regard to competences, the Resource-Based View (RBV) theory was used, which evaluates internal attributes that contribute directly to the innovative capacity. Four constructs were taken into consideration for analyzing the development levels of competences for innovation, grounded on the model of François and colleagues (1999 François , J. P. , Goux , D. , Guellec , D. , Kabla , I. , and Temple , P. ( 1999 ). “Décrire lês Compétences pour l'innovation: une Proposition d'enquête.” In: Foray , D. , and Mairesse , J. (Eds.), Innovation et Performance, Approaches Interdisciplinaires , Editions EHESS . [Google Scholar]) and Munier (1999 Munier , F. Taille de ( 1999 ). La Firme et Innovation: Appoches Theóriques et Empiriques Fondées sur le Concept de Compétence , Thèse (Doctorat en Économie)—Estrasburgo: Université Louis Pasteur . [Google Scholar]). Competences for innovation were examined through a questionnaire that tries to identify and assess development levels of competences in TBEI. The findings were analyzed through construct reliability tests: summated scales and cluster analysis. It was noted that the means competences representing the basic resources needed for the development of the company were assessed favorably by the businesspeople, indicating the development of this competence. In terms of technical and relational competences, it was noted that the businesspeople assessed these aspects unfavorably, indicating that these competences are not well developed by the TBEI. It was also ascertained that corporate development levels and operating sectors also influence the assessment of these businesspeople in terms of competences for innovation. This leads to the conclusion that its effectiveness must be assessed as an agent of innovation, with indicators being defined to measure the effectiveness of its role as a mechanism driving technological innovation.