Economic openness and technical efficiency: A case study of Chinese manufacturing industries

This paper presents a study of the technical efficiency of industries in a transitional economy: China. Using data for 28 manufacturing industries across 29 provinces and the Data Envelopment Analysis approach, the technical efficiency of each industry is measured and compared across regions and provinces. The determinants of differential technical efficiency performance are analysed, with a particular focus on the impact of trade orientation and foreign investment. Trade openness is found generally to have a positive effect on technical efficiency.     

Underwriting Relationships and Analyst Independence in Europe

This paper examines the accuracy of security analysts’ earnings forecasts and stock recommendations for firms in 13 European countries. We document at least three key findings. First, we find strong evidence that lead and co‐lead underwriter analysts’ earnings estimates and stock recommendations are significantly more optimistic than those provided by unaffiliated analysts. Second, we find that lead and co‐lead underwriter analysts’ earnings forecast and stock recommendations are significantly more optimistic for underwriter stocks than for those they provide for other stocks. Third, we also find evidence that these biases found within earnings forecasts and stock recommendations are not driven by one particular country. In short, these findings suggest that affiliated analysts are more optimistic perhaps to maintain investment banking relations.     

Food demand elasticities for Australia

There is renewed interest in robust estimates of food demand elasticities at a disaggregated level not only to analyse the impact of changing food preferences on the agricultural sector, but also to establish the likely impact of pricing incentives on households. Using data drawn from two national Household Expenditure Surveys covering the periods 1998/1999 and 2003/2004, and adopting an Almost Ideal Demand System approach that addresses the zero observations problem, this paper estimates a food demand system for 15 food categories for Australia. The categories cover the standard food items that Australian households demand routinely. Own‐price, cross‐price and expenditure elasticity estimates of the Marshallian and Hicksian types have been derived for all categories. The parameter estimates obtained in this study represent the first integrated set of food demand elasticities based on a highly disaggregated food demand system for Australia, and all accord with economic intuition.     

Correction to: Auditor benchmarking of client disclosures

Review of Accounting Studies - The original version of this article unfortunately contained mistakes.     

Do spot food commodity and oil prices predict futures prices?

Review of Quantitative Finance and Accounting - Futures prices reflect the price that both the buyer and the seller agree will be the price of a commodity upon delivery. Therefore, these prices...     

On the dark side of codes: Domination not enlightenment

In this paper, we show how a middle manager interprets the action of two employees as problematic and how he solves it by using the company's code of ethics as the basis for firing them. Our telling of the story unmasks a darker side of codes and we conceptualize it in terms of power and domination. The paper contributes to the literature on corporate codes of ethics (CCEs) and corporate ethics programs by showing that such codes need not necessarily play an enabling role in organizations. Rather than being instruments of enlightenment and self-regulation, they may be used as instruments to further domination.     

Language and Creativity: The Leadership Quandary (and Opportunity?)

The author argues that for leadership research and praxis to better conjoin leadership with creativity and innovation, it is necessary to understand how language shapes the relationship. Language reflects both political and referential qualities, and the relationship is not always harmonious. If leadership practitioners fail to address the schism, dysfunctional situations can ensue. To avoid such problems, it is suggested that researchers and practitioners engage the aforementioned relationships through a reflexive process that continually doubles back and interrogates its basic assumptions.     

IDENTIFYING LEISURE TRAVEL MARKET SEGMENTS BASED ON PREFERENCE FOR NOVELTY

The motivation and knowledge of travelers affects their choice of destination and selection of activities while on vacation. Understanding motivation is important for all stakeholders in the tourism industry. The search for novelty is one motivating factor when planning leisure trips and vacation activities. A foreign destination offers a form of novelty to the traveler because it can provide experiences that are not of the everyday variety. The chosen location may have specific geographical features, a different cultural background, special shopping opportunities, a different language, new foods, and unique leisure activities that can provide a novel experience. The purpose of this study is to identify segments of potential U.S. leisure travelers based on their level of novelty seeking and to investigate the relationship between travelers' levels of novelty seeking and their knowledge of a destination and preferred travel style.