Kalman filtering estimation of unobserved rational expectations with an application to the German hyperinflation

The assumption that rational expectations always lie on a convergent path is subject to an empirical test using the German hyperinflation data. The estimation technique employs a Kalman filtering algorithm. After presenting a brief background for the convergent expectations problem and a derivation of the various model specifications, a generalized expectations model and its attendant Kalman filtering estimation technique are discussed. Additional estimation details and empirical results are then presented. Based on an assumption of normally distributed errors, the null hypothesis of convergent paths is rejected in all situations involving a deterministic specification of the evolution of the unobserved parameter which characterizes the convergent path. The same null hypothesis is rejected in four of the six cases corresponding to a stochastic specification of the evolution of the unobserved parameter which characterizes the convergent path. A discussion of these findings, their economic significance, and suggestions for further research concludes the paper.     

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目前,对于美国的很多情况,我们都有了较为广泛的交流,而我今天也会尽量告诉你们一些有关美国真实的信息。     

Work enrichment and employee voice in human resource management-performance studies

Studies assessing the link between human resource management and performance were spawned by the high commitment or high involvement models. We show that work enrichment and employee voice were central to these models, yet as resource-based theory was increasingly used to justify the association of such models with high performance the seeds for a diminishing role for employee involvement were set. We then assess the associated empirical work, and show how employee involvement is neglected in favour of alternative emphases on skills and knowledge, labour flexibility and extrinsic motivation. It is proposed that future work should abandon the dominant approach of testing a single null hypothesis and instead examine competing models of the HRM–performance relationship.     

Mediator Pressing Techniques: A Theoretical Model of their Determinants

In this article, we note that mediation is an effective method for resolving conflicts and has been utilized worldwide. Despite extensive research on the process, scholars do not understand why mediators employ the techniques that they do. To address this deficiency, we draw upon the control model as an organizing theoretical framework and present predictions for the effects of eight factors (disputant aspirations, stage of the mediation, inadequate progress, previous use of pressing, mediator’s power, disputants’ flexibility, culture, and dispute type) upon one set of techniques—mediators’ pressing. Subsequently, we discuss the practical and theoretical implications of our predictions.     

Determinants of domestic and cross-border bank acquisitions in the European Union

This paper analyzes the determinants of bank acquisitions both within and across countries in the EU-25 over the period 1997–2004. Our results suggest poorly managed banks (high cost to income) and larger banks are more likely to be acquired by other banks in the same country. The probability of being a target in a cross-border deal is larger for banks that are quoted in the stock market. Finally, banks operating in more concentrated markets are less likely to be acquired by other banks in the same country but are more likely to be acquired by banks in other EU-25 countries.     

A Parametric Approach to Estimating Eco‐Efficiency

The concept of eco‐efficiency is becoming increasingly popular as a tool to capture economic and environmental aspects of agricultural production. The literature to date has exclusively used the Data Envelopment Analysis (DEA) approach to measure producers’ eco‐efficiency. We show that it can also be estimated using a Stochastic Frontier Analysis (SFA) approach. Our approach not only allows controlling for random noise in the data but also permits an analysis of the potential substitutability between environmental pressures. We provide an empirical application of our model to data on a sample of Spanish dairy farms.     

Tourism in a developing area: The case of Tamil Nadu,India

This paper discusses the potential for the development of tourism in the State of Tamil Nadu, India. It argues that the State is rich in both natural and cultural resources but is lacking in infrastructure and a well-defined development strategy. A resource based and an urban based development strategy are discussed and it is suggested that the latter may have advantages for a developing area in the early stages of tourism involvement.