An empirical investigation of the EOE gold options market

On April 2, 1981, the European Option Exchange introduced the first organized exchange trading of options on spot gold. We study this new market for three months at its inception and in a parallel period a year later via various tests of rational boundary conditions. Additionally, we use call-put parity to infer implied risk free rates (IRFR's). Deviations of the IRFR's from the prevailing risk free rate permit the possibility of arbitrage through positions known as forward and reverse conversions. Our tests are modified to allow for transaction costs to more fully address the question of market efficiency.     

Working effectively in strategic alliances through managerial fit between partners: some evidence from Sino–British joint ventures and the implications for R&D professionals

To succeed in R&D strategic alliances requires not only strategic fit and cultural fit at the organisational level, but also managerial fit at the micro, inter–personal interaction level. This paper provides the results from a cross–cultural study of managerial fit between British and Chinese managers in joint ventures (JVs) initiated in 1993–1998 with a focus on two important issues: the perceived competence and managerial roles of the partners. Managerial fit between partners is critical for the success of R&D strategic alliances including JVs. Misfit in partners' managerial behaviour often results from the fact that JVs are characterised by the lack of specificity of various managerial tasks shared by the partners at the operational stage. In addition, a manager's managerial competence as perceived by the counterpart is a contributory factor to trust and supportive reaction from the counterpart, both of which are important for cohesive interaction between partners. This study has revealed that (1) there are similarities and significant differences in some of the characteristics of managerial competence perceived by the counterpart between the British and Chinese managers; and (2) there is often a mismatch of perceptions between the British and Chinese managers with regard to who plays a particular managerial role in a JV. Managerial implications are discussed and issues for further research are highlighted.     

Effective Costs and Chemical Use in United States Agricultural Production: Using the Environment as a "Free" Input

A cost–function–based production model is used to represent patterns of input use and output production in U.S. agriculture, and the implied costs of induced reductions in risk from agricultural chemicals ("bad outputs"). We estimate and evaluate shadow values for these harmful outputs, and the implied input– and output–specific substitution patterns, with a focus on the impacts on pesticide demand and its quality and quantity components. Using state–level data we find these measures to be statistically significant, vary substantively by region, and imply increased demand for effective pesticides associated with improvements in quality from embodied technology.     

Disseminating research in management of technology: journals and authors

This paper describes part of a study into the emergence and evolution of the management of research and development (R&D), innovation and technology as a subject in its own right. It deals with communicating research in this area via the relevant journals. The first part of this paper describes the history and development of the bulk of the relevant journals. The second part focuses on the extent and frequency of author participation and the author affiliation in the journals described in the first part of the paper. Computing the number of author entries in these journals for the years 1954–2003 demonstrates the substantial increase in publication over this period. The analysis also examines the affiliation of authors by dividing the sample into academic and non-academic. Finally, the study then sets out to identify those who make up the 'community' on the basis of publication in these journals over the period 1954–2003. The importance of the study is not only as an historical record but also to act as a guide to practicing R&D managers on which journals would best meet their needs.     

Relational benefits in services industries: The customer’s perspective

This research examines the benefits customers receive as a result of engaging in long-term relational exchanges with service firms. Findings from two studies indicate that consumer relational benefits can be categorized into three distinct benefit types: confidence, social, and special treatment benefits. Confidence benefits are received more and rated as more important than the other relational benefits by consumers, followed by social and special treatment benefits, respectively. Responses segmented by type of service business show a consistent pattern with respect to customer rankings of benefit importance. Management implications for relational strategies and future research implications of the findings are discussed. Kevin P. Gwinner is an assistant professor of marketing in the School of Business at East Carolina University, North Carolina. His primary research interest centers on improving and managing the performance of frontline, customer-contact employees. His research has been published in theInternational Journal of Service Industry Management, International Marketing Review, and theJournal of Marketing Education. Dwayne D. Gremler is an assistant professor of marketing in the College of Business and Economics at the University of Idaho. His current research interests are in services marketing, particularly customer loyalty and retention, relationship marketing, service encounters, and word-of-mouth communication. His work has been published in theInternational Journal of Service Industry Management, theJournal of Professional Services Marketing, andAdvances in Services Marketing and Management. Mary Jo Bitner is a professor of marketing and the research director for the Center for Services Marketing and Management at Arizona State University. Her research focuses on customer evaluations of service, service quality, and service delivery issues. She has published in theJournal of Marketing, Journal of the Academy of Marketing Science, Journal of Business Research, Journal of Retailing, and theInternational Journal of Service Industry Management. She is coauthor of the textServices Marketing (McGraw-Hill, 1996).     

Local residents’ perceptions of the impacts of the ICC Cricket World Cup 2007 on Barbados: Comparisons of pre- and post-games

This study analysed Barbadians’ perceptions of the impacts on Barbados of jointly hosting the International Cricket Council Cricket World Cup 2007. The aim was to investigate the pre- and post-perceptions of Barbadian residents on the impacts (direct and indirect) of hosting the ICC CWC 2007. Statistically significant differences between pre- and post-games perceptions were found for all seven factors: benefits of cultural exchange, social problems, economic benefits, natural resource and cultural development, traffic congestion and pollution, price increases, and construction costs. While pre-games expectations were that the costs of hosting CWC 2007 would outweigh the benefits, after the games Barbadians perceived that the benefits had outweighed the costs. Within this context, it is recommended that there be a greater level of engagement with local residents prior to hosting a mega-event, to maximise benefits, minimise costs, and ensure successful outcomes.     

Toward a theory of repeat purchase drivers for consumer services

The marketing discipline’s knowledge about the drivers of service customers’ repeat purchase behavior is highly fragmented. This research attempts to overcome that fragmented state of knowledge by making major advances toward a theory of repeat purchase drivers for consumer services. Drawing on means–end theory, the authors develop a hierarchical classification scheme that organizes repeat purchase drivers into an integrative and comprehensive framework. They then identify drivers on the basis of 188 face-to-face laddering interviews in two countries (USA and Germany) and assess the drivers’ importance and interrelations through a national probability sample survey of 618 service customers. In addition to presenting an exhaustive and coherent set of hierarchical repeat-purchase drivers, the authors provide theoretical explanations for how and why drivers relate to one another and to repeat purchase behavior. This research also tests the boundary conditions of the proposed framework by accounting for different service types. In addition to its theoretical contribution, the framework provides companies with specific information about how to manage long-term customer relationships successfully.

Risk transfer and value for money in PFI projects

Risk transfer is an essential element of the private finance initiative. It also makes an important contribution to value for money estimates. Indeed many PFI projects only achieve value for money because of the risk transfer contribution. A participant observation study was carried out to assess how risk was evaluated in a PFI project. Issues related to the lack of an evidence-based approach to risk assessment, the potential dominance of a very small number of risks and difficulties of imposing penalties on the contractor are discussed.