Efficient Liability Rules: Complete Characterization

Received May, 18, 2000; revised version received March, 19, 2001     

IS FOREIGN TRADE (IM)PERFECTLY COMPETITIVE?: AN ANALYSIS OF THE GERMAN MARKET FOR BANANA IMPORTS

Many studies have been carried out that measure welfare effects of the newly adoped common policy on banana imports by the European Union. All these studies assume that foreign trade in bananas is characterised by perfectly competitive behaviour. However, if foreign trade in bananas is imperfectly competitive, then the welfare predictions about the common banana policy may turn out to be incorrect. It is necessary, therefore, to empirically estimate the degree of market imperfection in the banana market. In this paper, we estimate the degree of market imperfection in the German market for banana imports using a structural econometric model. Based on the bootstrap procedure, we reject the hypothesis that firms in this market behave perfectly competitively, but cannot reject the hypothesis that firms are engaged in Cournot-Nash behaviour.     

Are exchange rates interdependent? Evidence using wavelet analysis

We examine the co-movement in daily returns of USD–INR, EUR–INR, GBP–INR, and JPY–INR currency pair futures contracts traded on the National Stock Exchange of India (NSE) using the wavelet cohesion approach. This study contributes to the literature by examining the scantly studied area of co-movement in exchange rates and using the wavelet approach, which allows us to analyse time–frequency-wise co-movement of the time series. The empirical results indicate that the currency futures markets are nearly perfectly integrated in the long run (monthly, quarterly and biannual scales) offering little potential gains from international portfolio diversification. The discrepancies between currency futures markets are small and almost fade away within 3–6 months. Moreover, international currency diversification might offer relatively higher potential gains at intraweek, weekly, and fortnightly time horizons owing to lower correlations among the currencies under consideration. Finally, our multiple-wavelet correlation and cross-correlation analysis shows that GBP acts as a potential leader/follower across scales. The results of our analysis indicate the dynamic pattern of co-movement among the major currency futures contracts, which provides several implications for portfolio managers and international investors participating in the Indian market.     

Futures studies in India putting down roots

Since the 1970s the Indian government's Department of Science and Technology has been working to spread futures studies throughout the country's educational institutes, governmental policy-making groups, and corporations. Satish Seth has been involved in this effort from the beginning, and here reports on the progress and achievements to date.     

Labour Mobility With Vocational Skill: Australian Demand and Pacific Supply

Can new channels for mid-skill labour mobility simultaneously enhance the welfare of Australia and the Pacific Region? Answering this question requires forecasting Australian demand for vocationally-skilled migrants over the next generation, and the potential for Pacific supply of those migrants. We project demand for such mid-skill migrants over the next three decades by combining data on trends in the demand for basic tasks with data on trends in native investment in education commensurate with those tasks. We estimate that the Australian economy growing at historical rates through the year 2050 will demand approximately 1.6–2.1 million foreign workers with Technical and Vocational Education and Training. A large share of these could be supplied from the Pacific Islands with sufficient investment in training, with direct cooperation from Australian employers, and targeted access to the Australian labour market.     

Cointegration,common features,and persistence in U.S. farm output

This paper determines the persistence of shocks to U.S. farm output at the sectoral and sub-sectoral level using a disaggregated vector autoregression framework. The persistence is measured under models that impose short-run common feature and long-run cointegration restrictions. The sub-sectoral outputs are found to have a relatively high degree of comovement in the short-run and a relatively low degree of comovement in the long-run. The common feature and cointegration restrictions are found to improve the precision of persistence and cross-persistence estimates. Subsectoral persistence shows considerable variation; persistence in Poultry & Eggs sub-sector is nearly three times the persistence in the Fruits & Nuts sub-sector. Two sub-sectors that share long-run common trends, Food Grains and Feed, Hay & Forage, also have significant cross-persistence, implying technological spillovers.     

Five decades of the Journal of Consumer Affairs: A bibliometric analysis

This study presents a retrospective of the Journal of Consumer Affairs (JCA) using bibliographic analysis between 1967 and 2019. The results indicate that both the number of JCA's publications and citations grew markedly over time. The dominant contributors to the journal are authors affiliated with U.S. institutions. Trends show increasing organizational diversity and collaboration among authors. The journal's central themes are consumer perception, consumer behavior, financial behavior, consumer spending patterns, financial literacy, consumer decision‐making processes, and marketing practices. Statistically significant relationships exist between the following article attributes and citations based on our negative binomial regression analysis. Age has a negative association with citations, but the direction of association turns positive when considering non‐linearity. A positive association exists between the number of authors, references, and U.S. affiliation. A negative relationship exists with article order, non‐academic author, top institution affiliation (FT100), funding, lead article, title length, and conceptual article.     

Ethical Climates and Managerial Success in Russian Organizations

This study investigated employee perceptions of ethical climates in a sample of Russian organizations and the relationship between ethical climate and behaviors believed to characterize successful managers. A survey of managerial employees in Russia (n = 136) indicates that "rules" was the most reported and "independence" was the least reported ethical climate type. Those who perceived a strong link between success and ethical behavior report high levels of a "caring" climate and low levels of an "instrumental" climate. Implications for practitioners and researchers are discussed.     

Impact of Emotional Intelligence and Other Factors on Perception of Ethical Behavior of Peers

This study investigates factors impacting perceptions of ethical conduct of peers of 293 students in four US universities. Self-reported ethical behavior and recognition of emotions in others (a dimension of emotional intelligence) impacted perception of ethical behavior of peers. None of the other dimensions of emotional intelligence were significant. Age, Race, Sex, GPA, or type of major (business versus nonbusiness) did not impact perception of ethical behavior of peers. Implications of the results of the study for business schools and industry professionals are discussed.     

Impact of Emotional Intelligence,Ethical Climate,and Behavior of Peers on Ethical Behavior of Nurses

This study examines factors impacting ethical behavior of 103 hospital nurses. The level of emotional intelligence and ethical behavior of peers had a significant impact on ethical behavior of nurses. Independence climate had a significant impact on ethical behavior of nurses. Other ethical climate types such as professional, caring, rules, instrumental, and efficiency did not impact ethical behavior of respondents. Implications of this study for researchers and practitioners are discussed.