AN EVALUATION OF ALTERNATIVE APPROACHES TO MARKET SHARE ANALYSIS WITH APPLICATION TO THE KUWAITI POULTRY MARKET

Changes in exporter market shares in the Kuwaiti poultry import market over the period 1971–81 are analysed by three modelling procedures. Two traditional approaches, a first-order constant transition probability Markov model and a set of market share equations, are found to be of only limited use. As an alternative, a multinominal logit model of market share behaviour is estimated. The empirical results indicate that, in addition to relative price changes, domestic policy inducements for Brazilian and European Community exports are important in determining market share changes. A comparison of the explanatory abilities of the models suggests that the multinominal logit model is as least as good as traditional modelling alternatives with respect to econometric criteria. It is concluded that the multinominal logit model offers considerable promise as a tool for market share research.     

A Re-examination of the Performance of Value Strategies in the Athens Stock Exchange

This study tests the performance of contrarian (value) strategies in the Athens Stock Exchange (ASE) in a recent period of time (2003–8) on the basis of the price to earnings ratios, dividend yields, firm size (market value), market to book ratios, financial leverage ratios, and market beta. Apart from the univariate portfolio analysis, we implement a novel panel data analysis based on the procedure suggested by Pesaran (2004, Econometrica 74:967–1012, 2006) that provides a valid estimation and inference under cross sectional dependence. Our portfolio analysis results highlight for investors in the ASE the superiority of value strategies formed on the basis of stocks with low price-to-earnings, high dividend yield ratios, and low market-to-book ratios. Our panel data analysis results depend on whether or not we correct for the problem of cross-sectional correlation in the regression residuals as suggested by Pesaran’s (Econometrica 74:967–1012, 2006) method. When we correct for this problem, we obtain evidence which support only a negative association between annual stock returns and market-to-book ratios. This may imply to investors that an adoption of a value strategy based on the market-to-book ratio may constitute a safer option compared with the other two alternatives suggested by the portfolio analysis results.     

The service sector and economic growth: some cross-section evidence

It has often been claimed that a relative expansion of the service sector has a deleterious effect on economic growth. This paper uses cross-section country-level data from three decades –1960s, 1970s and 1980s – to see whether in fact this negative relation is reflected in the data. It is found that the effect is negative or positive depending on how the role of the service sector is measured, but there is a strong case that effect is in fact usually negative.     

Tourists and traditional divers in a common fishing ground

We study socio-ecological models for a fishing ground open to tourists. On Jeju Island, Korea, women traditional divers called “Haenyeo” harvest resources in a common fishing ground. To investigate the impact of introducing tourists on the benefit to the fishing association and the resource level, we examine two models that differ in the way the number of tourists is controlled. In the first model, the fishing association charges an entrance fee to tourists and the level of the fee is chosen to regulate tourist number. In the second, only a part of the fishing ground is made open to tourists, and the fraction of the ground open is chosen to control the tourist number. In both models, the fishing association seeks to maximize its total benefit. Analysis shows that the way the number of tourists increases with the availability of resources strongly influences the distribution of benefits among the fishing ground stakeholders. Finally, we discuss policy implications of our results and how local government can reduce the risk of introducing tourism.     

Restricted maximum likelihood estimation under Eisenhart model Ill

For a balanced two-way mixed model, the maximum likelihood (ML) and restricted ML (REML) estimators of the variance components were obtained and compared under the non-negativity requirements of the variance components by L ee and K apadia (1984). In this note, for a mixed (random blocks) incomplete block model, explicit forms for the REML estimators of variance components are obtained. They are always non-negative and have smaller mean squared error (MSE) than the analysis of variance (AOV) estimators. The asymptotic sampling variances of the maximum likelihood (ML) estimators and the REML estimators are compared and the balanced incomplete block design (BIBD) is considered as a special case. The ML estimators are shown to have smaller asymptotic variances than the REML estimators, but a numerical result in the randomized complete block design (RCBD) demonstrated that the performances of the REML and ML estimators are not much different in the MSE sense.     

Reinforcing organizational defensive routines: An unintended human resources activity

Although human resources professionals are against the proliferation of defensive routines, they often design programs that reinforce them. This paper examines one organization in depth in order to illustrate how its human resources professionals acted in ways that unintentionally reinforced the very defensive routines that they were trying to reduce. Organizational defensive routines organized into self-reinforcing loops can result in lack of effective line leadership and increasing difficulty for management development, organizational development, education, organizational diagnosis, and compensation to achieve their objectives.     

Performance lies are hazardous to organizational health

Performance lies arise both from individual and from situational causes, but in this article, the attention is on situational causes. These are generally triggered by loyalty to the coalition, which is expressed through the continued use of performance lies. Because performance lies help create a boundary around the coalition that insulates its activities from top management, performance lies enable members of the coalition to exercise a greater degree of internal control. Naturally, such lies are dysfunctional, resulting in the avoidance of difficult issues and problems and compromising the organization's ability to adapt to a changing environment based on accurate information.     

Mean squared error efficient estimators of the variance components

Summary Pseudo Bayesian estimators for the variance components based on Jeffrey’s Rule are derived for the mixed balanced incomplete block design and are compared with the usual analysis of variance estimators in terms of mean squared error (MSE) efficiency. Numerical results show that Pseudo-Bayesian estimators are more efficient in numerical results.