Dominance Statistics: A Simulation Study on the d Statistic

Quality &; Quantity - Cliff (1993) has proposed the use of a measure of effect size alternative to traditionalmean differences: δ {? = Pr(xi1 &;gt; xj2) - Pr(xi1 &;lt; xj2)}which,...     

Managers’ Corporate Entrepreneurial Actions and Job Satisfaction

Through the development and extension of theories and scholars’ subsequent empirical analyses of significant, theoretically grounded research questions, the knowledge about corporate entrepreneurship (CE) and its successful use continues to advance. Moreover, the literature suggests important relationships between the corporate environment, managers’ entrepreneurial behavior and successful implementation of corporate entrepreneurship actions. In an attempt to test some of those relationships, we describe an empirical study of 523 managers that examines the relationships among the antecedents to managers’ entrepreneurial behavior, a decision to implement entrepreneurial actions, and resulting job satisfaction and reinforcement practices.     

A versatile and robust metric entropy test of time-reversibility,and other hypotheses

We examine the performance of a metric entropy statistic as a robust test for time-reversibility (TR), symmetry, and serial dependence. It also serves as a measure of goodness-of-fit. The statistic provides a consistent and unified basis in model search, and is a powerful diagnostic measure with surprising ability to pinpoint areas of model failure. We provide empirical evidence comparing the performance of the proposed procedure with some of the modern competitors in nonlinear time-series analysis, such as robust implementations of the BDS and characteristic function-based tests of TR, along with correlation-based competitors such as the Ljung–Box Q-statistic. Unlike our procedure, each of its competitors is motivated for a different, specific, context and hypothesis. Our evidence is based on Monte Carlo simulations along with an application to several stock indices for the US equity market.     

Endowed chairs in entrepreneurship: deans’ preferences versus chair holders’ expericences

Business school deans’ feelings about the importance of various teaching research and service activities in the roles played by holders of endowed chairs in Entrepreneurship were contrasted with the views of chair holders themselves, based on their experiences. Differences were highlighted and discussed. Results suggest that the chair holder role is negotiated between multiple constituencies, with deans’ influence being strong but limited. Implications for individuals aspiring to hold chairs are discussed.     

Approximating the distribution of the two-stage least squares estimator when the concentration parameter is small

This paper presents a new approximation to the exact sampling distribution of the instrumental variables estimator in simultaneous equations models. It differs from many of the approximations currently available, Edgeworth expansions for example, in that it is specifically designed to work well when the concentration parameter is small. The approximation is remarkable in that simultaneously: (i) it has an extremely simple final form; (ii) in situations for which it is designed it is typically much more accurate than is the large sample normal approximation; and (iii) it is able to capture most of those stylized facts that characterize lack of identification and weak instrument scenarios. The development leading to the approximation is also novel in that it introduces techniques of some independent interest not seen in this literature hitherto.     

INTRODUCING MARKET FORCES INTO MANAGERIAL DECISION-MAKING IN CHINESE INDUSTRIAL ENTERPRISES

This paper focuses on the fundamental changes in the management of state enterprises that are taking place in China. Specifically, we discuss the expansion of enterprise autonomy and changes in the managerial decision-making structure. The genesis of the reform programme is traced back to inefficiencies caused by the over-centralized state planning system which reduced enterprise management to little more than an administrative function dominated by the Party secretary. As a consequence, managerial and technical cadres became demoralized and the growth of staff functions such as accounting, marketing and personnel management was stunted. From a series of experiments launched in 1978 has grown the realization that tinkering around with the state planning apparatus is insufficient to stimulate entrepreneurship and vigorous industrial expansion. Accordingly, reform has been launched on a broad front both within the state apparatus, in an endeavour to roll back external constraints on enterprise, and within the enterprise itself, by seeking to provide powerful incentives both to managerial cadres and workers through a system stressing individual responsibility and rewards commensurate with results. A number of severe constraints on the reform programme are analysed, in particular, the changing balance of power within the enterprise between the factory director, the Party secretary, the workers’congress and the trade union. Contradictions exist within the new structure of decision-making but, given a period of political stability and sustained economic growth, there should be sufficient surplus to mollify discontent and stifle those who refuse to give up their belief in the virtues of having‘politics in command’of the industrial enterprise.     

A curtailed test for the shape parameter of the Weibull distribution

Summary A procedure is proposed in this paper for testing the shape parameter, of the Weibull distribution. The test statistic which is based on the extremal quotient, possesses a monotone property which makes it possible for rejection earlier than the last planned observation of the null hypothesis,H ₀: =₀ when the alternative hypothesis isH _a: <₀ and early acceptance ofH ₀ whenH _a: >₀. The test being scale-free, does not require the scale parameter to be known.     

江西大型企业资本运作模式的现状及其改进对策研究

资本运作是一种有效配置资源、实现企业资本增殖的活动,其核心是产权制度创新。本文对江西大型企业资本运作模式的现状进行了分析,进而提出了一系列的合理的改进对策,以期提高起运作绩效。     

Stock market volatility,the news,and monetary policy

The dynamic relationship linking the volatility of equity prices with “the news” and the expected path for monetary policy is investigated. Previous results that link the impact of the news about real activity to changes in current and future interest rates are employed in developing a positive link between changes in volatility and the news. Empirically, our results uncover a positive and statistically significant response of the CBOE volatility index, VIX, to unanticipated changes in employment, but not to inflation. Hence, agents' expectations for the policy response to news have an important influence on the expected volatility of stock prices. (JEL E44, E52)