Reviews

Regions. ERA 1998: 21st CENTURY REGIONS. London: Economic & regional analysis, 23. Buckingham Gate, London SW1E 6LB, £30 + £1 p&p paper.

Environmental management standards. Krut, R. and Gleckman, H. 1998: ISO 14001: A MISSED OPPORTUNITY FOR SUSTAINABLE GLOBAL INDUSTRIAL DEVELOPMENT. London: Earthscan Publications Ltd, £14.95 paper.

Environmental jobs. Hale, M. and Lachowicz, M. 1998: THE ENVIRONMENT, EMPLOYMENT AND SUSTAINABLE DEVELOPMENT. London: Routledge, £17.99 paper.

Sustainability and regeneration. Carley, M. and Kirk, K. 1998: SUSTAINABLE BY 2020? A STRATEGIC APPROACH TO URBAN REGENERATION FOR BRITAIN'S CITIES. Bristol: The Policy Press, £11.95 paper.

Gambling. Frey, J.H. (ed) 1998: GAMBLING: SOCIOECONOMIC IMPACTS AND PUBLIC POLICY. The Annals of the American Academy of Political and Social Science. London: Sage Publications, £14.99 paper.

Informal employment. Williams, C. C. and Windebank, J. 1998: INFORMAL EMPLOYMENT IN THE ADVANCED ECONOMIES: IMPLICATIONS FOR WORK AND WELFARE. London: Routledge, £15.99 paper.

TECS. Jones, M. 1999: NEW INSTITUTIONAL SPACES: TECS AND THE REMAKING OF ECONOMIC GOVERNANCE. London: Regional Studies Association, £27.50 paper.

The New Regional Agenda. Dungey, J. and Newman, I. 1999: THE NEW REGIONAL AGENDA. London: Local Government Information Unit, £15.00 paper.

Mutual aid and self-help. Burne, Danny and Taylor, Marilyn, 1998: MUTUAL AID AND SELF-HELP: COPING STRATEGIES FOR EXCLUDED COMMUNITIES. Bristol: The Policy Press, £10.95.     

Emiratisation: determining the factors that influence the recruitment decisions of employers in the UAE

The Arab Gulf's labour market is being overhauled. The private sector is increasingly being ‘obliged’ to more actively support nationalisation programmes. This study seeks to quantitatively determine the recruitment decisions of the employers. We collated the views of just under 250 UAE-based HRM personnel, in order to identify which factors (social, cultural, economic, regulatory, educational and motivational) are most significant as cited in the relevant literature. Not having the necessary educational qualifications and high reservation wage demands were found to have less of a bearing than does the perceived lack of vocationally orientated motivation and the ambiguities over the differing rights afforded to employees.     

Are Asian stock markets efficient? Evidence from new multiple variance ratio tests

This paper tests for the martingale hypothesis in the stock prices of a group of Asian markets. We use new multiple variance ratio tests based on the wild bootstrap and signs. These are non-parametric finite sample tests, which do not rely on large sample theories for statistical inference. This paper also presents Monte Carlo results that these non-parametric tests show superior small sample properties to those of the conventional Chow–Denning test. Both weekly and daily data from 1990 are considered, while moving sub-sample windows are used for the latter to control the sensitivity of the results to a particular sample period. It is found that the Hong Kong, Japanese, Korean and Taiwanese markets have been efficient in the weak-form. The markets of Indonesia, Malaysia and Philippines have shown no sign of market efficiency, despite financial liberalization measures implemented since the eighties. We have also found evidence that the Singaporean and Thai markets have become efficient after the Asian crisis. In general, the results point toward the notion that the pricing efficiency of a market depends on the level of equity market development as well as the regulatory framework conducive of transparent corporate governance.     

The role of health consciousness,food safety concern and ethical identity on attitudes and intentions towards organic food

The paper examines the roles of health consciousness, food safety concern and ethical self‐identity in predicting attitude and purchase intention within the context of organic produce. A conceptual model is derived and tested via structural equation modelling. Findings indicate food safety as the most important predictor of attitude while health consciousness appears to be the least important motive in contrast to findings from some previous research. In addition, ethical self‐identity is found to predict both attitudes and intention to purchase organic produce, emphasizing that respondents' identification with ethical issues affects their attitude and subsequent consumption choices.     

The Cartagena Declaration,the Baker Plan,and U.S. bank security returns: An empirical investigation

This paper examines the impact of the Cartagena Declaration by 11 Latin American countries and the Baker Plan for resolving the LDC debt problem on the security returns of major U.S. banks. An event parameter approach is employed to investigate two hypotheses, the new-information and the rational-pricing hypotheses, using daily stock market data. Sample banks are grouped into three portfolios depending on their LDC exposure. The results indicate that bank stock returns adjust quickly to new information. Also, there is rational investor reaction to observed events that were neither borrower- nor lender-induced. Those banks displaying greater exposure to LDC loans were affected in a direct and proportionately greater manner.     

Evaluating the operational and profitability efficiency of a UAE-based commercial bank

This study investigates the operating and profitability efficiency of 15 branches of UAE-based commercial bank utilising the data envelopment analysis method. The results indicate that efficiency levels among the various branches vary and that there is room for improvement. Profitability efficiency appears to be higher than operational efficiency. Regarding the financial ratios analysis, a consistent effect cannot be obtained and it cannot be determined which branch has an overall position in terms of higher performance. The historical analysis of the branch network performance indicates that management should consider major operational improvement efforts to reduce employees' expenses and other operating expenses combined with an increase in the total loans portfolio. Improvement in both interest and non-interest revenues is required to increase profitability efficiency of the whole branch network.     

The impact of institutional ownership on corporate operating performance

This paper examines the relation between institutional investor involvement in and the operating performance of large firms. We find a significant relation between a firm’s operating cash flow returns and both the percent of institutional stock ownership and the number of institutional stockholders. However, this relation is found only for a subset of institutional investors: those less likely to have a business relationship with the firm. These results suggest that institutional investors with potential business relations with the firms in which they invest are compromised as monitors of the firm.     

Tax Principles,Product Differentiation and the Nature of Competition

We analyze the choice between the origin and destination principles of taxation when there is product differentiation and Bertrand competition. If taxes are redistributed to consumers and demand is linear the origin principle dominates the destination principle whatever the degree of product differentiation and extent of economic integration. With nonlinear demand the origin principle dominates if there is sufficient economic integration. When the social value assigned to tax revenue is higher than the private value, the destination principle dominates for intermediate values of product differentiation and economic integration. The same results are also shown to hold with Cournot competition. JEL Code: F12, H20     

Impact of R&D expenditures,rainfall and temperature variations in agricultural productivity: empirical evidence from Bangladesh

ABSTRACT

This study aims to investigate dynamic relationships between research and development (R&D) expenditure, climate change (measured by annual rainfall and temperature variations), human capital (proxied by literacy) and total factor productivity (TFP) growth in Bangladesh agriculture. Pesaran’s Pooled Mean Group (PMG) estimator is used to a unique panel data of 17 regions of Bangladesh covering a 61-year period (1948–2008). In addition, the panel vector autoregression (PVAR) model is also applied to trace the responsiveness of TFP from a shock to R&D, extension services, and literacy rate. Results reveal that R&D has an insignificant impact on TFP in the short-run, while it has a significant positive impact in the long-run. The contributions of climate variables (i.e., rainfall and temperature variations) are highly significant and negative in the long run. The literacy rate is found to have a significant positive impact on TFP as expected. These results suggest that agricultural R&D investment and human capital could play an important role to ameliorate the adverse effects of climate change in the agricultural sector of Bangladesh.