Risk Sensitivity of Bank Stocks in Malaysia: Empirical Evidence Across the Asian Financial Crisis

The present study examines the sensitivity of commercial banks' stock excess returns to their volatility and financial risk factors, measured by interest rates and exchange rates, across the recent Asian financial crisis. In general, we found that there were no significant differences among Malaysian commercial banks in their risk exposure prior to and during the Asian financial crisis. The introduction of selective capital controls, a fixed exchange rate regime and a forced banking consolidation program, however, had increased the risk exposure of both large and small domestic banks. The effects of these risk factors were significantly detected in both large and small banks.     

Robert Kuok: Family,Dialect, and State in the Making of a Malaysian Magnate

Chinese overseas family businesses generally lack longevity. In addition to difficulties in transiting towards professional management they are susceptible to state pressures. However, Robert Kuok, the richest man in Southeast Asia who heads a vast business empire, has been able to surmount both challenges. This study shows how Kuok successfully turned three important sources of identity into strengths: family, dialect, and the state. These three sources are set against his Johor Bahru background, the changing domestic political landscape, and shifting regional economic influence.     

Career plateauing: reactions and moderators among managerial and professional employees

Questionnaire data obtained from managerial and professional employees in Singapore (N = 141) were used to examine reactions to and moderators of career plateauing. Zero-order correlation coefficients revealed that the perceptual measure of career plateauing was more significantly negatively related to the work attitudes and behaviours than was job tenure. Moderated regression analyses results also revealed that, in general, the perceptual measure of career plateau explained more of the variance in the work attitudes and behaviours than did job tenure. Further, the moderated regression analyses revealed that of the three moderators (job tenure, supervisor support and job characteristics) and the six work attitudes and behaviours examined, supervisor support and job challenge significantly positively moderated only the effects of career plateauing on in-role behaviours. Limitations of the study, directions for future research and implications of the findings are discussed.     

Employability enhancement through formal and informal learning: an empirical study among Dutch non‐academic university staff members

Although learning is generally perceived as a way to improve employees' current job performance, so far, no research has been conducted to explore the possible relationships between formal and informal learning, on the one hand, and employability, on the other. Though contemporary views stress the importance of the job as a powerful learning site, considerable research evidence underpinning these views is lacking. This paper goes into the impact of formal and informal learning upon employability. The influence of employee characteristics and organizational factors is also taken into account. An e‐questionnaire was used to collect data among 215 Dutch non‐academic university staff members. Our findings emphasize the necessity of Human Resource Development strategies that encompass a mix of formal and informal learning opportunities. In particular, participation in networks appears to be an important predictor for employability. With the outcomes of this study, we aim to contribute to the further development of theoretical insights regarding employability enhancement through learning possibilities embedded in the workplace. It seems that strategies that focus exclusively on enhancing informal on‐the‐job learning should not be encouraged. Our study is limited to one context and further research is required to investigate the generalizability of the findings to other occupations and/or countries.     

Tourism,health and income in Singapore

This paper employs Granger causality test to investigate the long‐run and the short‐run dynamic interactions among tourism, economic development and health care development in Singapore. The test reveals that there is long‐run unidirectional Granger causality from health care development to economic development and from tourism to economic development. Both health care and tourism have positive effects on economic development in the long run. In the short run, there is a unidirectional Granger causality from economic development to health care development and a bidirectional causality between health care development and tourism. Copyright © 2009 John Wiley & Sons, Ltd.     

Market behaviour around bankruptcy announcements: evidence from the Australian Stock Exchange

The corporate distress literature to date has largely focused on the predictive power of accounting variables ( Altman, 2001 ). Following previous literature, this study examines the relevance of abnormal stock returns in discriminating between failed and non‐failed firms (e.g. Clark and Weinstein, 1983; Shumway, 2001). Our results confirm the findings of previous literature that investors in failed firms typically incur substantial negative stock returns leading up to failure announcements. However, in contrast to prior research we do not find evidence of an announcement effect (i.e. negative stock returns on the event day itself or the day preceding). We also document evidence that the bid‐ask spreads of failed firms widen substantially up to 7 months prior to failure, indicating the likelihood of significant information asymmetries across investors in failed firms.