The interplay of salesperson’s job performance and satisfaction in the financial services industry

Research has not yet provided conclusive confirmation or disconfirmation of any model that discusses the relationship between job satisfaction (JS) and job performance (JP). This article reviews the relationship in the financial services industry setting and examines in line with the precedents (perceived organizational support, role ambiguity, role conflict (RC), work-family conflict (WFC), emotional exhaustion (EE)) and the consequences (organizational commitment). Findings suggest that, in the financial services industry, JP causes JS and has a positive effect on organizational commitment. This study also finds that WFC serves as an antecedent to RC, EE and JS. Most importantly, the finding that WFC is significantly related to RC is new and thus needs to be confirmed in different industry settings.     

2013 Nobel Prize Revisited: Do Shiller's Models Really Have Predictive Power?

The authors take a critical view of the investment approach advocated by recent Nobel laureate Robert Shiller. A critic of efficient markets theory, Shiller has proposed that investors, when attempting to determine whether the S&P Index is under‐ or overvalued, should use a P/E ratio whose denominator is the 120‐month moving average of the company's EPS. But the authors find that such an approach does not provide consistently superior insights to those provided by conventional PEs—and that, for example, the use of both conventional and Shiller PE multiples would have indicated a highly overvalued S&P not only in early 2000—before the bursting of the dotcom bubble—but also in 1996, when Fed Governor Greenspan spoke prematurely of “irrational exuberance.” The authors also show that both the Shiller PE and the conventional PE ratios fail a critical statistical test: they are not mean‐reverting—and as a consequence, both ratios can be expected to indicate either undervaluation or overvaluation for very long periods of time. Complicating matters, current earnings are useful to investors in predicting future stock prices only insofar as they provide a reliable guide to future earnings and cash flows. And as one would expect in competitive capital markets, even perfect foreknowledge of future earnings is not likely to be much help since, according to the authors' analysis, five‐year earnings explain on average less than 20% of the variation in prices over consecutive five‐year periods.     

Audit committee performance: ownership vs.independence – Did SOX get it wrong?

This study documents a positive relationship between audit committee stock ownership and firm performance in large US firms from 1998 to 2008. This study also finds a positive relationship between changes in ownership and performance. These results persist throughout the sample period, do not weaken after Sarbanes–Oxley and are robust to controlling for endogeneity between ownership and performance. After testing shows that there is no relationship between audit committee independence and firm performance, these findings suggest that audit committee stock ownership is an important corporate governance mechanism and potentially a more relevant variable than audit committee independence from a policy perspective.     

Domestic tourism as a development factor

Archer, Brian H., “Domestic Tourism as a Development Factor”, Annals of Tourism Research, Vol. V, No. 1, January/March 1978, pp. 126–141. Domestic tourism brings about an intermingling of people from diverse social and cultural backgrounds and also a considerable redistribution of spending power. Although this paper concentrates mainly upon the economic effects created by the growth of domestic tourism and is illustrated by reference to some recent case studies, attention is also drawn to the favorable and unfavorable political, social, cultural, moral, environmental and conservational aspects of domestic tourism. The paper concludes by discussing some ways in which domestic tourism can provide an impetus to further economic growth in the holiday regions and also how domestic tourism may assist in solving some of the problems facing a country's international tourism.     

Rising Wage Inequality, Returns to Education and Labour Market Institutions: Evidence from Ireland

Institutional factors and increased supply of skilled labour have been advanced in an effort to explain why some countries have experienced smaller increases in earnings dispersion and in returns to education than the USA and the UK. Ireland has had a highly centralized wage bargaining structure and the supply of skilled labour has increased sharply in recent years; hence, relatively little change in earnings dispersion might be expected. We compare the distribution of earnings in Ireland in 1987 and 1994 and find a surprisingly large growth in earnings dispersion. In addition, using a decomposition technique, we find that much of this is accounted for by increasing returns to measured.     

Realisations of Venture Capital Investments: The Case of Management Buy-outs in the UK

One of the most rapidly developing sectors of the financial services industry in the UK has been venture capital, and with it the growth of management buy-outs. As these markets have matured, increasing attention is being paid to issues associated with the realisation of gains for both institutions and equity-holding management. This article seeks to contribute to this area by examining the issues involved in the realisation of investments in management buy-outs. Based on detailed interviews with 24 managers of buy-outs which have exited, and on information drawn from the Centre for Management Buy-out Research database, the article considers the relative merits of flotations, trade sales, capital restructurings, secondary buy-outs, share redemptions etc. The article also addresses the agency cost issues involved in controlling buy-outs to enable institutions to achieve realisation of their investments at a price and timing which enable their targets to be met.     

Does food advertising influence children’s food choices? A critical review of some of the recent literature

Food advertising to children is an issue that is at the centre of debate and the purpose of this paper is to critically examine the claims and the evidence. Several issues are examined: the child’s understanding of advertising, the content of advertising to children; food choices in families, children’s food choice and behaviour, and the effect of advertising on food choice. Major conclusions are the following: that children understand the function of advertising from the age of 8–9 years, although there are limitations on how effectively they apply this knowledge; that the content of advertising to children has remained relatively unchanged for 25 years; that children play an active role in food choice in families; that children’s dietary preferences and habits are well-established before advertising is understood; and that advertising’s role in children’s food choices and preferences is multi-factorial and complex.