Production planning and inventories optimization: A backward approach in the convex storage cost case

We study the deterministic optimization problem of a profit-maximizing firm which plans its sales/production schedule. The firm controls both its production and sales rates and knows the revenue associated to a given level of sales, as well as its production and storage costs. The revenue and the production cost are assumed to be respectively concave and convex. In Chazal et al. [Chazal, M., Jouini, E., Tahraoui, R., 2003. Production planning and inventories optimization with a general storage cost function. Nonlinear Analysis 54, 1365–1395], we provide an existence result and derive some necessary conditions of optimality. Here, we further assume that the storage cost is convex. This allows us to relate the optimal planning problem to the study of a backward integro-differential equation, from which we obtain an explicit construction of the optimal plan.     

The Effects of Trade Liberalization between Heterogeneous Countries on Endogenous Mergers

This paper examines the effects of trade liberalization on merger behavior. We endogenize merger choice among owners in an oligopolistic industry in asymmetric countries to analyze the consequences of trade cost reductions on competitiveness and welfare. In this context, the non‐cooperative game supports asymmetric market structures. We also find that trade liberalization is not necessarily pro‐competitive in countries with the competitive advantage, even if trade costs are completely abolished. Moreover, the tariff‐jumping explanation of international mergers does not necessarily apply. The welfare analysis shows that merger behavior can significantly alter any gains from liberalization. Countries should consider enforcing competition in regional agreements. Specifically, to avoid a reduction in domestic welfare following trade‐liberalizing reductions in trade costs, a high‐cost country's optimal policy may be to ban international mergers.     

Do Inflation‐Linked Bonds Still Diversify?

The diversifying power of inflation-linked (IL) bonds relative to traditional asset classes has changed significantly. In this paper, we study the dynamics of conditional volatilities and correlations for three asset classes, IL bonds, nominal bonds and equities, in the USA and Europe. Using a DCC-MVGARCH for the period 1997–2007, we highlight the change that took place in 2003. Although IL bonds once had definite diversification power, they are now highly correlated with nominal bonds and have reached similar volatility levels. As a result, the two asset classes are practically substitutable. This seems to be due to more stable inflation expectations and to a more liquid IL bond market. Although diversification was a valuable reason for introducing IL bonds in a global portfolio before 2003, this is no longer the case. Dynamic portfolio optimisation using our estimates of conditional correlations and volatilities clearly demonstrates that the optimal weight of IL bonds in a portfolio decreased sharply in 2003 in favour of nominal bonds and equities.     

Strategic individual assessment: Issues in providing reliable descriptions

Individual assessment involves one psychologist making an assessment of an individual for personnel-related purposes. Individual assessment practice is reviewed, and research on reliability is presented. A study examining the comparability of conclusions reached by consumers is presented. Eighty-six students and thirty-eight managers read nine narrative assessment reports (three of each of three job candidates) and attempted to determine which reports described the same candidate. None of the subjects could correctly group the nine reports; a sizeable proportion did no better than chance in grouping the reports. Implications for assessors and consumers of individual assessments are discussed.     

“The Worse You Behave, The More You Seem, to be Rewarded”: Bullying in Nursing as Organizational Corruption

This paper reports findings from the first, qualitative stage of a national sequential, mixed method study of bullying in the Australian nursing workplace. Twenty-six nurses who had experience of workplace bullying were recruited from two Australian public sector health care organizations. Examining the narrative data from the viewpoint of bullying being a corrupt activity we present an alternative perspective on group acts of bullying. By exploring bullying as corrupt behaviour, this paper challenges the assumption that bullying can be principally considered a series of isolated events stemming from interpersonal conflict, organizational pressures, or poor work design. Corruption in organizations has not previously been linked with or compared to bullying. In revealing the manner in which actors can engage in corrupt conduct that includes bullying, the findings from our study offer important implications for the management of workplace bullying as a serious and corrupt activity.     

应用分析技术管理银行风险

对银行业来说,当前是一个比较混乱而且艰难的时期.美围次贷危机的爆发波及金融业的各个领域,同时也激发了人们探寻如何避免类似危机,以及如何让金融机构快速恢复放贷的兴趣.对金融机构米说,发展的关键在于在买卖抵押或类似金融工具时更好地了解自己所面对的风险.做到这一点的最佳方法是通过技术来深入了解整个企业或资产组合存在的风险.