Reviews

“REDUNDANCY AND RECESSION” Danson, M. (editor) 1986: Redundancy and Recession: Restructuring the Regions? Norwich: Geobooks £25.00.

“BUSINESS FINANCE” International Management Centre, Buckingham for the Local Government Training Board 1986: Business Finance for Economic Development Officers. LGTB/Coventry Open Tech Unit. £48.50.

“NEW FIRMS” Johnson, P. 1987: New Firms, An Economic Perspective, London: Allen and Unwin £20.00.     

Analyst Following and Market Liquidity*

This paper investigates the relation between analyst characteristics (number of analysts following a firm and their forecast dispersion) and market liquidity characteristics (bid‐ask spreads and depths and the adverse‐selection component of the spread). Prior research has found contradictory results on the relation between analyst following and market liquidity and has offered differing theories on how analysts affect liquidity. While prior research has posited analysts as proxies for privately informed trade or as signals of information asymmetry, I hypothesize that analysts provide public information, implying that analyst following (forecast dispersion) should have a positive (negative) association with liquidity. Cross‐sectional simultaneous estimations provide support for this hypothesis. The results are both statistically significant and economically important. Granger causality tests indicate that analyst characteristics lead market liquidity characteristics. These results clarify the role of analysts in providing information to financial markets and highlight benefits of increased analyst following.     

Comparative performance of UK mutual building societies and stock retail banks: further evidence

The purpose of this paper is to extend the literature on the comparative performance of mutual and stock retail banks by examining a unique episode in the history of financial services; namely, when four of the largest UK building societies (accounting for approximately 60 per cent of the industry's assets) demutualized to public limited company status in 1997. The episode allows us to consider the relative performance of the same businesses under different organizational forms. The results contrast starkly with previous findings and cast doubt on the hypothesis that mutuals generally outperform stock retail banks and indeed the idea that mutuals can be regarded as a homogeneous group of institutions.     

Donor retention: an exploratory study of door‐to‐door recruits

• Door‐to‐door fundraising, where recruiters knock on the door of domestic dwellings to solicit a regular donation, is an increasingly popular recruitment technique. However, reported levels of attrition remain unacceptably high and in some cases charities may lose up to 50% of their new recruits in their first year of giving. In this exploratory study of 5000 active and 5000 lapsed recruits the demographic and attitudinal profiles of each group are compared. The paper concludes that lapsed donors are significantly younger than active recruits and experienced some form of pressure at the point of recruitment. Lapsed supporters were also significantly less happy with the quality of ongoing communication.

Copyright © 2007 John Wiley & Sons, Ltd.     

Cross‐cultural tourist behavior: An analysis of tourist attitudes towards the environment

In a cross‐cultural tourist behavioral study, skiers from three different countries were surveyed in order to understand their environmental awareness and knowledge. The contingent valuation method (CVM) was also used to discover their willingness‐to‐pay (WTP) for environmentally‐friendly skiing products. The results point to a general lack of knowledge and even confusion amongst skiers about environmental issues pertaining to skiing. However, skiers say they will be more likely to visit a resort that is environmentally‐responsible. Use of the CVM indicated a strong correlation between WTP and the cost of the holiday, level of income and level of environmental conscience. The majority of skiers would pay more for a “greener” ski resort, but significant differences in responses were found between the three cultures. Theoretical and practical implications are discussed.     

Attitudes and Work Motivation of Subgroups of Seasonal Hotel Workers

Labour turnover is a strong feature of of hotels in the UK, especially in the seasonal seaside sector. However, the link between job mobility and job satisfaction is complex and cannot be adequately explained by ‘traditional’ theories of motivation. In an attempt to account for the impact of individual worker differences on job attitudes, Hackman and Oldham's [1974, 1980] job diagnostic survey was distributed to 163 hotel workers. The results suggest that hotel workers can be divided into subgroups, characterised by both residential status and work preference. Furthermore, these additional dimensions explain work attitudes and motivation more effectively than Hackman and Oldham's original ‘growth need strength’ dimension.     

数据集成战略地位日益凸显

IT为全球经济增长和丰富人们的生活体验作出了十分重要的贡献，而软件和信息服务业在IT行业发展中举足轻重。现在，软件和信息服务业正以前所未有的速度向经济与社会生活的各个方面渗透。那么，3年、5年或10年后，软件行业将会怎样？全球领先的企业数据集成软件独立供应商Informatica公司主席兼首席执行官Sohaib Abbasi认为：     

Factory Innovations And Management Machinations: The Productive And Repressive Relations of Power

This article explores how power is exercised by managers in both 'repressive' ways so as to chase out or deny alternative interests/subjectivities and in ways which are 'productive' of the subjectivity of those they employ and indeed their own subjectivity. Rather than necessarily an intention of managers, exercising power in productive and repressive ways, is a condition and consequence of the strategies they deploy. Nonetheless, the concern here is to question the totalizing effects of power whether in relation to management strategy, total quality management, business process reengineering or culture change. Through exploring innovation in an established automobile manufacturing company, it is argued that a necessary though not sufficient condition of such a prospect, is that managers reconstitute themselves. It is demonstrated that such a reconstitution is problematic when one considers managers as thinking, social beings, situated in a historical context of power and inequality rather than structural automatons or agents that are free of power.     

Ex Ante Hedging Effectiveness of UK Stock Index Futures Contracts: Evidence for the FTSE 100 and FTSE Mid 250 Contracts

Ex ante hedging effectiveness of the FTSE 100 and FTSE Mid 250 index futures contracts is examined for a range of portfolios, consisting of stock market indexes and professionally managed portfolios (investment trust companies). Previous studies which focused on ex post hedging performance using spot portfolios that mirror market indexes are shown to overstate the risk reduction potential of index futures. Although ex ante hedge ratios are found to be characterised by intertemporal instability, ex ante hedging performance of direct hedges and cross hedges approaches that of the ex post benchmark when hedge ratios are estimated using a sufficient window size.