Relationship between Treasury bills and Eurodollars: Theoretical and Empirical Analyses

In this paper, we derive an equilibrium relationship between the yields on Eurodollar and Treasury bills based on equivalent martingale results derived by Harrison and Kreps (1979) and Harrison and Pliska (1981, 1983) as well as the corporate debt pricing model developed by Merton (1974). The derived equilibrium relationship incorporates the models used by Booth and Tse (1995) and Shrestha and Welch (2001) as special cases. The equilibrium relationship indicates that the conditional volatility of the yield on Eurodollars explains the variation in the TED spread. We empirically test the equilibrium relationship using a GARCH-M model and the concept of fractional cointegration. We use both the ex ante data implied by the respective futures contracts as well as the ex post spot data with daily, weekly and monthly frequencies. We find empirical support for the Equilibrium relationship.

Repositioning Global Staff Transfers: A Learning Perspective

In this article, we challenge the prevailing view that global staff transfers are a necessary cost of doing business globally by contending that such deployment is integral to successful strategic implementation. We use three scenarios—learning from failure, failure to learn, and lost opportunities—to illustrate how awareness of the consequences of decisions related to international staffing can facilitate their efficacy. Learning awareness therefore can lead to improved policies and outcomes for the management of global staff transfers and demonstrate the value HRM brings to the implementation process. © 2013 Wiley Periodicals, Inc.     

The international business traveller: a neglected but strategic human resource

There has been considerable research over the past two decades into the various aspects of traditional expatriate assignments. However, this research has overlooked an important category of international operator: the international business traveller, also known popularly as globetrotter or frequent flier. In this paper, we report on the results of a study of ten Australian and Danish international business travellers (IBTs). The aim was to explore the roles and activities of IBTs and the factors, such as level of organizational support that may intervene in the performance of their roles. We conclude that IBTs often are a neglected resource, particularly in terms of skills and knowledge transfer.     

Alcoholic beverage legislation: Harmonizing EEC laws

This article outlines the range of non-tariff obstacles to intra-EEC trade in alcoholic beverages. It describes the response of EEC institutions vizàviz harmonization of laws and European Court jurisprudence. The implications of the now famous ‘Cassis de Dijon’ court ruling are discussed and the paper concludes with tentative suggestions on the direction of future EEC efforts to create a common market for alcoholic beverages.     

Presidential address,association for social economics,January 2005

In recent years social economists have been utilizing a broader than conventional perspective for examining the behavior of economic agents. While traditionally the focus has been on the one-dimensional maximizing “individual with this newer approach the focus is on the multidimensional “person.” Thus the name “Personalist Economics.” Long ago the British writer Thomas Carlyle devoted volumes of pages to the sorts of topics and issues that are prominent in the personalist approach. Here are explored some areas of overlap between Carlyle's and today's personalist perspective, and some questions that might be raised about the two approaches.