Interest rate dynamics and volatility transmission in the European short term interest rate market

This paper investigates the price and volatility relationship in European short-term interest rate markets. Cointegration analysis is used to analyse the long and short run relationship and a GARCH BEKK model is estimated to analyse the volatility transmission between the markets. The stability of the long run relationship is also examined using Bai and Perron (Econometrica 66(1),47–78, 1998, J Appl Econ 18(1):1–22, 2003) structural break methodology. The results show that the relationship between the EURIBOR spot deposit rate and the EURIBOR future contract has changed significantly since 2001 and several structural breaks are present in the 13 year sample period. During periods where there is a long run relationship present the spot deposit rate generally leads the future rate in price discovery. In the short run there is bi-directional causality present between the markets. There is also significant evidence of volatility transmission from the spot market to the futures market throughout the sample period.     

‘Doing the right thing’ Organisational structure and process for democratic governance in the firm

Can businesses be viable, effective, and generally democratic organisations? Several literatures bearing on the democratic firm are reviewed, examining democratic governance, participative management, new forms of ownership and how these affect firm performance. A small, espousedly democratic grocery store in upstate New York illustrates characteristic behaviours, structures and processes consistent with financial viability and economic effectiveness.     

Satanic Mills?: An illustration of Victorian external environmental accounting

The paper evaluates a Victorian environmental account of the pollution of the River Wandle. This account was produced during a period of social and environmental crisis, when there were no significant industrial environmental regulations. This problematising external environmental account provides valuable insights into the historical development of social and environmental accounting. Our analysis located this account within an institutional reform programme to create systems of governance to mitigate the damage arising from unfettered industrial growth. We argue that problematising external environmental accounting has a longer tradition than previously recognised in the literature and predates corporate social and environmental reporting.     

A–Z of Trade Unionism and Industrial Relations - Jack Jones and Max Morris,Heinemann: 6.95

On the basis of the author's recent researches among US insurance companies, this article demonstrates that the more marketing-orientated companies have fared better then those which have relegated marketing to a relatively less important role in their managerial priorities. The article lists a number of issues that the top managements of insurance firms should consider in some depth if they intend to espouse the marketing concept fully.     

Are batteries ready for plug-in hybrid buyers?

The notion persists that battery technology and cost remain as barriers to commercialization of electric-drive passenger vehicles. Within the context of starting a market for plug-in hybrid electric vehicles (PHEVs), we explore two aspects of the purported problem: (1) PHEV performance goals and (2) the abilities of present and near-term battery chemistries to meet the resulting technological requirements. We summarize evidence stating that battery technologies do not meet the requirements that flow from three sets of influential PHEV goals due to inherent trade-offs among power, energy, longevity, cost, and safety. However, we also show that part of this battery problem is that those influential goals are overly ambitious compared to goals derived from consumers’ PHEV designs. We elicited PHEV designs from potential early buyers among U.S. new car buyers; most of those who are interested in a PHEV are interested in less technologically advanced PHEVs than assumed by experts. Using respondents’ PHEV designs, we derive peak power density and energy density requirements and show that current battery chemistries can meet them. By assuming too aggressive PHEV goals, existing policy initiatives, battery research, and vehicle development programs mischaracterize the batteries needed to start commercializing PHEVs. To answer the question whether batteries are ready for PHEVs, we must first answer the question, “whose PHEVs?”     

Timing is everything: A meta-analysis of the relationships between organizational performance and innovation

The relationship between innovation and firm performance has been uncertain. In previous empirical tests of both causal directions of the organizational performance and innovation relationship, the temporal sequence of research designs has often been flawed. We meta-analytically test both temporal sequences of this relationship using 158 effect sizes from 55 empirical studies. We find that many empirical studies hypothesized one temporal sequence (e.g. innovation and future performance), but used data based on the opposite temporal sequence (e.g. past performance and innovation). Correcting the studies based on the actual temporal sequence used reveals that while the relationship between innovation and future performance is positive (based on economic rent-seeking), the relationship between past performance and innovation is less clear, especially when the study's framing is taken into account. Focusing on temporal sequencing suggests new research avenues on the organizational performance and innovation relationship.     

创新战略vs五力模型

作为一个决策者,你倾向于主宰既有市场,还是寻找机会创造新市场?或者说,你是迈克尔·波特竞争论之五力模型的信徒,还是蓝海策略的支持者?在市场战略上,两者一个是鱼,一个是熊掌,鲜有企业可以兼得.     

International law as a moral theory of state territory?

Current states face challenges from other states and secessionist movements, and no moral theory exists to evaluate these conflicting claims. One step towards a theory is to evaluate international law on territory, specifically as articulated through decolonisation. I argue that international law does not provide a plausible moral theory of territory because the principles of territorial integrity and uti possidetis cannot coherently coexist with the principle of self‐determination. I suggest that philosophers must choose between viewing territory as an expression of national self or as a property right, or else develop a third view from sources beyond current international law.