Domestic distortions,imperfect information and the brain drain

An earlier paper by Bhagwati and Hamada (1974) presented a theoretical analysis of the brain drain in the context of wage rigidity and unemployment. This paper extends the analysis by modifying the model to incorporate the phenomena of overqualification, internal diffusion of labor from urban to rural areas and imperfect information about the quality of labor. The welfare effect of the brain drain in the presence of these phenomena is analyzed.     

Welfare-theoretical analyses of the brain drain

The paper reviews and synthesises the theoretical analyses of the brain drain in the earlier literature and in the present symposium in the Journal on the subject. Static analysis and dynamic analysis are distinguished, critical issues are raised relating to how welfare changes should be discussed in the context of migration, and possibilities of fruitful future research are outlined.     

Advertising’s image —U.S. and Yugoslavia

Advertising is one of the institutions which cut across cultures, and this study assesses comparative differences and similarities between the U.S. and Yugoslavia in their attitudes toward advertising as an institution. The comparison is effected through replication in Yugoslavia of the Bauer-Geyser Study. The findings indicate that advertising in Yugoslavia is not a salient issue, although there is a greater homogeneity of salience of other specific issues than in the U.S. More U.S. respondents expressed a need for change in advertising; more Yugoslav respondents were indifferent toward advertising. The reasons for liking and disliking advertising also differed in the two samples. The implications are that the intensity of advertising in the U.S. has made it a salient irritant to at least a minority of consumers, whereas in Yugoslavia there is an immediate need for improvement in the creative aspect of advertising.     

The impact of the product to service shift in industrial markets and the evolution of the sales organization

Marketing is undergoing a paradigmatic shift that involves a change in focus from the exchange of goods, which are usually manufactured output, to providing a service, which is fundamental to economic exchange (Vargo & Lusch 2004).Evidenced by three decades of marketing transformation in B2B (business-to-business) sales organizations, this paper examines the evolution of sales organizations as a result of the shift from product- to service-focused commerce. This paper also identifies areas of future research and practice in marketing. Findings suggest that the traditional product-focused sales organization will evolve in two directions. First, enhanced use of technology will reduce some traditional sales functions and even face-to-face contact. Second, customers who are important to marketers will experience improvements in the level of customer contact—leading to growth in customer-focused sales organizations and an increase in global account management teams. Changes in sales organizations will also lead to changes in the selection, training, and recruitment of salespeople as well as their roles.Direction for future research and managerial implications are highlighted throughout the paper as are changes likely to occur in sales organizations.     

Implementing Experiential Action Learning in International Management Education: The Global Business Strategic (GLOBUSTRAT) Consulting Program

This paper discusses the theoretical foundations and implementation challenges and outcomes of a unique “hands‐on” global consulting program that is integrated into an international EMBA program for mid‐career and senior American and European managers. It details the challenges for the integration of experiential action learning, double‐loop learning, service learning, and tacit learning into global management education and discusses the value of such integration for the EMBA‐participant's learning experience. The lessons learned from the implementation of the use of integrated global consulting based on an experiential action learning model on EMBA education are discussed. The andragogical model of education used should be a useful guide for designing and implementing experiential action learning based MBA/EMBA programs.     

Professionalism vs Commercialism: The Association Between Non-Audit Services (NAS) and Audit Independence

This paper examines the relative information content of earnings and cash flows for security returns using a methodology incorporating contextual factors which may affect earnings and cash flow response coefficients. For our UK dataset, we provide evidence that the earnings coefficient is related to earnings permanence, growth and firm size and that the cash flow coefficient may be related to growth. Although our results emphasise the value relevance of earnings, they also suggest that both contemporaneous and prior period cash flow are positively related to security returns and that market-to-book and market value of equity have predictive power for returns.     

Introductory honors economics on the Web

Economics 304KH and 304LH at The University of Texas at Austin are introductory honors economics courses. Our goal was to provide students with more advanced material than available in introductory textbooks, such as a discussion of microeconomics based on one‐dimensional calculus and a survey of macroeconomics based on economic models. The supplemental material consists of Web course notes, on‐line quizzes, simulation and data modules and group interactive modules. This paper focuses on the development of Web economic course materials. We discuss the difficulties of programming mathematical instructional material in HTML and the coming solution in XML, JavaScript, and Java. The effectiveness of the on‐line course materials are also evaluated based on student responses. This revised version was published online in June 2006 with corrections to the Cover Date.     

Relationship marketing

Relationship Marketing is emerging as a new phenomenon. However, relationship oriented marketing practices date back to the pre-Industrial era. In this article, we trace the history of marketing practices and illustrate how the advent of mass production, the emergence of middlemen, and the separation of the producer from the consumer in the Industrial era led to a transactional focus of marketing. Now, due to technological advances, direct marketing is staging a comeback, leading to a relationship orientation. The authors contend that with the evolution of Relationship Marketing, the hitherto prominent exchange paradigm of marketing will be insufficient to explain the growing marketing phenomena of collaborative involvement of customers in the production process. An alternate paradigm of marketing needs to be developed that is more process rather than outcome oriented, and emphasizes value creation rather than value distribution.     

Trade in Services and the Multilateral Trade Negotiations

The dispute between developed and developing countries overthe inclusion of services in the Uruguay Round of trade negotiationsreflects critical differences in perspective on substantiveissues. In particular, these substantive divisions arise fromthe differences between services and goods in matters such asregulation and the requirement in many instances of freedomto move productive factors across national boundaries—forexample, the "right to establish" that would permit the providerof services to get to the user. In addition, developing countriessee the developed countries as seeking concessions on servicetrade in exchange for removal of the latter's existing and potentialbarriers on trade in goods, rather than establishing quid proquos within the service compact itself. Developing countrieshave possible export advantages in the service sector and havemuch to gain by joining actively in negotiating a services compactthat permits them to exploit these advantages.