PRIMARY VERSUS SECONDARY PRODUCTION TECHNIQUES IN U.S. MANUFACTURING

In this paper we analyze the determinants of material inputs into individual production activities as a function of their outputs. We use observations on a large cross-section of U.S. manufacturing plants from the Census of Manufactures, including those that make goods primary to other industries, to study differences in production techniques. We find that in most cases material requirements do not depend on whether goods are made as primary products or as secondary products. We thus elucidate support for the commodity technology model as a useful working hypothesis.     

Managing service innovation: the need for selectivity rather than 'best practice'

In this paper we contrast the notions of best practice and configurations contingent on environmental conditions. The analysis draws upon our study of 38 UK and 70 US service firms. Four system configurations are identified, and the results provide an opportunity for updating the typologies of services, and suggest that practices and performance are multi-dimensional.     

EVIDENCE ON ADJUSTMENTS IN MAJOR NATIONAL STOCK MARKET LINKAGES OVER THE 1980S

This paper measures the alterations that have occurred in equity market correlations for six major internationally active stock exchanges between 1980 and 1987. The markets are chosen so as to allow for geographical diversity while still accounting for almost ninety percent of total worldwide equity market capitalization. The VAR variance decomposition technique is used to measure intermarket linkage patterns. We find substantial alterations in intermarket linkage patterns occurring over the 1980s. While the US market (the New York Stock Exchange) is still the dominant financial force in world equities trading, other markets (particularly those in the Pacific Basin region) now account for an increasing impact on observed index correlations in the system. This paper suggests that world financial integration is, in part, responsible for the altered linkage patterns observed over the 1980s.     

Shop stewards in Transport House: a comment upon the incorporation of the rank and file

In the light of the currently prevalent view that shop stewards are becoming more involved in trade union government, the author suggests that we look more carefully at unverified assumptions of shop steward incorporation.     

Bank Real Estate Lending and the New England Capital Crunch

The stock of real estate loans held by New England banks has declined dramatically. Given the limited potential for real estate investments, weak demand for real estate loans is to be expected. However, supply as well as demand factors may account for some of the decline in bank real estate loans. This paper documents that bank lending for real estate may have been constrained by a capital crunch, whereby poorly capitalized banks shrank their assets, including real estate loans, to satisfy capital requirements. Because the loss of bank capital is so widespread in New England, bank-dependent borrowers may have difficulty obtaining real estate financing.     

Developing healthcare facilities for a changing environment

When approaching facility and real estate development, healthcare leaders should: Enhance clinical integration and ensure more patient-friendly facilities. Focus on a facility's business requirements and operating needs. Create a business plan that demonstrates how a project would help deliver better care at lower cost during a time of declining payment levels. Develop an approach that balances the needs of all stakeholders, including payers, staff, and patients.     

Best-performing US mutual fund families from 1993 to 2008: Evidence from a novel two-stage DEA model for efficiency decomposition

When analyzing relative performance, especially at the institutional level, the traditional data envelopment analysis (DEA) models do not recognize vastly different and important activities as separate functions and therefore cannot identify which function may be the main source of inefficiency. We propose a novel two-stage DEA model that decomposes the overall efficiency of a decision-making unit into two components and demonstrate its applicability by assessing the relative performance of 66 large mutual fund families in the US over the period 1993–2008. By decomposing the overall efficiency into operational management efficiency and portfolio management efficiency components, we reveal the best performers, the families that deteriorated in performance, and those that improved in their performance over the sample period. We also make frontier projections for poorly performing mutual fund families and highlight how the portfolio managers have managed their funds relative to the others during financial crisis periods.