A note on deposit rate deregulation, Super NOWs, and bank security returns

This paper empirically investigates the effects on the weekly returns of almost 100 banking organizations of the December 1982 authorization of Super NOWs. Examination of excess returns around the announcement date suggests that the announcement of the Super NOWs had a statistically significant (and negative) effect and that the impact differed significantly by type of bank. While returns for money center banks were generally unaffected, excess returns for regional retail banks were highly significant.     

The relevance of personal characteristics in health care rationing: what the Australian public thinks and why

This article examines the preferences of the general public in Australia regarding health care resource allocation. While previous studies have revealed that the public is willing to give priority to particular groups of patients based on their personal characteristics, the present article goes beyond previous efforts in attempting to explain these results. In the present study, there was strong support among respondents for giving “equal priority” to people regardless of their personal characteristics. However, respondents did reveal a preference for married patients over single, for children over adults, for carers of children and the elderly, sole breadwinners, and good community contributors. Further, they would give a lower priority to those perceived as “self-harmers”—smokers, individuals with unhealthy diets, and those who rarely exercise. Variation in the answers according to broad economic and social beliefs across seven different categories (“factors”) influenced the pattern of the public's attitudes towards rationing. The Principal Components Analysis (PCA) indicated that most of the items in our survey are associated with seven factors that explain or capture much of the variation. These relate to a patient's avoidance of self-harm behaviors (Safe Living), their Life Style (diet, exercise, etc.), their contribution to the community through caring for others (Caring), their talents (Gifted), their sexual behavior (Sexuality), their age and marital status (Family), and whether they are an Australian citizen or employed (Citizen). The strength of social preferences—e.g., how strongly respondents would “discriminate” against a recreational drug user or preference a person with a healthy diet—is related to the particular class of preferences.     

Job guarantees, employability training and partnerships in the retail sector

This paper discusses the potential value of local, partnership-based employability training and job guarantee programmes, focusing on one example—the 'Alloa Initiative'. The Initiative involved an employability training and job guarantee scheme developed in partnership with Tesco, a major retailer, in preparation for the opening of one of the company's new stores. This paper reports on the outputs from this project, which placed 109 disadvantaged job seekers into positions at the store, and proved particularly effective at targeting the long-term unemployed and those with limited experience of the retail sector. The analysis is based on the findings of survey research undertaken with 86 of the 109 training course completers (a 79 per cent response rate) and all the main partners involved in the Initiative. Innovative elements of the training programme that contributed to its positive outcomes are discussed, and a model for 'managing successful partnerships' is applied, in order to identify critical factors explaining the apparent success of the Initiative. In particular, the importance of employers providing job guarantees is noted.     

使平衡计分卡符合实务要求

管理会计信息系统不能只依赖财务指标,它需要的是混合指标.该混合指标既能对公司的整体业绩给出更平衡的观点,又能提供可预测公司未来财务业绩的当前非财务指标.虽然许多方法被认为可以实现此目的,但平衡计分卡却是管理会计师们使用最多的一种方法.平衡计分卡先后出现了多种版本,但值得深思的是在21世纪它能多大程度满足企业发展的需要.     

Allocative and X-efficiency in state-owned mining enterprises: Comparisons between Bolivia and Indonesia

This paper deals with “efficiency” issues in state-owned enterprises mining minerals in Indonesia and Bolivia. In the enterprises under comparison, welfare losses from Alocative inefficiency appear to be decidedly nontrivial. Cases of behavior consistent with X-efficiency theory are also presented, but no determination of the relative quantitative importance of allocative and X-inefficiencies is attempted. Nevertheless, many of the insights offered by X-efficiency theory may be promising complementary tools for understanding and evaluating the performance of state-owned enterprises in mixed economies.     

An empirical examination of the role of vertical product differentiation in north-south trade

Conclusions Our results indicate that the general line of reasoning embodied in the recently developed models of North-South IIT would seem to be valid. The various measures of income and size similarity do seem to affect North-South IIT in the theoretically predicted way. Further, this type of trade is positively impacted by the direction of quality differences and, to a lesser degree, the extent of quality differences. Finally, it would appear that modeling this type of trade on a bilateral basis using data detailed by both industry and country has not only theoretial appeal, but is empirically useful. The results, however, do not address the mechanism which generates these quality differences between the exports of the North and South. The theoretical models use different assumptions concerning the process which generates the quality differences. Such differences may be related to capital abundance as in Falvey [1981]; a Ricardian form of comparative advantage as in Flam and Helpman [1987]; or a complex combination of the two.¹⁵ Some preliminary evidence on the role of quality differences has been given in this paper. The difficult task of explaining what generates these differences is an important issue left unaddressed at this point.     

STOCKHOLDER RETURNS AMONG HOMOGENEOUS GROUPS OF MERGERS

A sample of cash and stock merger transactions consummated between 1975 and 1987 is used to form homogeneous groups based on financial characteristics of both bidding and target firms. The results are used to determine how group heterogeneity with respect to financial characteristics influences intergroup differences in both bidding firm and target firm merger returns. Stockholders of bidding firms with attributes that fit the free cash flow hypothesis of merger motivation suffer wealth losses relative to firms that have characteristics consistent with achievement of scale or scope economies or financial synergies. Differences in target and merger portfolio returns are also found.     

INDUSTRIALIZATION, MANAGEMENT EDUCATION AND TRAINING SYSTEMS: A COMPARATIVE ANALYSIS[1]

This paper discusses the emergence of management education and training in the UK, France, Germany, USA, Japan, USSR, and China. It argues that given kinds of environmental changes may lead to a wide variety of training responses, depending on the industrial and cultural contexts in which they take place.