这日子没法过了

去年一年,在北京、香港几个投资会议上,每每碰到投行的兄弟姐妹,打招呼的方式不再是诸如“你那个deal（交易）怎私样了？上没上？”而是“有没有要privatize的？介绍一下”。     

USING WEB 2.0 TO SHARE KNOWLEDGE OF CONSTRUCTION SAFETY: THE FABLE OF ECONOMIC ANIMALS

Gone are the days when knowledge sharing depended solely on face‐to‐face meetings. With the help of Web 2.0, rapid and dynamic cross‐border knowledge sharing among construction safety researchers has become possible. Nevertheless, empirical observation has shown that researchers are falling behind the curve. Generally speaking, there are two major types of motivations: intrinsic and extrinsic. Introducing extrinsic motivators on top of intrinsic motivators can produce better results than relying solely on intrinsic motivation.     

Penalized likelihood smoothing in robust state space models

In likelihood-based approaches to robustify state space models, Gaussian error distributions are replaced by non-normal alternatives with heavier tails. Robustified observation models are appropriate for time series with additive outliers, while state or transition equations with heavy-tailed error distributions lead to filters and smoothers that can cope with structural changes in trend or slope caused by innovations outliers. As a consequence, however, conditional filtering and smoothing densities become analytically intractable. Various attempts have been made to deal with this problem, reaching from approximate conditional mean type estimation to fully Bayesian analysis using MCMC simulation. In this article we consider penalized likelihood smoothers, this means estimators which maximize penalized likelihoods or, equivalently, posterior densities. Filtering and smoothing for additive and innovations outlier models can be carried out by computationally efficient Fisher scoring steps or iterative Kalman-type filters. Special emphasis is on the Student family, for which EM-type algorithms to estimate unknown hyperparameters are developed. Operational behaviour is illustrated by simulation experiments and by real data applications. Received: March 1998     

The dialectics of human resource management in Cuba

Dialectical theory is applied to the examination of how institutional and organizational level changes are leading to a new human resource management (HRM) paradigm in Cuba. The paper starts with a general overview of economy and enterprise in Cuba, which serves to expose the nature of the pressures and contradictions facing managers and organizations in this country. Based on a focus group study, an analysis of the process of change in the HRM paradigm as perceived by a sample of Cuban managers is presented. The emerging dialectical paradigm is to a great extent influenced by the institutional context, namely by the control of the state. The state's role in the protection of the communist principles, combined with the need to open the economy to the logic of the market, is constituting a singular case in the world of management in general and of HRM in particular: that of a communist country with an increasingly market-based economy, where the socialist cadre is simultaneously becoming a market-oriented HR manager.     

FDI,Poverty, and the Politics of Potable Water Access

How does foreign direct investment (FDI) affect the wellbeing of the poor? We address this question by analyzing the impacts of FDI on access to potable water. We predict that higher levels of greenfield FDI in water‐intensive sectors slow the rate of access to potable water in developing countries, with these adverse effects conditional on subnational politics. We hypothesize that this is more likely to occur in polities marked by relatively large poor and marginalized populations, where regulatory capture is more likely to occur. To test our intuition, we analyze subnational data on greenfield FDI in India, confirming that multinational investment in “thirsty” manufacturing sectors are negatively associated with improvements in potable water access. We then present a controlled comparison case study of two Indian states, Kerala and Rajasthan, highlighting the political mechanisms conditioning FDI's effects on potable water.     

Explaining local manufacturing growth in Chile: the advantages of sectoral diversity

This article investigates whether the agglomeration of economic activity in regional clusters affects long-run manufacturing Total Factor Productivity (TFP) growth in an emerging market context. We explore a large firm-level panel dataset for Chile during a period characterized by high growth rates and rising regional income inequality (1992–2004). Our findings are clear-cut. Locations with greater concentration of a particular sector have not experienced faster TFP growth during this period. Rather, local sector diversity was associated with higher long-run TFP growth. However, there is no evidence that the diversity effect was driven by the local interaction with a set of suppliers and/or clients. We interpret this as evidence that agglomeration economies are driven by other factors such as the sharing of access to specialized inputs not provided solely by a single sector, e.g. skills or financing.     

Determinants of the income velocity of money in Portugal: 1891–1998

This paper performs a long-run time series analysis of the behaviour of the income velocity of money in Portugal between 1891 and 1998 by assessing the importance of both macroeconomic and institutional factors and looking for particularities in the Portuguese case. We estimate two cointegration vectors for the income velocity of money, macroeconomic variables and institutional variables. It is apparent that one of these vectors reflects the relationship between income velocity and macroeconomic variables, while the other reflects the relationship between income velocity and institutional variables. Moreover, a regression analysis reveals that the usual U-shaped pattern is displayed with a relatively late inflection point located around 1970, which is consistent with the Spanish case. It is further noted that this is a feature of countries with a late economic and institutional development process.     

The dynamic effects of shocks to wages and prices in the United States and the Euro Area

This article investigates the dynamics of aggregate wages and prices in the United States (US) and the Euro Area (EA) with a special focus on persistence of real wages, wage and price inflation. The analysis is conducted within a structural vector error-correction model, where the structural shocks are identified using the long-run properties of the theoretical model, as well as the cointegrating properties of the estimated system. Overall, in the long run, wage and price inflation emerge as more persistent in the EA than in the US in the face of import price, unemployment, or permanent technology shocks. This finding is robust to the changes in the sample period and in the models’ specifications entertained in the article.