Unions and involuntary job separations

In contrast to the extensive literature on the effects of unions on wages, productivity and voluntary job endings, the effect of unions on involuntary job endings has received relatively little attention. This article demonstrates how unions alter involuntary job separation (redundancies, temporary job endings and dismissals) rates at different tenure levels using the British Household Panel Survey data from 1991 to 2008. A novel finding is that being a union member reduces a person's redundancy probability at low‐tenure levels, relative to an employee of a non‐unionised firm, but has no significant effect at high tenure levels. Union membership and union recognition are not related to different rates of temporary job endings.     

The genesis of the electricity supply industry in Britain: A case study of NESCo from 1889 to 1914

A study of the Newcastle upon Tyne Electric Supply Company (NESCo) provides a micro-history of the emergence of the electricity supply industry in Britain up to the First World War. This research examines the role of social capital in the establishment and growth of NESCo, the only financially successful British electric power company. Temporal bracketing was adopted to evaluate two distinct time periods: emergence from 1889 to 1899; and growth from 1900 to 1914. Family, business and social networks together with geographical and political factors secured the company’s dominant position. The structural relationship with Merz & McLellan contributed to growth through acquisitions, joint ventures, and access to new markets.     

Sharing Longevity Risk: Why Governments Should Issue Longevity Bonds

Government-issued longevity bonds would allow longevity risk to be shared efficiently and fairly between generations. In exchange for paying a longevity risk premium, the current generation of retirees can look to future generations to hedge their systematic longevity risk. Longevity bonds will lead to a more secure pension savings market, together with a more efficient annuity market. By issuing longevity bonds, governments can aid the establishment of reliable longevity indices and key price points on the longevity risk term structure and help the emerging capital market in longevity-linked instruments to build on this term structure with liquid longevity derivatives.     

NEW PUBLIC MANAGEMENT: The effects of contractualism and devolution on political control

This article analyzes effects and implications of New Public Management (NPM) when implemented in the civil service systems in New Zealand and Norway, focusing especially on the effects of devolution and contractualism on political control. Using a transformative perspective, we interpret these effects as a result of a melding of environmental factors, polity features and national historical-institutional constraints. Norway scores low on both environmental and internal factors enhancing administrative reform, furthering a soft version of NPM and small changes in political control. In contrast a combination of external pressure, weak countervailing cultural forces and ‘elective dictatorship’ in New Zealand produces a radical version of NPM, resulting in a weakening of central political control.     

Lognormal Mixed Models for Reported Claims Reserves

Abstract

Traditional claims-reserving techniques are based on so-called run-off triangles containing aggregate claim figures. Such a triangle provides a summary of an underlying data set with individual claim figures. This contribution explores the interpretation of the available individual data in the framework of longitudinal data analysis. Making use of the theory of linear mixed models, a flexible model for loss reserving is built. Whereas traditional claims-reserving techniques don’t lead directly to predictions for individual claims, the mixed model enables such predictions on a sound statistical basis with, for example, confidence regions. Both a likelihood-based as well as a Bayesian approach are considered. In the frequentist approach, expressions for the mean squared error of prediction of an individual claim reserve, origin year reserves, and the total reserve are derived. Using MCMC techniques, the Bayesian approach allows simulation from the complete predictive distribution of the reserves and the calculation of various risk measures. The paper ends with an illustration of the suggested techniques on a data set from practice, consisting of Belgian automotive third-party liability claims. The results for the mixed-model analysis are compared with those obtained from traditional claims-reserving techniques for run-off triangles. For the data under consideration, the lognormal mixed model fits the observed individual data well. It leads to individual predictions comparable to those obtained by applying chain-ladder development factors to individual data. Concerning the predictive power on the aggregate level, the mixed model leads to reasonable predictions and performs comparable to and often better than the stochastic chain ladder for aggregate data.     

Union commitment and participation among Hong Kong firefighters: a development of an integrative model

This paper examines the factors influencing members' intent to participate in their union, drawing on a study of Hong Kong firefighters. As in Western studies, the main direct predictor of intent to participate is affective union commitment, but instrumentality is a relatively more important antecedent of affective union commitment and participation than in the Western studies. We found some evidence of frustration-aggression effects on intent to participate in ‘militant’ and ‘general’ union activities, although the latter was significant only among individuals who perceive management–employee relations as co-operative and trusting.