Critical Management Studies and Business Ethics: A Synthesis and Three Research Trajectories for the Coming Decade

We present the findings of a worldwide survey that was administered to business ethic scholars to better understand journal quality within the business ethics academic community. Based upon the data from the survey, we provide a ranking of the top 10 business ethics journals. We then provide a comparison of business ethics journals to other mainstream management journals in terms of journal quality. The results of the study suggest that, within the business ethics academic community, many scholars prefer to publish in the top business ethics academic journals over other mainstream management journals. Furthermore, the results of the study suggest that within the business ethics academic field there are two dominant academic communities: one in Europe and one in North America. Each of these academic communities has its own preferred publication outlets, suggesting a potentially problematic bifurcation of business ethics scholarship.     

IMPERFECT MONITORING AND THE DISCOUNTING OF INSIDE MONEY*

This article evaluates the efficiency of a requirement that private issuers redeem inside money on demand at par in a random‐matching model of money where the issuers of inside money are imperfectly monitored. I find that for sufficiently imperfect monitoring, a par redemption requirement leads to lower social welfare than if private money were redeemed at a discount. A central message of the article is that if inside money and outside money are not perfect substitutes, a par redemption requirement may not be socially optimal because such a requirement effectively binds them to circulate as if they are.     

Evaluating growth cycle synchronisation in the EU

This paper provides an insight into the level of economic and monetary integration in Europe by analysing the degree of growth cycle synchronisation between seven European countries over the past thirty years. Two univariate trend-cycle decomposition methodologies, the Beveridge–Nelson (BN) decomposition and Harvey and Trimbur [Harvey, A.C. & Trimbur, T.M. (2003) “General Model-Based Filters for Extracting Cycles and Trends in Economic Time Series”, The Review of Economics and Statistics, 85(2), 244–255.]'s unobserved component model, together with a multivariate extension of the BN decomposition incorporating trend and cycle restrictions, are used to identify the trend and cyclical components from real GDP for each of the seven countries. The cycles extracted from the two univariate approaches vary significantly in both cycle period and amplitude. The average correlation calculated from the BN cycles are also smaller than the corresponding correlation estimated using cycles extracted from the unobserved component model. This confirms the argument in Canova [Canova, F. (1998) “Detrending and Business Cycle Facts”, Journal of Monetary Economics, 41(3), 475–512.] that the use of different trend-cycle decomposition methodologies may influence the results obtained. The results produced from the multivariate model indicate the presence of common features in the data. This may reflect the coordinated and common monetary and fiscal policies that these countries have shared over the sample period. However, the finding of codependent and heterogeneous growth cycles raises concerns about the operation of the European Monetary Union (EMU), as it implies that members may face significant stabilisation costs.     

Financialization and Income Inequality in the United States, 1967–2010

This article presents a historical overview of the late 20^th‐century advent of financialization, that is, the unprecedented growth of the financial sector. We summarize its origins and consequences, particularly greater income inequality. An econometric model quantifies the relationship. We conclude that along with higher unemployment and an eroding minimum wage, the growth of the U.S. financial sector has contributed to the exacerbation of inequality in recent decades.     

Applying a Universal Content and Structure of Values in Construction Management

There has recently been a reappraisal of value in UK construction and calls from a wide range of influential individuals, professional institutions and government bodies for the industry to exceed stakeholders’ expectations and develop integrated teams that can deliver world class products and services. As such value is certainly topical, but the importance of values as a separate but related concept is less well understood. Most construction firms have well-defined and well-articulated values, expressed in annual reports and on websites; however, the lack of rigorous and structured approaches published within construction management research and the practical, unsupported advice on construction institution websites may indicate a shortfall in the approaches used. This article reviews and compares the content and␣structure of some of the most widely used values approaches, and discusses their application within the construction sector. One of the most advanced and empirically tested theories of human values is appraised, and subsequently adopted as a suitable approach to eliciting and defining shared organisational values. Three studies within six construction organisations demonstrate the potential application of this individually grounded approach to reveal and align the relative values priorities of individuals and organisations to understand the strength of their similarity and difference. The results of these case studies show that this new universal values structure can be used along with more qualitative elicitation techniques to understand organisational cultures.     

“智慧的地球”是怎么回事？

＂智慧的地球＂并不只是围绕着一种概念,是真正一系列我们可以采取行动的技巧,能够应用在面对的所有挑战当中。     

The good news in short interest

Stocks with relatively high short interest subsequently experience negative abnormal returns, but the effect can be transient and of debatable economic significance. In contrast, relatively heavily traded stocks with low short interest experience both statistically and economically significant positive abnormal returns. These positive returns are often larger (in absolute value) than the negative returns observed for heavily shorted stocks. Thus, the positive information associated with low short interest, which is publicly available, is only slowly incorporated into prices, which raises a broader market efficiency issue. Our results also cast doubt on existing theories of the impact of short sale constraints.