Systemic risk,macroprudential policy frameworks,monitoring financial systems and the evolution of capital adequacy

This paper analyses various issues that need to be tackled when promoting financial stability, reviewing the progress made in certain key areas and the remaining challenges. It explores the measurement of systemic risk and of individual institutions’ contribution to it. It discusses aspects of macroprudential frameworks, including how the countercyclical capital buffer envisaged in Basel III takes into account the properties of the financial cycle and the strengths and weaknesses of macro-stress tests. It analyses some of the challenges of how best to monitor financial systems and the broader economy in order to detect signs of vulnerability that might lead to future bouts of financial instability and of how to set prudential policy accordingly. And it discusses the evolution of capital adequacy standards and the new emphasis on liquidity standards in international regulation.     

The RBV theory foundation of strategic HRM: critical flaws,problems for research and practice,and an alternative economics paradigm

The resource‐based view (RBV) of the firm is a guiding paradigm for strategic HRM research. This article explores the RBV–strategic HRM intersection, identifies and critiques RBV weaknesses and problem areas, develops new implications for RBV–strategic HRM theory and empirical work, and develops an alternative economics‐based decision model for making HRM choices. The article focuses on four RBV–strategic HRM dimensions: HRM performance and the ‘no rules for riches’ proposition; alternative definitions of value and competitive advantage and implications for strategic HRM's dependent variable; neglect of marginal decision rules and consequent misprediction of optimal HRM adoption; and the impact on employee relations of RBV‐guided rent‐capture practices. Numerous implications for theory and practice are developed; also suggested is a new paradigm approach for strategic HRM theory.     

Investor yield and gross underwriting spread comparisons among U.S. dollar domestic,Yankee, Eurodollar,and global bonds

The characteristics and features of domestic, foreign, Eurobonds, and global bonds differ from one another, as do their regulation. We develop regression models to compare investor yield differences that should logically exist at issuance for these bond market segments for U.S. dollar denominated bonds. Our empirical results show that, ceteris paribus, both privately placed and Rule 144A Eurodollar issues yield more than publicly placed bonds; Yankee bonds yield insignificantly more than domestic bonds; and, the bearer feature common to Eurodollar bonds is not prized enough by institutional investors for them to accept a lower yield relative to domestic or Yankee bonds. We do not find a statistically significant difference between the investor yield spread on U.S. dollar global bonds and U.S. domestic bonds, or Yankee bonds, or Eurodollar bonds. We also study underwriting costs of publicly traded bonds and find, ceteris paribus, that Eurodollar bonds are far more costly for the firm to issue than domestic bonds, Yankee bonds, or global bonds; domestic and Yankee bonds are more expensive than global bonds; and, there is no significant cost difference between domestic and Yankee bonds.     

Everyday life's constraints on citizenship in the United States

Citizenship is a topic of important concern to the futures community. This paper discusses five serious kinds of constraints that people in the United States must overcome to meet their citizenship responsibilities. The constraints are: work (e.g. long hours, disruptive schedules, transfers); consumerism (e.g. time spent watching television, shopping, and engaging in entertainment activities); lack of social capital (e.g. social networks not `tight' enough to foster people working together to address community issues); personal fears and anxieties (e.g. fear of reprisals from neighbors); and the built environment (e.g. lack of meeting places, car- rather than people-oriented land uses). The charge to futurists is to image and work toward implementing futures that overcome these constraints.     

Children's Television Advertising and Brand Choice: A Laboratory Experiment

This experiment attempts to investigate the vulnerability of children to television advertising. Subjects between six and eight years of age were exposed to commercial stimuli under varying conditions. Groups were randomly assigned to view segments of “Jeannie,” a network children's show, either with an experimenter-produced commercial of a previously-unknown brand or a control ad inserted into the program context. In addition, the effects of traditional methodologies employed in related literature to one which minimizes reactance effects were studied. Children's brand choices were found to be influenced significantly by the communication of the commercial message for the previously-unknown brand.     

Expatriate management: lessons from the British in India

In this paper, lessons for the study of expatriate management are drawn from the period of British administration in India. It uses ‘the past to study the present’ and puts into sharp focus the key issues which confront human resource management researchers and practitioners dealing with expatriate management today. These issues are seen as essentially the same and cover such areas as selection, training, adjustment, appraisal, reward and re-entry.     

Transport policy and the provision of mobility options in an aging society: a case study of Ontario,Canada

This paper examines the provision of mobility options being one of the important policy areas vital to addressing transportation accessibility of the elderly. A provincial analysis, taking the case of the Province of Ontario in Canada, is warranted given that the country’s highly decentralized system puts provincial policies at the forefront in meeting this challenge. The paper evaluates the important progress made in this policy area and stressed the need to go beyond the traditional policy focus on the less able-bodied elderly and consider the increased heterogeneity of the elderly population with respect to lifestyle, preferences, resources, health and physical abilities. While significant efforts have been made, a more explicit recognition of population aging in Ontario’s transport policy motivation that could strongly influence transport strategies and investments attuned to the mobility concerns in an aging society remains to be seen. The paper summarizes the general concerns in the literature, policy developments, and the challenges in crafting solutions in terms of policy and research for Ontario and other regions with similar institutional setup.