The need for a strategic approach on the railways to the management of the vehicle–track interface

Network Rail's decision in 2003 to bring track maintenance back in-house was long-overdue recognition that responsibility for safety on Britain's railways cannot be abdicated – but there was more to it than that. The accidents at Hatfield and Potter's Bar (both in Hertfordshire, UK), in particular, had exposed very vividly how privatisation had encouraged each now separated and competing part of the industry to operate in its own interests: records, data and expertise were fragmented, and track and train operators alike each sought to minimise their individual costs in isolation. This paper argues from a systems analysis perspective that, on vehicle and track maintenance at least, the overall costs to the industry are in such circumstances likely to be higher than if the various parties were to work together towards minimising total track and train maintenance costs between them. Far from increasing efficiency, privatisation had the effect of reducing it.     

Linkages and Industrial Policy for Eastern Europe

It is argued that insustrial policy for Eastern Europe is needed in order to reduce the social cost of transition. The industrial policy suggestes is based on unbalanced growth focused on key sectors that, according to linkage analysis, influence the economy more than other sector. An attempt should be made to increase efficency in key sectors, either by new investment or by closing down inefficient enterprises. This strategy could be adopted temporarily, gradually to move away from the existing structure of the economy rather than to reinforce it. In order to illustrate the potential of such an industrial policy, a sector-specific approach has been simulated for Poland using a compuable general equilibuium (CGE) model. The simulation results have shown that macroenonomic performance, measured by output, employment and funds available for invesment, is much better when industrial policy has been concentrated on a key sector.     

Forecasting Earnings Using Geographical Segment Data: Some UK Evidence

This study examines the question of whether or not the geographical segment data disclosed by UK companies can be used to generate forecasts of earnings that outperform forecasts based upon past consolidated data. One year ahead forecasts of attributable earnings or net income before extraordinary items are generated for both geographical sales data combined with a consolidated attributable earnings to sales margin and segmental earnings data. The forecasts are based upon forecasts of changes in the GNP of individual countries, both with and without the addition of forecasted inflation rates. It is found that models based upon both geographical segment sales and segment earnings outperform the random walk and random walk plus drift consolidated models for the years 1981 to 1983. The difference in the sizes of the errors generated by the segment data based models and the consolidated data based models are significant in the majority of cases especially when the errors are truncated at 100%. However, there is no additional advantage in terms of forecast accuracy in using segment earnings data rather than segment sales data.     

Investment in South Africa – a comment on recent contributions

This article questions the interpretation of investment made by Fedderke et al. in the October 2001 issue of Development Southern Africa, in particular the conclusion that the higher investment rates of manufacturing in the 1990s are associated with the reduction in state intervention. Rather than improved manufacturing investment, the striking feature of the 1990s is the low level of investment by the government and parastatals. After making a brief review of investment performance over the past decade, manufacturing investment at the sectoral level is assessed, highlighting the very large investments in heavy industries. It is state support in the form of development finance from the Industrial Development Corporation that underlies these patterns, and not the withdrawal of the state as argued by Fedderke et al.     

ON PREFERRED STOCK

Preferred stock is issued by many corporations in spite of its apparent disadvantages. This study explains why. A simple partial equilibrium model is presented in which preferred shares are both supplied and demanded. Stronger tax incentives in Canada than in the United States may create a positive preferred equilibrium. Empirical evidence on the relative use of preferred stock in the two countries is presented to support this hypothesis.     

Asian Economic Problems and Prospects for Foreign Direct Investment: Local Evidence from the UK

This paper explores the implications of the Asian crises and economic problems in the Japanese economy on a UK region with a high dependence on employment in Asian manufacturing transplants. The paper examines the development of the Asian transplant sector in the case region (Wales), and maps out the economic significance of the sector on the local economy. Following a review of the potential impacts of economic problems in Asia on the local transplant sector, the paper uses local case evidence to explore recent changes in the Asian manufacturing base in Wales. Recent reversals in the transplant sector have largely been caused more by local manufacturing conditions. The paper concludes with a discussion of factors that are most likely to affect the trajectory of the Asian transplant sector in the case region in the new millennium.     

Youth sports and the emergence of chameleon leadership

This qualitative phenomenological study explored the lived youth sports experiences of a sample of 20 North Carolina managers to determine how interpersonal skills developed through youth sports impact managing change. The data resulted in an emerging theme of a fearlessness approach to change situations, labeled chameleon leadership for this research study. The discovered theme offered information toward leadership and management skills used to manage complex organizations and diverse individuals within the realm of sports and work environments to enhance productivity in today's diverse and complex organizations.