Rational expectations and the expectations model of the term structure: A test using weekly data

This paper tests the joint hypothesis of rational expectations model of the term structure for three- and six-month Treasury bills. Previous studies are extended in two main directions. First, the joint hypothesis is tested using weekly data for Treasury bills maturing in exactly 13 and 26 weeks beginning in 1970 and ending in 1979. In contrast, previous studies using comparable data have typically discarded 12/13 of the sample to a form a nonoverlapping data set. Second, a more complete set of possible determinants of time-varying premiums is tested.     

Econometric models based on count data. Comparisons and applications of some estimators and tests

This paper deals with specification, estimation and tests of single equation reduced form type equations in which the dependent variable takes only non-negative integer values. Beginning with Poisson and compound Poisson models, which involve strong assumptions, a variety of possible stochastic models and their implications are discussed. A number of estimators and their properties are considered in the light of uncertainty about the data generation process. The paper also considers the role of tests in sequential revision of the model specification beginr ing with the Poisson case and provides a detailed application of the estimators and tests to a model of the number of doctor consultations.     

PLANT LOCATION ANALYSIS USING DISCRETE STOCHASTIC PROGRAMMING1*

A plant location model with two major aspects is outlined. First, discrete stochastic programming is used to handle variability in supplies and demands. Second, the cost structure of plants is modelled in more detail and with more realism than is usual. Results from applying the model to the Queensland cattle slaughtering industry demonstrate the inappropriateness of using traditional deterministic plant location models to analyse problems with major stochastic elements. Deterministic models yield plant locations, sizes, throughputs, commodity flows and implications which differ markedly from those generated by stochastic models in which plant sizes and locations are optimally matched to variable fat cattle supplies. In addition, the traditional deterministic long-run model overestimates the normative gains of industry rationalisation.     

The new independent trade unionism in Hungary

This article describes the development of political and economic reform in Hungary since 1956 and considers the recent emergence of independent trade unionism, particularly the new Democratic Union of Scientific Workers (TDDSZ). The author assesses the prospects for independent trade unionism in general as well as the reform of the official trade union movement (SZOT) in a rapidly changing political climate.     

The Underlying Return-Generating Factors for REIT Returns: An Application of Independent Component Analysis

Multifactor approaches to real estate returns have emphasized a macro-variables approach in preference to the latent factor approach originally used in arbitrage pricing theory. Use of high-frequency data, trading strategies and growing emphasis on the risks of extreme events makes the macrovariable procedure problematic. This article explores an alternative to the principal components analysis approach: independent components analysis (ICA). ICA seeks independence and maximizes a chosen risk parameter. We apply an ICA procedure based on a kurtosis maximization algorithm to real estate investment trust (REIT) data. The results show that ICA successfully captures kurtosis characteristics of REIT returns, offering possibilities for developing of risk management strategies that are sensitive to extreme events and tail distributions, augmenting traditional mean–variance approaches.     

Interaction effects of globalization and institutional forces on international HRM practice: Illuminating the convergence‐divergence debate

In the face of globalization, scholars continue to debate about whether a convergence in human resources practices will prevail, or a trend of divergence perspective will persist. Building on institution theory, this article helps to explicate this debate by examining how globalization may interact with different dimensions of local institutional forces to lead to convergence, divergence, or crossvergence in international HRM practices for enhanced performance. We also present useful propositions for guiding future empirical research and theory development on the interaction between globalization and different forms of local institutional forces, which in turn influence the formation of successful international HRM practices. © 2011 Wiley Periodicals, Inc.