International Evidence on Cash Holdings and Expected Managerial Agency Problems

This article uses managerial control rights data for over 5000firms from 31 countries to examine the net costs and benefitsof cash holdings. We find that when external country-level shareholderprotection is weak, firm values are lower when controlling managershold more cash. Further, when external shareholder protectionis weak we find that firm values are higher when controllingmanagers pay dividends. Only when external shareholder protectionis strong do we find that cash held by controlling managersis unrelated to firm value, consistent with generally prevailingU.S. and international evidence.     

Give Them Something to Smile About: A Marketing Strategy for Recruiting and Retaining Volunteers

Using a marketing perspective, this study investigates whether the issue of “fun at work” would appeal to volunteers as a part of an effort to enhance recruitment and retention. Specifically, we examined volunteers' attitudes toward fun, their perceptions of what kinds of activities are fun and what are not, and the relative importance of workplace fun in what they perceive as an ideal volunteer position. In general, we found that volunteers had positive attitudes towards fun and experiencing fun at work was associated with higher job satisfaction and lower turnover intentions. Although “a fun workplace” was ranked relatively low in importance relative to other reasons why they volunteer, creating such an environment could enhance retention. Some age and gender differences were found in the perceptions of whether certain activities are fun or not. The implications of these results and directions for future research are discussed.     

Conference Tourism: A Problem for the Environment,as well as for Research?

The increase in professional trips to conferences and seminars made by employees in the 'knowledge industries' presents an environmentally worrying trend in mobility in contemporary post-industrial society. A number of factors are involved. Globalisation and regional competition encourage host cities and institutions to put themselves on the conference map. For the individual traveller, conferences and seminars offer escape from daily routines and the chance to experience new, perhaps exotic, places. But trips to distant conferences can have serious environmental impacts, especially if made by airplane. Because of the aggressive impact of greenhouse gas emissions in the upper atmosphere, their threat to the global climate is more serious than similar trips made at surface level. In addition, the time spent on such trips competes with other tasks: conference participation takes scarce time resources available to university academics for research. In the age of electronic communication, it is questionable whether conferences are effective arenas for communicating and gathering knowledge.     

Income risk and farm consumption behavior

Using panel data from Illinois grain farmers, a direct test of the relationship between income risk and farm consumption behavior is conducted. The estimation results indicate that income risk significantly affects farm consumption and the results are robust using alternative risk measures. This finding casts doubt on the relevance of the conventional life-cycle permanent income hypothesis, which implies that risk has no effect on consumption.     

Das Unsicherheitsmoment in der Wertlehre

Ohne ZusammenfassungIm wesentlichen wurde diese Arbeit 1923 fertiggestellt und 1927 in der Wiener ökonomischen Gesellschaft vorgetragen. Vgl. auch Ergebnisse eines mathem. Kolloquiums, Heft 6 (78. Kolloquium), bei Teubner, Leipzig.     

Modelling and forecasting liquidity supply using semiparametric factor dynamics

We model the dynamics of ask and bid curves in a limit order book market using a dynamic semiparametric factor model. The shape of the curves is captured by a factor structure which is estimated nonparametrically. Corresponding factor loadings are modelled jointly with best bid and best ask quotes using a vector error correction specification. Applying the framework to four stocks traded at the Australian Stock Exchange (ASX) in 2002, we show that the suggested model captures the spatial and temporal dependencies of the limit order book. We find spill-over effects between both sides of the market and provide evidence for short-term quote predictability. Relating the shape of the curves to variables reflecting the current state of the market, we show that the recent liquidity demand has the strongest impact. In an extensive forecasting analysis we show that the model is successful in forecasting the liquidity supply over various time horizons during a trading day. Moreover, it is shown that the model's forecasting power can be used to improve optimal order execution strategies.     

Is ‘NAFTA Plus’ an Option in the North American Agrifood Sector?

With the implementation of the North American Free Trade Agreement (NAFTA) nearly complete, there are concerns that the easy gains in efficiency have been achieved and that additional steps towards the economic integration of the member countries are required. This poses a distinct challenge to the NAFTA governments, since the agreement did not create trinational institutions with the supranational authority to facilitate the deepening of the new trading environment. In any initiative to further the economic integration of the NAFTA countries, agriculture will be a difficult sector in which to make progress. However, at an aggregate level, the support provided directly to agricultural producers by the NAFTA governments is similar, as are tariffs at an aggregate level. All three countries have devised income support programmes that contain a countercyclical element. In each of these areas, as well as in the operation of ‘green box’ programmes that are consistent with the member countries’ obligations to the World Trade Organization, cooperation and consultation among the NAFTA members would seem crucial if they are to achieve greater integration in the agrifood sector. This article examines the opportunities and challenges facing the NAFTA members as they seek further integration in the agrifood sector.     

A survey on pickup and delivery problems

This paper is the first part of a comprehensive survey on pickup and delivery problems. Basically, two problem classes can be distinguished. The first class, discussed in this paper, deals with the transportation of goods from the depot to linehaul customers and from backhaul customers to the depot. This class is denoted as Vehicle Routing Problems with Backhauls (VRPB). Four subtypes can be considered, namely the Vehicle Routing Problem with Clustered Backhauls (VRPCB – all linehauls before backhauls), the Vehicle Routing Problem with Mixed linehauls and Backhauls (VRPMB – any sequence of linehauls and backhauls permitted), the Vehicle Routing Problem with Divisible Delivery and Pickup (VRPDDP – customers demanding delivery and pickup service can be visited twice), and the Vehicle Routing Problem with Simultaneous Delivery and Pickup (VRPSDP – customers demanding both services have to be visited exactly once). The second class, dealt with in the second part of this survey, refers to all those problems where goods are transported between pickup and delivery locations. These are the Pickup and Delivery Vehicle Routing Problem (PDVRP – unpaired pickup and delivery points), the classical Pickup and Delivery Problem (PDP – paired pickup and delivery points), and the Dial-A-Ride Problem (DARP – passenger transportation between paired pickup and delivery points and user inconvenience taken into consideration). Single as well as multi vehicle versions of the mathematical problem formulations are given for all four VRPB types, the corresponding exact, heuristic, and metaheuristic solution methods are discussed.      

Explaining the American Dream: Telling Chinese Academics What'Liberty and Justice For All'Means Taxes Even an Eager Audience

Abstract . For more than a generation, contemporary mainland Chinese have lived under first a military dictatorship and now a political party dictatorship. How to explain to an eager Chinese academic audience what the American dream of ‘liberty and justice for all’—realized only in part in some areas but approached progressively nearer in others—really means? The U.S. has predominantly a capitalist system but its people are committed to equality of opportunity. It tempers ‘rugged individualism’ by concern for the poor, the handicapped and the unfortunate. It has many serious economic, social and cultural problems but its citizens, drawn from most of the peoples of the world—not the special interest groups trying to benefit at the expense of others—are determined to solve them equitably and rationally. The trade and budget deficits are related to government instrumentalities.