Firm‐Level Competition and Exchange Rate Exposure: Evidence from a Global Survey of Firms

We examine the effect of competition on exchange rate exposure using survey data from 55 countries. We find that exposure increases with the intensity of competition. Exposure is higher when firms face price competition in international and domestic product markets and when rivals compete using an unfair financial advantage. Furthermore, competition is a leading determinant of exposure, dominating the usual determinants. Exposure also increases with several determinants not previously empirically examined, such as firm‐level financial constraints. These results hold for small, large, foreign‐involved, and purely domestic firms. Finally, import‐only firms have higher exposure than export‐only firms. Our survey results are likely to capture exposure before firms’ hedging actions.     

PROSPECTS FOR ‘CLOSING THE GAP’ IN SOCIOECONOMIC OUTCOMES FOR INDIGENOUS AUSTRALIANS?

Practical reconciliation' and more recently 'closing the gap' have been put forward as frameworks on which to base and evaluate policies to address Indigenous disadvantage. This paper analyses national-level census-based data to examine trends in Indigenous wellbeing since 1971. There has been steady improvement in most socioeconomic outcomes in the last 35 years; a finding at odds with the current discourse of failure. Evidence of convergence between Indigenous and non-Indigenous outcomes, however, is not consistent. For some outcomes, relatively rapid convergence is predicted (within 25 years), but for the majority of outcomes, convergence is unlikely to occur within a generation, if at all.     

Gurland's inequality for the gamma function

Asbtract

Using properties of statistical estimates Gurland [1] has shown that      

Cross arbitrage and specification in exchange rate models

Triangular arbitrage between currencies imposes strong restrictions on the specification of exchange rate equations, which do not seem to have been noted in the literature. The form of these restrictions and the ways in which they can be allowed for are examined.     

Current research in moral development as a decision support system

This paper argues that human beings possess the rational capabilities necessary to achieve the goal of more just and peaceable social orders, but that our educational institutions are failing in their responsibility to do what in fact can be done to produce graduates who make decisions in ways most likely to achieve this goal.Data compiled by us, consistent with other research, indicates that only a small percentage of the individuals graduating from universities and professional schools have developed the capacity for post-conventional moral reasoning. William Y. Penn, Jr. is Associate Professor of Philosophy and Religious Studies at St. Edward's University, Austin, TX. He held a chair at the Department of Religion of the Archbishop Hoban High School. His most important publication is: Kohlberg and Business Ethics, Edwin Mellon Press. A Collection of essays on business ethics is forthcoming. Boyd D. Collier is Professor and Head of the Department of Accounting and Finance at the Tarleton State University. Formerly he was Senior Lecturer at the University of Texas at Austin and Dean at the Center of Business Administration at St. Edward's University. His most important publications are: The Valuation of External Diseconomies of Pollution, The Journal of Environmental Planning and Pollution Control, 1973, Accounting for Convertible Bonds Impact on Earnings Per Share, Management Accounting 1979, and Measurement and Environmental Deterioration, University of Texas Bureau of Business Research Monograph No. 34.     

Bad Apples,Bad Barrels,and Broken Followers? An Empirical Examination of Contextual Influences on Follower Perceptions and Reactions to Aversive Leadership

Research on destructive leadership has largely focused on leader characteristics thought to be responsible for harmful organizational outcomes. Recent findings, however, demonstrate the need to examine important contextual factors underlying such processes. Thus, the present study sought to determine the effects of an organization’s climate and financial performance, as well as the leader’s gender, on subordinate perceptions of and reactions (i.e., whistle-blowing intentions) to aversive leadership, a form of destructive leadership based on coercive power. 302 undergraduate participants read through a series of vignettes describing a fictional organization, its employees, and an aversive leader in charge of the company’s sales department. They were then asked to envision themselves as subordinates of the leader and respond to several quantitative measures and open-ended questions. Consistent with Padilla and colleagues' (2007) toxic triangle theory, results suggest that both perceptions and reactions to aversive leadership depend on the three aforementioned factors. Specifically, aversive leaders were perceived more aversively and elicited greater whistle-blowing intentions in financially unstable organizations possessing climates intolerant of negative leader behavior. Moreover, female aversive leaders were perceived more aversively than their male counterparts under such conditions. Theoretical and practical implications as well as future research directions are also discussed.     

The market value impact of indirect ties within technology alliances

Researchers have typically studied the relationship between technology alliances and market value from a direct tie or dyadic perspective. Yet any given technology alliance is typically embedded in a network of indirect ties created by the alliance partners’ relationships with other firms. We argue that whether an indirect tie enhances or detracts from the market value a firm creates in a technology alliance depends upon factors related to inter-firm competencies at both an alliance- and partner-level of analysis. Empirical analysis of abnormal stock returns reveals support for the hypothesized contingent relationship between indirect ties and value creation within technology alliances. Theoretically, the paper clarifies opposing perspectives in the literature regarding the performance implications of indirect ties and identifies market value as a hitherto unrecognized effect associated with this type of tie. Managerially, the findings improve marketers’ ability to leverage the complex interactions that occur between technology alliances in a value-creating manner.

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