Evidence of feedback trading with Markov switching regimes

Previous research has concluded that the degree of return autocorrelation observed in index returns varies linearly with the volatility of the series, and that feedback traders are at least partly responsible for this phenomenon. Using daily Australian bond and equity market returns, we test this conclusion directly by using a Markov switching model for changing variance that explicitly allows the autocorrelation of returns to vary with the volatility regime. We find evidence that a significant proportion of investors in both the Australian equity and bond markets are positive feedback traders and are responsible for the observed increase in negative autocorrelation in index returns during periods of high and increasing volatility.

A CYCLING METHOD FOR CONSTRUCTING INPUT–OUTPUT TABLE TIME SERIES FROM INCOMPLETE DATA

There are a number of approaches for constructing time series of input–output tables. Some authors generate an initial estimate for a base year, and then serially estimate tables for subsequent years using the balanced prior-year table as an initial estimate. Others first generate a series of initial estimates for the entire period, and then balance tables in parallel. Current serial methods are affected by sudden leaps in the magnitude of table elements, which occur straight after a period of data unavailability. Current parallel methods require two complete tables for base and final years in the same classification, and therefore do not work under misaligned or incomplete data. We present a new method for constructing input–output table time series that overcomes these problems by averaging over alternate forward and backward sweeps across the time series period. We also solve the problem of hysteresis causing forecast and backcast table estimates to differ.     

Negative emotions of an entrepreneurial career: Self-employment and regulatory coping behaviors

Although we know a great deal about the relationship between self-employment and the experience of positive emotions such as passion, excitement, happiness, satisfaction, and flow, there is some research that suggests that the self-employed may be more susceptible than employees to negative emotions such as stress, fear of failure, loneliness, mental strain, and grief. We draw on the literature on role requirements to develop a model of career pursuit based on individuals' willingness and abilities to regulate these emotions. Using a nation-wide survey of more than 2700 US citizens we show that over and above the effects of positive emotions, the self-employed experienced fewer negative emotions than those who are employed, contingent on their regulatory coping behaviors. We discuss implications of these results for the literature on entrepreneurial emotions.     

The effects of educational delivery methods on knowledge retention

In today's dynamic learning environment, educational delivery methods have become increasingly diverse. Using a unique opportunity to assess three types of course delivery—face-to-face, interactive television (iTV), and purely online delivery—the authors look at both initial knowledge acquisition and the retention of this knowledge. The results indicate that the online class outperformed the face-to-face and iTV sections on the initial performance evaluation; however, knowledge retention was greater in the face-to-face and iTV sections. The authors' findings suggest that diverse educational delivery methods provide unique benefits to students, but these benefits vary in relation to immediate learning outcomes and knowledge retention.     

Facilitation Methods for Collaborative Modeling Tools

This paper presents results of an ongoing research effort to support effective user involvement during modeling and analysis meetings. Productivity and user participation of traditional group meetings have been limitations imposed by chauffeured facilitation and single-user tools. These tools have been designed for analysts rather than for direct use by non-analyst users. Recently, electronic meeting systems (EMS) modeling tools that allow users to work in parallel to contribute directly during meetings have been developed. Such tools allow more domain experts to participate directly and productively during model development meetings than is possible using the traditional approach. Although previous research has demonstrated that EMS modeling tools may be used to develop some model content, little research had been done on collaborative facilitation methods that employ these tools. This paper presents a comparison of modeling approaches for use with EMS modeling tools and proposes an approach that overcomes significant problems inherent in other approaches. It leverages the productivity enhancement afforded by direct group access and still results in production of complete, integrated, high quality models. This approach allows models to be developed two to four times faster than with traditional modeling support and yet avoids model ambiguities and inconsistencies.     

Emotional labour and surplus value: the case of holiday ‘reps’

Service organizations are encouraged by the literature [Grönroos, 1996, 1997; 2000; Zeithaml and Bitner, 2000] to consider the manner in which employees perform at the customer/front-line employee interface, as a means to gain competitive advantage. The employee's behaviour requires ‘emotional labour’ [Hochschild, 1983] where the front-line employee has to either conceal or manage actual feelings for the benefit of a successful service delivery. The implication is not necessarily of equality or mutual benefit but of satisfaction for the customer and profit for the management. The article discusses whether the service employee is being exploited in this three-way relationship, and how surplus value accrues and its benefit distributed. Expecting emotional labour from employees can be exploitative, thus increasing the risk of potential deceit, in particular where poor recruitment, training and support recovery accompany the expectations of the emotional labourer. To illustrate this argument, data gathered from in-depth interviews with three holiday ‘reps’ are used.     

A Multicultural Examination of Business Ethics Perceptions

This study provides an evaluation of ethical business perception of busIness students from three countries: Australia, Taiwan and the United States. Although statistically significant differences do exist there is significant agreement with the way students perceive ethical/unethical practices in business. The findings of this paper indicate a universality of business ethical perceptions.