Market efficiency, discount-rate changes, and stock returns: A long-term perspective

This paper examines the market efficiency issue by analyzing stock returns surrounding Fed announcements of discount-rate changes. Based on an analysis ofex post returns over a 58-year period, the results provide evidence of long-term market efficiency. Consistent with recent literature, the findings also reveal some predictability in return patterns where an active trading strategy based on directional reversals in the pattern of discount rate changes outperforms a passive buy-and-hold approach. The results indicate that the proposed active trading produces substantially higher risk-adjusted returns than the buy-and-hold strategy.     

Workplace Flexibilities,Job Satisfaction and Union Membership in the US Workforce

Using individual‐level data from the 2008 National Study of the Changing Workforce, we quantify how workers' job satisfaction levels correlate with five schedule‐based workplace flexibilities. The data permit us to control for numerous variables that might otherwise explain variation in the probability of job satisfaction, including, but not limited to, income, benefits, stress, depression, job control and individual preferences over flexibilities. Conditional on this control set, we find that workplace flexibilities correlate with an 8.1 per cent increase in job satisfaction. The relationship between job satisfaction and workplace flexibilities prevails through several sensitivity analyses, bias assessments and a propensity score matching analysis. We also explore how job satisfaction, union membership and workplace flexibilities intermix; we find that workplace flexibilities may function as a partial substitute for union membership.     

Implementing TQM: top down or bottom up?

Here the authors examine the challenges posed by the phased introduction of TQM in an organisation. Longitudinal study shows that the phased approach has experienced difficulties which are examined in the context of the debate as to where in the organisation the leading edge of change is best located.     

Poachers and gamekeepers: processes of class-based organisational closure and usurpation in Sri Lanka’s emerging private sector

In a qualitative study based on 25 interviews, we examine highly skilled workers’ accounts of class-based closure in emerging occupational sectors in Sri Lanka. Our findings reveal holes in the entrance criteria firms demanded to secure their elite status. Highlighting how individuals who were excluded at junior levels negotiate entry at mid/senior levels, we show how ‘poachers turn into gamekeepers’, illuminating the dialectical relationship between exclusion and inclusionary usurpation. We contextualise organisational closure, highlighting the influence of wider societal effects on the process.     

What helps? Women engineers' accounts of staying on

We have considerable understanding of the obstacles that women engineers encounter and the reasons that they leave the field, but we know less about what enables them to remain. Adopting an interpretivist approach, this article examines how a group of British women engineers in two FTSE 100 companies account for “staying on” in their male‐dominated work settings. We delineate four specific forms of help that facilitate women's retention in the field. We argue that exposure to help leads to women developing a habitus that enables them to continue working in engineering. To conclude, we draw on our findings to outline HR practices that will facilitate supportive relationships in the workplace and pave the way towards developing more positive organisational climates.