Information and Noise in U.K. Futures Markets

This paper examines the extent to which futures price changes are driven by noise and information for three U.K. futures contracts by utilizing T. Andersen's (1996) specification of the mixture of distributions hypothesis. Use of the generalized method of moments approach demonstrates that the link between futures volume and volatility can be attributed to the flow of information. More importantly, it is shown that price movements are dominated by informed rather than noise trading for the FTSE‐100, the Long Gilt, and the Brent Oil futures contracts. The results suggest that further regulation based on the notion that noise traders dominate futures trading is unwarranted. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:711–731, 2004     

The term structure of interest rates,the expectations hypothesis and international financial integration: Evidence from Asian economies

The validity of the expectations hypothesis of the term structure is examined for a sample of Asian countries. A panel stationarity testing procedure is employed that addresses both structural breaks and cross-sectional dependence. Asian term structures are found to be stationary and supportive of the expectations hypothesis. Further analysis suggests that international financial integration is associated with interdependencies between domestic and foreign term structures insofar as cross-term structures based on differentials between domestic (foreign) short- and foreign (domestic) long-rates are also stationary.     

The influence of people on the performance of IPO firms

Until the mid-1990s, the study of initial public offerings (IPOs) fell mainly under the purview of the finance literature. Within the last 10 years, however, management and entrepreneurship scholars have delved more into this subject area, as well. This article summarizes research examining IPO firms that has appeared in management and entrepreneurship journals, highlighting in particular the influence of individuals (namely executives and boards of directors) on IPO firm outcomes.     

The adoption of human capital services by small and medium enterprises: A diffusion of innovation perspective

While lack of scale economies have traditionally limited the use of human capital programs among small and medium enterprises (SMEs), outsourcing models have recently emerged to provide cost-effective access to these programs. Drawing on the diffusion of innovation literature, we apply the rational accounts model and institutional theory to examine why SMEs differ in their willingness to use newly available human capital programs. We specifically examine the impact of SME size on the adoption of human capital innovations. Using survey and archival data from over 400 SMEs, we found broad support for the integrated approach we propose.     

Female‐Led High‐Growth: Examining the Role of Human and Financial Resource Management

We integrate research on upper echelons theory, the resource‐based view, and gender to explore conditions that facilitate high growth for female‐led firms. We argue that female entrepreneurs have certain advantages that help them leverage their firms’ human and financial capital to achieve high growth. In support, using a sample of U.S.‐based entrepreneurial firms, we found evidence that having a female lead entrepreneur positively moderated the positive relationships between indicators of firms’ human and financial capital and high growth. The findings have implications for programs, policies, and practices to encourage more high growth in firms with female lead entrepreneurs.     

An exploratory investigation into how socioeconomic attributes influence coupons redeeming intentions

In this study, we examine the effects that opportunity cost, income effect, coupon proneness and devaluation effect have on coupon redemption intention. Overall, the results of a survey received from approximately 2250 respondents suggest that prospect of savings and coupon proneness are positively associated, while opportunity cost is inversely associated with coupon redemption intention. The results are consistent across several sub-samples of grocery stores, which further underline the robustness of our hypotheses. Our analyses are more exhaustive than and therefore, contribute to, extant literature on promotions using coupons, because we base our study on behavioral, social and economic factors that influence coupon redemption intentions.     

Between autonomy and control: Expatriate managers and strategic IHRM in SMEs

Much research in the relatively new area of International HRM has concentrated on the problems of expatriates and expatriation issues (Scullion, 1995; Brewster & Harris, 1999). These are often related to concerns that they face in working in a foreign environment; particularly, such issues as cultural difficulties and other factors associated with assignment failure (Harzing, 1995; Forster, 1997). However, there is very little research on what expatriates do as managers in a foreign context, and how this relates to overall business and HRM strategy in the organization as a whole. This article is a small contribution to this growing debate, and examines the strategic relationship between the HRM department at national HQ and how its strategy and policy is translated by expatriates at subsidiary levels in a relatively small organization operating in 37 countries. The article focuses most particularly on the tensions between local autonomy of the organization's various overseas units and the attempts by its headquarters to achieve control. We particularly examine the role of HRM in attempting to find this balance. © 2001 John Wiley & Sons, Inc.     

打造一线明星——是什么造就了一线明星

我所谈到的一线明星,是那些你可以把他们放在很恶劣的工作环境中,缺乏支持,没有培训,所能使用的资源也是不利的、过时的,然而几个月后,他们开始胜过你最好的员工,或者用一些你从来没有想到过的方法塑造公司的人。