Jumps in equilibrium prices and market microstructure noise

Asset prices observed in financial markets combine equilibrium prices and market microstructure noise. In this paper, we study how to tell apart large shifts in equilibrium prices from noise using high frequency data. We propose a new nonparametric test which allows us to asymptotically remove the noise from observable price data and to discover jumps in fundamental asset values. We provide its asymptotic distribution to decide when such jumps occur. In finite samples, our test offers reasonable power for distinguishing between noise and jumps. Empirical evidence indicates that it is necessary to incorporate the presence of jumps in equilibrium prices.     

From Ethics 'By Proxy' to Ethics In Action: New Approaches to Understanding HRM and Ethics

In this paper we review recent UK literature on HRM and ethics and suggest that implicit in many accounts is a perception of a 'moral hole' appearing within the employee relations landscape which is based on external, reflective observations of HRM policies and practices. We argue that the investigation of HRM and ethics could be broadened by locating HRM and ethics research more explicitly within the social and cultural realities of organizations and their employees. Finally, we outline and illustrate what a social constructivist approach might add to research in this field and how it might provide insights that help bridge the gap between theory and practice.     

Culture, entrepreneurial orientation, and global competitiveness

Based on Lumpkin and Dess’s conceptualization of entrepreneurial orientation (EO), this paper presents a cultural model of entrepreneurship. We propose that a society’s propensity to generate autonomous, risk-taking, innovative, competitively aggressive and proactive entrepreneurs and firms will depend on its cultural foundation. The role of economic, political/legal, and social factors as moderators of the relationship between culture and entrepreneurial orientation (EO) are also considered. Overall, it is proposed that only those countries with specific cultural tendencies will engender a strong EO, hence experiencing more entrepreneurship and global competitiveness. Specific country examples are discussed.     

Shared decision-making in tourism land use planning

A Canadian government commission dealing with environmental resources attempted to incorporate several innovative approaches for shared decision-making into its strategic land use planning process for central British Columbia. This paper describes a framework of design and evaluative criteria for guiding such shared decision-making processes. It uses these criteria to assess the efficacy of the process from the perspective of those tourism stakeholders who participated in this planning exercise. The article offers recommendations to government as well as tourism sector organizations concerning the management of future public land use planning strategies designed to fully incorporate stakeholders into such processes.

Résumé

Les décisions partagées au sujet de la politique foncière du tourisme. Une commission du gouvernement canadien s'occupant des ressources environnementales a essayé d'incorporer plusieurs nouvelles méthodes de décisions partagées dans la planification des stratégies d'utilisation foncière pour la Colombie britannique centrale. Cet article décrit un cadre de critères pour la conception et l'évaluation des processus de décisions partagées. L'article utilise ces critères pour mesurer l'efficacité du processus du point de vue des planificateurs. Il fait des recommandations au gouvernement et aux organisations touristiques au sujet de la planification et de la future gestion de l'utilisation de la propriété publique pour que tous les intéressés soient compris dans ces processus.     

Sustainable Procurement in Australian and UK Universities

Sustainable procurement is a growing phenomenon and a key component of organizations’ corporate responsibility and sustainability strategy. The focus of this paper is sustainable procurement (SP) at universities in Australia and the United Kingdom. The study identifies a dearth of academic research into SP at universities and presents actionable insights gained from practitioners. Results from qualitative data collected from Australian and UK universities highlight the continued dominance of price in procurement decisions and the practical challenges faced in changing the status quo both internal and external to the university. Implications for theory, research and policy are also presented.     

Convergence in Sub-Saharan Africa: a nonstationary panel data approach

Given the development of time series econometrics and nonstationary data analysis, St. Aubyn (Empirical Economics, 24, 23–44, 1999) demonstrates a new paradigm for testing income convergence, or better defined, income stability, namely testing the stationarity of pair-wise income differentials. In this paper, a panel data set of Sub-Saharan African countries is constructed and panel cointegration and unit root tests are used to investigate the convergence properties of incomes and standards of living within Africa. Overall, little evidence is found to substantiate claims of convergence across Africa, although in some cases, smaller convergence clubs within Africa may be found. In addition the use of nonstationary panel data techniques is proposed for the testing and establishing of coherent convergence clubs.     

Are Food Certification Costs Misestimated? Exporter‐Perspective on the European Standard

Food safety regulations aimed at controlling food contamination have sometimes been criticised as excessive burdens, disadvantaging smaller firms and exports from developing nations. Reported food safety expenditures appear relatively small (from <1 to 7% of the value of production) but can erode profit margins for many firms. This article responds to claims that reported firm‐level expenditures do not reflect true costs of compliance with food safety systems. We estimate incidental cost savings and uncounted costs associated with Hazard Analysis and Critical Control Points (HACCP) certification among Philippine seafood producers by modelling the interactions between conventional production and food safety expenditures using translog cost functions. Results indicate a significant underestimation of reported HACCP costs by an average of US$1.10 for a dollar of reported expenditure.     

An exploratory study of environmental attitudes and the willingness to pay for environmental certification in Mexico

This paper explores how environmental attitudes of consumers in Mexico influence their willingness to pay a premium (or, marginal WTP) for environmentally-certified products. In addition, we also challenge the theoretical assumption that the relationship between environmental attitudes and purchasing is linear. We test our hypotheses with an analysis of marginal WTP based on a survey of 301 Mexican consumers. Using conjoint analysis to determine marginal WTP, we find support for the idea that as attitudes become more pro-environmental, they more than proportionally boost marginal WTP. We conclude our paper by discussing implications for research and practice that focus on environmental segments of consumers.     

The relationships between political support,party strength,and term limits

This paper translates two implications of a recent game-theoretical explanation for term limitations [Mao, 2001] into an empirical context for testing. One implication involves the pattern of political support for a candidate over time and its relationship to the strength of the candidate's party. To test this implication, this study focuses on the careers of senators of the 106^th Congress and applies a suitable regression analysis. Consistent with Mao's theory, the statistical evidence suggests that the greater the strength of the candidate's party, the longer it takes for the politician's support to spread beyond his or her party. A second implication pertains to the effect of the majority party's strength on the likelihood of term limit legislation being passed. To test this implication, the study focuses on the states' stances on federal term limits, prior to 1995, and applies a probit analysis. In this case, the statistical evidence suggests that the greater the strength of the majority party, the less likely the state to have passed federal term limit legislation. The relationship is not statistically significant by conventional standards, though it is nearly so. However, taken together, these empirical results are generally supportive of Mao [2001].