The role of calculative attachment in the relationship between diversity climate and retention

This study enhances our understanding of the complex relationship between diversity and employee retention. The study found that positive perceptions of an organization's “diversity climate” were related to decreased turnover intentions and found support for the proposition that calculative attachment mediated this relationship. In addition, the study considered potential interactions with diversity climate perceptions in predicting calculative attachment and found support for satisfaction with pay as a moderator, but not supervisor effectiveness. Finally, the study determined that the benefits of a positive diversity climate may extend to all employees, including White men. ©2011 Wiley Periodicals, Inc.     

Do economic statistics contain information to predict stock indexes futures prices and returns? Evidence from Asian equity futures markets

This research examines the impact of local and international market factors on the pricing of stock indexes futures in East Asian countries. The purpose of this paper is to present a study of the significant factors that determine the major stock indexes futures’ prices of Hong Kong, Malaysia, Singapore, South Korea and Taiwan. This study first investigates the relationships between Hang Seng Index Futures, KLCI Futures, SiMSCI Futures, KOSPI Futures, Taiwan Exchange Index Futures and local interest rates, dividend yields, local exchange rates, overnight S&P500 index and a newly constructed index, Asian Tigers Malaysia Index (ATMI). 11 years historical data of stock indexes futures and the economic statistics are studied; 10 years in-sample data are used for testing and developing the pricing models, and 1 year out-of-sample data is used for the purpose of verifying the predicted values of the stock indexes futures. Using simple linear regressions, local interest rates, dividend yields, exchange rates, overnight S&P500 and ATMI are found to have significant impact on these futures contracts. In this research, the next period close is predicted using simple linear regression and non-linear artificial neural network (ANN). An examination of the prediction results using nonlinear autoregressive ANN with exogenous inputs (NARX) shows significant abnormal returns above the passive threshold buy and hold market returns and also above the profits of simple linear regression (SLR). The empirical evidence of this research suggests that economic statistics contain information which can be extracted using a hybrid SLR and NARX trading model to predict futures prices with some degree of confidence for a year forward. This justifies further research and development of pricing models using fundamentally significant economic determinants to predict futures prices.

     

Endogenous Product Differentiation,Market Size and Prices

This paper provides a framework to understand how market size affects firms' investments in product differentiation in a model of monopolistic competition. The theory proposes that consumers' love of variety makes them more sensitive to product differentiation efforts by firms, which leads to more differentiated products in larger markets. The framework also predicts an inverted U ‐shaped effect of trade liberalization on product differentiation, with trade liberalization leading to more differentiated products when starting from autarky but then leading to less differentiated products as the countries approach free trade.     

Navigating compromise: How founder authenticity affects venture identification amidst organizational hybridity

Founders of hybrid ventures encounter organizational tensions that can compel compromise in both their organizations' and their own personal values. Such compromises may, in turn, undermine founders' identification with their ventures. In a multi-case study analysis we examine why social entrepreneurs differ in their responses to organizational tensions, both at the firm- and individual-level, and how such differences relate to their venture identification. Specifically, our findings reveal that strategic decisions made in the context of values-based complexity are often accompanied by concerns regarding founder authenticity—that is, judgments about the alignment between founders' actions and the commitments or responsibilities associated with their identities as entrepreneurs. Yet, because founders differ in the basis from which they seek to maintain such alignment, these differences shape both hybridity management and subsequent venture identification. By unpacking such differences, our findings contribute new theory, bridging recent scholarship on founder authenticity with longstanding research on organizational identification and hybrid organizing.     

Arbitrage Free Price Bounds for Property Derivatives

Market frictions inhibit the perfect replication of property derivatives, and define the property spread as a price measure in the incomplete real estate market. We identify transaction costs, transaction time, and short sale constraints as the main frictions in this market. Based on these frictions, we set up a framework of arbitrage free price bounds for property derivatives. In turn, we use observed derivative prices to determine the implied cost of the frictions. Lastly, we verify these values by using other research, which confirms the accuracy of our framework.     

Differentiation of the regions of Russia based on level of economic development

Assessments of the level of interregional differences by per capita GRP in current and constant prices are presented in the article. The tendencies of inequality in economic development of the regions of Russia in 1990–2013 have been studied.     

Coupled Hydrological/Hydraulic Modelling of River Restoration Impacts and Floodplain Hydrodynamics

Channelization and embankment of rivers has led to major ecological degradation of aquatic habitats worldwide. River restoration can be used to restore favourable hydrological conditions for target species or processes. However, the effects of river restoration on hydraulic and hydrological processes are complex and are often difficult to determine because of the long‐term monitoring required before and after restoration works. Our study is based on rarely available, detailed pre‐restoration and post‐restoration hydrological data collected from a wet grassland meadow in Norfolk, UK, and provides important insights into the hydrological effects of river restoration. Groundwater hydrology and climate were monitored from 2007 to 2010. Based on our data, we developed coupled hydrological/hydraulic models of pre‐embankment and post‐embankment conditions using the MIKE‐SHE/MIKE 11 system. Simulated groundwater levels compared well with observed groundwater. Removal of the river embankments resulted in widespread floodplain inundation at high river flows (>1.7 m³ s^?1) and frequent localized flooding at the river edge during smaller events (>0.6 m³ s^?1). Subsequently, groundwater levels were higher and subsurface storage was greater. The restoration had a moderate effect on flood peak attenuation and improved free drainage to the river. Our results suggest that embankment removal can increase river–floodplain hydrological connectivity to form a more natural wetland ecotone, driven by frequent localized flood disturbance. This has important implications for the planning and management of river restoration projects that aim to enhance floodwater storage, floodplain species composition and biogeochemical cycling of nutrients. © 2016 The Authors. River Research and Applications Published by John Wiley & Sons Ltd.     

Capital in the Twenty-First Century: Reinterpreting the fundamental contradiction of capitalism

At a theoretical level this article discusses Piketty’s hypothesis that the distribution of income and wealth tends to become more concentrated over time when the rate of return on capital is greater than the growth rate of real output. We develop a post Keynesian model of growth and distribution showing that once capital is differentiated from wealth, the increase in income and wealth concentration actually occurs when the rate of valorization of financial and real estate assets is greater than the growth rate of real output, and that this situation may be triggered by financial liberalization.     

Implementing the European “Floods Directive”: the Case of the Po River Basin

The European “Floods Directive” 2007/60/EC (FD) asks Member States to develop flood risk maps on the bases of most appropriate and advanced tools, with particular attention on limiting required economic efforts. The question arises on how these tools should be selected so as to supply all the knowledge that is required to develop Flood Risk Management Plans (FRMPs). By analysing the implementation of the FD in the Po River Basin (Italy), the paper describes and compares two different approaches for flood risk assessment: the expert driven-qualitative approach vs. the quantitative approach based on damage models. The comparison shows, as expected, that quantitative approaches supply more useful knowledge for the development of FRMPs (and for flood risk management in general) with respect to qualitative approaches. However, they still present limits which prevent their adoption without critically consider the peculiarities of the investigated area in terms of available knowledge on hazard, exposure and vulnerability. Accordingly, considerations are supplied on how effectiveness of quantitative approaches can be maximized, towards flood risk management objectives.