Size effect,methodological issues and ‘risk-to-default’: evidence from the UK stock market

The hedging effectiveness of dynamic strategies is compared with static (traditional) ones using futures contracts for the five leading currencies. The traditional hedging model assumes time invariance in the joint distribution of spot and futures price changes thus leading to a constant optimal hedge ratio (OHR). However, if this time-invariance assumption is violated, time-varying OHRs are appropriate for hedging purposes. A bivariate GARCH model is employed to estimate the joint distribution of spot and futures currency returns and the sequence of dynamic (time-varying) OHRs is constructed based upon the estimated parameters of the conditional covariance matrix. The empirical evidence strongly supports time-varying OHRs but the dynamic model provides superior out-of-sample hedging performance, compared to the static model, only for the Canadian dollar.     

Sources of Slavery-Destinations of Slavery

Summary

This study seeks to account for differences between the UK and US in including sites of black slavery as part of their heritage tourism and museum agenda. Both countries were heavily involved in the slave trade and both currently have immigrant communities with an appreciation of their origins. However, and unlike the American situation, it is only recently that Britain has opened the contentious issue of slavery to public gaze. In this regard, attention focuses specifically on the mounting of a pioneering Slave Exhibition at Liverpool's Maritime Museum and, by interviewing its chief curator, various insights are gained as to the potential and pitfalls of such a permanent display of an inglorious past. Further interpretation is added by references to the general literature on heritage tourism, the emerging context of “thanatourism” and the framework of a Force Field model that can usefully accommodate the competing interests of rival stakeholders.     

Relationship or revenue: Potential management conflicts between customer relationship management and hotel revenue management

The concepts of customer relationship management (CRM) and revenue management (RevM) have been embraced by managers in the hospitality industry although, in practice, companies may find it difficult to accommodate both fully. This paper examines the compatibility between the two practices and discusses the possible management conflicts that occur from both account managers’ and revenue managers’ viewpoints. Findings gathered from an international hotel company reveal several causes of potential management conflicts including: management goals, management timescales, perceived business assets, performance indicators and management foci between CRM and RevM due to divergence occurring in managers’ priorities and in their approaches to achieving their individual set goals. These differences have rarely been comprehensively investigated in previous studies, yet are vital in integrating CRM and RevM practices.     

Understanding the interaction of motivation and opportunity for tax planning inside US multinationals: A qualitative study

We explore the internal workings of tax planning within US multinational enterprises (MNEs) using a qualitative research method. We conduct a series of interviews with senior tax executives, which we supplement with other public information. We find that US MNEs adopt a heterogenous range of approaches driven by the motivations as well as the opportunities to reduce their tax bill legally. We develop a new theoretical framework that analyses the interactions of motivations and opportunities in MNEs’ tax planning strategy. We generate four typologies of corporate tax payers. Our study provides new insights detailing why and how companies plan their tax.     

The Corporate Social Responsibility of Pharmaceutical Product Recalls: An Empirical Examination of U.S. and U.K. Markets

The pressure on companies to practice corporate social responsibility (CSR) has gained momentum in recent times as a means of sustaining competitive advantage in business. The pharmaceutical industry has been acutely affected by this trend. While pharmaceutical product recalls have become rampant and increased dramatically in recent years, no comprehensive study has been conducted to study the effects of announcements of recalls on the shareholder returns of pharmaceutical companies. As product recalls could significantly damage a company’s reputation, profitability and brand integrity, this paper investigates the effect on shareholder wealth and the extent to which the adoption of CSR practices by pharmaceutical companies in the United Kingdom (U.K.) and the United States (U.S.), the two largest markets for pharmaceutical products in the world, affected market reactions surrounding product recall announcements. The analysis of product recall announcements from 1998 to 2004 compiled from The Pharmaceutical Journal and U.S. Food and Drug Administration enforcement reports revealed marked differences in the way market participants in the two countries responded to news of product recalls. U.S. investors penalised firms according to the severity of product defects while U.K. investors were indifferent. While U.K. investors rewarded product recalls by firms which were not usually CSR-active, U.S. investors punished non-CSR active firms that performed recalls. These observations could pose strategic challenges to pharmaceutical firms operating in both countries. Jeremy Cheah is an Assistant Professor of Finance at Nottingham University Business School, Malaysia Campus. His research interests lie in the area of applied corporate finance and investment management. Wen Li Chan was an Advocate and Solicitor in Kuala Lumpur, Malaysia before assuming the post of University Teacher in Information Systems and Strategy at Nottingham University Business School, Malaysia Campus. She is currently investigating the roles and implications of information on firm valuation, particularly in the area of corporate cyber-litigation and corporate social responsibility. Corinne Chieng is a Corporate Executive at Star Publications (M) Berhad, Malaysia. She has previously worked as a tax consultant at Arthur Andersen Malaysia. Her research interests include the financial implications of corporate social responsibility on the valuation of firms.     

Mental health of UK university business students: Relationship with shame,motivation and self-compassion

There is growing awareness of mental health problems among UK business students, which appears to be exacerbated by students’ attitudes of shame toward mental health. This study recruited 138 UK business students and examined the relationship between mental health and shame, and mental health and potential protective factors such as self-compassion and motivation. A significant correlation between each of the constructs was observed and self-compassion was identified as an explanatory variable for mental health. Shame moderated the relationship between self-compassion and mental health. Integrating self-compassion training into business study programs may help to improve the mental health of this student group.     

A stages approach to the internationalization of higher education? The entry of UK universities into China

This article contributes to understandings of the internationalization of higher education by investigating the extent to which a stages approach is evident in the overseas expansion of universities such that they begin with exports before moving on to contractual arrangements, then joint ventures and finally the establishment of wholly owned subsidiaries. Focusing on the expansion of UK universities into the Chinese market, the findings from 10 case studies reveal that universities do not follow a uniform market entry pattern. Moreover, evidence suggests that access to high-level personal networks in China determines the development of high commitment entry modes.     

Liberty,equality and consumerism in state education: exploring liberal angst under New Labour

This paper aims to explore aspects of consumerism in state secondary education in England, the dilemmas posed by the educational market‐place for a category we describe as the ‘resourced liberal egalitarians’ and the resolution of these dilemmas offered by the actions of prominent Labour Party parents‐as‐consumers. Having outlined the individual and societal significance of education, the ideological and ‘economic’ dimensions of educational consumption are explored in order to locate the category ‘resourced liberal egalitarians’. This group's dilemmas are then explained in the context of the strengthening of the market principle and the polarizing of the market‐place within education. These together increase the stakes of protecting their own children's interests while simultaneously exacerbating the inegalitarian character of the education system, a situation which they find distasteful. The final section looks at how the actions of prominent Labour Party figures address this angst through their own actions as parent‐consumers of state education.     

汤因比的历史研究与英国战后外交政策

作者从第二次世界大战前后英帝国的兴衰追踪分析汤因比的历史研究及其结论的变化,认为汤因比的学术生涯始终贯穿政治,其学术研究肩负着英国的特别文化使命,是为英国外交利益服务的。英国是第二次世界大战中的胜利者,同时也是被剥夺者:其海外利益不仅没有在战后得到有效保护,反而还遭到美国联手苏联的变相瓜分。第二次世界大战结束后,丘吉尔开始报复美国,用捧杀策略诱使美国与苏联、中国冲突并以此消耗并拖垮美国;与此同时还要借美国之手为欧洲收复在雅尔塔体制中失去的战略利益,使英国保留20世纪初、身披世界最强大帝国斗篷的骄傲。这些外交目的潜藏于汤因比历史研究之中且依稀可察。战场是最好的课堂,对手是最好的老师。英国人是盎格鲁-撒克逊民族中治理世界时间比较长的,其外交战略思维也是比较圆熟的。对此,我们要提高警惕,更要知己知彼,学习其中有效而我们尚不熟悉的治理世界的经验,为中国成长为一个世界性的大国做好准备。