Dynamic no-good-deal pricing measures and extension theorems for linear operators on L ∞

In an L ^∞-framework, we present majorant-preserving and sandwich-preserving extension theorems for linear operators. These results are then applied to price systems derived by a reasonable restriction of the class of applicable equivalent martingale measures. Our results prove the existence of a no-good-deal pricing measure for price systems consistent with bounds on the Sharpe ratio. We treat both discrete- and continuous-time market models. Within this study we present definitions of no-good-deal pricing measures that are equivalent to the existing ones and extend them to discrete-time models. We introduce the corresponding version of dynamic no-good-deal pricing measures in the continuous-time setting.     

Human resource management in multinational and domestic enterprises: A comparative institutional analysis in Southeast Asia

This article looks at the relative impact of context on the role of senior managers. It compares HR directors of domestic enterprises (DEs) with those of multinational enterprises (MNEs), within an emerging market setting, based on a survey of HR directors in Brunei. We found that, with the exception of some aspects of selection and recruitment, HR directors of MNEs accorded a higher priority to strategic tasks but were more reluctant to delegate. This study confirms the importance of MNEs in pioneering more modern and integrated approaches to people management but also demonstrates the limitations to the extent where they might act as evangelists of new practices that are adopted by their local peers. In contrast, local firms were more likely to concentrate their attention on administrative, rather than strategic, issues. We draw out the implications of our findings for theory and practice.     

Dynamic risk measures: Time consistency and risk measures from BMO martingales

Time consistency is a crucial property for dynamic risk measures. Making use of the dual representation for conditional risk measures, we characterize the time consistency by a cocycle condition for the minimal penalty function. Taking advantage of this cocycle condition, we introduce a new methodology for the construction of time-consistent dynamic risk measures. Starting with BMO martingales, we provide new classes of time-consistent dynamic risk measures. These families generalize those obtained from backward stochastic differential equations. Quite importantly, starting with right-continuous BMO martingales, this construction naturally leads to paths with jumps.      

Bid-ask dynamic pricing in financial markets with transaction costs and liquidity risk

According to the classic no arbitrage theory of asset pricing, in a frictionless market a No Free Lunch dynamic price process associated with any essentially bounded asset is a martingale under an equivalent probability measure. However, real financial markets are not frictionless. We introduce an axiomatic approach of Time Consistent Pricing Procedure (TCPP), in a model free setting, to assign to every financial position a dynamic ask (resp. bid) price process. Taking into account both transaction costs and liquidity risk this leads to the convexity (resp. concavity) of the ask (resp. bid) price. We prove that the No Free Lunch condition for a TCPP is equivalent to the existence of an equivalent probability measure R that transforms a process between the bid price process and the ask price process of every financial instrument into a martingale. Furthermore we prove that the ask (resp. bid) price process associated with every financial instrument is then a R super-martingale (resp. R sub-martingale) which has a càdlàg version.     

Multi-disciplinary Professional Practice: Recent Developments and Attitudes of Accounting and Legal Practitioners

Recent developments in the professional accounting market and by the New South Wales legal profession indicate increasing pressure to consider multi-disciplinary professional practice in some form or other. Two of the Big Six accountants have launched new legal firms. In NSW, legislation has been amended to permit solicitors and other professionals, for the first time in Australia, to share their income. Australian legal and accounting professionals must seriously consider whether, and how, to facilitate the formation of multi-disciplinary partnerships (MDPs) where members of different disciplines combine to service clients' needs and share commercial profits.     

Correction to: Voter ID Laws and Voter Turnout

Atlantic Economic Journal - The name of the third author was incorrect in the initial online publication. The original article has been corrected.     

Voter ID Laws and Voter Turnout

Atlantic Economic Journal - In recent years, many states have enacted laws imposing strict identification requirements for voting. Proponents contend such laws are necessary to prevent voter fraud...     

Students’ Perception of International Business Curriculum: An Explorative Study—Case of Lebanon

Economic development depends on business education for a thriving and secure society. A skilled workforce that can create, innovate, and increase business opportunities fosters an environment of prosperity that provides jobs and enhances the quality of life among its citizens. This article examines the environment, content, and delivery of business education in Lebanon. It analyzes curriculum content and the students' perceptions of the value and applicability of the curriculum. It also explores the shift in emphasis toward an international perspective in curricula and its importance for the academicians as well as practitioners to understand the methods, techniques, and activities that are being used to prepare the future business workforce. This study presents ideas and perspectives about how business and international curricula in Lebanon are perceived. Data for this article were collected in Lebanon and reflects the students' perspective on its international business curriculum.     

Cost Benefit Analysis of European Air Quality Targets for Sulphur Dioxide, Nitrogen Dioxide and Fine and Suspended Particulate Matter in Cities

The European Commission has proposed air quality standards for NO₂, SO₂ and PM₁₀ to be in force by 2010. The present paper presents a study that gauged their costs and benefits. An analysis of the expected emissions for 2010 (reference emission scenario), using simplified air quality models, showed that non-compliance with these standards will occur in cities only, not in rural areas. Most compliance problems are expected for PM₁₀, least for SO₂. Central estimates of the costs to meet standards range from 21 MECU (SO₂), to 79 MECU (NO₂) to 87--225 MECU (PM₁₀). The estimated benefits are 83--3783 MECU (SO₂), 408--5900 MECU (NO₂), and 5007--51247 MECU (PM₁₀). Uncertainties are high, due to errors and incertitude in various steps of the methodology, mainly the estimation of the human health effects, in particular effects on mortality, and in the valuation of a statistical life. In the case of PM₁₀, additional uncertainty results from the small size of the air quality database. Notwithstanding the uncertainties, the indications are that the benefits exceed the costs.