A consumer education programme based on the Transtheoretical Model of Change

MONEY 2000? is a successful consumer education programme that was implemented by Cooperative Extension personnel in over two dozen states of the USA between 1996 and 2002. One of the unique features of this programme is that it was based on the Transtheoretical Model of Change (TTM), a framework that has been widely used to study health‐related behaviour changes such as smoking cessation. This paper first describes how the MONEY 2000? programme was developed around major constructs contained within the TTM. Findings are reported from a survey conducted with participants in the first two states that delivered the programme. The findings suggest that several change processes used by MONEY 2000? participants are associated with specific stages of change. In addition, there may be differences in behavioural changes between participants who increased their savings and those who reduced their debts.     

Partial moment volatility indices

Forward‐looking partial moment volatility indices are developed using state‐pricing, called the bear index (BEX) and bull index (BUX). Using S&P 500 index (SPX) option prices, we find that BEX and BUX provide superior forecasts for the lower and upper partial moments of future market realised volatility, respectively. We examine the relation between SPX returns and changes in BEX and BUX at the daily level. Results are consistent with the volatility feedback hypothesis. Further, we show that BEX may be more suitable as the ‘investor fear gauge’ than VIX.     

What does it mean to find the face of the franchise? Physical attractiveness and the evaluation of athletic performance

We show that attractiveness, as measured by facial symmetry, leads to greater rewards in professional sports. National Football League quarterbacks who are more attractive are paid greater salaries and this premium persists after controlling for player performance.     

The composite cost function and efficiency in giant Japanese banks

This study provides further empirical investigation, in the context of giant Japanese banks, of the recent claim by Pulley and Braunstein (1992, A composite cost function for multiproduct firms with an application to economies of scope in banking, Review of Economics and Statistics 74, 221–230), that their new composite model for the multiproduct cost function has important advantages over the separable quadratic, generalized translog and standard translog models. In addition to assessing the composite model's relative ability in measuring global scope and scale economies, the study also extends the P-B analysis to assess measurement of product-specific scope and scale economies, pairwise cost complementarities between outputs, changes in the marginal costs of outputs and technological change. The results appear to confirm P-B's chain. The persistent finding of scale economies for large Japanese banks is also investigated and confirmed.     

A Cost Indirect Evaluation of Productivity Change in UK Universities

The study provides an empirical analysis of productivity change in publicly-funded UK universities, against a background of government policy specifically designed to enhance the productive efficiency of universities in the provision of teaching and research. The nonparametric analysis employs a cost indirect approach to measuring productivity change, taking explicit account of the quality of research output and decomposing productivity change into technical change and efficiency change. The latter is also decomposed into changes in pure technical efficiency, scale efficiency and output congestion. Changes in size efficiency are also computed. On average, productivity declined by 4% over 1989–92, mainly as a result of regressive technical change. Evidence of biased technological change was found, with the frontier shifting out in favour of the teaching outputs and in relative to the research output.     

The potential impact of abolishing company tax in Ciskei

The purpose of this paper is to examine the likely effect of the abolition of company tax on the Ciskeian economy. After considering the case for and against a corporate tax exemption, the issues involved are analysed on two levels. Using aggregate data, drawn from available census data, we find that most firms seem likely either to prefer the existing package of industrial concessions to the tax holiday, or to be indifferent to either option. Similarly, a recent survey of manufacturing enterprises in Ciskei indicated that the majority would prefer the incentive package. Firms that might be attracted by the tax‐free option are likely to be relatively profitable, subsidiaries of multinational companies, and enjoying a higher turnover per worker than firms opting for the incentive package.     

Alienation in corporate America: Fact or fable?

Using NORC annual survey data, the authors selected 21 questions describing respondent attitudes toward job, life in general, and financial status. Respondents were catigorized as management, white collar, blue collar, and those not affiliated with business organizations. Attitudes were compared across the four occupational groups. Little dissatisfaction was found in any but the blue collar group. Management as a group, and men as well as women managers showed high levels of satisfaction, with few significant differences found in responses by men and women. This study does not support the earlier finding of widespread alienation in business firms.Charles B. Sannders is Professor of Business Administration at the University of Connecticut. He has written numerous articles which have been published in various management journals.Hugh M. O'Neill and Oscar W. Jensen are Assistant Professors of Business Administration at the University of Connecticut and the Fairfield University, respectively. Both have written several articles, published in management journals.