The impact of a changing financial climate on a UK local charitable sector: voices from the front line

Forced to compete with private and public sector providers, charities experience tensions as the quest for a more commercially-oriented position may conflict with their social imperative. Little attention has been given to understanding the experiences of local charities as service providers. This paper captures the reactions of those working on the charity front line.     

Compensation plan analysis

Determining what share of the company's financial resources is used for compensation programs can be done through various mathematical processes. Some of the basic equations are discussed and examples are included in this article.     

Private information, trading volume, and stock-return variances

New evidence is provided on the determinants of stock-returnvariances. First, when the Tokyo Stock Exchange is open on Saturday,the weekend variance increases; weekly variance is unaffected,however, despite an increase in weekly volume. Second, the listingof U.S. stocks in Tokyo substantially increases the number oftrading hours, but Tokyo volume is negligible for these U.S.stocks and their 24-hour variance is unaffected. The overallresults are consistent with the predictions of private-information-basedrational trading models, but inconsistent with both the irrationaltrading noise and public-information hypotheses.     

The origins of power in buyer–seller relationships

Who, or what, holds power in business-to-business buyer–seller relationships is a debate at the heart of power theory. Power in buyer–seller relationships is variously seen as the property of organizations, individuals or relationships yet to be theoretically valid and useful to management, integration of these schools of thought needs to be operationalized. This paper opens up future research avenues through identifying how buyers and sellers understand the origins of power and the nature of self perceived and countervailing power. The paper presents results from 10 focus groups of both buyers and sellers revealing the underlying origins of experienced power. The results support the proposition that power in buyer–seller relationships is a pluralistic concept and that extant theories focused on organizational, individual or relational elements of power are independently too narrow in their reflections of the power construct; rather, they are all part of the same broad construct.     

Does private security affect crime?: a test using state regulations as instruments

Private security is employed to deter criminals from attacking specific targets, presumably not to produce general deterrence. Indeed, private security generates negative spillovers as criminals substitute non-protected targets for protected targets. Specific deterrence efforts may generate positive spillovers too, however, by raising the expected cost of committing crimes, thereby reducing crime in an area. The hypothesis that private security deters crime at the state level is tested. The demand for private security in an area is expected to be simultaneously dependent on the level of crime; so, an instrumental variables approach is employed in a panel-data fixed-effect model using state-level data from 1998 to 2010. Instruments for the amount of private security are state-wide licensing regulations for firms specializing in providing security, since these regulations should influence entry. Some state-level measures of violent and property crime are shown to be negatively and significantly related to increases in private security, suggesting that private security generates a general deterrence effect.     

On technical analysis

Technical analysis, or the use of past prices to infer privateinformation, has value in a model in which prices are not fullyrevealing and traders have rational conjectures about the relationbetween prices and signals. A two-period dynamic model of equilibriumis used to demonstrate that rational investors use historicalprices in forming their demands and to illustrate the sensitivityof the value of technical analysis to changes in the valuesof the exogenous parameters.     

Intellectual Property Government Open Data: Australian Business Number Links to All Intellectual Property Data in Australia

Intellectual property rights protect the fruits of investment in intangible assets, such as inventions and innovations, creative content, designs, brand recognition and reputation, through five broad arms: patents, trade marks, design rights, plant breeder's rights and copyright. All of these rights, with the exception of copyright, are administered by IP Australia. To facilitate analysis of these rights, IP Australia released Intellectual Property Government Open Data (IPGOD) on < data.gov.au >. IPGOD is a weekly updated, publically accessible database that provides access to 100‐plus years of non‐sensitive administrative data on intellectual property rights held in IP Australia's databases that are linked to Australian Business Numbers and Australian Company Numbers.     

YIELD VOLATILITY OF DISCOUNT COUPON BONDS

In this research, the yield volatility of coupon-taxable discount bonds is analyzed. The relationship of before-tax yield changes on discounts as compared with changes in new, par issue (market) yields is developed in the form of a net yield factor (NYF). Also, the behavior of the NYF as dependent upon parameters such as maturity, coupon, market yield, and tax rates is examined. Then, the incorporation and impact of the NYF on price volatility are shown. Finally, results of empirical tests are reported, which validate the usefulness of NYFs in the measurement of yield volatility for discount bonds.