Experimental results on bargaining under alternatives property rights regimes

The effect of alternative property rights regimes on the choicebetween taking an object and acquiring it via a consensual exchangeis experimentally explored in a two-period screening game. Resultsare generally consistent with equilibrium predictions, suggestingthat property rights regimes have a significant impact on observedbehavior.     

Understanding the nature of the risks and the source of the rewards to momentum investing

Buying recent winners and shorting recent losers guaranteestime-varying factor exposures in accordance with the performanceof common risk factors during the ranking period. Adjusted forthis dynamic risk exposure, momentum profits are remarkablystable across subperiods of the entire post-1926 era. Factormodels can explain 95% of winner or loser return variability,but cannot explain their mean return components are more profitablethan those based on total returns. Neither industry effectsnor cross-sectional differences in expected returns are theprimary cause of the momentum phenomenon.     

International bonds and the currency risk: How do macroshocks affect returns?

The currency translation risk borne by international investors and the riskiness of returns on long-term bonds both affect international investors' decisions. For the U.S. investor, excess returns on German, Japanese, Canadian, and U.K. bonds have been positively correlated with the respective excess local currency returns (1978–1997). However, for investors who measure their performance in the currencies of these countries, the comparable correlation between U.S. bond returns and positions in U.S. dollars has been negative. Traditional interest rate or portfolio flow models fail to explain the asymmetry. A sticky-price model with spillover effects from the U.S. to other countries is used to explore the effect of macroshocks on these returns.     

THE RESEARCH ASSESSMENT EXERCISE AND THE REFORM OF ACADEMIC TENURE IN THE UNITED KINGDOM

In this article the reform of academic tenure is examined in the United Kingdom. We test the hypothesis that reforming tenure may have reduced performance in the universities. The years following the 1988 Education Reform Act provide an interesting natural experiment, as the broad effect of the legislation was to soften (though not to remove) tenure in universities in the United Kingdom. It is concluded that the act has not adversely affected efficiency as some writers have predicted it would.     

Working to live or living to work? Work/life balance early in the career

This article reports the findings of research that explored relationships between work/life balance, work/non‐work conflict, hours worked and organisational commitment among a sample of graduates in the early years of their career. It concludes that, although graduates seek work/life balance, their concern for career success draws them into a situation where they work increasingly long hours and experience an increasingly unsatisfactory relationship between home and work. The article discusses the causes and potential consequences of this predicament and in particular how work/non‐work conflict is linked to hours worked, the state of the psychological contract and organisational commitment. It highlights the role of organisations' policy and practice in helping to manage the relationship between work and non‐work and the development of organisational commitment through support for younger employees' lives out‐of‐work and effective management of aspects of the psychological contract.     

All in a day's work? Career self‐management and the management of the boundary between work and non‐work

This article reports the findings of a study that explored the links between career self‐management, management of the boundary between work and non‐work, and work–life balance, using a sample of young professionals. The findings show that individuals engage in different kinds of career self‐management behaviours, depending on their career goal. Management of the boundary between work and life outside work is identified as one such behaviour, with the consequence that, for some people, managing the career has a harmful effect on their work–life balance. The research adds to knowledge about the career self‐management process and shows how career stage influences career goals and career self‐management behaviour. It demonstrates how career attitudes and behaviours may be critical to the achievement of work–life balance and confirms that work–life balance matters to younger members of the workforce, regardless of their family responsibilities.     

Practices for managing information flows within organizations

Firm organization determines how coworkers communicate and howinformation flows within the firm. Banking, accounting, consulting,and legal firms process proprietary information which theirclients wish to protect. The firm's ability to safeguard andmanage information determines its market demand. Yet employeesmay leak and otherwise abuse information to enhance their personalperformance and wealth. This article analyzes how bureaucraciesare erected within the firm to control information flows andprotect clients.     

What's the deal? An exploration of career management behaviour in Iceland

This article reports the findings of a longitudinal study that investigated the nature of the career deal in Iceland, chosen as a research setting because it potentially offers a very different career environment to that which exists in the UK and US, where most previous research examining contemporary careers has been conducted. The findings show that certain dimensions of the contemporary career deal shown to exist in the UK are less apparent in the Icelandic context. While a close reciprocal relationship between career self-management behaviour and organizational career management help does exist, other potential aspects of the deal are absent. In Iceland, individuals who get more help with managing their careers are more committed to their employer but this commitment does not imply that they will do more to manage their own careers with their current employer as result. In addition, no links were found between career management activities and job performance. In Iceland individuals do not engage in career self-management behaviour to any great extent and when they do, their behaviour does not seem to have the same kind of focus or meaning that it has been shown to have in the context of the contemporary career deal that exists in the UK.     

Capitalising on learning: an exploration of the MBA as a vehicle for developing career competencies

This article reports the findings of a study of Canadian MBA graduates that explores the skills, knowledge and capabilities which they gained from the programme within the context of a career‐competency framework. It concludes that the development of knowing‐why career competencies (relating to career values, meanings and motivations) were the most important outcome of the course for the graduates. Knowing‐how career competencies (relating to skills and job‐related knowledge) were also valued highly. Increased self‐confidence was a valuable form of career capital for the graduates, although the antecedents and consequences of this appear to be somewhat different for men and women.