Critical competencies and developmental experiences for top HR executives

This article describes the context and methodology used in formulating and validating a senior-level human resource competency model for professional development. The development and implementation of the architecture for the model, including the provision of various developmental tools and experiences, was undertaken by the Society of Human Resource Management, a professional association dedicated to the advancement of the human resource profession. The purpose of this effort is to specify benchmarks for professional competence building and to reposition the emerging role and processes associated with the human resource function in responding to the changing organizational and competitive challenges facing United States-based, multinational organizations. © 1996 by John Wiley & Sons, Inc.     

Regulating Insider Trading In Betting Markets

Although trading in securities in conventional financial markets on the basis of inside information is restricted by law, the rules against such trading in betting markets are rather more ambiguous. It is argued in this paper that, since insider trading in betting markets imposes a cost on the great majority of bettors, tighter strictures against such trading would benefit all but the insiders. This case is supported by the use of empirical evidence which shows that betting markets which are characterized by tighter controls against insider activity are also characterized by a significantly lower incidence of such activity.     

University of Texas Roundtable on Financing and Managing Energy Investments in a Low‐Price Environment

During the past 18 months, the U.S. oil industry has seen oil prices plunge from well over $100 a barrel to under $30. In a session that was part of a recent Private Equity Conference at the University of Texas in Austin, the CEO of a small independent producer and a representative of a large global oil and gas company discussed the challenges of financing and operating energy companies in today's low‐price environment with the director of energy research at a brokerage firm, the senior partner responsible for the natural resource investments of a well‐known private equity firm, and the head of the oil and gas restructuring practice of a national law firm. The panelists appeared to reach a consensus on at least the following three arguments:

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Reviews

“THE POLL TAX” Flannery, Kate, 1987: More than Just a Poll Tax. Centre for Local Economic Strategies, £5.00. MacGregor, Susanne, 1988: The Poll Tax and the Enterprise Culture. Manchester: Centre for Local Economic Strategies, £3.95.

“ECONOMIC THEORY AND THE LOCAL ECONOMY” Smith, D., 1987: The Rise and Fall of Monetarism: The Theory and Politics of an Economic Experiment. Penguin, £3.95.

Holland, S., 1987: The Market Economy: From Micro to Mesoeconomics and The Global Economy: From Meso to Macroeconomics, Weidenfeld, £12.95 each.

Green, F. and Sutcliffe, B., 1987: The Profit System: The Economics of Capitalism. Penguin, £5.95.

“THE SERVICES REVOLUTION?” Rajan, A., 1987: Services: The Second Industrial Revolution? London: Butterworths, £27.50.

“ENVIRONMENT AND ECONOMY IN EUROPE” Joyce, F. E. and Schneider, G. (editors), 1988: Environment and Economic Development in the Regions of the European Community. Aldershot: Avebury/Gower, £18.50 hb.

“POLITICS OF PRIVATISATION” Ascher, K., 1987: The Politics of Privatisation: Contracting Out Public Services. London: Macmillan Education Ltd. £30.00 cloth, £8.95 paper.

“RECRUITMENT AND TRAINING POLICY” Davies, T. and Mason, C., 1986: Shutting out the Inner City Worker. University of Bristol, School for Advanced Urban Studies, £4.30.

Chapman, P. G. and Tooze, M. J., 1987: The Youth Training Scheme in the United Kingdom. Avebury: Gower Publishing Company, £22.50.

“JOB GENERATION RESEARCH” Storey, D. J. and Johnson, S., 1987: Job Generation and Labour Market Change. London: Macmillan.     

Accountability in Crisis: The Sponsorship Scandal and the Office of the Comptroller General in Canada

For much of the last 50 years, a key platform animating public sector reform in Canada and elsewhere has been that efficiency and effectiveness can be achieved by adapting private sector financial management methods and practices. We argue that the recent re-establishment of the Office of the Comptroller General (OCG) of Canada represents a key element of a program of strengthening financial accountability that has emerged within the Canadian Federal Government. Although this program is longstanding and is associated Canada’s implementation of new public management initiatives, it has recently drawn particular sustenance from the sponsorship scandal in Canada. We demonstrate that the reincarnated OCG, re-established amid a rhetoric of “modernization” and of “strengthening” accountability, has a wide-ranging mandate to enhance financial and audit controls, create financial standards, nurture professional development, and oversee government spending. We explore some of the consequences of this development and of the broader financial accountability mechanisms introduced in response to the Sponsorship scandal within the Canadian public sector.     

Do bookmakers possess superior skills to bettors in predicting outcomes?

In this paper we test the hypothesis that bookmakers display superior skills to bettors in predicting the outcome of sporting events by using matched data from traditional bookmaking and person-to-person exchanges. Employing a conditional logistic regression model on horse racing data from the UK we find that, in high liquidity betting markets, betting exchange odds have more predictive value than the corresponding bookmaker odds. To control for potential spillovers between the two markets, we repeat the analysis for cases where prices diverge significantly. Once again, exchange odds yield more valuable information concerning race outcomes than the bookmaker equivalents.     

Monopoly Rents and Price Fixing in Betting Markets

Betting markets provide an ideal environment in which to examinemonopoly power due to the availability of detailed information on product pricing. In this paper we argue that the pricing strategies of companies in the U.K. betting industry are likely to be an important source of monopoly rents, particularly in the market for forecast bets. Pricing in these markets are shown to be explicitly coordinated. Further, price information is asymmetrically biased in favor of producers. We find evidence, based on U.K. data, that pricing of CSF bets is characterized by a significantly higher markup than pricing of single bets. Although this differential can in part be explained by the preferences of bettors, it is reasonable to attribute a significant part of the differential as being due to monopoly power.