A saddlepoint approximation to the distribution of the sum of independent non‐identically uniform random variables

Calculating the probability of the corresponding significance point is important for finite sample sizes. However, it is difficult to evaluate this probability when the sample sizes are moderate to large. Under these circumstances, consideration of a more accurate approximation for the distribution function is extremely important. Herein, we performed a saddlepoint approximation in the upper tails for the distribution of the sum of independent non‐identically uniform random variables under finite sample sizes. Saddlepoint approximation results were compared with those for a normal approximation. Additionally, the order of errors of the saddlepoint approximation was derived. © 2014 The Authors. Statistica Neerlandica © 2014 VVS.     

The role of schedule delays on passengers’ choice of access modes: A case study of Japan’s international hub airports

We empirically study passenger modal-choice behavior to access an international hub airport, by using stated preference (SP) data and by constructing a binomial logit model. We found that passenger modal choice is affected by the service level of the access modes: travel time, travel cost, waiting time, and delay cost. The results also indicate that if passengers choose access mode in advance they consider service frequency: departure timing from home, and the arrival timing at the airport. Moreover, our results indicate that travelers’ willingness to pay for saving time differs by time of a day. They are apt to pay more in the morning than in the afternoon. These outcomes must contribute to improve the access flight service from local to hub airports to handle the needs of passengers.     

COMMODITY CONTENT IN A GENERAL INPUT–OUTPUT MODEL: A COMMENT

This paper critically analyses the approach to the determination of values, or commodity contents, developed by Fujimoto and Opocher in 2009. Even setting aside various problematic definitional issues, the broader implications of the approach for classical theory are unclear. First, the value‐theoretic definitions of skill differentials and bads capture at best necessary conditions and it is unlikely that such definitions can be provided by focusing only on the technological data of the economy. Second, the approach has various interesting implications concerning the relation between productiveness and exploitation that directly contradict some of the authors' claims.     

IPO share allocation and conflicts of interest

The underwriter of an IPO has two sources of compensation for its services on behalf of the issuer. One is through a commission (spread), the other is by buying issued shares for itself (or its affiliates) and reselling them in the post-issue market. Profits from the former decrease along with the magnitude of underpricing while profits from the latter increase with it. Faced with these countervailing interests, the present paper analyzes how the underwriter decides upon the pricing and allocation of IPOs.      

Optimal Mortgage Refinancing with Regime Switches

A model of rational mortgage refinancing is developed where the drift and volatility of interest rate process switch between two regimes. Because of the possibility of a regime shift, the optimal refinancing policy is characterized by the different threshold of interest differential for each regime. Numerical simulation demonstrates that the optimal refinancing threshold in each regime can be smaller or larger than the threshold under single-regime models. Finally, we evaluate the predictions of the model, based on the estimated parameters for a two-regime model to capture the evolution of the mortgage rates in the US. Our model can produce both late and early refinancing, which is consistent with the observed refinancing behavior. The views expressed in this paper are solely those of the authors and do not necessarily reflect official positions of the Sumitomo Trust and Banking Co., Ltd.     

Development and application of a new methodology of evaluating industrial R&D projects

This paper proposes a new methodology of evaluating industrial R&D projects to assess the effectiveness of future R&D in terms of financial credibility, to prioritize them efficiently by clear criteria to reduce the time and burden consumed by both project leaders and management staffs. A new methodology has been developed and applied to all Sumitomo Electric Industries (SEI) R&D projects, and is recognized as a useful system for evaluating many R&D projects in a short period, such as 150 projects per month.     

Correction to: Accounting Frauds and Main-Bank Monitoring in Japanese Corporations

Journal of Business Ethics -     

Wealth,Exploitation and Labor Discipline in the Contemporary Capitalist Economy

This paper synthesizes in a Leontief economic model the arguments of exploitation and unequal distribution of wealth put forward by Roemer (1982, 1986) and of the power relationship between employers and employees with regard to the performance of labor presented by Bowles and Gintis (1988, 1990). The author introduces the level of the agent’s labor-discipline as measured by the ratio of labor effort per unit of labor time to the real wage rate. The connection bet ween this kind of power index and both exploitation status and wealth distribution is then examined. The result obtained is that, under some reasonable assumptions, the exploitation status and the level of labor-discipline accurately reflect the unequal distribution of wealth.     

Parent country nationals or local nationals for executive positions in foreign affiliates: An empirical study of Japanese affiliates in Korea

This study examines how the host country experience of Japanese multinational corporations (MNCs) affects their staffing policies for executive manager positions at foreign affiliates. Hypotheses on executive staffing policies for foreign affiliates are tested using survey data collected from 103 Japanese affiliates in Korea. Findings show that the level of global integration and the degree of centralization of decision-making positively affect an assignment of parent country nationals as executive managers of foreign affiliates. We further find that foreign affiliates’ experience in a host country moderates the effects of both global integration and centralization on staffing decisions for the affiliates.