Regionality revisited: An examination of the direction of spread of currency crises

What determines the direction of spread of currency crises? We examine data on waves of currency crises in 1992, 1994, 1997, and 1998 to evaluate several hypotheses on the determinants of contagion. We simultaneously consider trade competition, financial links, and institutional similarity to the “ground zero” country as potential drivers of contagion. To overcome data limitations and account for model uncertainty, we utilize Bayesian methodologies hitherto unused in the empirical literature on contagion. In particular, we use the Bayesian averaging of binary models that allows us to take into account the uncertainty regarding the appropriate set of regressors.We find that institutional similarity to the ground zero country plays an important role in determining the direction of contagion in all the emerging market currency crises in our dataset. We thus provide persuasive evidence in favour of the “wake-up call” hypothesis for financial contagion. Trade and financial links may also play a role in determining the direction of contagion, but their importance varies amongst the crisis periods.     

Pricing Barrier Options with Time–Dependent Coefficients

We consider the problem of pricing derivative securities which involve a barrier clause. We give general techniques to calculate, or estimate accurately, barrier option prices, using methods for estimating diffusion process boundary hitting times. The solution gives a simple, easy–to–use, method for calculating barrier option prices.     

The Purpose of Expatriation: Why Women Undertake International Assignments

Women international assignees have historically been successful, but they make up a relatively low proportion of organizationally assigned expatriates. By appreciating the factors that encourage women to undertake internationally mobile careers, organizations can widen their talent pool. Using a triangulated, qualitative research approach set within two case study firms in the oil and gas exploration and production industry, this article identifies contrasting views between female assignees and their organizations with respect to the purpose of expatriation and the factors women take into consideration in their decision to undertake it. This research is based on analysis of organizational policy; a survey of 71 women expatriates and in‐depth, semistructured interviews with 26 female assignees (selected from the survey returns using stratified sampling); and interviews with 14 human resource professionals responsible for international mobility policy design and implementation. Career, family, and financial precondition effects are identified. From these, a model is proposed to link stated organizational assignment purpose with women's participation rationales, and recommendations for practice to increase expatriate gender diversity are set out. © 2015 Wiley Periodicals, Inc.     

Combating “maritime terrorism” off the coast of Somalia

This paper evaluates the effectiveness of the international naval mission in the Gulf of Aden from 2008 to 2010, both in terms of its counter-piracy and its counter-terrorism objectives. We draw on arguments developed in the literature of terrorism and law and economics, detailed statistical analyses and a large number of in depth interviews. Counter-piracy operations are a qualified success: their main effects are the stabilisation of attacks at a high level and the substitution between the relatively well protected transit corridor in the Gulf of Aden and the open sea. However, the counter-piracy measures deterred pirates from forming alliances with Islamist movements and may therefore made a major contribution to international security.     

The ‘expat factor’: the influence of working time on women's decisions to undertake international assignments in the oil and gas industry

This article examines the effect of working time on women's willingness to go on expatriate assignments in the oil and gas exploration and production sector. The research draws upon an analysis of two case study firms' international assignment and working time policies, semi-structured interviews with 14 human resource staff responsible for policy design and implementation, and a survey of the views of 71 women expatriates, supported by in-depth interviews with 26 of the survey respondents. The research identifies an ‘expat factor’: assignees state that long hours are inherent in expatriation and necessary to further their careers. However, in practice, working time is not excessive and flexible working practices are utilised. Hours of work have little effect on women's decisions to undertake long-term assignments but alternatives such as short-term and commuter assignments are unpopular as their working patterns are disruptive to family life. This article contributes to theory development by linking two discrete frameworks that explain women's career choices when they strive to balance their career goals with their families and by identifying a career compromise threshold when expatriation is rejected in favour of family considerations. A model is proposed to link working time/patterns to women's international assignment participation.