bluuebunny/crossref_metadata_2025 huggingface dataset:
The role of consumer ethnocentrism in a buy national campaign in a transitioning country
Authors: Saffu Kojo , Walker John H. , Mazurek Marica
Published: April 2010

Purpose

The goal of this paper is to examine the link between consumer ethnocentrism (CE) and the attitudes of two consumer groups to a buy local campaign in a transitioning economy, Slovakia.

Design/methodology/approach

Using a structured questionnaire, data were collected from 211 non‐students at shopping malls in Banská Bystrica (non‐student group) and from 209 students at the University of Matej Bela, Banská Bystrica (student group) in Slovakia. Ethnocentrism was measured using the consumer ethnocentric tendencies scale (CETSCALE) while attitudinal statements were used to measure the attitudes toward locally made products and a buy local campaign. The attitudinal data were factor analysed and the correlations between the CETSCALE and the attitudinal statements were examined. Summative scales based on the factor analysis results were also developed.

Findings

A significant finding of this paper is the role of the government and industry in encouraging Slovakians to buy local. The nonstudent consumers to be less ethnocentric than the student group are found. The attitudinal statements of both groups toward Slovakian products are generally similar.

Originality/value

This research was designed to contribute to the discussion of CE by linking it to attitudes to a buy local campaign in a transitioning country.
The Saturday effect in emerging stock markets: a stochastic dominance approach
Authors: Al‐Khazali Osamah , Zoubi Taisier A. , Koumanakos Evangelos P.
Published: April 2010

Purpose

The purpose of this paper is to empirically investigate the Saturday effect in three emerging stock markets (Bahrain, Kuwait, and Saudi Arabia) by taking into consideration the thin trading that is normal in such capital markets.

Design/methodology/approach

The paper applies the stochastic dominance (SD) approach, which is not distribution‐dependent and can shed light on the utility and wealth implications of portfolio preferences by exploiting information in higher order moments, to investigate empirically the existence of the Saturday effect in the three Gulf stock markets.

Findings

The findings indicate that the Saturday effect does not manifest itself in the three Gulf stock markets and that the SD results show that the Saturday effect in these markets is not present when raw data are corrected for thin and infrequent trading.

Originality/value

This paper is believed to be the first to use SD approach to examine the Saturday effect.
An approach to promote frequency regulation service in India
Authors: Parida S.K. , Singh S.N. , Srivastava S.C.
Published: April 2010

Purpose

In India, the frequency regulation (FR) service has been provided by the generators, operating under free governor mode of operation (FGMO), with certain regulatory basis prescribed by Central Electricity Regulatory Commission in Indian Electricity Grid Code. Many short comings lie with the existing FR mechanism. This paper proposes a capacity linked mechanism to promote the FR service.

Design/methodology/approach

No compensation is being provided for the capacity reserved for the FR service, nor are the providers encouraged enough to render its full capacity under FGMO. Therefore, a novel remuneration mechanism, considering the capacity reserved for FR service, has been developed to eradicate these cons.

Findings

The effectiveness of the proposed method has been demonstrated on the Northern Regional Electricity Board data of India.

Practical implications

The implementation of the proposed mechanism can lead to boost up of participation in the FGMO, which helps to maintain the frequency within a narrow operating band.

Originality/value

Very few works have investigated the issues regarding the FR service provision in India. Indeed, no work has proposed any mechanism to enhance the effectiveness of the existing FR service provision.
Identification of energy policy priorities from existing energy portfolios using hierarchical decision model and goal programming
Authors: Daim Tugrul U. , Schweinfort Willy , Kayakutlu Gulgun , Third Noah
Published: April 2010

Purpose

There has not been a technology assessment study conducted that can be found publicly that created the energy policies of France and Germany – which are two nations that represent the vast extremes of national energy mix in Europe. This paper aims to use objective data to reverse generate the energy policy priorities that would yield the current portfolios.

Design/methodology/approach

A hierarchical decision model was developed and analyzed backward using the goal programming to identify the priorities of criteria in a variety of technology alternatives. The three levels of goals are combined in one discrepancy minimization. Goals are defined in a non‐linear way to determine the values in different levels. Although the goals are given the same priority, the proposed model is used to determine the weight of each criterion and then finds the weight of technical, political/social and economic influences. Discrepancies achieved after having run the goal‐programming model determines the unbalanced policies.

Findings

The paper results in key findings. First is that social/political factors have overwhelmingly low importance. It is also found that this is not completely reflecting the countries' portfolios, suggesting more research must be done to refine and extend the model. Also, experts need to be consulted and areas such as public opinion need to be quantified.

Originality/value

The paper presents a hybrid method to identify the true priorities that lead to the current energy portfolios of France and Germany. Although limited, this approach can be expanded to all Europe.
Demand response by dynamic demand control using frequency linked real‐time prices
Authors: Chanana Saurabh , Kumar Ashwani
Published: April 2010

Purpose

The purpose of this paper is to propose a novel demand response method for real‐time (RT) balancing markets, which relies on dynamic demand control (DDC) based on frequency linked RT prices.

Design/methodology/approach

A RT balancing market, where the RT price varies inversely with the system frequency, is described. In such a market, producers and consumers can get the RT price, simply by monitoring the frequency deviations themselves. Air conditioning load, the main contributor of summer peaks, is selected for DDC. A physically based model of air conditioner load is taken to simulate the load control. A smart load controller is proposed that changes the thermostat setting with deviations in grid frequency/RT price. Simple examples are simulated to show the load reductions achieved by DDC in a single air conditioner, a group of large number of air conditioners and a RT market consisting of four generation companies and four distribution companies.

Findings

The result of simulation on a single air conditioner shows that significant reduction in energy consumption can be achieved during severe frequency dips in a RT market. The results of simulation in an example of a RT market show that such load control not only results in better frequency control but also lowers the RT price of power.

Practical implications

The demand control mechanism suggested in this paper can be applied to Indian market setting but its applicability to other markets might be limited due to differing, reliability standards, market rules, and regulatory framework.

Originality/value

This paper finds that DDC by distribution companies based on RT price/frequency signal not only results in a significant benefit to these companies and consumers but also helps the system operator in frequency regulation. By making the demand‐side participate in frequency regulation, such control can potentially facilitate an increase in renewable energy portfolio.
Enterprise risk management in the Middle East oil industry
Authors: Muralidhar K.
Published: April 2010

Purpose

The purpose of this paper is to appraise the current status of enterprise risk management (ERM) in the Gulf Co‐operation Council (GCC) oil and gas entities to develop a practical, region‐specific, and systematic action plan for the GCC oil and gas industry that can transform the existing ERM models to a mature and robust framework.

Design/methodology/approach

The paper reviews current relevant literature on Committee of Sponsoring Organization of the Treadway Commission ERM Framework; and enterprise wide risk framework within the precincts of the GCC oil and gas industry to identify the knowledge gaps which form the basis for the research questions. The paper then empirically investigates the GCC oil industry through six case studies, encompassing the six countries in the GCC (GCC comprising of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates). The case study has focused by exploring the ERM systemper sethrough comparative case studies to answer the research questions. The research questions and the work have been done from the perspective of the naturalistic (inductive) research paradigm.

Findings

This paper establishes the understanding of the current existing ERM models while identifying the determinants of ERM adoption and the most significant challenges for its implementation. Furthermore, the paper also develops the best practice approach for successful ERM implementation in the GCC oil and gas entities.

Research limitations/implications

The use of a case study has been made precluding the use of other direct methods such as survey questionnaires. The analytical methods used are deductive and discursive in nature, limited to the nature of the methodology of case study used. Rigorous statistical methods could not be applied owing to the limitations of the case study method. The paper explores and compares the industry structure of oil and gas sector in GCC countries, for this purpose, only a few selected entities in the upstream and downstream oil and gas sector are discussed.

Practical implications

Although ERM is conceptually straightforward, its implementation in practice is not. Furthermore, ERM is accepted as a contemporary hot topic and also a board room priority in most industries. The present paper steers the way forward for an improved understanding of the ERM system in a strategic industry dealing with a strategic commodity.

Originality/value

There is a need for a proactive ERM program in the oil and gas industry and also a need for additional research especially in terms of its implementation. Nevertheless, an apparent caveat in the ERM system is that there is no standard approach to implementing and entities grapple with how they should go about putting together an ERM program. The findings provide useful and timely analysis of the GCC oil and gas industry from the perspective of implementation of an ERM framework which is contemporaneous business priority item in most entities in the GCC hydrocarbon sector.
Merchant power plants in India: risk analysis using simulation
Authors: Siddhartha Potluri Sriram , Rajan A. Thillai
Published: April 2010

Purpose

The purpose of this paper is to understand the risk‐return profile of merchant power plants (MPPs) as compared to power plants with off‐take agreements in the Indian context.

Design/methodology/approach

Information from the literature was analyzed to identify major risks associated with MPPs. Literature pertaining to risk analysis of capital investments and simulation technique to analyze risks was studied. Financial models for a power plant with off‐take agreements and that for an MPP were developed and risks have been analyzed by incorporating uncertainties. The risk analysis was performed with the application of stochastic simulations using the Monte Carlo technique.

Findings

The results indicate that risk‐return profile differs significantly for a MPP as compared to a power plant with off‐take agreements. The model indicates that equity internal rate of return (IRR) for MPP ranges between 49.33 and 0.43 per cent with mean IRR values ranging between 28.86 and 13.53 per cent for different scenarios. The mean equity IRR for a comparative power plant with off‐take agreements is 14.83 per cent.

Research limitations/implications

The project financial models are developed using typical values for the Indian context. The robustness of the results can be improved by considering project‐specific variables in the financial model. Owing to limited availability of past data, power price fluctuation scenarios have been generated based on expert opinion. When additional data on power price become available, these could be incorporated in the simulation analysis.

Originality/value

MPP is a new concept for India. There is very little research in this area. This paper makes an attempt to understand the financial risk and return from MPPs in more detail.
Analysis of energy efficiency development in the German and Colombian food industries
Authors: Inés Pardo Martínez Clara
Published: April 2010

Purpose

The purpose of this paper is twofold. The first is to examine in detail energy efficiency performance of German and Colombian food industries. The second is to explain the factors that have influenced energy efficiency.

Design/methodology/approach

Using data at the three‐digit level of aggregation, the paper compares energy efficiency across sectors of the food industry for the period 1998‐2005. Energy efficiency is analysed using the energy intensity (EI) indicator as well as a decomposition analysis. To determine the factors that have influenced energy efficiency performance, the concept of the production function is used.

Findings

The results show that both countries' food industries improved energy efficiency. During the period of study, energy consumption in the German food industry increased by an average of 1.3 per cent per year and the EI decreased 7 per cent, whereas the Colombian food industry decreased its energy consumption by an average of 1.9 per cent per the year and the EI decreased 11 per cent. However, the Colombian food industry needs 2.2 times more energy than the German food industry to produce a unit of gross production. A decomposition analysis indicated that economic and technical factors have played an important role in the energy efficiency performance because increases in economic growth and technology improvements increase the industrial sector's ability to improve energy efficiency. A second‐stage empirical analysis reveals that capital, material, investments and value‐added variables had a positive influence on energy efficiency performance in both countries. Energy prices are shown to have a positive influence on energy efficiency in the German food industry, whereas the sizes of enterprises and concentration processes played an important role on energy efficiency performance in the Colombian food industry.

Originality/value

The literature indicates the relative lack of attention paid to the analysis of energy use across sectors of food industry as well as the lack of studies determining the factors that have affected energy consumption and energy efficiency performance using cross‐country and cross‐sectoral comparisons.
Enhancing long‐term grape grower/winery relationships in the Australian wine industry
Authors: Somogyi Simon , Gyau Amos , Li Elton , Bruwer Johan
Published: April 2010

Purpose

There are many factors which may influence the ability of wineries to build and maintain long‐term relationships (LTR) with their suppliers of grapes. The aim of this paper is to identify the most important factors which enhance LTR between Australian wineries and grape growers.

Design/methodology/approach

A qualitative in‐depth interview technique was employed with 13 Australian grape growers.

Findings

The relational dimensions of communication, goal compatibility and use of power were found to influence the relationship quality dimensions of trust and satisfaction, which are also linked to the level of commitment and hence long‐term relationship.

Practical implications

The Australian wine industry is currently suffering economic instability which has resulted in the demise of some relationships between grape growers and winemakers. However, economic misfortunes will no doubt change and inefficiencies will result if LTR are not maintained. These inefficiencies could prove detrimental as the Australian wine industry strives to produce regionally branded and higher quality wine products which are both grape grower derived element. Furthermore, issues related to communication frequency and reduction in trust have implications for communication strategies which may result in the reduction of winery grower liaison staff.

Originality/value

This paper offers a grape/grower‐winery perspective on buyer‐seller relationships. It moderates the theory on communication and its effect on trust and commitment. Furthermore it posits the issue of buyer size on relational dimension and outcomes, which has had little attention in the literature.
Appellation as an indicator of quality
Authors: Atkin Thomas , Johnson Ray
Published: April 2010

Purpose

The purpose of this paper is to examine the consumer use of geographical information in the wine purchase decision. Consumers often rely upon the place of origin of a wine product in order to assess its quality. This research examines the importance of place‐of‐origin information and what level of place is meaningful to consumers, as well as which consumers utilize that information.

Design/methodology/approach

Data collection took place by means of a highly structured online survey of 409 geographically dispersed wine consumers across the USA. Respondents were recruited by Survey Sampling International and screened for at least occasional wine consumption.

Findings

Brand and place‐of‐origin information such as region, country and state were the most important attributes in the consumers' choice of a wine. One type of geographical indicator, appellation, was not well utilized. Core wine consumers and those with greater expertise utilized place‐of‐origin cues to a greater extent than less frequent and less knowledgeable consumers.

Research limitations/implications

The study sample represents US wine drinkers and should not be taken as a general population sample. Potential respondents were required to have consumed at least one bottle in the last year in order to take the survey. The non‐probability sample includes participants from 46 states, 189 of whom are male and 211 are female.

Practical implications

Wineries in established regions should increase their efforts to promote regional identity at the county, state and national level, to enhance their existing product images. Regional information is more heavily utilized by consumers than appellation information, which allows producers to take advantage of pre‐existing levels of awareness. This research suggests that marketers develop strategies to increase sales that emphasize larger regions such as county or state rather than appellations.

Originality/value

This paper is of value to academic readers, wine industry practitioners and regional trade and tourism associations and other commercial entities that market their products with regional cues. The geographically dispersed sample provides results that generalize well to the wine consuming public.
Wine sales in British public houses
Authors: Pratten John D. , Carlier Jean‐Baptiste
Published: April 2010

Purpose

The purpose of this paper is to examine the changes in wine consumption in UK public houses, and to consider if the sector is maximising its sales opportunities.

Design/methodology/approach

This study has used both secondary and primary sources. Existing surveys have been used to gain details of the growth in wine sales and possible explanations for this. The trade press has suggested how licensees could improve their wine sales. Suppliers have been approached to discover to the level of assistance they offer individual outlets. Finally, surveys of the public houses and their customers were undertaken to discover the proficiency of their wine service.

Findings

The level of wine sales in the UK is growing rapidly. Much of this is consumed at home, but public houses could benefit from the trend. Some have done so, but the surveys suggest that many do not market the product effectively.

Research limitations/implications

The study is a very limited one, and only considers one town, one area of another town and their customers.

Practical implications

The results of the survey suggest that all licensees could consider the possibility of improving sales by offering a higher quality service to their customers.

Originality/value

Any research which may assist the quality of service offered in the licensed trade should be of interest to all stakeholders.
Evaluating the economic performance of Spanish wineries
Authors: Sellers‐Rubio Ricardo
Published: April 2010

Purpose

The purpose of this paper is to compare different approaches to the evaluation of the economic performance of wineries.

Design/methodology/approach

This paper simultaneously applies traditional profitability and productivity measures and a non‐parametric technique to estimate efficiency, and compares the results obtained. A cluster analysis has been applied to identify different groups of firms. The empirical application is carried out on a sample of 1,222 Spanish wineries in 2007.

Findings

The results reveal important differences depending on the methodology employed. Overall, none of the methodologies can be said to be better than the rest.

Research limitations/implications

This paper has only considered the economic performance of wineries and its findings are not substitutes for other subjective measures directed at the assessment of aspects such as the quality of the wines produced.

Practical implications

Managers should be aware of their own performance in order to guarantee the competitiveness and future investments of their wineries.

Originality/value

For the first time, this paper analyses the economic performance of Spanish wineries, simultaneously using different approaches widely employed in the management literature.
How can the public sector resolve complex issues?
Authors: Head Brian W.
Published: April 2010

Purpose

The purpose of this paper is to ask how the public sector manages complex issues, and suggests that new strategic thinking is needed about ways forward.

Design/methodology/approach

The paper outlines recent conceptual and empirical research demonstrating the challenges for government posed by complex problems, and the difficulties of addressing them successfully.

Findings

The paper suggests that most governmental systems are preoccupied with a host of issues which impede the consideration of long‐term goals and methods.

Research limitations/implications

More research is needed on the capacities of governments to identify and respond to complex problems while maintaining performance in other areas.

Practical implications

Implications arise for leadership, building policy capacity, building coordination capacity, and better use of partnering to improve implementation capacity.

Originality/value

The paper encourages new thinking about the capacities required for strategic direction setting and coordination to tackle complex problems.
Confucian moral roots of citizenship behaviour in China
Authors: Han Yong , Altman Yochanan
Published: April 2010

Purpose

The purpose of this paper is to examine the extent to which Confucian moral standards may serve as a moral root of employees' organisational citizenship behaviour (OCB) in the People's Republic of China (PRC).

Design/methodology/approach

The approach is conceptual, based on research within the ﬁeld.

Findings

This paper suggests that the moral characteristics of Confucianism (based on a strong body of empirical studies): harmony, group orientation, guanxi (relationships), diligence, self‐learning and thrift, are the great virtues of the indigenous forms of OCB in the PRC, including helping co‐worker; individual initiative and/or functional participation; group activity participation; self‐development; social welfare participation; promoting company image; voice; protecting and saving company resources; interpersonal harmony and keeping the workplace clean; and keeping departmental harmony and coexistence in adversity.

Originality/value

First, this paper contributes to the extant knowledge as to the ways in which Confucian moral standards may affect Chinese exhibition of OCB. Second, this paper contributes to discerning Chinese economic success on employees' OCB performance with recourse to its traditional cultural heritage of Confucian moral standards. Finally, it highlights the presence of voice as a type of OCB which may be attributed to China's opening up to the West.
Psychological capital and authentic leadership
Authors: Caza Arran , Bagozzi Richard P. , Woolley Lydia , Levy Lester , Barker Caza Brianna
Published: April 2010

Purpose

The purpose of this paper is to test the measurement properties of the psychological capital questionnaire (PCQ) and the authentic leadership questionnaire (ALQ). Both scales' properties are tested in a diverse sample of working adults, compared across genders, and assessed for their performance in a new national culture.

Design/methodology/approach

This paper uses survey data from a random, nationally representative sample of working New Zealand adults. Structural equation modeling is used to conduct confirmatory factor analysis and to test for measurement invariance in both scales.

Findings

The results confirm the hypothesized second‐order factor structure of both scales, with psychometric properties comparable to those in samples from other cultures. The results further suggest that the PCQ and ALQ exhibit measure equivalence for men and women.

Originality/value

This paper provides the first test of both scales in a diverse representative sample. It demonstrates that the PCQ and ALQ are useful for diverse samples and equally valid for both genders, as well as performing as expected in other cultures.
Building social capital through corporate social investment
Authors: Cooke David
Published: April 2010

Purpose

Whereas previously the objectives of the corporation are seen by many as antithetical to the aims of the not‐for‐profit sector, we are now in fact seeing far greater interaction between the two. The purpose of this paper is to examine this trend and the motivation of both to form partnerships.

Design/methodology/approach

Reference is made to a range of literature as well as interviews with those immersed in this field and case study material involving large corporations.

Findings

What emerges is that typically if the not‐for‐profit sector has approached business for support it has been an appeal to altruism. This paper suggests that the not‐for‐profit world has undersold itself and has in fact the answer to many of the problems that business faces today, and that benefits to corporations who engage in corporate social investment (CSI) include enhanced ability to attract and retain high calibre staff, enhanced reputation and branding and marketing benefits.

Research limitations/implications

As this paper draws on qualitative research further quantitative research throughout the Asia Pacific region is suggested in order to measure return on investment from social investment programmes.

Practical implications

The paper suggests that this relationship is one that requires careful management to facilitate a successful engagement process and maximise outcomes for both parties.

Originality/value

The paper concludes that significant benefits accrue for corporations who engage in CSI and hence this has ramifications on how the nor‐for‐profit sector should approach potential corporate partners. An appeal to commercial motivations rather than to altruism or the moral imperative.
Investor relations level and cost of capital: evidence from Japanese firms
Authors: Ly Kosal
Published: April 2010

Purpose

The purpose of this paper is to examine the relationship between the level of investor relations and cost of capital of Japanese electric appliance firms.

Design/methodology/approach

A two‐step estimation procedure is used to estimate a regression model of a firm's information asymmetry component of cost of capital on the level of investor relations and other firm characteristics in order to control for self‐selection bias.

Findings

As expected, a negative link between the level of investor relations and cost of capital is documented after controlling for self‐selection bias, firm characteristics, and additional robustness check.

Research limitations/implications

The result of the paper is based on a sample of listed Japanese electric appliance firms, and thus may not be generalized to other industries or institutional settings. Total spread, which consists of information cost, inventory holding cost, and other processing cost component, might produce measurement errors and thus bias against the results. Further researchers should endeavor to isolate information cost component from total spread.

Practical implications

Involving in investor relations' activities to reduce information asymmetries ultimately narrows bid‐ask spread, and thus reduces cost of capital. An important implication, therefore, is that managers should treat any market participants equally by communicating to a broad spectrum of investor communities via investor relations.

Originality/value

The current paper contributes to the literature by modeling and explicitly controlling for self‐selection bias and being the first study to investigate the association between investor relations and cost of capital for Japanese firms.
Human resource management: an Islamic perspective
Authors: Khan Bilal , Farooq Ayesha , Hussain Zareen
Published: April 2010

Purpose

Organizations manipulate themselves as per the legal, political, and social values of the particular country where they operate. As a result, the operations and human resources (HRs) of business corporations are handled as the environmental fabric of that country suggests. The purpose of this paper is to develop a conceptual framework describing the aspects of modern day human resource management (HRM) and HRM from Islamic perspective.

Design/methodology/approach

The framework is presented in five broad categories – the message of Islam, Islam in different nations, Islam and work, Islam and managerial dimensions, and Islam and HRM practices. Secondary data have been used to gain knowledge about teachings of Islam and how they can be practiced in order to manage HR effectively. Detailed discussion has been incorporated regarding the Islamic culture and how it can be practiced in the organizations while conducting different HR activities. It has been kept in mind to maintain the originality of the paper though any changes in the message of Quran and Prophet (s.a.w.) cannot be incorporated. If the organizations will be managed from Islamic perspective, managers will not only gain success but will also be at peace knowing that they are doing work for Allah.

Findings

This paper concludes Islam is more a “way of life” than a mere religion. In a nutshell, it teaches how a believer has to oblige to the commitment to his faith. Businessmen believe materialistic accumulation is all they are living for. But in reality, it is temporary. Their good deeds and behavior with people irrespective of any discrimination will remain forever.

Originality/value

A conceptual model of HRM and Islam is presented that provides an explanation of the linkage between the two.
Global imbalances and a trade‐finance‐nexus
Authors: Kern Andreas , Fahrholz Christian
Published: April 2010

Purpose

This paper inquires into the root causes of global imbalances from an international trade perspective. The purpose of the paper is to establish a conceptual framework that links financial market governance, international trade and financial market integration, and to derive implications for the global financial crisis.

Design/methodology/approach

In order to analyze global imbalances, the paper draws on a theoretical Heckscher‐Ohlin‐Samuelson international trade model, in which it compares two open economies, solely differing in their financial market governance structures. Building on these findings, the paper extends the analysis to the role of financial market frictions in propagating global imbalances into excessive lending in high‐income economies.

Findings

To that extent, it argues that global imbalances are due to impasses in international production. This paper argues that countries seeking to suppress real appreciation have engaged in financial repression, which has, via financial globalization, translated into excessive expansion of financial service sectors in flexible market economies.

Research limitations/implications

In order to derive a tractable framework, the abstract from inter‐temporal aspects and from an in‐depth analysis of financial modelling issues. Owing to the static nature of the set‐up, the analytic link between global imbalances and the global financial crisis is intuitive.

Practical implications

Given that differences in national financial market governance influence the direction of international capital and trade flows, it argues for more international policy coordination in preventing future crisis.

Originality/value

The unique feature of the contribution is that it links financial market governance and international trade to international financial market integration in a tractable theoretical framework.
Regulating noisy short‐selling of troubled firms?
Authors: Ulibarri Carlos A. , Florescu Ionut , Eidsath Joel M.
Published: April 2010

Purpose

The purpose of this paper is to examine the efficacy of recent policy initiatives taken by the US Securities and Exchange Commission banning naked “short‐selling” of specific financial stocks. The paper also considers the merits of reinstating “uptick rule” 10a‐1, which prohibits short‐selling securities on a downtick.

Design/methodology/approach

The paper studies theoretical implications of short‐selling in a simple state‐claim model, reflecting varying amounts of short interest in a representative firm and noise trading in the market. Price discovery depends on the proportion of noise trading compared to rational short‐selling. The empirical analysis focuses on price volatility under short‐selling constraints employing simple regressions, EGARCH analysis and simulated price behavior under a hypothetical uptick rule.

Findings

The EGARCH results suggest short‐selling constraints had non‐uniform impacts on the persistence and leverage effects associated with price volatility. The corresponding price simulations indicate a hypothetical uptick rule might have helped stabilize price behavior in some cases, depending on the nature of the stochastic process and whether or not quantity constraints on short‐selling are binding.

Originality/value

The theoretical arguments and empirical findings suggest a “focused approach” to market regulation would be a more efficient means of discouraging trend chasing without compromising “informed trading” – that is to say, safeguarding price discovery and market liquidity without impeding arbitrage or confounding probability beliefs regarding firm survival. These conclusions are largely in accord with recent policy analysis and proposals outlined in Avgouleas.
Inflation and Mexican economic growth: long‐run relation and threshold effects
Authors: Adrián Risso W. , Sánchez Carrera Edgar J.
Published: April 2010

Purpose

The purpose of this paper is to estimate the long‐run relationships and threshold effects between inflation and economic growth in Mexico.

Design/methodology/approach

The paper shows the existence of such relationship in a cointegrated vector on economic growth (log of real gross domestic product (GDP)) and inflation rate finding a corresponding elasticity significantly negative. Moreover, the causal relationship between these two series is studied using a more robust Granger causality test, without finding any directional causality between them.

Findings

The estimated threshold model suggests 9 percent as the threshold level (i.e. structural break point) of inflation above which inflation significantly slows the Mexican economic growth.

Research limitations/implications

This paper uses the cointegration technique, and finds a significant and negative long‐run relationship between inflation and economic growth for the Mexican economy. In addition, it is found that inflation is weakly exogenous. In the period 1970‐2007 real GDP was elastic with respect to inflation, and therefore, considering the estimated coefficient, an increase of 1 percent on inflation produces a decrease of 1.5 percent on real GDP. Since, for most of the period under consideration Mexico experienced inflation rates higher than 10 percent, this result is consistent with most of the research suggesting that high levels of inflation produce a negative effect on economic growth.

Practical implications

The analysis could be useful for policymakers in providing some clue in setting an optimal inflation target. For instance, the Mexican Central Bank could apply an expansionary monetary policy for supporting economic growth until the inflation rate does not exceed the threshold level. In fact, the threshold analysis suggests that if the inflation rate exceeds 9 percent, then Mexico's current favorable economic performance might be jeopardized.

Originality/value

Specifically, this paper focuses on two questions: is there any long‐run relationship between economic growth and inflation in Mexico? Is there a statistically significant threshold level of inflation above which inflation affects growth differently than at lower inflation rates in Mexico? Motivated by these questions, this present paper first examines cointegration techniques and then, threshold estimations.
Firms' capital structure and the bankruptcy law design
Authors: Funchal Bruno , Clovis Mateus
Published: April 2010

Purpose

The purpose of this paper is to study the effect of changes in creditors' priority defined by the bankruptcy law on firms' capital structure.

Design/methodology/approach

Taking advantage of the Brazilian bankruptcy law reform as an experiment and using publicly traded firms' balance sheet data, it compares Brazilian firms capital structure before and after the new law, using fixed‐effects panel regression. The empirical results are in line with theories that predict the effects on the capital structure due to changes in creditors' expectations.

Findings

This paper finds evidence of an increase in the debt portion of the capital structure.

Originality/value

The paper contributes the law and finance empirical literature, pointing out that change in creditors' protection induces significant changes in the firms' financing policy.
WHAT PRIEST (AMONGST MANY OTHERS) HAS BEEN MISSING
Authors: Slater Hartley
Published: April 2010

It is shown that there are categorical differences between sentences and statements, which have the consequence in particular that there are no paradoxical cases of self‐reference with the latter as there are with the former. The point corrects an extensive train of thought that Graham Priest has pursued over recent years, but also a much wider tradition in logic and the foundations of mathematics that has been dominant for over a century. That tradition might be broadly characterized as Formalist, or Nominalist, and the improved understanding of statements leads us instead into a more Realist approach and thereby contentful logic and mathematics.
DOING/ALLOWING AND THE DELIBERATIVE REQUIREMENT
Authors: Woollard Fiona
Published: April 2010

Attempts to defend the moral significance of the distinction between doing and allowing harm directly have left many unconvinced. I give an indirect defence of the moral significance of the distinction between doing and allowing, focusing on the agent's duty to reason in a way that is responsive to possible harmful effects of their behaviour. Due to our cognitive limitations, we cannot be expected to take all harmful consequences of our behaviour into account. We are required to be responsive to harmful consequences that have some feature that makes it easy for us to become aware of them. I show that, under Jonathan Bennett's analysis of the doing/allowing distinction, harm that is incidentally done has such a feature, which is not shared by harm that is incidentally allowed. Any plausible analysis of the doing/allowing distinction will entail a similar asymmetry. It follows that, prima facie, an agent who incidentally does harm has violated a moral requirement (the deliberative requirement) which an agent who incidentally allows harm has not violated.1
Laparoscopic assisted radical vaginal hysterectomy versus radical abdominal hysterectomy—a randomised phase II trial: perioperative outcomes and surgicopathological measurements
Authors: Naik R , Jackson KS , Lopes A , Cross P , Henry JA
Published: April 2010

Please cite this paper as: Naik R, Jackson K, Lopes A, Cross P, Henry J. Laparoscopic assisted radical vaginal hysterectomy versus radical abdominal hysterectomy—a randomised phase II trial: perioperative outcomes and surgicopathological measurements. BJOG 2010; DOI: 10.1111/j.1471‐0528.2010.02479.x.

Objective  To evaluate perioperative surgical outcomes and resection size for laparoscopically assisted radical vaginal hysterectomy (LARVH) compared with radical abdominal hysterectomy (RAH).

Design  A prospective randomised phase II trial.

Population  Early stage IB cervical cancer requiring radical surgical treatment.

Setting  Northern Gynaecological Oncology Centre, Gateshead, UK.

Methods  Fifteen women were randomised to LARVH and to RAH.

Main outcome measures  Outcomes included requirement in days for bladder catheterisation after surgery, operating time, blood loss, hospital stay, opiate pain relief, complication rate, time to normal activities and resection size of major ligaments and vaginal cuff.

Results  Statistically significant differences were found between LARVH and RAH, respectively: median duration of bladder catheterisation, 4 days versus 21 days (P = 0.003); median operating time, 180 minutes versus 138 minutes (P = 0.05); median blood loss, 400 ml versus 1000 ml (P = 0.05), median hospital stay, 5 days versus 7 days (P = 0.04) and median opiate requirement in the first 36 hours postoperatively, 30 mg versus 53 mg (P = 0.004). The mean resected lengths for LARVH versus RAH, respectively, were: mean resected vaginal cuff, 1.26 cm versus 2.16 cm (P = 0.014); mean resected cardinal ligament length, 1.30 cm versus 2.79 cm (P = 0.013) and mean resected uterosacral ligament length, 1.47 cm versus 4.68 cm (P = 0.034).

Conclusions  This study confirms the short‐term surgical benefits of LARVH. In addition, LARVH has been shown to be a less radical procedure than RAH, supporting the need for strict patient selection and to restrict the procedure to small tumours.
Images of Woman
Authors: Hunter Jean E.
Published: April 2010

This paper surveys social attitudes toward women in Greece and Rome, Judeo‐Christian religious teachings, and the Middle Ages. Three dominant images emerge; woman as inferior, woman as evil, and woman as the love object. Since the Middle Ages the social conditions which sustained these views have gradually changed and modern feminism increasingly has challenged them; yet the images remain embedded in our traditions and continue to support a pervasive assumption that men and women are different not only in the social roles which they have usually occupied but in their very nature. The social revolution which feminism represents can be sustained only by a thoroughgoing intellectual revolution which first examines and then alters the way women are socially viewed.
Screening and Analysis of Adsorbents for Pemphigus Autoantibodies
Authors: Yamada Hiromichi , Itoh Akira , Hatanaka Yoshihiro , Tsukiji Misuzu , Takamori Kenji
Published: April 2010

Pemphigus represents a potentially life‐threatening, blistering, chronic autoimmune disease involved with autoantibodies against desmosomal adhesion proteins, desmoglein 1 (Dsg1) and desmoglein 3 (Dsg3). These autoantibodies belong to biased immunoglobulin subclasses, predominantly IgG1 and IgG4. Although plasmapheresis is established for the treatment of pemphigus, specific immunoadsorption of the autoantibodies has not been clinically applied. In order to search for a novel adsorbent for the pemphigus autoantibodies, we screened a library of 26 chemical ligand adsorbents using the effluent of double filtration plasmapheresis obtained from pemphigus patients. As a result of the screening, we found that each adsorbent whose ligand is 2‐thiophene ethylamine, tryptophan, para‐guanidinophenylalanine, phenylalanine, or thienylglycine adsorb both antibodies to Dsg3 and Dsg1 efficiently, in that order. Furthermore, the thiophene adsorbent exhibited a high affinity for the IgG4 subclass. These results suggest that the thiophene adsorbent may be suitable for pemphigus immunoadsorption. Further in vivo animal studies and clinical trials are needed.
Maximizing collection and minimizing risk: does vacuum suction sampling increase the likelihood for misinterpretation of food web connections?
Authors: CHAPMAN ERIC G. , ROMERO SUSAN A. , HARWOOD JAMES D.
Published: April 2010

Molecular tools that characterize the structure of complex food webs and identify trophic connectedness in the field have become widely adopted in recent years. However, characterizing the intensity of predator–prey interactions can be prone to error. Maximizing collection success of small, fast‐moving predators with vacuum suction samplers has the potential to increase the likelihood of prey DNA detection either through surface‐level contamination with damaged prey or direct consumption within the sampling device. In this study, we used PCR to test the hypothesis that vacuum suction sampling will not cause an erroneous increase in the detection of ‘predation’, thereby incorrectly assigning trophic linkages when evaluating food web structure. We utilized general (1) Aphidoidea and (2) Collembola primers to measure the predation rates of Glenognatha foxi (Araneae: Tetragnathidae) on these prey collected by hand versus those sampled with a vacuum suction device. With both primer pairs, there was no significant increase in predators screening positive for prey DNA when sampled by vacuum suction versus those predators collected, in parallel, by hand. These results clearly validate the application of vacuum suction sampling during molecular gut‐content analysis of predator–prey feeding linkages in the field. Furthermore, we found no evidence that predation was occurring inside the suction sampler because specimens collected were never observed to be feeding nor did they screen positive at greater frequencies than hand‐collected individuals. Therefore, it can be concluded that the use of vacuum suction sampling devices (in this case a Modified CDC Backpack Aspirator Model 1412) is suitable for molecular gut‐content analysis.