Do human resource practices enhance organizational commitment in SMEs with low employee satisfaction?

This paper considers a large matched employee–employer data set to estimate a model of organizational commitment. In particular, it focuses on the role of firm size and management formality to explain organizational commitment in British small and medium-sized enterprises (SMEs) with high and low levels of employee satisfaction. It is shown that size ‘in itself’ can explain differences in organizational commitment, and that organizational commitment tends to be higher in organizations with high employee satisfaction compared with organizations of similar size with low employee satisfaction. Crucially, the results suggest that formal human resource (HR) practices can be used as important tools to increase commitment and thus, potentially, effort and performance within underperforming SMEs with low employee satisfaction. However, formal HR practices commonly used by large firms may be unnecessary in SMEs which benefit from high employee satisfaction and positive employment relations within a context of informality.

Housing and neighbourhood development plans: an initial assessment of opportunities and impact of the Localism Act 2011 in England

The Localism Act 2011 created an opportunity for local communities to form Neighbourhood Forums and to prepare their own Neighbourhood Development Plans in urban and rural areas in England. Initial reactions suggested that, rather than leading to the development of more housing, these initiatives would confirm all the stereotypes of local residents blocking unwanted development in their defined neighbourhoods. However, neighbourhood plans need to be in general conformity with the Core Strategies of higher-tier plans and have to undergo an examination by an independent person appointed by government. This paper discusses the role and purpose of neighbourhood plans and the evidence base on which they are founded. It then reviews the ways in which housing strategies and evidence of need are reflected in a sample of plans which have been adopted to date. It concludes with an assessment of the broader impact of neighbourhood plans on the planning process.

Monetary policy, exchange rates and stock prices in the Middle East region

A structural vector autoregressive model is employed to investigate the impact of monetary policy and real exchange rate shocks on the stock market performance of Kuwait, Oman, Saudi Arabia, Egypt and Jordan. In order to identify the structural shocks both short run and long run restrictions are applied. Unlike previous literature the contemporaneous interdependence between the financial variables are left unrestricted to give a more accurate depiction of the relationships. The heterogeneity of the results reflect the different monetary policy frameworks and stock market characteristics of these countries. Mainly, monetary policy and the real exchange rate shocks have a significant short run impact on the stock prices of the countries that apply a relatively more independent monetary policy and flexible exchange rates.

Housing at the neighbourhood level: a review of the initial approaches to neighbourhood development plans under the Localism Act 2011 in England

The Localism Act 2011 created an opportunity for local communities to form neighbourhood forums and to prepare their own neighbourhood development plans in urban and rural areas in England. Initial reactions suggested that, rather than leading to the development of more housing, these initiatives would confirm all the stereotypes of local residents blocking unwanted development in their defined neighbourhoods. However, neighbourhood plans need to be in general conformity with the core strategies of higher-tier plans and often make provision for more new homes than planned before 2011. This article discusses the role and purpose of neighbourhood plans, the evidence base on which they are founded and some of the legal challenges which have helped clarify procedures. It then identifies two types of plan based on the ways housing strategies and evidence of need are reflected in a sample of 10 plans which have been made to date. It concludes that the voluntary nature of localism to date tends to favour more rural and affluent areas and ends with an assessment of the impact of neighbourhood plans on the planning process. It suggests that the implications for spatial planning may be far-reaching.

Consumer confidence indices and stock markets’ meltdowns

Consumer confidence indices (CCIs) are a closely monitored barometer of countries’ economic health and an informative forecasting tool. Using European and US data, we provide a case study of the two recent stock market meltdowns (the post-dotcom bubble correction of 2000–2002 and the 2007–2009 decline at the beginning of the financial crisis) to contribute to the discussion on their appropriateness as proxies for stock markets’ investor sentiment. Investor sentiment should positively covary with stock market movements (DeLong, Shleifer, Summers, and Waldmann 1990); however, we find that the CCI–stock market relationship is not universally positive.We also do not find support for the information effect documented in the previous literature, but identify a more subtle relationship between consumer expectations about future household finances and stock market fluctuations.

Volatility and VaR Forecasting in the Madrid Stock Exchange

This paper provides an empirical study to assess the forecasting performance of a wide range of models for predicting volatility and VaR in the Madrid Stock Exchange. The models performance was measured by using different loss functions and criteria. The results show that FIAPARCH processes capture and forecast more accurately the dynamics of IBEX-35 returns volatility. It is also observed that assuming a heavy-tailed distribution does not improve models ability for predicting volatility. However, when the aim is forecasting VaR, we find evidence of that the Student’s t FIAPARCH outperforms the models it nests the lower the target quantile.