Is there life in the old dogs yet? Making break-tests work on financial contagion

Many tests of financial contagion require a definition of the dates separating calm from crisis periods. We propose to use a battery of break search procedures for individual time series to objectively identify potential break dates in relationships between countries. Applied to the biggest European stock markets and combined with two well established tests for financial contagion, this approach results in break dates which correctly identify the timing of changes in cross-country transmission mechanisms. Application of break search procedures breathes new life into the established contagion tests, allowing for an objective, data-driven timing of crisis periods.

One date, one break?

This paper demonstrates that the conventional approach of using official liberalisation dates as the only existing breakdates could lead to inaccurate conclusions as to the effect of the underlying liberalisation policies. It also proposes an alternative paradigm for obtaining more robust estimates of volatility changes around official liberalisation dates and/or other important market events. By focusing on five East Asian emerging markets, all of which liberalised their financial markets in the late, and by using recent advances in the econometrics of structural change, it shows that (i) the detected breakdates in the volatility of stock market returns can be dramatically different to official liberalisation dates and (ii) the use of official liberalisation dates as breakdates can readily entail inaccurate inference. In contrast, the use of data-driven techniques for the detection of multiple structural changes leads to a richer and inevitably more accurate pattern of volatility evolution emerges in comparison with focussing on official liberalisation dates.

Hogyan bonthatók le a látható és láthatatlan falak? – Kooperatív kutatás a megváltozott munkaképességűek foglalkoztatásával kapcsolatos mentális gátak lebontásáról (How to break down the visible and unvisible walls? – A cooperative research about the breaking down of mental barriers of the employment of disabled people)

A szerzők tanulmányukban egy kooperatív kutatási projekt eredményeit mutatják be, melyet emberierőforrás- menedzsment szakos master hallgatókkal folytattak megváltozott munkaképességűek foglalkoztatásával kapcsolatban. Magyarországon rendkívül magas a munkanélküliség a fogyatékkal élők körében, és a szerzők úgy vélik, hogy a HR-szakértőknek kulcsfontosságú szerepük van abban, hogy a foglalkoztatási korlátokat fenntartják-e, vagy változtatnak a jelenlegi helyzeten. A kritikai emberierőforrás-fejlesztés és a kritikai pedagógia hagyományait követve kutatásuk kettős célt tűzött ki. Céljuk volt egyrészt a jövő HRszakembereinek megváltozott munkaképességűek foglalkoztatásával kapcsolatos mentális mintázatainak, attitűdjeinek és hiedelmeinek feltárása, amelyek az elnyomás, diszkrimináció vagy kizsákmányolás gyökerei lehetnek. Másrészt pedig a kooperatív kutatás alkalmazásával a hallgatók emancipációját szándékoztak előmozdítani, továbbá az üzleti felsőoktatást uraló pozitivista filozófiát és értékrendszert kívánták kihívás elé állítani, s ily módon segíteni egy kritikusabb világnézet kibontakozását. ________ In this paper we present the results of a cooperative inquiry research project undertaken with Master students specialized in Human Resource Management on the employment of disabled people. Unemployment among people with disabilities is very high in Hungary and HR professionals have a key role in maintaining or reducing employment barriers and modifying the present situation. Following the tradition of critical Human Resource Development and critical pedagogy, the aim of the research project was twofold. First, we aimed to reveal the mental patterns, attitudes and beliefs of future HR professionals to the employment of people with disabilities, which might become roots causes of domination, discrimination or exploitation. Secondly, through applying cooperative inquiry, researchers aimed to emancipate students and challenge the positivist philosophy and value system which usually dominate business education and thereby engender a more critical worldview.

Értékteremtés e-kereskedelemmel – kitörési lehetőség a recesszió sújtotta magyar kiskereskedelemben? (Value creation of e-commerce – Chance to break out for the recession-hit Hungarian retail sector?)

Kimutatható-e az e-kereskedelem hatása a vállalati teljesítményre a recesszióval küzdő magyar kiskereskedelmi piacon? A hagyományos bolti értékesítés vagy on-line kereskedelem vezet hazánkban jobb pénzügyi teljesítményhez? Ezekre a kérdésekre a magyar IKT (infokommunikációs technológiai) kiskereskedők 187 elemű mintáján igyekeznek a szerzők választ keresni, az adatgyűjtést újszerű módon részben automatizált webpókokra bízva, következtetéseiket pedig elsősorban klaszterelemzési technikákra építve. Megállapítják, hogy bár a legjobb bolti kereskedők többnyire valamivel nagyobb és stabilabb profitrátákkal jellemezhetők a válság éveiben is, a piac megtartása és növelése terén már egyértelműen az e-kereskedők jeleskedtek. Eredményeik szerint az e-kereskedelem hozzásegítheti a kiskereskedőket a munkaerő-hatékonyság növeléséhez is, ám ha gyors rendelkezésre állással vagy alacsony árakkal csábítják vevőiket, akkor a profittöbblet egy részét felőrölheti a magasabb készlettartási igény vagy az árverseny. _____ The study examines whether e-commerce has a significant impact on corporate performance on the Hungarian retail market struggling with the effects of economic downturn. Is it brick-and-mortal retail or e-commerce that leads to a better financial performance? Using the innovative data gathering tools of automotive web crawlers the authors seek answers to these questions on a sample of 187 Hungarian ICT retailers. Based on cluster analysis they conclude that while the best traditional retailers have somewhat higher and more stable profitability ratios even during the years of recession, e-tailers are more successful in retaining and increasing their market share. E-commerce is also associated with higher human resource productivity, but the possible profit surplus originating from this advantage could be jeopardized in the long run as new electronic traders typically attract their customers by shorter service time or lower prices.

Gimme' A Break: Offering Sabbaticals as an Optional Leave Benefit in the Lodging Industry

ABSTRACT The purpose of this study is to investigate the extended leave programs offered by lodging companies in the United States and to suggest a model that could be used in the lodging industry. This model mirrors successful sabbatical leave programs offered by leading companies featured in the annual report, 100 Best Companies to Work For (from this point forward, referred to as 100 Best), published on-line by Fortune Magazine, 2013 (CNN, 2013). While extended leave programs are not entirely lacking in the industry, our research discovered that such leave systems are rare. According to the companies investigated that offer a sabbatical leave program, this benefit offers highly sought after time away from work for top performing employees at the management and higher levels. The benefits reported include happier employees who have increased feelings of company loyalty, job satisfaction, and overall better attitudes. The sponsoring companies stated that those who take part in such leave contribute at a higher level upon their return, bringing fresh ideas and a renewed commitment to the company’s success.

Tequila at Sunrise: Spring Break Travel Motivations and Risk Behaviors of American Students in Acapulco, Mexico

Little research has been completed regarding spring break motivations and behaviors of American students in foreign destinations, specifically in Mexico. This paper looks at push and pull motivations in relation to drug and alcohol consumption and findings indicate greater drug and alcohol use among those who selected “party reputation” and “to go wild” as travel motivations. Binge drinking, sexual activity, and drug use among students on spring break in Acapulco, Mexico were also analyzed and compared to past findings within the United States. Results suggest that students are involved in heavy alcohol consumption and significant drug use. Additionally, high rates of sexual activity occur on spring break and results suggest low condom use, placing students at higher risks for the contraction of sexually transmitted infections.

Looking At Residents’ Attitudes towards Spring Break Tourism in Texas through the Lens of Community Attachment

The growth of spring break tourism in many destinations has become problematic, predominantly due to the excessive behaviour of college students. This paper examines residents’ attitudes toward spring break tourism in South Padre Island (located in Texas, USA) through the lens of community attachment. By understanding the attitudes of residents of the host communities, tourism planners and policy-makers can create policies to shape the character of tourism according to the residents’ needs. The findings suggest that, at this point in time, community residents perceive that the benefits of spring break tourism benefits exceed its’ costs. Also, the short and intense season of spring break tourism allows residents to better deal with social costs.

Gondwana break-up related magmatism in the Falkland Islands

Peer reviewed

Gondwana break-up related magmatism in the Falkland Islands

Peer reviewed

Left to right: Kim de Mutsert, Nicole Poret, and Sharon Ewe taking a break during sampling, Taylor Slough

This material is based upon work supported by the National Science Foundation through the Florida Coastal Everglades Long-Term Ecological Research program under Cooperative Agreements #DBI-0620409 and #DEB-9910514. This image is made available for non-commercial or educational use only.

Left to right: Greg Koch, Kim de Mutsert, Sharon Ewe, Edward Castaneda taking a break during sampling, Shark River Slough

This material is based upon work supported by the National Science Foundation through the Florida Coastal Everglades Long-Term Ecological Research program under Cooperative Agreements #DBI-0620409 and #DEB-9910514. This image is made available for non-commercial or educational use only.