Managing human resources in Asia-Pacific

This book presents an HRM scenario in a number of South-East Asian and Pacific Rim countries. It highlights the growth of the personnel/HR function, the dominant HRM system(s) in the area, the influence of different factors on HRM, and the challenges faced by HR functions in these nations. An excellent addition to this subject area, each chapter has been written by an area specialist. As the most topical and up-to-date book in its field, this outstanding book is suitable for both academics and practitioners in the field.

Model specification and forecasting foreign exchange rates with vector autoregressions

This study examines the forecasting accuracy of alternative vector autoregressive models each in a seven-variable system that comprises in turn of daily, weekly and monthly foreign exchange (FX) spot rates. The vector autoregressions (VARs) are in non-stationary, stationary and error-correction forms and are estimated using OLS. The imposition of Bayesian priors in the OLS estimations also allowed us to obtain another set of results. We find that there is some tendency for the Bayesian estimation method to generate superior forecast measures relatively to the OLS method. This result holds whether or not the data sets contain outliers. Also, the best forecasts under the non-stationary specification outperformed those of the stationary and error-correction specifications, particularly at long forecast horizons, while the best forecasts under the stationary and error-correction specifications are generally similar. The findings for the OLS forecasts are consistent with recent simulation results. The predictive ability of the VARs is very weak.

Manufacturing challenges in the new millenium:the Asia-Pacific response

Editorial

Stock market efficiency, the small firm effect and cointegration

The cointegration methodology commonly used for testing the efficiency of the foreign exchange market is applied to a sample of UK share prices. Specifically we test for static market efficiency in the share prices of small and large firms, using monthly data from January 1975 to December 1989. The empirical findings provide evidence of market efficiency for portfolios of large firms but of inefficiency for small firm portfolios. These results are indicative of a small firm effect in the UK stock market.

The management of foreign exchange exposure on business contracts overseas

This thesis is a piece of applied research. It is the result of a joint project between the University of Aston Interdisciplinary Higher Degrees Scheme and International Aeradio plc (IAL). It considers the structure and organisation of overseas business and the effects that exchange rate movements have on financial performance. It looks in detail at a series of overseas contracts and factors which affect the monitoring and performance of those contracts. From this initial research is developed a series of conceptual models which attempt to capture the effects of foreign exchange rate movements on contract costing, the monitoring of performance on overseas contracts and a measure of company wide exposure. These models are then considered in the context of real IAL generated data and circumstances. The work is finally considered in the context of a survey of other companies with a similar mode of undertaking overseas business with the aim of placing the work in a general context.

Bid-ask spread dynamics in foreign exchange markets

The aim of this paper is to examine the short term dynamics of foreign exchange rate spreads. Using a vector autoregressive model (VAR) we show that most of the variation in the spread comes from the long run dependencies between past and future spreads rather than being caused by changes in inventory, adverse selection, cost of carry or order processing costs. We apply the Integrated Cumulative Sum of Squares (ICSS) algorithm of Inclan and Tiao (1994) to discover how often spread volatility changes. We find that spread volatility shifts are relatively uncommon and shifts in one currency spread tend not to spillover to other currency spreads. © 2013.

Managing human resources in Asia-Pacific

Given the enormous economic and developmental changes being experienced by nations in the Asia-Pacific region, and the related movement of people between and across countries, it is critical that we better understand the HRM policies and practices of these nations. The latest instalment in the Global HRM series, Managing Human Resources in Asia-Pacific (2E) presents the HRM situations in a number of South-East Asian and Pacific Rim countries, highlighting the growth of the personnel and HR function, the dominant HRM system(s) in the area, the influence of different factors on HRM, and the challenges faced by HR functions in these nations. This edition extends its coverage to Cambodia, Fiji, Indonesia, and the Philippines; a new chapter discusses HR research challenges in the region, such as the transferability of western constructs, problems with data collection, and the emergence of MNEs from Asia Pacific. © 2014 Taylor & Francis.

A Study of Online Hotel Reservations on Asia Pacific-Based, European-Based, and North American-Based Travel Websites

This paper reports a study that examined hotel reservation services on travel websites. Using a systematic search, 90 travel websites were selected with an equal number of North American-based, European-based, and Asia Pacfic-based websites. These regions represent the areas of the world with the most Internet users. Based on the developed framework of information quality, the contents of the selected travel websites were evaluated. Be empirical results indicated that the travel websites achieved different levels of quality in online information, and that North American-based websites performed significantly better in some attributes.

Convergence-divergence of HRM in the Asia-Pacific:context-specific analysis and future research agenda

In this article, we highlight the significance and need for conducting context-specific human resource management (HRM) research, by focusing on four critical themes. First, we discuss the need to analyze the convergence-divergence debate on HRM in Asia-Pacific. Next, we present an integrated framework, which would be very useful for conducting cross-national HRM research designed to focus on the key determinants of the dominant national HRM systems in the region. Following this, we discuss the critical challenges facing the HRM function in Asia-Pacific. Finally, we present an agenda for future research by presenting a series of research themes.

The Communicative Dimension and Security in Asia-Pacific: A communicative-viewing proposal for reform of the Japanese Intelligence Services

The postwar development of the Intelligence Services in Japan has been based on two contrasting models: the centralized model of the USA and the collegiality of UK, neither of which has been fully developed. This has led to clashes of institutional competencies and poor anticipation of threats towards national security. This problem of opposing models has been partially overcome through two dimensions: externally through the cooperation with the US Intelligence Service under the Treaty of Mutual Cooperation and Security; and internally though the pre-eminence in the national sphere of the Department of Public Safety. However, the emergence of a new global communicative dimension requires that a communicative-viewing remodeling of this dual model is necessary due to the increasing capacity of the individual actors to determine the dynamics of international events. This article examines these challenges for the Intelligence Services of Japan and proposes a reform based on this new global communicative dimension.

Exchange rate dynamics, structural breaks, and central bank interventions in Colombia

We evaluate the effectiveness of the Colombian Central Bank´s interventions in the foreign exchange market during the period 2000 to 2014 -- We examine the stochastic process that describes the exchange rate, with a focus on the detection of structural breaks or unit roots in the data to determine whether the Central Bank´s interventions were effective -- We find that the exchange rate can be described either by a random walk or by a trend-stationary model with multiple breaks -- In neither cases do we find any evidence that the exchange rate was affected by the Central Bank interventions