Leader trustworthy behavior and organizational trust:the role of the immediate manager for cultivating trust

Drawing from both trust-building theory and interpersonal trust literature, we investigate how trust between a leader and follower may be leveraged to influence organizational trust. We also explore the mediating mechanisms of this link and test a potential moderator. A cross-sectional, multi-foci design was adopted and participants were 201 employees within a public sector organization. Leader trustworthy behavior was found to predict organizational trust, mediated by trustworthiness perceptions and trust in the leader. Support for the boundary condition was found; namely, when leaders were more senior, the relationship between trustworthy behavior and organizational trust was stronger. The findings suggest that leaders can meaningfully influence organizational trust perceptions through the enactment of trustworthy behavior, although the strength of this effect varied as a function of their position.

Monetáris politikai tendenciák I. Eszköztárak (Tendencies in monetary policy I. - Asset prices)

A közgazdaságtan, szűkebben a monetáris politika előtt két elméleti és gyakorlati kihívást látok: a globális egyensúlytalanságoknak nevezett jelenséget és az eszközár problematikát. Előbbi a világgazdaságban koncentráltan fölhalmozódó adósságokat és követelésállományokat jelenti, utóbbi a banki és nem banki pénzügyi piacok folyamatainak lehetséges pénzügypolitikai vonatkozásaira utal. Mondandómat két cikkben fogalmazom meg. Ez az írás először a monetáris stabilitás és instabilitás kérdéskörét mutatja be történeti keretben, ami tekinthető mindkét aktuális témakör földolgozásához szükséges elméleti fölvezetőnek is. Ezt követi a monetáris politika és az eszközárak kapcsolatának vizsgálata. A következő cikk foglalkozik a globális egyensúlytalanságokkal. Azért választottam e sorrendet, mert a két téma szorosan összefügg, az itt leírt magyarázatok segíthetik a későbbiek megértését. Az írásban többször megfogalmazok saját véleményt, a hangsúly mégis a szakirodalom bemutatásán van. / === / Global imbalances and asset price booms and busts are the two main practical and theoretical challenges in economics, especially in monetary policy. The first of them concerns the accumulative tendencies of debts and claims in the world economy, the second challenge deals with the processes of bank and non bank money markets. These topics are dealt with in two articles. The first one presents the issue of monetary stability and instability from a historical perspective. With that the connections between monetary policy and asset prices will be studied. The next article will deal with global imbalances. The topics are closely related and this order helps better understanding. The articles are mainly based on the current literature although I insert my own views as well.

Az európai vállalkozó karaktere (The characters of the European entrepreneur and the European manager)

Miben különböznek motivációjukat, értékeit, habitusukat tekintve a vállalkozók, illetve a menedzserek a társadalom többi tagjától és egymástól? Egy 29 európai országra kiterjedő reprezentatív lakossági kérdőíves felmérés (European Social Survey) alapján keresik a szerzők a választ e kérdésre. A Schwartz-értéktesztet használják, amelynek segítségével meghatározhatók az általános célok, elvek, amelyek követését egy személy fontosnak tartja az életében. Így felrajzolható a személy karaktere. Hozzájárulásuk az irodalomhoz kettős. Bár készültek európai szinten elemzések a vállalkozók által vallott sajátos értékekről, a Schwartz-teszt átfogóbb, árnyaltabb és megbízhatóbb elemzést tesz lehetővé. Továbbá, az említett elemzések csak az önfoglalkoztatókat vizsgálták, amely kategória magában foglalja ugyan a vállalkozókat, ám tágabb annál. Az alkalmazott menedzserekről pedig tudomásuk szerint egyáltalán nem készült hasonló elemzés. / === / What distinguishes entrepreneurs and managers from the rest of society and from each other in terms of motivation and values? The authors attempt to answer these questions by analysing data from the European Social Survey covering the populations of 29 countries. They use the Schwartz value-test to identify the general goals and principles people choose to follow in their lives. The test enables them to paint the typical personal characters of entrepreneurs and managers. Their contribution to the literature is threefold. First, although the values held by European entrepreneurs have been investigated before, the Schwartz test provides for a more comprehensive and nuanced analysis. Second, prior statistical analyses have focussed on self-employed, which is a much broader category than entrepreneurs. Third, the distinguishing values of employed managers have not been analysed so far in a similar way.

A pénzügyi eszközök árazásának alaptétele, lokálisan korlátos szemimartingál árfolyamok esetén (The fundamental theorem of asset pricing for locally bounded semimartingales)

A pénzügyi eszközök árazásának alaptétele - kissé pongyolán megfogalmazva - azt állítja, hogy egy értékpapírpiacon akkor nincs arbitrázs, ha létezik egy az eredetivel ekvivalens valószínűségi mérték, amelyre vonatkozóan az értékpapírok árait leíró folyamat egy bizonyos értelemben "martingál". Az első ilyen jellegű állítást M. Harrison és S. R. Pliska bizonyították arra esetre, amikor a valószínűségi mező végesen generált. Azóta a tételnek számos általánosítása született. Ezek közül az egyik legismertebb a Dalang{Morton{ Willinger-tétel, ami már teljesen általános valószínűségi mezőből indul ki, de felteszi, hogy az időparaméter diszkrét, és az időhorizont véges. Időközben a tételnek számos folytonos időparaméterű folyamatokra vonatkozó változata is született. Az alaptételt általános esetben, vagyis amikor valószínűségi mező teljesen általános, és az értékpapírok piaci árait leíró folyamat lokálisan korlátos szemimartingál, Delbaen és W. Schachermayer bizonyították be. A Delbaen{Schachermayer-féle alaptétel a maga nemében egy igen általános áll ítás. A tétel bizonyítása igen hosszadalmas, és a funkcionálanalízis valamint a sztochasztikus folyamatok általános elméletének mély eredményeit használja. Utóbbi tudományterület nagy részét P. A. Meyer és a francia strassbourgi iskola matematikusai dolgozták ki a 60-as évek végétől kezdve. A terület megértését tehát alaposan megnehezíti, hogy a felhasznált matematikai apparátus viszonylag friss, egy része pedig csak francia nyelven érhető el. Meggyőződésünk szerint az eredeti, 1994-es Delbaen és Schachermayer-féle bizonyítás csak kevesek által hozzáférhető. A tételnek tudomásunk szerint azóta sem született tankönyvi feldolgozása, annak ellenére, hogy maga az állítás közgazdász körökben is széles körben ismerté vált, és az eredeti cikket számos szerző idézi. Az itt bemutatott bizonyítás Delbaen és Schachermayer 1992 és 2006 közötti írásain alapul. ______ The Delbaen and Schachermayer's theorem is one of the deepest results of mathematical finance. In this article we tried to rethink and slightly simplify the original proof of the theorem to make understandable for nonspecialists who are familiar with general theory of stochastic processes. We give a detailed proof of the theorem and we give new proofs for some of the used statements.

Az eszközárazás második alaptétele (The second fundamental theorem of asset pricing)

A dolgozatban röviden bemutatjuk az eszközárazás második alaptételét. A bizonyítás során felhasználjuk a Dalang-Morton-Wilinger tétel bizonyításában használt állításokat. ______ In the article we summarize the results about the second fundamental theorem of asset pricing.

The Impact of Project Manager on Project Success – The Case of ICT Sector

The project management literature on project success is rich. Numerous papers focus on the evolution of the understanding of project success, identification of success criteria and critical success factors. Critical success factors increase the potential for achieving project success, while project success can be evaluated with the help of success criteria. Although the interrelationships between critical success factors and success criteria are rarely analyzed, yet there is a strong demand for it. The aim of this paper is twofold. One of the aims is to identify the impact of one of the critical success factors, the project manager’s project management attitude on project success. The other aim is to highlight the interrelationship between the project manager’s personal characteristics and project management attitude and leadership style, which are three critical success factors. These aim to address the shortcoming mentioned above, which is considering the lack of the interrelationships between critical success factors and success criteria. The research outcomes are drawn from qualitative field research at the Hungarian subsidiaries of multinational companies operating in the ICT sector.

Liquidity and asset pricing: A comparison between three-factor and three-moment capital asset pricing models

Liquidity is an important attribute of an asset that investors would like to take into consideration when making investment decisions. However, the previous empirical evidence whether liquidity is a determinant of stock return is not unanimous. This dissertation provides a very comprehensive study about the role of liquidity in asset pricing using the Fama-French (1993) three-factor and Kraus and Litzenberger (1976) three-moment CAPM as models for risk adjustment. The relationship between liquidity and well-known determinants of stock returns such as size and book-to-market are also investigated. This study examines the liquidity and asset pricing issues for both intertemporal as well as cross-sectional data. ^ The results indicate an existence of a liquidity premium, i.e., less liquid stocks would demand higher rate of return than more liquid stocks. More specifically, a drop of 1 percent in liquidity is associated with a higher rate of return of about 2 to 3 basis points per month. Further investigation reveals that neither the Fama-French three-factor model nor the three-moment CAPM captures the liquidity premium. Finally, the results show that well-known determinants of stock return such as size and book-to-market do not serve as proxy for liquidity. ^ Overall, this dissertation shows that a liquidity premium exists in the stock market and that liquidity is a distinct effect, and is not influenced by the presence of non-market factors, market factors and other stock characteristics.^

Estimation of global beta and tests of capital asset pricing models

With the rapid globalization and integration of world capital markets, more and more stocks are listed in multiple markets. With multi-listed stocks, the traditional measurement of systematic risk, the domestic beta, is not appropriate since it only contain information from one market. ^ Prakash et al. (1993) developed a technique, the global beta, to capture information from multiple markets wherein the stocks are listed. In this study, the global betas are obtained as well as domestic betas for 704 multi-listed stocks from 59 world equity markets. Welch tests show that domestic betas are not equal across markets, therefore, global beta is more appropriate in a global investment setting. ^ The traditional Capital Asset Pricing Models (CAPM) is also tested with regards to both domestic beta and global beta. The results generally support the positive relationship between stocks returns and global beta while tend to reject this relationship between stocks returns and domestic beta. Further tests of International CAPM with domestic beta and global beta strengthen the conclusion.^

The impact of bandwidth in structured interviewing and criterion stability in predicting and assessing manager performance across transition and maintenance stages

The current study examined the role of three important components in the use of structured employment interviewing in performance prediction: construct bandwidth, observed communication skill, and the stability/dynamicity of performance criteria over time. A matched sample of 242 hospitality managers was derived from a field data set provided by a large hospitality management organization. Interview data and two years of performance appraisal data were provided. Bandwidth analysis demonstrated only minimal differences in prediction between matched predictor-criterion pairs compared with predictor to overall aggregate ratings (unmatched). The communication skill analysis revealed that this interviewer rated observation significantly predicted a number of the individual performance dimensions as well as overall performance over time. Of the five interview items, the strongest overall predictor of performance was interviewer rated communication skill. The stability/dynamicity analyses demonstrated the performance criteria to be generally stable over the two year period examined, which provides support for the long held notion that performance criteria is stabile over time. However, there were two exceptions. The interview dimension customer service orientation had shifting relationships over time with four of the criteria over the two year period. The performance criteria employee development also demonstrated some instability in its relationships with predictors. Thus, some evidence of dynamicity in performance criteria was revealed. Interestingly, both of the most noteworthy findings in the study involved items that were rated differently than the others in the study. The rated interview item communication skill and the rated performance criteria client satisfaction were ratings that involved a more direct level of observation. Additional analyses also revealed evidence of a general factor of performance. These two themes are more fully covered in the discussion.

Three essays on asset pricing

In this dissertation, I investigate three related topics on asset pricing: the consumption-based asset pricing under long-run risks and fat tails, the pricing of VIX (CBOE Volatility Index) options and the market price of risk embedded in stock returns and stock options. These three topics are fully explored in Chapter II through IV. Chapter V summarizes the main conclusions. In Chapter II, I explore the effects of fat tails on the equilibrium implications of the long run risks model of asset pricing by introducing innovations with dampened power law to consumption and dividends growth processes. I estimate the structural parameters of the proposed model by maximum likelihood. I find that the stochastic volatility model with fat tails can, without resorting to high risk aversion, generate implied risk premium, expected risk free rate and their volatilities comparable to the magnitudes observed in data. In Chapter III, I examine the pricing performance of VIX option models. The contention that simpler-is-better is supported by the empirical evidence using actual VIX option market data. I find that no model has small pricing errors over the entire range of strike prices and times to expiration. In general, Whaley’s Black-like option model produces the best overall results, supporting the simpler-is-better contention. However, the Whaley model does under/overprice out-of-the-money call/put VIX options, which is contrary to the behavior of stock index option pricing models. In Chapter IV, I explore risk pricing through a model of time-changed Lvy processes based on the joint evidence from individual stock options and underlying stocks. I specify a pricing kernel that prices idiosyncratic and systematic risks. This approach to examining risk premia on stocks deviates from existing studies. The empirical results show that the market pays positive premia for idiosyncratic and market jump-diffusion risk, and idiosyncratic volatility risk. However, there is no consensus on the premium for market volatility risk. It can be positive or negative. The positive premium on idiosyncratic risk runs contrary to the implications of traditional capital asset pricing theory.

Manager-Customer Relationship in Food Service Commissary Operations

Documented reports of day-to-day decision-making in food service tend to emphasize technical aspects. However, this view does not represent completely the decision-making process managers go through. The author reports on the effect of the manager-customer relationship in decision-making by managers.

Productivity: A Review For The Hospitality Manager

Hospitality managers have a number of methods available to them to enhance employee productivity. The author discusses five major concepts that can lead to successful results in the hospitality industry.

Sales Promotion in Hotels:A British Perspective

In their article - Sales Promotion In Hotels: A British Perspective - by Francis Buttle, Lecturer, Department of Hotel, Restaurant, and Travel Administration, University of Massachusetts and Ini Akpabio, Property Manager, Trusthouse Forte, Britain, Buttle and Akpabio initially state: “Sales promotion in hotels is in its infancy. Other industries, particularly consumer goods manufacturing, have long recognized the contribution that sales promotion can make to the cost-effective achievement of marketing objectives. Sales promotion activities in hotels have remained largely uncharted. The authors define, identify and classify these hotel sales promotion activities to understand their function and form, and to highlight any scope for improvement.” The authors begin their discussion by attempting to define what the phrase sales promotion [SP] actually means. “The Institute of Sales Promotion regards sales promotions as “adding value, usually of a temporary nature, to a product or service in order to persuade the end user to purchase that particular brand as opposed to a competitive brand,” the authors offer. Williams, however, describes sales promotions more broadly as “short term tactical marketing tools which are used to achieve specific marketing objectives during a defined time period,” Buttle and Akpabio present with attribution. “The most significant difference between these two viewpoints is that Williams does not limit his definition to activities which are targeted at the consumer,” is their educated view. A lot of the discussion is centered on the differences in the collective marketing-promotional mix. “…it is not always easy to definitively categorize promotional activity,” Buttle and Akpabio say. “For example, in personal selling, a sales promotion such as a special bonus offer may be used to close the sale; an advertisement may be sales promotional in character in that it offers discounts.” Are promotion and marketing distinguishable as two separate entities? “…not only may there be conceptual confusion between components of the promotional mix, but there is sometimes a blurring of the boundaries between the elements of the marketing mix,” the authors suggest. “There are several reasons why SP is particularly suitable for use in hotels: seasonality, increasing competitiveness, asset characteristics, cost characteristics, increased use of channel intermediaries, new product launches, and deal proneness.” Buttle and Akpabio offer their insight on each of these segments. The authors also want you to know that SP customer applications are not the only game in town, SP trade applications are just as essential. Bonuses, enhanced commission rates, and vouchers are but a few examples of trade SP. The research for the article was compiled from several sources including, mail surveys, telephone surveys, personal interviews, trade magazines and newspapers; essentially in the U.K.

The Front Office Manager: Key To Hotel Communications

The Front Office Manager: Key to Hotel Communications is a written study by Denney G. Rutherford, Department of Hotel and Restaurant Administration, College of Business and Economics at Washington State University. In it he initially observes, “Since the front office manager is usually viewed as the key to the efficient and orderly operation of a hotel, the author has researched the job and activities of this individual in an attempt to provide data about an area which he says was "intuitively known" but never "empirically explored." “Current literature implies that the activities of the front office are so important to the daily operations of the hotel that it occupies a preeminent position among other departments,” Rutherford says. He also references, Gray and Liguori, who describe the front office as: “the nerve center of the hote1,” echoing an early work by Heldenbrand indicating that it “becomes a sort of listening post for management.” The quotes are cited. The primary stage of the article relies on a seven-page, two-part questionnaire, which was used to collect data regarding the FOM – front office manager - position. Even though the position is considered a crucial one, it seems there is a significant lack of pragmatic data regarding it. Rutherford graphs the studies. Good communication skills are imperative. “Other recent research has suggested that the skills of effective communication are among the most vital a manager at any level can bring to his/her endeavors in the service industries,” Rutherford notes. He provides a detailed – front office communications model – to illustrate the functions. In, Table 4, for example - Office Manager as Facilitator – Rutherford provides Likert Rating Scale values for a comprehensive list of front office tasks. Rutherford informs you that the communicative skills of a front office manager flow across the board, encompassing variables from guest relation exchanges to all the disparate components of employee relations. Not withstanding and compared to technical knowledge, such as computer and fiscal skills, Rutherford suggests: “The most powerful message derived from analysis of the data on the FOM's job is that communication in its various forms is clearly central to the successful mission of the front office.”

Drugs In the Workplace: A Manager's Guide

Drugs in the workplace is a growing problem that threatens a valuable human resource - the employee. Managers in the hospitality industry can take a proactive stance in meeting the problem head on. The authors discuss what managers can do.