Testing for unit roots in bounded time series

Many key economic and financial series are bounded either by construction or through policy controls. Conventional unit root tests are potentially unreliable in the presence of bounds, since they tend to over-reject the null hypothesis of a unit root, even asymptotically. So far, very little work has been undertaken to develop unit root tests which can be applied to bounded time series. In this paper we address this gap in the literature by proposing unit root tests which are valid in the presence of bounds. We present new augmented Dickey–Fuller type tests as well as new versions of the modified ‘M’ tests developed by Ng and Perron [Ng, S., Perron, P., 2001. LAG length selection and the construction of unit root tests with good size and power. Econometrica 69, 1519–1554] and demonstrate how these tests, combined with a simulation-based method to retrieve the relevant critical values, make it possible to control size asymptotically. A Monte Carlo study suggests that the proposed tests perform well in finite samples. Moreover, the tests outperform the Phillips–Perron type tests originally proposed in Cavaliere [Cavaliere, G., 2005. Limited time series with a unit root. Econometric Theory 21, 907–945]. An illustrative application to U.S. interest rate data is provided

Treating the Tenant as a Customer: can good service improve real estate performance?

Customer Relationship Management (CRM) theory suggests that good customer service results in satisfied customers, who in turn are more likely to remain loyal and recommend the service provider to others. Applied to real estate, this theory implies that landlords should see a return on any investment in the service they give to tenants, in the form of increased lease renewal rates and fewer void periods, achieved without compromising rents. This paper examines determinants of occupier satisfaction, and investigates the relationship between occupier satisfaction and property performance, using measures such as capital growth, income return, lease renewal rates and total return. The analysis is based upon a pilot study using occupier satisfaction responses from around 2500 interviewees based in multi-tenanted offices, shopping centres and retail warehouses on out-of-town retail parks in the UK. The analysis is being extended to cover a larger sample for the author’s PhD. Part 1 of the analysis examines occupier satisfaction, whilst Part 2 considers its impact on property performance.

“He has told you, O man, what is good!”

Purpose – The purpose of this paper is to introduce three fundamental concepts of Jewish thought that act as the basis of society. The authors use these concepts to examine standard organisational behaviour in modern society and highlight basic shortcomings of modern organisational thought. Design/methodology/approach – The methodology is a conceptual/theoretical one. Findings – The paper reveals the shortcomings of modern organisation and its members of not accepting the three fundamental concepts that underpin Jewish thought and, in turn, the unwillingness of the organisation's members to resume responsibility. Originality/value – This paper highlights three fundamental values from Jewish thought that are applicable to all, using a domain of knowledge that scholars usually use in research into management.

'Hey little rich boy, take a good look at me': punk, class and British oi!

This article looks at the controversial music genre Oi! in relation to youth cultural identity in late 1970s and early 1980s Britain. By examining the six compilation albums released to promote Oi! as a distinct strand of punk, it seeks to challenge prevailing dismissals of the genre as inherently racist or bound to the politics of the far right. Rather, Oi! – like punk more generally – was a contested cultural form. It was, moreover, centred primarily on questions of class and locality. To this end, Oi! sought to realize the working-class rebellion of punk’s early aesthetic; to give substance to its street-level pretentions and offer a genuine ‘song from the streets’.

All for the good

The Guise of the Good thesis has received much attention since Anscombe's brief defence in her book Intention. I approach it here from a less common perspective - indirectly, via a theory explaining how it is that moral behaviour is even possible. After setting out how morality requires the employment of a fundamental test, I argue that moral behaviour involves orientation toward the good. Immoral behaviour cannot, however, involve orientation to evil as such, given the theory of evil as privation. There must always be orientation to good of some kind for immorality even to be possible. Evil can, nevertheless, be intended, but this must be carefully understood in terms of the metaphysic of good and evil I set out. Given that metaphysic, the Guise of the Good is a virtual corollary.

Telefantasy tower blocks: space, place and social realism shake-ups in Misfits

This article considers the ways in which British youth telefantasy Misfits (E4, 2009–13) takes up and makes strange urban spaces familiar from social-realist narratives. Filmed on the sprawling East London estate, Thamesmead, the programme chronicles a group of young offenders who are given powers by a freak storm, turning them into ‘ASBO superheroes’. Misfits depends on its British urban landscapes for the assertion of its ‘authenticity’ within British youth television, using spaces and landscapes familiar from urban youth exploitation cinema and television's narratives of the underclass. After situating the series within existing cultural discourses and recent developments in social-realist representations, the article explores how Misfits disrupts what have become signifiers for the ‘real’ – the brutalism of housing estates, the grey of the concrete and sky – by making them strange, turning them into telefantasy. The series presents the estate as an uncanny place: the domestic, social-realist world shifted into a fantastical space by the storm. Through close analysis, this article explores how the familiar spaces become skewed and unsettling to match our protagonists' isolation, shifting bodies and scrambled sense of self.

Senna alata leaves are a good source of propelargonidins

Proanthocyanidins (PA) in Senna alata leaves were investigated by thiolysis with benzyl mercaptan, LC–MS and NMR and consisted of almost pure propelargonidins with <6% procyanidins, had B-type linkages and a mean degree of polymerisation of three. Epiafzelechin was the major flavan-3-ol subunit (>94%) and epicatechin a minor constituent (6.4%) in residual PA and mainly detected as an extension unit.

Making internalization theory good for practice: the essence of Alan Rugman’s contributions to international business

This perspectives paper and its associated commentaries examine Alan Rugman's conceptual contribution to international business scholarship. Most significantly, we highlight Rugman's version of internalization theory as an approach that integrates transaction cost economics and ‘classical’ internalization theory with elements from the resource-based view, such that it is especially relevant to strategic management. In reviewing his oeuvre, we also offer observations on his ideas for ‘new internalization theory’. We classify his other novel insights into four categories: Network Multinationals; National competitiveness; Development and public policy; and Emerging Economy MNEs. This special section offers multiple views on how his work informed the larger academic debate and considers how these ideas might evolve in the longer term.

Is children's reading “good enough”? Links between online processing and comprehension as children read syntactically ambiguous sentences

We monitored 8- and 10-year-old children’s eye movements as they read sentences containing a temporary syntactic ambiguity to obtain a detailed record of their online processing. Children showed the classic garden-path effect in online processing. Their reading was disrupted following disambiguation, relative to control sentences containing a comma to block the ambiguity, although the disruption occurred somewhat later than would be expected for mature readers. We also asked children questions to probe their comprehension of the syntactic ambiguity offline. They made more errors following ambiguous sentences than following control sentences, demonstrating that the initial incorrect parse of the garden-path sentence influenced offline comprehension. These findings are consistent with “good enough” processing effects seen in adults. While faster reading times and more regressions were generally associated with better comprehension, spending longer reading the question predicted comprehension success specifically in the ambiguous condition. This suggests that reading the question prompted children to reconstruct the sentence and engage in some form of processing, which in turn increased the likelihood of comprehension success. Older children were more sensitive to the syntactic function of commas, and, overall, they were faster and more accurate than younger children.

Good practice for pupils learning English as an additional language; lessons from effective literacy teachers in inner city primary schools.

This article presents observations and discussion of the successful teaching of English to pupils, in English primary schools, for whom English is an additional language (EAL). It draws on research in Year 2 (6/7year old) classes in three inner-city primary schools carried out in 2003 and 2005. Three recognised, effective teachers of literacy were selected for case study; all worked in successful schools where results for literacy, measured by national tests, were in line with or better than national averages. Following analyses of lesson observations and interviews with the teachers, their Headteachers and the EAL co-ordinators in the schools, a number of common elements in their practice emerged. Discussion centres on how these pedagogical features supported effective learning environments for the early literacy development of bilingual children, and on the implications for the practice of teaching English to all pupils.

Are Good or Bad Borrowers Discouraged From Applying for Loans?

This paper takes the concept of a discouraged borrower originally formulated by Kon and Storey [Kon, Y., Storey, D.J., 2003. A theory of discouraged borrowers. Small Business Economics 21, 37–49] and examines whether discouragement is an efficient self-rationing mechanism. Using US data it finds riskier borrowers have higher probabilities of discouragement, which increase with longer financial relationships, suggesting discouragement is an efficient self-rationing mechanism. It also finds low risk borrowers are less likely to be discouraged in concentrated markets than in competitive markets and that, in concentrated markets, high risk borrowers are more likely to be discouraged the longer their financial relationships. We conclude discouragement is more efficient in concentrated, than in competitive, markets.

Do good deeds make bad people?

According to the so-called ‘self-licensing effect’, committing to a virtuous act in a preceding choice may lead to behave less virtuously in the succeeding decision. Consequently, well-intentioned policies can lead to overall counter-productive effects by licensing people to behave badly in related behaviors. On the other side, motivational crowding theory argues that constraining people to adopt a desirable behavior can backfire. We use of a classroom experiment to test whether a regulatory framework to incentivize individuals to adopt pro-environmental behavior generate similar spillovers in terms of licensing effect than a non-regulatory framework. We show that the way the good deed is caused doesn’t seem to influence the licensing effect. Nevertheless, we found that business- and environmental-orientated majors react adversely to the regulatory framework. We show that environmental-orientated students exhibit higher intrinsically motivations than business-orientated ones. Accordingly, we suggest that the licensing effect is more likely to arise when the preceding ‘virtuous’ act is freely chosen (respectively regulatory caused) for non-intrinsically (respectively intrinsically) motivated individuals.