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on Business Economics |
| By: | Michael G. Papaioannou |
| Abstract: | Measuring and managing exchange rate risk exposure is important for reducing a firm's vulnerabilities from major exchange rate movements, which could adversely affect profit margins and the value of assets. This paper reviews the traditional types of exchange rate risk faced by firms, namely transaction, translation and economic risks, presents the VaR approach as the currently predominant method of measuring a firm's exchange rate risk exposure, and examines the main advantages and disadvantages of various exchange rate risk management strategies, including tactical versus strategical and passive versus active hedging. In addition, it outlines a set of widely accepted best practices in managing currency risk and presents some of the main hedging instruments in the OTC and exchange-traded markets. The paper also provides some data on the use of financial derivatives instruments, and hedging practices by U.S. firms. |
| Keywords: | Financial risk , financial management , foreign exchange hedging , exchange hedging , corporate hedging practices , Financial risk , Risk management , Foreign exchange , Exchange rates , Industry , Economic models , |
| Date: | 2006–11–20 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:06/255&r=bec |
| By: | Isik U. Zeytinoglu; Margaret Denton |
| Abstract: | The goal of this project was to assist health system managers and policy makers develop policies and strategies to recruit and retain human resources in the homecare sector and have a satisfied, healthy workforce. The overall research question was: How do the work characteristics of homecare workers and the work environment in homecare contribute to job satisfaction, stress, physical health, and retention? The research is designed as a mixed-method approach with both qualitative and quantitative data. Results showed that restructuring and organizational change in the homecare sector has contributed to both mental and physical health problems (including job stress and musculoskeletal disorders), job dissatisfaction, and retention problems. Factors that contribute to higher levels of satisfaction and the propensity to stay with the organization include organizational and peer support, working one-on-one with clients, doing emotional labour (that is, the work involved in dealing with other people’s feelings), and satisfaction with schedules, pay, and benefits. This study also examined the association between job flexibility and job insecurity and self-reported musculoskeletal disorders and found no relationship between these variables and musculoskeletal disorders. |
| Keywords: | home care workers, job satisfaction, retention |
| JEL: | I11 J22 |
| Date: | 2006–12 |
| URL: | http://d.repec.org/n?u=RePEc:mcm:qseprr:412&r=bec |
| By: | David G. Blanchflower (Dartmouth College, NBER, Bank of England and IZA Bonn); Alex Bryson (Policy Studies Institute and Centre for Economic Performance); John Forth (National Institute of Economic and Social Research) |
| Abstract: | There was a time before the first Workplace Industrial Relations Survey (WIRS80) in 1980 when what we knew of industrial relations was based primarily upon small scale surveys and case studies. WIRS80 marked a radical departure in the study of industrial relations for two reasons. First, following in the footsteps of a small number of survey forerunners, it sought to ‘map’ industrial relations in Britain with nationally-representative large-scale surveys of workplace managers, thus permitting investigation of the incidence of practices and changes over time. Second, it focused on industrial relations institutions and outcomes, linking them to the processes of industrial relations that had been the chief focus of studies up until that point. This paper reflects on some of what we have learned in the five surveys over the quarter century since 1980, focusing selectively on the demise of collective IR, pay determination, union wage effects, variable pay, the climate of employment relations and union effects on employment growth. |
| Keywords: | trade unions, wages, employment, growth |
| JEL: | J51 |
| Date: | 2006–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp2518&r=bec |
| By: | Emilia Del Bono (ISER, University of Essex and IZA Bonn); Daniela Vuri (University of Rome Tor Vergata, CHILD, CESifo and IZA Bonn) |
| Abstract: | This paper explores newly available Italian data derived from a 1:90 sample of social security administrative records (INPS) to investigate gender differences in pay during the initial stages of a worker’s career. We find that a significant and growing pay differential between men and women emerges during the first years of labour market experience, and that gender differences are highest when workers move across firms. In particular, we find that the most significant gender gap in log wage growth is associated with job moves which take place within a very short period of time, involve positive wage growth and result in the highest salary increases. Moreover, this gender mobility penalty occurs mainly when workers move to larger firms and we show that this is most likely explained by the fact that women value more than men some of the characteristics of these jobs or employers. Overall our results suggest that job and firm characteristics, rather than differences in worker characteristics or across-the-board discrimination, are the most important determinants of the gender wage growth differential in the Italian labour market. |
| Keywords: | job mobility, gender gap, wage growth, fixed effects panel estimation |
| JEL: | J16 J31 C23 |
| Date: | 2006–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp2523&r=bec |
| By: | Carlos Pestana Barrosa; Nicolas Peypoch; Jonathan Williams |
| Abstract: | This paper proposes a framework for benchmarking European co-operative banks and the rationalization of their operational activities. The analysis is based on the Luenberger productivity indicator. A key advantage of this method is that it allows for both input contraction and output expansion in determining relative efficiencies and productivity changes. Benchmarks are provided for improving the operations of those banks which perform worse than others. Several interesting and useful managerial insights and implications arise from the study. The general conclusion is that, between 1996 and 2003, productivity increased for the majority of European co-operative banks analyzed. |
| Keywords: | Europe; Co-operative banks; Luenberger productivity indicator. |
| JEL: | G21 D24 |
| URL: | http://d.repec.org/n?u=RePEc:ise:isegwp:wp362006&r=bec |
| By: | Benoît Mercereau |
| Abstract: | Holding foreign assets reduces the volatility of a country's income by allowing countries to share risk. Yet, financial integration is limited in Asia. This paper estimates how much Australia and other countries in the Asia-Pacific region would gain from greater financial integration. The results suggest that these welfare gains are large, which argues in favor of a progressive capital account liberalization across the region. |
| Keywords: | Risk-sharing , international diversification , regional integration , Risk management , Australia , Asia and Pacific , Capital account liberalization , Foreign investment , Financial systems , |
| Date: | 2006–12–04 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:06/267&r=bec |