The challenge of predicting changes in aggregate income and stock prices is one that has occupied the research agendas of economists. This paper aims to use the consumption–income…
Abstract
Purpose
The challenge of predicting changes in aggregate income and stock prices is one that has occupied the research agendas of economists. This paper aims to use the consumption–income ratio and the dividend–price ratio to predict future income and stock prices.
Design/methodology/approach
To examine the stability of the consumption–income ratio and the dividend–price ratio, the authors run a two-variable, two-lag reduced-form VAR in the vein of Cochrane (1994), using a lag of each respective ratio as exogenous to the VAR. Additionally, the authors estimate an AR(4) model for income and prices.
Findings
The consumption–income ratio and the dividend–price ratio remain key to understanding future movements in income and stock prices. The consumption–income ratio significantly predicts future income in the USA, and aggregate income is easier to predict than consumption in the VAR model. The dividend–price ratio does not significantly predict future price growth. Consumption and dividend shocks have lasting impacts on income and prices.
Originality/value
The consumption–income ratio and the dividend–price ratio are still key to understanding future movements in income and stock prices. The consumption–income ratio significantly predicts future income in the USA, and aggregate income is easier to predict than consumption in the VAR model. However, the dividend–price ratio does not significantly predict future price growth, a change from previous research from the 1990s, despite the increasing complexity of stock markets. Consumption and dividend shocks have lasting impacts on income and prices and appear to be significant drivers in both the short- and long-run variance in income and prices.
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Most years, several AIB members are elected as AIB Fellows on account of their excellent international business scholarship, and/or past service as AIB President or Executive…
Abstract
Most years, several AIB members are elected as AIB Fellows on account of their excellent international business scholarship, and/or past service as AIB President or Executive Secretary. The Fellows are in charge of electing Eminent Scholars as well as the International Executive and International Educator (formerly, Dean) of the Year, who often provide the focus for Plenary Sessions at AIB Conferences. Their history since 1975 covers over half of the span of the AIB and reflects many issues that dominated that period in terms of research themes, progresses and problems, the internationalization of business education and the role of international business in society and around the globe. Like other organizations, the Fellows Group had their ups and downs, successes and failures – and some fun too!
Brian Jones and Mark Tadajewski
The purpose of this paper is to document contributions to the early study and teaching of marketing at one of the first universities in Britain to do so and, in that way, to…
Abstract
Purpose
The purpose of this paper is to document contributions to the early study and teaching of marketing at one of the first universities in Britain to do so and, in that way, to contribute to the literature about the history of marketing thought. Given that the first university business program in Britain was started in 1902, at about the same time as the earliest business programs in America, the more specific purpose of this paper was to explore whether or not the same influences were shared by pioneer marketing educators on both sides of the Atlantic.
Design/methodology/approach
An historical method is used including a biographical approach. Primary source materials included unpublished correspondence (letterbooks), lecture notes, seminar minute-books, course syllabi and exams, minutes of senate and faculty meetings, university calendars and other unpublished documents in the William James Ashley Papers at the University of Birmingham.
Findings
The contributions of William James Ashley and the Commerce Program at the University of Birmingham to the early twentieth-century study and teaching of marketing are documented. Drawing from influences similar to those on pioneer American marketing scholars, Ashley used an historical, inductive, descriptive approach to study and teach marketing as part of what he called “business economics”. Beginning in 1902, Ashley taught his students about a relatively wide range of marketing strategy decisions focusing mostly on channels of distribution and the functions performed by channel intermediaries. His teaching and the research of his students share much with the early twentieth-century commodity, institutional and functional approaches that dominated American marketing thought.
Research limitations/implications
William James Ashley was only one scholar and the Commerce Program at the University of Birmingham was only one, although widely acknowledged as the first, of a few early twentieth-century British university programs in business. This justifies future research into the possible contributions to marketing knowledge made by other programs such as those at the University of Manchester (1903), University of Liverpool (1910) and University of London (1919).
Originality/value
This paper adds an important chapter to the history of marketing thought which has been dominated by American pioneer scholars, courses, literature and ideas.
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For one merit-based undergraduate scholarship program at Washington University in St. Louis (the University), discovery and dialogue have been essential to the program’s nearly…
Abstract
For one merit-based undergraduate scholarship program at Washington University in St. Louis (the University), discovery and dialogue have been essential to the program’s nearly 30-year existence. Named for Dr. John B. Ervin, the first African American Dean at Washington University in St. Louis, the John B. Ervin Scholars Program has attracted, recruited, retained, and graduated over 600 students deemed to exemplify extraordinary commitments to four pillars – scholarship, leadership, service, and diversity. Because the Program’s administrators have cultivated a community grounded in discovery and dialogue, the Ervin Scholars’ resolve to foster a more just and equitable society has deepened over time, perhaps preparing them for this time in which universities, this nation, and our world face crises over race. This resolve has manifested the last few years as Ervin Scholars have responded quickly to racial issues at Washington University in St. Louis and throughout the nation.
With its 30-year foundation, the John B. Ervin Scholars Program continues to develop, nurture, and support young people who advance discovery and dialogue. Drawing on a number of interviews, Program and University publications, and external publications, “A Legacy of Commitment,” the second installment of the Program’s history, demonstrates how the presence, contributions, and achievements of Ervin Scholars have changed Washington University in St. Louis. The Ervin Program has been an important part of the University’s efforts to be more diverse and inclusive, and it will continue to be integral to the University’s current and future plans.
James G. March taught his students how to combine rigor and playfulness. He saw scholarship as the interplay between harnessing crazy ideas; the technology of foolishness on one…
Abstract
James G. March taught his students how to combine rigor and playfulness. He saw scholarship as the interplay between harnessing crazy ideas; the technology of foolishness on one side, and the rigorous building and assessment of models which emulate the behaviors of individuals in organizations and of organizations as a whole on the other side. Therefore, a student should develop not only an ability to understand the world, by mastering technical analytical methods, but also an ability to appreciate it. In order to develop the latter, one should grasp that the underlying problems of management and leadership are indistinguishable from the fundamental problems of life, and that the novels, poems and plays of great literature are the best sources to examine these problems. Thus, James March’s teaching involved basic skills in statistics, the subtle art of building models, and the study of major pieces of great literature. According to James March, teaching is not primarily about spreading knowledge but is about raising faith in scholarship. Learning is not aimed at adapting to the world, but at developing a desire to change it for more truth, beauty and justice. Higher education is a vision, a vocation, not a rational choice. Teaching is a sacrament.
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My warm thanks to Dean James Hunt, Provost, and Professor Jacqueline Muir-Broaddus, Chair of the Psychology Department, for making a home at Southwestern University, Georgetown…
Abstract
My warm thanks to Dean James Hunt, Provost, and Professor Jacqueline Muir-Broaddus, Chair of the Psychology Department, for making a home at Southwestern University, Georgetown, Texas, for cultural ergonomics and the International Center of Cultural Ergonomics, and for facilitating preparation of this book. Southwestern students Kendra Francisco, Staci Benson, and Ellen Gass contributed helpful assistance. At Elsevier, Fiona Barron, Publishing Editor, has been extraordinarily helpful, and the consideration and support there from Becky Lewsey and Deborah Raven have been particularly noteworthy. Dr. Pierre Falzon, Conservatoire des Arts et Metiers in Paris, made possible the acquisition of documents written by Professor Alain Wisner, who died recently. Computer advice and assistance provided by Richard H. Troxell have been invaluable. Communication and interchange of documents and information with Dr. Eduardo Salas at the University of Central Florida were facilitated by Marcella Maresco and Diana Furman.
This paper aims to explore the intersection of disability and accounting employment.
Abstract
Purpose
This paper aims to explore the intersection of disability and accounting employment.
Design/methodology/approach
The paper uses oral history accounts of 12 disabled accountants. The authors investigate narrators' experiences of being disabled people and professional accountants, identify the barriers they encounter in professional employment, and how they (re)negotiate professional work.
Findings
The narrators' accounts are complex and diverse. The narratives record a discourse of success, offset by the consistent identification of social and environmental barriers relating to limited opportunities, resources, and support.
Originality/value
The paper develops the limited research on the relationship between disability and the accounting profession, expands the limited literature on disabled professionals' experience of work, provides voice for disabled accountants, adds to the limited oral histories available within accounting, and augments the accumulated literature considering the accounting profession and minorities.
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The automation process has a tendency to reveal strengths and weaknesses in a library, its management style, its organizational structure, and the abilities of its staff members…
Abstract
The automation process has a tendency to reveal strengths and weaknesses in a library, its management style, its organizational structure, and the abilities of its staff members. What are the educational and training requirements needed by professional librarians to manage effectively the automation process? This question is discussed by representatives of five major library vendors: Michel Ridgeway and Dean Gattone (Geac), Alison Curtis, (Utlas), Susan Olson (OCLC), James J. Michael (Data Research Associates), and Gene Robinson (CLSI). They stress the need for a solid foundation in management and communication skills, and a commitment to continuing education. Technology changes so rapidly that detailed knowledge of a current system is less important than knowing how to evaluate the capabilities of a future system.