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The purpose of this paper is to explore the period of uncertainty created by the referendum. The focus is the UK real effective exchange rate (REER). The authors set out to measure the additional impact of the uncertainty surrounding the referendum. The authors distinguish this from the longer trend value of Sterling.

The study applies a reduced form exchange rate model, first introduced by Edwards (1994), and makes use of Bank of England daily data for the period November 2015–July 2016.

The results indicate a sharp depreciation of Sterling with reference to its long-term trend. The authors set out some of the possible context which may account for fluctuations during the referendum campaigning period. This can be distinguished from other longer-term factors likely to be previously responsible for trend depreciation, and also from the further sharp depreciation effects triggered by the referendum outcome. The principal finding is that during the week of the referendum, up to the declaration of the result, exchange rate depreciation deviated from the long-run trend by approximately 3.5 per cent, but the actual immediate effect on the exchange rate was an 8 per cent depreciation. Over the period from the announcement of the referendum, the exchange rate fluctuated markedly around its trend and one can also identify a larger effect based on the “wrong-footing” of markets at the point when the outcome was announced.

The research has important implications, as one might further infer that this marks a step change in attitudes to Sterling as Brexit became a real issue rather than a notional concern. One can thus consider the exchange rate as both symptom of and indicator for determinations of the underlying economic strength or weakness of the economy. In essence, it has acted as a litmus test.

The research has important practical implications in understanding the dynamics of the exchange rate market and the role of uncertainty in its dynamics.

The study has important social implications as the changes to exchange rates are a perennial cause for concern. Exchange rates sit as one among many problems for the contemporary UK economy. Brexit has resulted in a significant subsequent depreciation of Sterling. Inter alia, though the immediate effect of Brexit on growth was muted due to unexpected sustained consumer spending, throughout the latter half of 2016 and the first two quarters of 2017, business investment slowed, the rate of deficit reduction slowed (but without any concomitant meaningfully rise in government investment in infrastructure, etc.) and both main measures of inflation began to rise.

The study contributes to the existing body of knowledge by exploring the period of uncertainty created by the referendum and its implications for the UK REER. The study differentiates and reflects on the weakness of Sterling due to the weak external position of UK’s economy and the further role played by the uncertainty surrounding Brexit. In this sense, it important contribution to theory as well as practice.

The purpose of this paper is to analyse the implications of exchange rate depreciation for inflation targeting and trade balance of UK in the context of the Brexit epoch.

The study employed a time-varying structural vector auto-regression (TVSVAR) model framework in which the sources of time variation were both the coefficients and variance-covariance matrix of the innovations on the data from January 1989 to September 2016.

The findings suggest that the depreciation of the Stirling has significant effects on inflation and trade balance in UK in context of Brexit epoch. It also showed that such a depreciation can be helpful in the improvement of external balance as well as steering the inflation to its statutory target. Despite, the inflation targeting, there is strong evidence of a pass-through.

Research has profound implications in terms of the sharp depreciation of GBP associated with the Brexit outcome. The study is very topical and could be very interesting to the readership of JES as well as wider audience. The study has limitations in a context that the significance of the results and association of the under analysis entities is contingent on the future trade relationships and Channel between UK and EU. Therefore, although there is a lot of uncertainty about the future of Britain trade relationships, this study provides guidance on the importance of exchange rate channel if the similar trade arrangements prevails in the post-Brexit era.

The research has profound practical implications, using a TVSVAR model in which the relationship among the entities varies over time; it has shown the importance of exchange rate in terms of external balance and inflation targeting. Hence, it has appeal for the practitioners as well as academics.

The research has great social implications. The Brexit is the biggest political and economic event of this era for UK and EU. There are big questions about the relationship between UK and EU in the post-Brexit epoch as well as questions about the future of the European integration. In this context, this study has shown that how the exchange rate could play an important role for the UK economy when its contemporary trade channels prevail. Concomitantly, it has social implications particularly for the European society.

The research is an original piece of work. It has contributed to the debate on the exchange rate deprecation, external balance and inflation targeting in context of the Brexit associated sharp depreciation of Stirling. It has used a framework, i.e. TVSVAR, which also have unique features in terms of testing the associations among under analysis entities against time.

An increment in energy efficiency by employing nanoparticles is a hot topic of research in present era due to its abundant implications in modern engineering and technological processes. Therefore, the current research analysis reported the viscoelastic nanofluid flow over porous oscillatory moving sheet in the presence of microorganisms. A rate-type fluid namely Maxwell fluid is employed with the addition of nanoparticles. The paper aims to discuss this issue.

First, acceptable dimensionless variables are defined to convert the system of dimensional form into the system of dimensionless forms. Later on, the self-similar solution of the boundary value problem is computed by using the homotopy analysis method. The obtained results of velocity, temperature, mass concentration and motile microorganism density profiles are interpreted through physical background.

The presence of both thermophoresis and Brownian motion parameters also improve the thermophysical features of non-Newtonian nanoparticles. It is also pointed out that the presence of porous medium and magnetic force enhances the nanoparticles concentration. Moreover, a weaker distribution of gyrotactic microorganism has been depicted with Peclet number and bioconvection Lewis parameter.

No such article exists in the literature yet.

Drawing from the firm’s entrepreneurial identity and ecology perspectives, this study aims to explain why the firms deviate from standard corporate governance practices and apply innovative management control.

The authors used a panel of 2,538 public companies listed with the New York Stock Exchange to explain the impact of corporate governance deviance on firm’s performance. The authors relied on unique governance variables extracted from the Bloomberg database to develop the governance deviance index.

Study unveils that deviance from governance practices influences firm’s performance. Consequently, it can be said that the firms which use innovative governance mechanisms, usually stay ahead of the market by leading the governance trends. The findings also generalise the firm’s entrepreneurial identity and organisational ecology perspectives.

Research implies that the firm’s entrepreneurial identity demands innovative managerial control. This study is focused on the US financial market, but in future, researchers could revalidate the deviance index. Scholars can also use mixed methods to test the need for innovative governance mechanisms in emerging markets.

The firms should focus on innovative governance practices not only to safeguard the firm’s entrepreneurial identity but also to pursue the growth objectives. Such innovative mechanisms and managerial controls are helpful to deal with industrial transformations to satisfy key stakeholders.

The study contributed to governance and management control research by sharing insights and catering the potential endogeneity problem faced to measure corporate governance measures. The study also proposes an alternative testing tool to measure governance deviance to add methodological uniqueness and reduce knowledge gap.

Developed countries control pandemics using smart decisions and processes based on medical standards and modern technologies. Studies on risk-reduction and humantechnology interaction are scarce. This study developed a model to examine the relationship between citizens, pandemic-related technology and official safety practices.

This study investigated the mediating role of new health regulations and moderating role of safety incentives due to COVID-19 case reduction in pandemic severity control. This study included 407 operations managers, nursing staff conducting pandemic testing and reporting, doctors and security personnel in China. An artificial neural network (ANN) was used to check nonlinear regressions and model predictability.

The results demonstrated the impact of the introduction of new technology protocols on the implementation of new health regulations and aided pandemic severity control. The safety incentive of case reductions moderated the relationship between new health regulations and pandemic severity control. New health regulations mediated the relationship between the introduction of new technology protocols and pandemic severity control.

Further research should be conducted on pandemic severity in diversely populated cities, particularly those that require safety measures and controls. Future studies should focus on cloud computing for nurses, busy campuses and communal living spaces.

Authorities should involve citizens in pandemic-related technical advances to reduce local viral transmission and infection. New health regulations improved people's interactions with new technological protocols and understanding of pandemic severity. Pandemic management authorities should work with medical and security employees.

This study is the first to demonstrate that a safety framework with technology-oriented techniques could reduce future pandemics using managerial initiatives.

An attempt is made to study magnetohydrodynamic viscous fluid impinging orthogonally toward a stagnation point on a vertical surface lubricated with power law fluid. It has been assumed that the surface temperature varies linearly with the distance from the stagnation point. The problem is governed by system of partial differential equations for both the base fluid and the lubricant. The continuity of velocity and shear stress is assumed at the interface layer between the base fluid and the lubricant. Dimensionless variables are introduced to transform original problem into ordinary differential equations. An implicit finite-difference scheme known as the Keller-Box method is implemented to obtain the numerical solutions. The influence of various important parameters is presented in the form of graphs and tables. The limiting cases for full and no-slip conditions are deduced from the present solutions. A comparison of the present results with the existing results in the special case validates the obtained numerical solutions. The purpose of this study is to see the behaviour of flow characteristics in the presence of lubrication.

The authors’ problem is governed by system of partial differential equations for both the base fluid and the lubricant. Dimensionless variables are introduced to transform original problem into ordinary differential equations. The obtained ordinary differential equation along with boundary conditions are highly nonlinear and coupled. An implicit finite-difference scheme known as the Keller-Box method is implemented to obtain the numerical solutions.

Some findings of this study are that the lubricant increases the velocity of the base fluid inside the boundary layer. In the case of full slip, the effects of viscosity are suppressed by the lubricant. The temperature of the base fluid decreases by increase in lubrication on the surface. By increasing the slip on the surface, the skin friction decreases and local Nusselt number increases, but the rate of increase or decrease is less in magnitude for the case of opposing flow. The similarity solutions only exist for n = 1/2. A non-similar solution is obtained for the other values of the power-law index n.

The study of flow phenomenon over a lubricated surface has important applications in machinery components such as fluid bearings and mechanical seals. Coating is another major application of lubrication including the preparation of thin films, printing, painting, etc. The authors hope that the current study will provide the roadmap for the future studies in this direction.

This purpose of the study is to examine the labour supply decisions with respect to earnings and considers whether we are willing or indeed able to work less. The authors specifically focus on the three points of time, i.e. beginning of the sample, pre and post Global Financial Crisis.

The study regression analysis by utilises microdata from the UK Labour Force Survey (LFS) regarding individual hours worked in three separate survey periods: 1994q2, 2007q2 and 2015q2

The results suggest that we are far from income-satiated. The elasticity of hours worked with respect to earnings is stubbornly inelastic and for some demographic cohorts positive, implying the desire to work more. The authors find that job flexibility matters in facilitating reduced hours of work, but that jobs are not becoming more flexible. The authors also do see a secular reduction in hours worked, accompanied by a shift to working later in life, but these appear to be down to factors other than higher wages.

The study has important research implications in terms of understanding the dynamics of the labour market on the whole and in the pre and post global financial crisis periods.

The research has profound policy implication in terms of labour and employment policy.

There are important social implications, particularly in terms of household labour supply decisions and substitution between work and leisure.

The study has significant element of originality in terms of understanding the changing dynamics of labour market. This is the first study which has investigated the labour market in the light of empirical evidence and in the various time periods.

In the context of debate on competitive devaluation and trade imbalances, the purpose of this paper is to investigate the role of exchange rate misalignment as a determinant of trade imbalances in selected major trade surplus (Germany, China, Japan, Russia and KSA) and major trade deficit countries (USA, UK, France, India and Turkey).

The authors used a structural vector auto-regressive model on data from ten countries with the highest trade deficit and surplus. The period of analysis is from 2000 Q1 to 2016 Q1.

The key findings suggest that although exchange rate misalignment from equilibrium may have some implications for the current account balance for surplus and deficit countries, the effects observed were rather very mild and transitory. There was a heterogeneity in the response of the current account position to exchange rate misalignment in each country, concomitantly; the exchange rate misalignment shall not be seen as the sole responsible factor in the debate on global trade imbalances.

The research has profound implications in terms of exploring the notion of competitive devaluation and exchange rate misalignment as a cause of major global trade imbalances.

This study has important practical implications for the trade policy of major economies in the world. These are twofold. First, this study has analysed and reported on the degree of misalignment of exchange from its equilibrium values in the major trade surplus and deficit countries. Second, it has investigated the implications of any misalignment for the trade balance or respective economies.

There are important social implications as the notion of competitive devaluation and exchange rate–trade balance nexus has been heavily politicised. This study provides an empirical insight and an answer to these claims which have social and political implications.

There is a significant element of originality and contribution to the existing body of knowledge on the subject. In the context of debate on competitive devaluation this is the first study which has investigated whether the exchange rate has been misaligned from its equilibrium values (competitive devaluation) and whether there is some nexus between the real exchange rate misalignment and trade imbalances in under-analysis economies.

The main purpose of this study is to examine the effects of moving wall on the mixed convection flow and heat transfer in a right-angle triangular cavity filled with a micropolar fluid.

It is assumed that the bottom wall is uniformly heated and the right inclined wall is cold, whereas the vertical wall is adiabatic and moving with upward/downward velocity v₀/−v₀, respectively. The micropolar fluid is considered to satisfy the Boussinesq approximation. The governing equations and boundary conditions are solved using the Galerkin finite element method. The Penalty method is used to eliminate the pressure term from the momentum equations. To accomplish the consistent solution, the value of the penalty parameter is taken 10⁷. The simulations are performed for a wide range of Richardson number, micropolar parameter, Prandtl number and Reynolds number.

The results are presented in the form of streamlines, isotherms and variations of average Nusselt number and fluid flow rate depending on the Richardson number, Prandtl number, micropolar parameter and direction of the moving wall. The flow field and temperature distribution in the cavity are affected by these parameters. An average Nusselt number into the cavity in both cases increase with increasing Prandtl and Richardson numbers and decreases with increasing micropolar parameter, and it has a maximum value when the lid is moving in the downward direction for all the physical parameters.

The present investigation is conducted for the steady, two-dimensional mixed convective flow in a right-angle triangular cavity filled with micropolar fluid. An extension of the present study with the effects of cavity inclination, square cavity, rectangular, trapezoidal and wavy cavity will be the interest of future work.

This work studies the effects of moving wall, micropolar parameter, Richardson number, Prandtl number and Reynolds number parameter in a right-angle triangular cavity filled with a micropolar fluid on the fluid flow and heat transfer. This study might be useful to flows of biological fluids in thin vessels, polymeric suspensions, liquid crystals, slurries, colloidal suspensions, exotic lubricants, solar engineering for construction of triangular solar collector, construction of thermal insulation structure and geophysical fluid mechanics, etc.

The present case study would help readers to understand paternalistic leadership behavior with its underlying theory. Readers would be able to appreciate the nature of experiences employees may have while working with a paternalistic leader high on authoritarianism. This case study would motivate readers to work out appropriate strategies for working under paternalistic bosses. The teaching note sensitizes readers about the complicated relationship between paternalistic leadership and culture.

Pyramid Globe Management Institute (PGMI) is struggling to generate revenue. PGMI founder, Tugmanshu Lakhani, has to find out new sources of revenue to keep the institute functioning. He constitutes a team of three professors for starting a new academic program with a foreign university. The initial success of the team brings favor from the founder but jealousy from the colleagues reeling under job threat. High authoritarianism and interference of the founder create a problematic situation for the three professors. When the new program starts showing promising results, the founder gets apprehensive about whether the new course may hurt the enrolment in the flagship program of the institute. The authoritarian and erratic behavior of the founder had a demotivating effect on the team working for the new program. Some team members resign under pressure while three professors stay to ensure the launch of the program. The professors have to resolve the conflict between their commitment toward PGMI in a troubled time and a career uncertainty if they continue working for it. Anticipating no change in the behavior of the founder and an uncertain future with PGMI, three professors quit after the start of the new program. The founder may continue losing committed employees if he is unable to balance his authoritarianism with benevolence and moral behavior. It will create more problems for PGMI in the future.

This case can be used in organizational behavior, leadership and team-building courses in the regular Master of Business Administration (MBA) programs. The case can further be used in the executive development program, especially for analyzing the leadership problem in higher education organizations.

Teaching notes are available for educators only.

CSS 7: Management science.