Search results

In this chapter, we define the “inflation forward rates” based on arbitrage arguments and develop a dynamic model for the term structure of inflation forward rates. This new model can serve as a framework for specific no-arbitrage models, including the popular practitioners’ market model and all models based on “foreign currency analogy.” With our rebuilt market model, we can price inflation caplets, floorlets, and swaptions with the Black formula for displaced-diffusion processes, and thus can quote these derivatives using “implied Black's volatilities.” The rebuilt market model also serves as a proper platform for developing models to manage volatility smile risks.

Through this chapter, we hope to correct two major flaws in existing models or with the current practices. First, a consumer price index has no volatility, so models based on the diffusion of the index are essentially wrong. Second, the differentiation of models based on zero-coupon inflation-indexed swaps and models based on year-on-year inflation-indexed swaps is unnecessary, and the use of “convexity adjustment,” a common practice to bridge models that are based on the two kinds of swaps, is redundant.

Purpose of This Chapter: This chapter aims to clarify how employee voice (EV) is conceptualized in the extant literature. Then, the present chapter develops a model of EV based on previous studies from 1970 to 2022.

Design / Methodology / Approach: In all, 53 articles were investigated in this study – the focus was on articles in the field of management. The target articles were limited to those which were written in English and were indexed by the Web of Science (WOS).

Findings: The concepts related to EV have been presented in five main dimensions. The content analysis results revealed a theoretical agreement over the central elements reflecting an integrated description of EV.

Research Limitations: The study was limited to the sources published in the WOS database, which could affect the scope of findings.

Research Implications: The conclusion showed that EV is a multi-dimensional, emerging field that has been undergoing a definitional debate in the literature. This concept indicates an ongoing responsibility for the public’s benefit, welcomes different financial activities to supply market forces’ requirements, and investigates society’s existing demands.

Originality: It represents the first attempt to conduct an EV systematic literature review based on the definition of key factors and the complex relations in a typical EV process. Also, according to the review of selected articles from 1970 to 2022, there has been no coherent conceptualization of employees’ voices.