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Outlines recent US legislation regarding immigrant workers, prevailing wages, domestic workers, minors and overtime pay. Discusses the Hay method of evaluating jobs and then considers a modern point factors job evaluation plan. Briefly covers managerial strategies for implementing pay equity and advocates the need to be consist in the treatment of all workers. Lists a broad policy which, if be followed, should ensure consistency and fairness throughout a company.

The purpose of this paper is to study performance and market timing ability of equity real estate investment trusts (REITs).

The authors use classical regression‐based framework and their multi‐index, multifactor, and conditional extensions to jointly detect asset selectivity and market timing ability of equity REITs and their subcategories. These results are then validated by a nonparametric test.

It is found that equity REITs in aggregate have some housing market timing ability. Various equity REIT subcategories perform differently: office REITs can discover underpriced properties, while retail, industrial, and office REITs have poor timing ability. Nonparametric tests confirm that equity REITs do not have ability to predict real estate market movements.

Research in REIT performance evaluation is still limited to the asset selectivity aspect. This paper intends to fill this gap by providing empirical evidence of market timing ability of equity REITs using an array of parametric and nonparametric methods.

This study aims to investigate the psychometric characteristics of a Chinese version of the Dimensions of Learning Organization Questionnaire (DLOQ^©).

The DLOQ^©, developed by Watkins and Marsick in 1997, assessed the characteristics of a learning organization. This study employed a survey validate utility of the DLOQ^© for the Taiwanese context.

Psychometric analyses revealed that the Chinese DLOQ^© has reasonable reliability, and that the seven‐dimensional factor structure was appropriate for the Taiwanese context. Study results also revealed that the seven dimensions of a learning organization can classify different organization types successfully and demonstrate a statistically significant correlation between organization type and perceptual measures of organizational performance.

This study has implications for both research and practice in HRD. It offers preliminary evidence of reliability and validity for the Chinese DLOQ©. The positive evidence supporting the psychometric properties of the Chinese DLOQ© indicates the potential for particular cross‐cultural applications. Experimental results also suggest that the Chinese DLOQ© can be utilized to determine cultural differences in building a learning organization. Further studies are required to investigate the relationships between the concept of a learning organization and its antecedent and outcomes variables, such as organizational structure, culture, and performance.

This study confirms that the validity of applying the seven dimensions as determinants of a learning organization in the Taiwanese context and, in particular, supports the cross‐validity of the DLOQ© in this context. This study also offers practical help to understand the concept of organizational learning and developing learning organizations.

The purpose of this paper is to set out to examine the relationships of organizational learning, social capital and the effectiveness of knowledge transfer and perceived organisational performance. Integrating organizational learning capability with social capital networks to shape a holistic knowledge sharing and management enterprise framework is a significant strategy to achieve organizational success.

An integrative framework is used to determine the relationships of key variables of organizational learning such as learning intention, shared values, absorption capacity, integration capability, and social capital variables such as network structure, network stability and network relational quality on the effectiveness of knowledge transfer in organizations. In this research, senior management (Chief Executive Officer, Chief Financial Officer, Chief Operating Officer) from 650 firms were randomly sampled and surveyed from the register of the Industrial Technological Research Institute; 111 respondents are used in this study.

The results indicated that absorption capacity, learning intention and integration capability in organizational learning had the greatest positive relationship with process innovation in knowledge transfer. The findings suggest that organizational learning processes are more important than social capital networks within the integrated knowledge transfer framework and that management could utilize their limited resources better to improve on organizational learning levers for greater effectiveness in knowledge transfer.

This paper focuses on the existing gap in empirical work on the relationships of organizational learning, social capital variables and the effectiveness of knowledge transfer. The results of this paper could assist management in strategic decisions in resource allocation particularly in promoting and sustaining knowledge transfer to enhance organizational performance.

The purpose of this paper is to determine the best conditional asset pricing model for the Tokyo Stock Exchange sample by utilizing long‐run daily data. It aims to investigate whether there are any other firm‐specific variables that can explain abnormal returns of the estimated asset pricing model.

The individual firm sample was used to conduct various cross‐sectional tests of conditional asset pricing models, at the same time as using test portfolios in order to confirm the mean variance efficiency of basic unconditional models.

The paper's multifactor models in unconditional forms are rejected, with the exception of the five‐factor model. Further, the five‐factor model is better overall than the Fama and French model and other alternative models, according to both the Gibbons, Ross, and Shanken test and the Hansen and Jagannathan distance measure test. Next, using the final conditional five‐factor model as the de facto model, it was determined that the turnover ratio and the size can consistently predict Jensen's alphas. The book‐to‐market ratio (BM) and the past one‐year returns can also significantly predict the alpha, albeit to a lesser extent.

In the literature related to Japanese data, there has never been a comprehensive test of conditional asset pricing models using the long‐run data of individual firms. The conditional asset pricing model derived for this study has led to new findings about the predictability of past one‐year returns and the turnover ratio.

Empirical researchers should recognize that opening and closing prices are not simple reflections of underlying fundamental values, as studies of stock price behavior have documented a U‐shaped intra‐day volatility pattern that is a manifestation of noise. While implicit transaction costs and the tactical trading of informed participants are contributing factors, they do not provide a sufficient explanation. The purpose of this paper is to focus on an additional factor – price discovery and present a formulation which allows investors with divergent expectations to respond rationally to each other's valuations, and which implies elevated volatility even when information is common knowledge.

This is a conceptual paper with empirical implications for the dynamic process of price formation in an equity market. The work is motivated by the well‐documented finding that intra‐day stock prices are excessively volatile, especially at market openings and closings. The paper's theoretical construct shows that the volality accentuation can be attributed to the dynamic process of price discovery.

The paper's chief finding is that price discovery is a protracted, path‐dependent process in an environment characterized by divergent expectations and adaptive valuations. The protracted, path‐dependent process of price discovery can account for the observed elevation of intra‐day price volatility.

This is an original research paper. The formulation is a novel and innovative treatement of a divergent expectations, adaptive valuations paradigm.

The purpose of this paper is to examine the impact of insider ownership decreases on stock returns for firms undergoing seasoned equity offerings (SEOs).

Insider data were gathered for firms undergoing SEOs and this information used to compute the insider ownership percentage decreases caused by the SEOs. These insider percentage decreases and standard compounded abnormal return methodology were used to test signaling theory.

It was discovered that the short‐run and long‐run stock returns accompanying SEOs are not consistent with what signaling theory predicts. In particular, for greater decreases in insider ownership percentages, a superior market response for both short‐run tests and long‐run post‐SEO tests was often found.

Prior research has not examined how the change in insider ownership caused by a corporate event influences stock returns. Future research can build on the univariate tests by examining the impact of insider ownership within a multivariate framework.

Investors cannot profit by following the behavior of insiders by selling shares in companies where insiders lower their ownership percentages. This is because insiders appear to have personal agendas that they follow when decreasing their holdings.

This is the first study to examine how changes in insider ownership caused by a significant corporate event affect stock returns. The findings of this empirical examination challenge signaling theory as regards insider knowledge, the ability of insiders to convey their privileged knowledge (if it exists), and the capacity of outsiders to decipher and act on insider actions.

Market‐timing skills of fund managers are an important issue for both mutual fund investors and researchers. The purpose of this paper is to analyze the market‐timing skills and determinants of performance of sector funds across business cycles to see whether sector fund managers exhibit different market‐timing abilities across business cycle.

Single factor, five‐factor conditional and five‐factor unconditional models were used to estimate the initial results for market timing of sector funds across the business cycle. Monthly data such as returns, Fama and French factors, and fund specific variables of sector funds from January 1990 to December 2005 were used to estimate initial and cross‐sectional results. Cross‐sectional analyses were done using two approaches: the traditional approach where alpha, the dependent variable, is estimated assuming that betas of predicting variables remain constant over time, and where alpha is estimated assuming that betas do change over time. Estimated alpha was estimated as a function of fund specific variables to examine which fund specific variables influence fund abnormal performance across the overall, recessionary, and expansionary periods.

The benchmark used in the analysis (S&P vs sector specific) was shown to greatly influence the results. Sector funds demonstrate positive timing ability during recessions and negative timing ability during expansions when using the S&P 500 as the benchmark, but this timing ability disappears when sector specific benchmarks are used. As a whole, sector funds exhibit significant negative timing ability across all stages of the business cycle. When using the more appropriate industry specific benchmarks, only the utility sector demonstrates significant timing ability over both stages of the business cycle.

Only two recessions are observed over the period of study. More recession periods would have given a clearer picture of findings across business cycle.

This paper offers readers an insight into the market‐timing abilities of sector fund managers across the business cycles. Investors can use the findings of this paper to develop hedging strategies especially when the economy is going through recession.

This paper covers the longest period of sector funds market timing and is the only one that evaluates sector funds across business cycle.