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This paper shows a new methodology for evaluating the value and sensitivity of autocall knock-in type equity-linked securities. While the existing evaluation methods, Monte Carlo simulation and finite difference method, have limitations in underestimating the knock-in effect, which is one of the important characteristics of this type, this paper presents a precise joint probability formula for multiple autocall chances and knock-in events. Based on this, the calculation results obtained by utilizing numerical and Monte Carlo integration are presented and compared with those of existing models. The results of the proposed model show notable improvements in terms of accuracy and calculation time.

Turvey (2007, Physica A) introduced a scaled variance ratio procedure for testing the random walk hypothesis (RWH) for financial time series by estimating Hurst coefficients for a fractional Brownian motion model of asset prices. The purpose of this paper is to extend his work by making the estimation procedure robust to heteroskedasticity and by addressing the multiple hypothesis testing problem.

Unbiased, heteroskedasticity consistent, variance ratio estimates are calculated for end of day price data for eight time lags over 12 agricultural commodity futures (front month) and 40 US equities from 2000-2014. A bootstrapped stepdown procedure is used to obtain appropriate statistical confidence for the multiplicity of hypothesis tests. The variance ratio approach is compared against regression-based testing for fractionality.

Failing to account for bias, heteroskedasticity, and multiplicity of testing can lead to large numbers of erroneous rejections of the null hypothesis of efficient markets following an independent random walk. Even with these adjustments, a few futures contracts significantly violate independence for short lags at the 99 percent level, and a number of equities/lags violate independence at the 95 percent level. When testing at the asset level, futures prices are found not to contain fractional properties, while some equities do.

Only a subsample of futures and equities, and only a limited number of lags, are evaluated. It is possible that multiplicity adjustments for larger numbers of tests would result in fewer rejections of independence.

This paper provides empirical evidence that violations of the RWH for financial time series are likely to exist, but are perhaps less common than previously thought.

How stressful is the role of inspectors of schools and senior educational administrators of a large state department of education? How do they compare with teachers and other professional groups in the perception of their occupational stress? The purposes of this study were (1) to determine the prevalence of self‐reported role related stress in senior educational executives, (2) to examine the influence of biographical characteristics on their perceptions of stress, (3) to investigate the sources of perceived stress, and (4) to test for evidence of ill‐health or other negative coping processes. The paper presents the general findings and reveals some significant relationships between general well being, personality type and physiological symptoms. Four reliable stress factors were extracted: teacher assessment, time management, disruption to family life, and aspects of representing the system. The data also show that this group claims significantly higher levels of affective disturbance than other professional groups. Insights gained from this study provide a guide for remediation that should be undertaken at both organisational and personal levels.

The purpose of this paper is to evaluate the contributions of total productive maintenance (TPM) initiatives towards improving manufacturing performance in Indian Manufacturing Industry.

In this study, a large number of manufacturing organizations have been extensively surveyed, to ascertain contributions made by TPM initiatives in the Indian manufacturing industries towards realizing manufacturing performance improvements. The correlations between various TPM implementation dimensions and manufacturing performance improvements have been evaluated and validated by employing various statistical tools.

The research focuses upon the significant contributions of TPM implementation success factors like top management leadership and involvement, traditional maintenance practices and holistic TPM implementation initiatives, towards affecting improvements in manufacturing performance in the Indian industry. The inter‐relationships between various TPM implementation success factors with the manufacturing performance improvement parameters have been evaluated, to efficiently manage the TPM implementation program to realize organizational objectives of growth and sustainability.

The study establishes that focused TPM implementation over a reasonable time period can strategically contribute towards realization of significant manufacturing performance enhancements.

The study stresses upon the need for improving the synergy between maintenance function and other organizational quality improvement initiatives in the organizations, to establish maintenance as a competitive strategy for meeting the challenges of highly competitive environments.

The study highlights the strong potential of TPM implementation initiatives in affecting organizational performance improvements. The achievements of Indian manufacturing organizations through proactive TPM initiatives have been evaluated and critical TPM success factors identified for enhancing the effectiveness of TPM implementation programs in the Indian context.

This study explores the effects of different structures of accountability on the development of groupthink. Specifically, the differences between individual and collective accountability are examined and contrasted to a condition with no accountability. The groupthink phenomenon can be differentiated into collective avoidance, arising from a pessimistic perception of a decisional issue, and collective overoptimism. It is argued that structures of accountability can either promote or reduce groupthink, depending upon the way group members perceive the decisional issue. We tested the hypothesis that accountability can prevent the collective‐avoidance type of groupthink, and that individual accountability will be more effective in doing so than collective accountability, by preventing the possibility to “hide in the crowd.” The results confirm that under conditions conducive to collective avoidance, individual accountability is more effective in reducing groupthink‐like tendencies than collective accountability. However, group members expecting to be collectively responsible still display less symptoms of groupthink than control groups. In particular, accountability makes groups display more difficulty to reach consensus, stimulates group members to try to influence the decision making, results in a more equal dispersion of influence within the group, and in less risky decisions. Some methodological concerns regarding research on groupthink and accountability, and the implications of the findings for future research in this area are discussed.