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Book part
Publication date: 4 April 2005

Lall Ramrattan, Aron A. Gottesman and Michael Szenberg

The purpose of this study is to investigate the relationship between the flow of funds and growth variables for Latin America during the period of 1973–2000. To do so, we present…

Abstract

The purpose of this study is to investigate the relationship between the flow of funds and growth variables for Latin America during the period of 1973–2000. To do so, we present a four equation econometric model that represents the traditional Monetarist and Keynesian perspectives. We also examine the hypothesis that the region can grow through gains from trade, through investigating trade as a source of growth from both computational general equilibrium (CGE) and Cournot-Nash equilibrium standpoints. Analyzing several scenarios, we determine that liberalization and reduced protectionism are superior strategies for Latin America.

Details

Latin American Financial Markets: Developments in Financial Innovations
Type: Book
ISBN: 978-1-84950-315-0

Article
Publication date: 10 August 2022

Weichao Yang, Yikang Liu, E. Deng, Youwu Wang, Xuhui He, Mingfeng Lei and Yunfeng Zou

The purpose of this paper is to understand the natural wind field characteristics of the tunnel entrance section and analyzing the aerodynamic performance of high-speed railway…

Abstract

Purpose

The purpose of this paper is to understand the natural wind field characteristics of the tunnel entrance section and analyzing the aerodynamic performance of high-speed railway trains (HSRTs) under natural winds.

Design/methodology/approach

Three typical tunnel entrance section sites, namely, tunnel–bridge in a dry canyon (TBDC), tunnel–bridge in a river canyon (TBRC) and tunnel–flat ground (TF), are selected to conduct a continuous wind field measurement. Based on the measured wind characteristics, the natural winds of the TBDC and TF sites are reconstituted and imported into the two corresponding full-scale computational fluid dynamics models. The aerodynamic loads of the HSRT running on TBDC and TF with reconstituted winds are simply analyzed.

Findings

The von Kármán spectrum can be used to describe the wind field at the tunnel entrance section. In the reconstituted natural wind condition, a time-varying feature of wind speed distribution and leeward side vortex around the HSRT caused by the wind speed fluctuation is found. The fluctuating amplitude of aerodynamic loads at the TBDC infrastructure is up to 97.9% larger than that at the TF infrastructure.

Originality/value

The natural wind characteristics at tunnel entrance sections on the high-speed railway are first measured and analyzed. A numerical reconstitution scheme considering the temporal and spatial variation of natural wind speed is proposed and verified based on field measurement results. The aerodynamic performance of an HSRT under reconstituted natural winds is first investigated.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 33 no. 2
Type: Research Article
ISSN: 0961-5539

Keywords

Article
Publication date: 13 April 2010

Aditya Simha and David J. Lemak

Frederick Taylor, the “Father of Scientific Management” is recognized as a pioneer in the field of management. However, many unfair criticisms have been leveled at him starting…

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Abstract

Purpose

Frederick Taylor, the “Father of Scientific Management” is recognized as a pioneer in the field of management. However, many unfair criticisms have been leveled at him starting with the infamous Congressional hearings of 1911. Many scholars of management history believe that such criticisms have resulted in negative portrayals of Frederick Taylor in both practitioner and academic circles, and even in some basic management textbooks. This is unfortunate because many of those criticisms result from either a failure to read and understand Taylor's original works or from misinterpretations of them. The purpose of this paper is to contend that students of management will develop a more accurate impression of Frederick Taylor if they read his words and not interpretations of them.

Design/methodology/approach

First, an introduction of Frederick Taylor and scientific management is presented. Then, a categorization of common criticisms of Taylor is offered. The results of a study conducted to measure undergraduate business students' impressions of Taylor from their exposure to him in an introductory management course are then presented. The students then give their impressions of statements taken from Taylor's original work and are tested on the differences between them.

Findings

The results of the analyses suggest that students have a negative impression of Taylor from their textbooks, but their reaction to statements taken from the original works of Taylor are rated quite favorably.

Practical implications

Future research could be conducted to determine whether the works of other seminal management theorists should be presented in their complete contexts and direct sources to provide students with a more accurate and complete portrayal of their ideas.

Originality/value

This paper is unique in that it empirically tests whether negative attitudes towards Frederick Taylor and scientific management persist after students are exposed to original source works.

Details

Journal of Management History, vol. 16 no. 2
Type: Research Article
ISSN: 1751-1348

Keywords

Article
Publication date: 1 January 2002

Paul J. Taylor

This paper examines whether patterns in communication behavior over time can predict the outcome of crisis negotiations. A sample of 189 interaction episodes was transcribed from…

Abstract

This paper examines whether patterns in communication behavior over time can predict the outcome of crisis negotiations. A sample of 189 interaction episodes was transcribed from 9 resolved negotiations and coded according to differences in the degree and type of behavior. Partial order scalogram analysis (POSAC) was used to produce a graphical representation of the similarities and differences among episodes while simultaneously uncovering the role of each behavior in shaping the negotiation process. Results showed that episodes could be represented along a partially ordered scale of competitiveness, which was structured by the occurrence of two types of behavior: Distributive‐Expressive and Integrative‐Instrumental. The likelihood of negotiation success reduced with movement up the competitive scale, and negotiations involving episodes that passed a threshold of extreme competition on the scale inevitably ended unsuccessfully regardless of future developments. As negotiations developed over time, behavior alternated between periods of increasing cooperation and periods of increasing competition, with unsuccessful negotiations associated with a concluding trend of increasing competitive behavior.

Details

International Journal of Conflict Management, vol. 13 no. 1
Type: Research Article
ISSN: 1044-4068

Article
Publication date: 7 August 2007

Paresh Kumar Narayan and Seema Narayan

There are several studies that investigate evidence for mean reversion in stock prices. However, there is no consensus as to whether stock prices are mean reverting or random walk…

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Abstract

Purpose

There are several studies that investigate evidence for mean reversion in stock prices. However, there is no consensus as to whether stock prices are mean reverting or random walk (unit root) processes. The goal of this paper is to re‐examine mean reversion in stock prices.

Design/methodology/approach

The authors use five different panel unit root tests, namely the Im, Pesaran and Shin t‐bar test statistic, the Levin and Lin test, the Im, Lee, and Tieslau Lagrangian multiplier test statistic, the seemingly unrelated regression test, and the multivariate augmented Dickey Fuller test advocated by Taylor and Sarno.

Findings

The main finding is that there is no mean reversion of stock prices, consistent with the efficient market hypothesis.

Research limitations/implications

One issue not considered by this study is the role of structural breaks. It may be the case that the efficient market hypothesis is contingent on structural breaks in stock prices. Future studies should model structural breaks.

Practical implications

The findings have implications for econometric modelling, in particular forecasting.

Originality/value

This paper adds to the scarce literature on the mean reverting property of stock prices based on panel data; thus, it should be useful for researchers.

Details

Studies in Economics and Finance, vol. 24 no. 3
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 7 August 2020

Massimo Miozzi, Alessandro Capone, Christian Klein and Marco Costantini

The purpose of this study is the characterization of the dramatic variation in the flow scenario occurring at incipient stall conditions on a NACA0015 hydrofoil at moderate…

Abstract

Purpose

The purpose of this study is the characterization of the dramatic variation in the flow scenario occurring at incipient stall conditions on a NACA0015 hydrofoil at moderate Reynolds numbers via the experimental analysis of time- and space-resolved skin-friction maps. The examined flow conditions are relevant for a variety of applications, including renewable energy production and unmanned and micro-aerial vehicles.

Design/methodology/approach

Grounding on the global temperature data acquired via temperature-sensitive paint, the proposed methodology adopts two approaches: one to obtain time-resolved, relative skin-friction vector fields by means of an optical-flow-based algorithm and the other one to extract quantitative, time-averaged skin-friction maps after minimization of the dissimilarity between the observed passive transport of temperature fluctuations and that suggested by the Taylor hypothesis.

Findings

Through the synergistic application of the proposed methods, the time-dependent evolution of the incipient stall over the hydrofoil suction side is globally described by firstly identifying the trailing edge separation at an angle of attack (AoA) AoA = 11.5°, and then by capturing the onset of upstream oriented, mushroom-like structures at AoA = 13°. The concomitant occurrence of both scenarios is found at the intermediate incidence AoA = 12.2°.

Originality/value

The qualitative, time-resolved skin-friction topology, combined with the quantitative, time-averaged distribution of the streamwise friction velocity, enables to establish a portrait of the complex, three-dimensional, unsteady scenario occurring at the examined flow conditions, thus providing new, fundamental information for a deeper understanding of the incipient stall development and for its control.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 31 no. 2
Type: Research Article
ISSN: 0961-5539

Keywords

Book part
Publication date: 22 July 2021

Mesa Wanasilp

This study investigates the relationship between the inflation targeting (IT) framework and the exchange rate pass-through (ERPT) to consumer prices in the emerging ASEAN…

Abstract

This study investigates the relationship between the inflation targeting (IT) framework and the exchange rate pass-through (ERPT) to consumer prices in the emerging ASEAN economies (i.e., Indonesia, the Philippines, and Thailand) using a vector autoregressive (VAR) model with monthly data covering the sample period from January 1990 to July 2020. The empirical analysis is divided into two subperiods – pre-IT and post-IT periods. The impulse response analysis identified the existence of the ERPT during the pre-IT period and the loss of the ERPT during the post-IT period in all sample economies. The study speculated that the loss of the ERPT is attributable to the conformity to the Taylor principle in the IT framework in all sample economies.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-80043-870-5

Keywords

Article
Publication date: 22 May 2007

Dimitris K. Christopoulos and Miguel A. León‐Ledesma

The paper aims to re‐examine the stationarity properties of unemployment rates in 12 European Union (EU) countries over the period 1988: I‐1999: IV.

1471

Abstract

Purpose

The paper aims to re‐examine the stationarity properties of unemployment rates in 12 European Union (EU) countries over the period 1988: I‐1999: IV.

Design/methodology/approach

This paper applies a battery of second‐generation panel unit root tests that allow for cross‐sectional correlation.

Findings

The study shows that, contrary to previous empirical literature, hysteresis does not characterise EU unemployment.

Originality/value

This paper uses recent advances in the econometrics of panel unit root tests. The new tests have more power than the traditional ones in detecting the null hypothesis of a unit root.

Details

Journal of Economic Studies, vol. 34 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 22 July 2019

Augustine Chuck Arize, Ebere Ume Kalu, Chinwe Okoyeuzu and John Malindretos

This study aims to make a comparative study of the applicability of the purchasing power parity (PPP) in selected less developing countries (LDCs) on one hand and European…

Abstract

Purpose

This study aims to make a comparative study of the applicability of the purchasing power parity (PPP) in selected less developing countries (LDCs) on one hand and European countries on the other hand.

Design/methodology/approach

The research design is empirical and ex post facto. This study uses an assortment of co-integration tests and error correction representation. The chosen approach allows for the consideration of long-run elasticities and the dynamics of the short-run adjustment of exchange rates to changes in domestic and foreign prices. Monthly data are used for the period 1980:1 through 2015:12 (i.e. 432 observations).

Findings

Results from long-run co-integration analysis, short-run error correction models and persistence profile analysis overwhelmingly confirm the validity of PPP in these two sets of countries regardless the disparity in their relative exchange rate and price characteristics.

Research limitations/implications

Curiously, several of these empirical studies and still many more, have focused their attention on the experiences of industrialized countries, with a few investigations devoted to LDCs. The evidence is even scarcer in Africa. Clearly, the acceptance of any hypothesis as a credible explanation of economic reality hinges on the robustness of the hypothesis across countries with different economic and institutional frameworks.

Practical implications

Knowledge of the extent to which exchange rate and relative prices can be linked in the long run is important for the design and management of inflation and the implementation of monetary policy. For instance, policy actions aimed at stabilizing the domestic economy can obtain results that are, at best, uncertain in the absence of correct characterization of the PPP dynamics. Moreover, structural and macroeconomic adjustment programs implemented in these countries to achieve economic growth and external competitiveness could be unsuccessful if flawed estimates of PPP exchange rates are retained.

Originality/value

Several empirical studies have been done to prove the validity or otherwise of the PPP. Unlike prior authors, this study makes a comparative study of the applicability of the PPP in selected LDC on one hand and European countries.

Details

Journal of Financial Economic Policy, vol. 12 no. 1
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 12 April 2011

Marvin Weisbord

The purpose of this paper is to make a case for the co‐existence of Theories X and Y assumptions in everyone. The author does this by comparing the works of Douglas McGregor and…

5513

Abstract

Purpose

The purpose of this paper is to make a case for the co‐existence of Theories X and Y assumptions in everyone. The author does this by comparing the works of Douglas McGregor and Frederick W. Taylor, “the father of scientific management,” after having lived with their legacies for several decades as manager and consultant. The author shows how the striking similarities in their values diverged in practice and how the author learned to integrate their voices in himself.

Design/methodology/approach

Personal cases are used showing how the author learned to improve workplaces while tracing his roots from McGregor to Taylor and back, drawing on a few of more than 260 sources the author cited in Productive Workplaces (1987, 2004).

Findings

Putting theories into practice for the author involved not only devising new policies, procedures, and structures but also going on a never‐ending journey of self‐discovery. Second, theories X and Y may have originated in McGregor's own projections on his father, just as Taylor's scientific management may be understood as an expression of his Quaker roots. Third, the tension between X and Y in all of us is a reality to appreciate, not a battle requiring that we take sides.

Originality/value

The author offers this paper as a corrective to two popular myths from his years as a manager/consultant. One is that “Theory Y” managers are superior to “Theory X types” when they often may be the same people. Two is that Taylor is the boogey‐man who corrupted workplaces by forcing people into mindless jobs. In fact his systems were eagerly embraced by countless others and paradoxically coexist today, even in workplaces whose managers believe passionately in human capability.

Details

Journal of Management History, vol. 17 no. 2
Type: Research Article
ISSN: 1751-1348

Keywords

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