Sicherheitsäquivalente zur risikoadjustierten Bewertung: Unternehmensexterne Bewertungssicht vs. unternehmensinterne Steuerungssicht Replik zu den Anmerkungen „Zum Verhältnis von Wertadditivität bei Sicherheitsäquivalenten und Risikoanalyse“ von <Emphasis Type="Italic">Reichling et al.</Emphasis> (2008)

Die Forderung nach schwacher Wertadditivit?t von Sicherheits?quivalenten ist in Abh?ngigkeit des jeweiligen Bewertungszwecks zu diskutieren. W?hrend in der unternehmensexternen Bewertungssicht, z.B. bei der Unternehmensbewertung, die Forderung nach schwacher Wertadditivit?t gut begründbar ist, stellt sie im Bereich der unternehmensinternen Steuerungssicht eine „Nice to have“-Anforderung dar. Darüber hinaus werden in der bisherigen Literatur zur Anwendbarkeit von Sicherheits?quivalenten die Kernherausforderungen der unternehmensinternen Steuerung vernachl?ssigt. Insbesondere die ad?quate Berücksichtigung stochastischer Abh?ngigkeiten im Portfolioverbund bei der Bewertung von Einzelgesch?ften mittels Sicherheits?quivalenten stellt eine Forschungslücke dar.     

Discriminating characteristics of union members’ attitudes toward drug testing in the workplace

In this study of the acceptance by union members of drug testing in the workplace, 919 union members from 13 major unions were asked what drug-testing policy, if any, they preferred. Respondents evaluated particular aspects of a hypothetical drug-testing program. The results show that a large majority of union members agree with a limited drug-testing policy. Five theoretical models of union member attitudes were extrapolated to the drug-testing context and were examined by using discriminant function analysis. No support was found for the individual demographics theory, but empirical support was found for some elements of instrumental union, bargaining outcomes, general normative attitude, and workplace conditions theory. The discriminant function was 80.56 percent successful in classifying union members who accept drug testing.     

Facial expression in the presence of friends and strangers

This study investigated the effect of the physical presence of a friend or of a stranger on facial expressiveness. Pairs of friends and pairs of strangers (all women) were unobtrusively videotaped while they viewed together a number of emotional stimulus slides, and rated their individual emotional responses to them. Judges subsequently attempted to identify from the videotapes the emotions reported by each sender subject. Generally, expressions were more readily identified for women videotaped with friends than for those recorded with strangers. These results support the suggestion that the degree to which emotions are expressed depends on the role of an accompanying person. Altemative interpretations of this view are discussed.We thank Alan Fridlund and an anonymous reviewer for comments on a previous version of this paper.     

TEACHING TOOLS: COOPERATIVE LEARNING IN ECONOMICS

Cooperative learning is a structured, systematic instructional technique in which students work together in small groups toward a common goal. We demonstrate the effectiveness of cooperative learning with an illustrative example for teaching the labor supply curve. Recommendations for introducing the technique, forming groups, the instructor's role during group work, grading and extensions of cooperative learning to other topics are discussed.     

A simple recursive estimation method for linear regression models with AR(p) disturbances

An exact transformation that reduces the AR(p) process into white noise is well known in statistics, see Fuller (1976). However, practitioners still use and econometric textbooks still recommend the Cochrane-Orcutt procedure for p>2, see Greene (1990). This paper derives an alternative exact transformation for the AR(p) process which is computationally simple. Based on this transformation, a GLS estimator is proposed, requiring only least squares regressions and recursive computations. This is illustrated for the AR(3) case.     

The effect of lawyers on non-discipline/discharge arbitration decisions

Both labor and management often have a lawyer present their case at an arbitration hearing. This paper investigates whether the probability of obtaining a favorable arbitration outcome was related to the use of legal counsel. An analysis of 1,284 Canadian non-discipline/discharge cases revealed that a party was more likely to receive a favorable award when it had legal representation and the other side did not. However, there was no difference in win rates when the outcomes of cases in which both parties used lawyers were compared with those in which neither side was represented by legal counsel. Support for this research was provided by a Social Sciences and Humanities Research Council/Saint Mary’s University Matching Grant. The excellent research assistance of Nancy Canavan is gratefully acknowledged.     

ASYMPTOTIC EXPANSIONS APPLIED TO F-TEST CRITERIA

Using asymptotic expansions of the Kummer hypergeometric function, the sequential. F-test criterion is evaluated asymptotically in terms of the sample size. The continuation region inequalities for the test are inverted and expressed in terms of known test criteria. A rapidly converging algorithm for carrying out the sequential procedure is provided. This makes the F-test easier for the practitioner to use. Almost sure finite termination of the sequential. F-test is asserted by appealing to the continuation inequalities and a heuristic asymptotic expansion of the test criterion. Average stopping times of the sequential procedure for a variety of population means and population number configurations are tabulated. The computer symbolic manipulation program MAPLE was used to derive some formulae.