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This paper uses a bivariate GARCH framework to examine the lead-lag relations and the conditional correlations between 10-year US government bond returns and their counterparts from the UK, Germany, and Japan. We find that while mean and volatility spillovers exist between the major international bond markets, they are much weaker than those between equity markets. The results also indicate that the correlations between the US and other major bond market returns are time varying and are driven by changing macroeconomic and market conditions. However, in contrast to the finding that the benefits of international diversification in equity markets evaporate during high-stress periods, we find that the benefits of diversification across major government bond markets do not decrease during periods of extremely high bond market volatility or following extremely negative US and foreign bond returns. [ABSTRACT FROM AUTHOR]

The article examines the price linkages of three major United States-traded country funds--Germany, Japan and Great Britain--with their own national and the United States stock markets. A country fund was created as an indirect alternative, to direct portfolio investments in the country's stock markets. As such, given the scope of investments limited to a single country, it is expected a priori that fund prices have some degree of sensitivity to local market conditions (the country of investments). The degree to which fund prices are related to local market prices has important implications, for both short-term and long-term investors, in terms of their investment strategies regarding that market. Moreover, since a (US-listed) country fund is also an asset traded in the US, its pricing is also likely to be related to US market developments. The relation between the fund and the US market indicates the extent to which the country fund can be treated as a US security. The purpose of this paper is to study the pattern of cointegration and causality, between the country fund and national stock prices.

The article reports on the results of a study conducted by Thomson Reuters concerning the impact of research papers from China. The results found out that the research paper outputs from the country went high from 20,000 in 1998 to almost 112,000 in 2008. It mentions that China is now set to overtake the U.S. in research output within the next decade and has overtaken Great Britain, Germany and Japan in 2006.

Manuscript Type: Conceptual Research Question/Issue: In this paper we address two research questions. First, to what extent has Socially Responsible Investment (SRI) developed unevenly across countries with different corporate governance systems and how might we explain this? Second, what consequences does its uneven development have for human resource management (HRM)? Research Findings/Insights: We map the nature and extent of SRI equities across five industrialized countries – Germany, Japan, the UK, the US and Australia. We find that differences between the institutional, corporate governance and cultural characteristics of national business systems explain variations in the size and significance of SRI across countries. We also find that SRI has an impact on HRM in institutional contexts such as where its influence is complemented by strong employee voice institutions. Theoretical/Academic Implications: The notion of “institutional complementarities,” within and across spheres of a corporate governance system is a useful theoretical lens for understanding the varied impact of SRI across different corporate governance systems. Further, future studies of HRM will need to consider the heterodox pressures produced by SRI that may influence its conduct. Practitioner/Policy Implications: Implications for SRI fund managers are considered, especially how they might use the notion of institutional complementarities to help in their investment decisions and in the impact they can exert. Specifically SRI funds are likely to be more effective where they can form alliances with other existing bodies or where they spur the development of such bodies. The implications for other actors in HRM and corporate governance are also considered. [ABSTRACT FROM AUTHOR]

Most of the existing studies on the international capital market are based on a segmented market approach. This approach treats the different national capital markets as separated entities, hardly related to each other. For this reason (under the assumption of market segmentation), comparable capital assets may differ in their return on different national markets. Although market segmentation enjoys a surprisingly large following, it is not the only possible interpretation of the international capital market. The alternative hypothesis, i.e., that prices of capital assets in the international capital market behave as if there is one multinational perfect capital market, should be considered. The one market hypothesis has the advantage of being consistent with much of the accepted economic theory. Also the one market hypothesis is unambiguous where market segmentation can stand for any number of specific imperfect market formations. Market segmentation is widely accepted as the only possible structure of the international capital market. Different currency areas, separated political organizations and trade barriers have been given as a priori evidence for the segmentation of the international capital market. This, however, is not necessarily the case. An examination of the behavior of capital asset prices reveals that the price behavior is consistent with the one market hypothesis. It should be noted, however, that a certain body of data can be consistent with both the one market hypothesis and any one of several specific forms of market segmentation. But as the main theme of this study is to show the validity of the one market approach to the multinational equity market, it is sufficient to show that one cannot reject the one market hypothesis with regard to this market. [ABSTRACT FROM AUTHOR]

In this paper we extend the traditional price change hedge ratio estimation method by applying the theory of cointegration to hedging with stock index futures contracts for France (CAC 40), the United Kingdom (FTSE 100), Germany (DAX), and Japan (NIKKEI). Previous studies ignore the last period's equilibrium error and short-run deviations. The findings of this study indicate that the hedge ratios obtained from the error correction method are superior to those obtained from the traditional method as evidenced by the likelihood ratio test and out-of-sample forecasts. Using the procedures developed in this paper, hedgers can control the risk of their portfolios more effectively at a lower cost. [ABSTRACT FROM AUTHOR]

This paper discusses the emergence of management education and training in the UK, France, Germany, USA, Japan, USSR, and China. It argues that given kinds of environmental changes may lead to a wide variety of training responses, depending on the industrial and cultural contexts in which they take place. [ABSTRACT FROM AUTHOR]

The performance of the British economy under Mrs Margaret Thatcher has become the subject of vehement controversy even where purely factual matters are at issue. In his 1988 Budget speech, the Chancellor of the Exchequer, Mr. Nigel Lawson maintained that the "country is now experiencing an economic miracle comparable in significance to that previously enjoyed by West Germany and still enjoyed by Japan". This paper has so far been confined to a presentation of facts relating to key indicators of economic performance since Mrs. Thatcher came to power. The improvement in productivity in the Great Britain confined to manufacturing, productivity in the having grown relatively slowly.

Background and purpose: Social engagement is an important active aging strategy to promote older adults' mental health. The purposes of this study were to compare social engagement in older populations around the world and explore associations with mental health outcomes. Materials and methods: An international cross‐sectional survey was conducted from 2017 to 2019. Data were retrieved from The International Social Survey Programme for a secondary data analysis across 30 countries. This study applied the Taxonomy of Social Activities and its six levels as operational definitions for a consistent concept of social engagement for international comparisons. Results: In total, 9403 older adults with a mean age of 72.85 ± 6.40 years responded. The highest levels of older adults' social engagement were found in Switzerland, Thailand, and New Zealand. Older adults of a higher age, with a lower educational level, who were permanently sick or disabled, who had no partner, who were widowed or whose civil partner had died, who lived alone, and who had lower self‐placement in society had significantly lower social engagement than did their counterparts. In the regression model, older adults' social engagement positively predicted general health, self‐accomplishment, and life satisfaction, but negatively predicted loneliness and depression. Conclusions: In aging societies worldwide, encouraging older adults' social engagement would be beneficial to promote mental health. Implications for nursing practice and health policies: Community professional nurses can develop strategies of social engagement based on the needs and sociodemographic factors of older adults to improve their mental health. Developing efficient strategies and local policies by learning from successful experiences in other countries is important to promote social engagement in aging societies. [ABSTRACT FROM AUTHOR]

This paper investigates the link between family-friendly policies and women's employment after birth of the first child in the UK, Germany, the Netherlands, Sweden, and Japan in the 1980s and the 1990s. Our econometric analyses use household panel data from each of the five countries: BHPS, GSOEP, OSA, HUS, and JPSC, respectively. Public policies that facilitate the combination of motherhood and paid employment offer an effective means in increasing the participation rate of first-time mothers. The results also indicate that the availability and stimulation of good-quality part-time employment can provide additional, strong incentives for new mothers to enter active employment. [ABSTRACT FROM AUTHOR]

This article investigates the interdependence of stock returns and exchange rate changes within the same economy. Six countries were tested for volatility spillovers, namely the U.S., Great Britain, Japan, Germany, Canada and France. Evidence of spillovers from stock returns to exchange rate changes is found for all countries except Germany. These results suggest that the asset approach to exchange rate determination is valid when formulated in terms of the second moments of the exchange rate distribution for these countries. The spillovers from stock returns to exchange rate changes are symmetric in nature. Volatility spillovers from exchange rate changes to stock returns are insignificant for all countries.

This article compares the judicial regimes for resolving individual employment rights disputes in Germany, Great Britain and Japan. First, we consider the form of institutional change; second, we examine the lay judge's role; and third, we assess the effectiveness of the three judicial regimes. We find that Japan made the least institutional change, layering a new procedure on top of an existing one. Paradoxically, however, its lay judges have a more extensive role than their counterparts in Germany and Britain, which established new institutions. As to effectiveness, there are several criteria. British labour courts are currently the least informal and speedy, but the cheapest. In both Britain and Germany, legal norms are publicised as adjudicatory hearings are open to the public and judgments are available for public scrutiny, unlike in Japan. [ABSTRACT FROM AUTHOR]

Research collaboration is promoted by governments and research funders, but if the relative prevalence and merits of collaboration vary internationally then different national and disciplinary strategies may be needed to promote it. This study compares the team size and field normalized citation impact of research across all 27 Scopus broad fields in the 10 countries with the most journal articles indexed in Scopus 2008–2012. The results show that team size varies substantially by discipline and country, with Japan (4.2) having two‐thirds more authors per article than the United Kingdom (2.5). Solo authorship is rare in China (4%) but common in the United Kingdom (27%). While increasing team size associates with higher citation impact in almost all countries and fields, this association is much weaker in China than elsewhere. There are also field differences in the association between citation impact and collaboration. For example, larger team sizes in the Business, Management & Accounting category do not seem to associate with greater research impact, and for China and India, solo authorship associates with higher citation impact in this field. Overall, there are substantial international and field differences in the extent to which researchers collaborate and the extent to which collaboration associates with higher citation impact. [ABSTRACT FROM AUTHOR]

In this article we present expatriate management policies and practices of 136 large multinational companies (MNCs) based in four different countries: Germany, Japan, the United Kingdom, and the United States. The findings we focus on include staffing, selection, training, and success. By analyzing our own results as well as comparing them to previous findings, we examine the changes in expatriate practices over time. In the managerial and research implications sections, we share additional findings and our thoughts about future issues and trends in expatriation. © 2009 Wiley Periodicals, Inc. [ABSTRACT FROM AUTHOR]

This study examines the extent of concentration in the journal publishing industry. A number of aspects are considered: publishers, journal impacts, countries, and languages. For journals indexed in JCR from 1997 to 2009, just 0.2% of publishers produce 50% of journals and articles, and 0.3% of publishers account for the top 50% of citations, impact factors and immediacy indices. More than a half of publishers in JCR are from four countries: USA, UK, Germany and Japan. In addition, more than a half of journals come from the USA and UK. Examining the publishers' interactions in terms of buying and selling journals shows the extent of change by acquisition, and the acquisition links between publishers. The findings confirm that the international market of journal publishing is essentially dominated by a few publishers. [ABSTRACT FROM AUTHOR]

Overweight and obese people appear to be at greater risk of suboptimal vitamin and mineral status compared with people of a healthy weight. Nutrients most affected include vitamin D, vitamin B, carotenoids, folate, vitamin C and iron. The reasons are unknown but may be caused by poor diets, increased requirements or obesity-related changes to nutrient absorption, excretion or metabolism, or a combination of these. Sequestration of fat-soluble vitamins by adipose tissues is also a major factor. Although dietary assessment in obese populations is hampered by under-reporting, there is evidence that dietary patterns characterised by energy-dense, processed foods are more common in groups with a higher body mass index. Dieting practices, bariatric surgery and the use of anti-obesity drugs may compound the risk of nutrient inadequacy, although sustained weight loss helps to improve vitamin D status. A poor nutrient status could accentuate the risk of chronic diseases already experienced by overweight people on account of their excessive fat mass. There is evidence that the use of dietary supplements can improve nutrient status and have a favourable impact on disease risk markers such as lipid profiles and insulin resistance. Whether currently dieting or not, overweight people may benefit from safeguarding vitamin and mineral adequacy by taking a multi-nutrient supplement alongside an increased intake of nutrient-rich foods. [ABSTRACT FROM AUTHOR]

This article analyzes variation in International Monetary Fund (IMF) conditionality. Conditions attached to IMF loans vary qualitatively and quantitatively across time and space, contrary to the allegations of inflexibility and insensitivity. This study theorizes that despite the IMF's official rules to determine conditionality by economic criteria, variation arises because the strategic interests of the five biggest contributors to the IMF (the United States, the United Kingdom, Japan, Germany and France) interfere with IMF policy, which potentially compromises the effectiveness of its programs. This theory is tested empirically against 398 conditionality agreements contracted between 1983 and 1997 using an event-count method based on the Poisson distribution to obtain statistical results supportive of the theory. [ABSTRACT FROM AUTHOR]

This study examines reporting practices of a sample of foreign listed and domestic-only listed companies from the United Kingdom, France, Germany, Japan and Australia to determine the extent to which companies voluntarily use “international” standards. Two types of use of non-national standards in the consolidated accounts presented to the public are considered: adoption of “international” standards instead of national standards, and supplementary use where “international” standards are used in conjunction with national standards. “International” standards are defined as US GAAP or IAS (now IFRS). The study tests for a preference for either set of standards and considers the relationship of choice of regime with firm attributes. The results show significant voluntary use of “international” standards in all five countries and among foreign listed and domestic-only listed companies. Companies using “international” standards are likely to be larger, have more foreign revenue and to be listed on one or more foreign stock exchanges. US GAAP is the predominant choice, but IAS are used by many firms in Germany and some in Japan. Firms listed in the United States' regulated markets (NYSE and NASDAQ) are more likely to choose US GAAP, but companies traded in the OTC market often select IAS. The study demonstrates for managers and regulators that there is considerable support for “international” standards, and that choice of IAS or US GAAP relates to specific firm characteristics which differ according to a firm's country of origin. Most use of “international” standards reflects individual countries' institutional frameworks, confirming the key role of national regulators and standard setters in assisting companies to achieve more comparable international reporting. [ABSTRACT FROM AUTHOR]