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    ABSTRACT: This paper relates credit spreads (CDS prices) in the UK banking sector with the performance of the housing sector. Using data on banking sector CDS spreads for the period January 2004 to April 2011, we find that house price dynamics are a key driving factor behind the increase in credit spreads as reflected in CDS prices. Also we find that as stock prices increase, both bank capital and bank borrowing capacity increase that in turn decreases credit risk. Furthermore as banking sector liquidity increases banks tend to lend to less credit-worthy (subprime) borrowers that in turn increases credit risk in the banking sector. Collectively the results shed light on the determinants of credit risk in the banking sector.
    The North American Journal of Economics and Finance 01/2013; 24(1):243–259.
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    Addiction 12/2012; 107(12):2075-6.
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    ABSTRACT: This article exploits the complex sequential structure of the diary data in the American Heritage Time Use Study (AHTUS) and constructs three classes of indicators that capture the quality of leisure (pure leisure, co-present leisure, and leisure fragmentation) to show that the relative growth in leisure time enjoyed by low-educated individuals documented in previous studies has been accompanied by a relative decrease in the quality of that leisure time. These results are not driven by any single leisure activity, such as time spent watching television. Our findings may offer a more comprehensive picture of inequality in the United States and provide a basis for weighing the relative decline in earnings and consumption for the less-educated against the simultaneous relative growth of leisure.
    Demography 05/2012; 49(3):939-64.
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    ABSTRACT: Consumer borrowing is a highly topical and multifaceted phenomenon as well as a popular subject for study. We focus on consumer credit use and review the existing literature. To categorize what is known we identify four main psychological perspectives on the phenomenon: credit use as (1) a reflection of the situation, (2) a reflection of the person, (3) a cognitive process, and (4) a social process. On top of these perspectives we view credit use as a process that entails three distinct phases: (1) processes before credit acquisition, (2) processes at credit acquisition, and (3) processes after credit acquisition. We review the international literature along a two-tier structure that aligns the psychological perspectives with a process view of credit. This structure allows us to identify systematic concentrations as well as gaps in the existing research. We consolidate what is known within each perspective and identify what seems to be most urgently missing. Some of the most important gaps relate to research studying credit acquisition from the perspective of credit use as a reflection of the person or as a social process. In particular, research on credit use as a reflection of the person appears to focus exclusively on the first stage of the credit process. We conclude with a discussion that reaches across perspectives and identifies overarching gaps, trends, and open questions. We highlight a series of implicit linkages between perspectives and the geographical regions in which studies related to the perspectives were conducted. Beyond diagnosing a geographical imbalance of research, we argue for future research that systematically addresses interrelations between perspectives. We conclude with a set of global implications and research recommendations.
    International Journal of Psychology 02/2012; 47(1):1-27.
  • Gender Work and Organization 08/2011; 18(5):439 - 442.
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    ABSTRACT: This article examines women teachers' experiences of modernization in schools in England and Wales. The article explores the impact of modernization on their work and non-work lives and why, in some cases, modernization has made it impossible for them to remain in the occupation. The evidence presented suggests that modernization has resulted in the intensification and extensification of teaching to such an extent that it is increasingly difficult to combine a teaching career with primary family care responsibilities. Given that teaching is a female-dominated occupation, this has serious implications for government education policy. We argue that the modernization project in the UK has been a driving force for the adverse gender impact that is undermining equality of opportunity for women teachers.
    Gender Work and Organization 08/2011; 18(5):488 - 507.
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    ABSTRACT: This paper provides evidence on the monetary policy transmission for five biggest and fastest growing emerging market economies: Brazil, Russia, India, China and South Africa (BRICS). Monetary policy (interest rate) shocks are identified using modern Bayesian methods along with the more recent sign restrictions approach and the Panel Vector Autoregression framework. We find that contractionary monetary policy has a strong and negative effect on output, suggesting that it can lean against unexpected macroeconomic shocks even when the financial markets are yet to be well-developed. We also show that such monetary policy shock tends to stabilise inflation in these countries, albeit at a higher level due to supply-driven inflation on the back of large surge in food and fuel prices, while producing a strongly persistent negative effect on real equity prices. Our results are robust to changes in the specification, the methodology and sub-sample time horizon.
    Open Economies Review 05/2011; 24(4).
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    ABSTRACT: Using Acker's conceptual framework of inequality regimes, this article explores the experiences of Bangladeshi, Caribbean and Pakistani women working in three parts of the public sector: health, local government and higher education. Our concern is to investigate how inequality regimes are sustained, despite the existence in the public sector of more sophisticated policy development and stronger legal duties than in the private sector. Drawing on interviews with managers and with women employees, the study demonstrates the complexity and unevenness in the way inequality regimes are produced, reproduced and rationalized. Utilising what Crenshaw calls an ‘intersectional sensibility’ helps reveal the persistence of intersectional inequalities in organizations explicitly committed to challenging inequality regimes.
    Gender Work and Organization 04/2011; 18(5):467 - 487.
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    ABSTRACT: This paper considers the impact of institutions on new firm entry in emerging markets. In particular, it surveys the findings of a 2-year research project on the sources of success in terms of entry rates and conditions (including gross entry rates, exit rates and therefore net entry rates) across the BRIC countries (Brazil, Russia, India, China). These emerging market economies display widely varying entry and exit rates and a framework is developed to capture the interaction between key aspects of formal institutions, how those institutions play out in practice, and their impact on entry and exit rates. The country case studies reveal that, whilst different contingencies affect the relationships between institutions and entry in each country, there are some empirical regularities in the determinants of successful entry and conversely in its constraints. One such regularity is the critical interaction between formal rules and informal mechanisms. There is also variation in whether these works so as to compensate for deficiencies in formal institutions, as in China and India, or whether deficiencies in formal mechanisms are compounded by poor informal mechanisms, as is sometimes true in Brazil. Indeed, relatively good formal rules and structures can be undermined by informal mechanisms deterring or blocking entry, as is largely the case in Russia.
    Economic Systems. 01/2010;
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    ABSTRACT: The literature on the link between multinationality and firm performance has generally disregarded the role of geography. However, the geography of FDI may matter, particularly now that globalisation has increased the heterogeneity of overseas investments. Moreover, although the range of countries that conducts FDI has widened considerably, the literature still tends to focus on the case of a relatively small number of US firms. In contrast, our paper draws on firm-level data covering over 16,000 multinationals from 46 countries and allows for different effects upon the performance of the multinational firm depending on the level of development of the host economy. In our results, we find a clear positive and linear relation between multinationality and firm performance. However, investment in developing countries is associated with larger and increasing effects on performance than in the case of investment in developed countries. Overall, our results suggest that the net gains for multinationals from greater geographical diversification have not yet been fully met.
    Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research, Working Papers. 01/2010;
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