On the predictability of emerging market sovereign credit spreads

This paper examines the quarter-ahead out-of-sample predictability of Brazil, Mexico, the Philippines and Turkey credit spreads before and after the Lehman Brothers’ default. A model based on the country-specific credit spread curve factors predicts no better than the random walk and slope regression benchmarks. Model extensions with the global yield curve factors and with both global and domestic uncertainty indicators notably outperform both benchmarks post-Lehman. The finding that bond prices better reflect fundamental information after the Lehman Brothers’ failure indicates that this landmark of the recent global financial crisis had wake-up call effects on emerging market bond investors

TQM implementation: An empirical examination and proposed generic model

Total quality management (TQM) is considered by many as an important quality and business performance improvement tool. The popularity of the concept has led to an explosion of TQM related literature. A careful review of the literature suggests that most publications recount the experiences or perceptions of the authors or deal with single case organisations. Furthermore, there is a dearth of empirical research and literature dealing with TQM's implementation process. This paper reports the findings of a research project that empirically examined the process of TQM implementation in a sample of organisations widely regarded as leading exponents of TQM. The paper presents a non-prescriptive model of the TQM implementation process derived from the findings and proposes an "outcome driven" approach as an alternative to the more commonplace TQM implementation strategies

Romania as a project-oriented society

Projects and project management play an increasing role in the global economy. In a context marked by the evolution of project management from a technical function to an organizational methodology that can be embraced successfully by communities, associations, government agencies, big companies, and even by the society as a whole, the concept of “project-oriented society” gains ground. Not only is the concept on the rise, but also research on measuring the maturity level of the project-oriented society. The main assumption underlying this paper is that there is a correlation between the maturity of project orientation and the managerial competitiveness of each society. The paper explores this correlation by presenting in detail the research study “Project Orientation Romania”, which focused on the main measurable dimensions of a project-oriented society.project management, maturity, society, education, research

Knowledge and best practice management through benchmarking: A global survey

Developing best practice through benchmarking features as a critical activity in the business world as it is a vital approach for sharing and transferring knowledge.Companies across the globe have embraced these concepts but have done so with a varied level of success.Some have managed to create huge market place advantages whilst others have fared less favourably.The purpose of this research is to establish the level of benchmarking activity and application globally.The information gathered included both the hard and soft issues associated with benchmarking and following analysis,attempted to evaluate the level of benchmarking maturity reached across different industry fields and size of operation.This global survey helps understand what leads to effective benchmarking and development of best practices

The financial stress index: identification of systemic risk conditions

This paper develops a financial stress index for the United States, the Cleveland Financial Stress Index (CFSI), which provides a continuous signal of financial stress and broad coverage of the areas that could indicate it. The index is based on daily public-market data collected from four sectors of the fi nancial markets—the credit, foreign exchange, equity, and interbank markets. A dynamic weighting method is employed to capture changes in the relative importance of these four sectors as they occur. In addition, the design of the index allows the origin of the stress to be identified. We compare the CFSI to alternative indexes, using a detailed benchmarking methodology, and show how the CFSI can be applied to systemic stress monitoring and early warning system design. To that end, we investigate alternative stress-signaling thresholds and frequency regimes and then establish optimal frequencies for filtering out market noise and idiosyncratic episodes. Finally, we quantify a powerful CFSI-based rating system that assigns a probability of systemic stress to ranges of CFSI outcomes.Systemic risk ; Risk assessment

Between vision and reality: promoting innovation through technoparks in Kazakhstan

A common motivation for the technopark movement is the belief that technoparks promote innovation and economic growth at regional and/or national levels. The paper analyses the role of technoparks as instruments of innovation promotion in Kazakhstan using data from a firm survey and interviews. Our results suggest that, unlike what is assumed in the innovation policy literature, technoparks do not house firms dealing with the commercialisation of innovations that are ready for introduction to the market. Technopark firms are no more innovative than other firms. They are oriented largely towards the local market, and operate in traditional sectors; the frequency and intensity of their external links are more developed than are their internal links. The key motivations for relocating to a technopark seem to be lower rents and the possibility of accessing finance. Overall, Kazakh technoparks seem to be successful in terms of facilitating business incubation, but much les so in terms of innovation promotion and diversification of the economy. Currently, Kazakh industry does not make any demands for local R&D, and its sources of competitiveness lie in non-R&D activities. This suggests that innovation policy should focus on assisting companies to upgrade their technological capabilities to the level that they can articulate their R&D demands. Focusing on technoparks as the main mechanism to improve competitiveness and diversify the economy is an ineffective and uncertain a policy option at this stage of the country's economic development. However, there seems to be significant scope for supporting business incubation. These conclusions are of relevance to other emerging economies