No abstract

(JEL FI4, F31 )

This paper examines the underappreciated differences between the effectiveness and measurement of current technical advances in business management methods and how aspects of transformational leadership, as exhibited by the prophet Moses, can more broadly and deeply contribute to an organization’s success over the long term than these more easily defined procedures. These leadership issues tend to arise most acutely when a company’s management comes under severe scrutiny during times of business scandals and related ethical crises. Using Warren Bennis’s definition of charismatic leadership as a framework, we show how Moses exhibited the qualities of humility, tenacity, integrity, strength, creativity, and innovation, particularly in the field of succession planning, in completing his mission, transforming the ‘organization’ he led, and inspiring future generations. The conclusions here are supported not only by biblical passages but also by relevant business, management, and general literature

This study investigates short-run and long-run linkages among major West European equity markets in London (FTSE100), Frankfurt (DAX30), and Paris (CAC40). Long-run market co-movements of the three price indices are detected employing cointegration and vector error correction methodology. Empirical results of this study support the presence of one cointegrating vector and two common trends. CAC index is found to be weakly exogenous. The short-run dynamics indicate short-run causal links running both ways between FTSE and DAX.

This paper uses an efficiency specification model of the spot and forward foreign exchange markets and tests the hypotheses for random walk (which cannot be rejected), general efficiency, and unbiasedness by using a regression estimation and various specification and diagnostic tests for the series and the error terms (residuals). Whereas the forward rate is usually viewed as an unbiased predictor of the future spot rate, the unbiased forward rate hypothesis has failed to be rejected for the Canadian dollar, although more research is needed in this particular area so that better statistical inferences can be drawn in the future.