Credit market constraints and labor market decisions

In this paper, we examine whether imperfections in credit markets spill over to other markets, particularly the labor market. We take the case of Italy, a country that experienced changes in the mortgage market brought about by the 1992 European unification and other institutional shifts. These events make Italy a good laboratory to study the effects of financial markets on the labor market. Using household data from the Bank of Italy between 1989 and 1993, we estimate the relationship between female participation and mortgage use. We find a significant impact of mortgages on women's participation in the labor market.     

Successive Sampling to Estimate Quantiles with P-Auxiliary Variables

The successive sampling is a known technique that can be used in longitudinal surveys to estimate population parameters and measurements of difference or change of a study variable. The paper discusses the estimation of quantiles for the current occasion based on sampling in two successive occasions and using p-auxiliary variables obtained of the previous occasion. A multivariate ratio estimator from the matched portion is used to provide the optimum estimate of a quantile by weighting the estimates inversely to derived optimum weights. Its properties are studied under large–sample approximation and the expressions of the variances are established. The behavior of these asymptotic variances is analyzed on the basis of data from natural populations. A simulation study is also used to measure the precision of the proposed estimator.     

Expected shortfall assessment in commodity (L)ETF portfolios with semi-nonparametric specifications

ABSTRACT

This paper studies the risk assessment of semi-nonparametric (SNP) distributions for leveraged exchange trade funds, (L)ETFs. We applied the SNP model with dynamic conditional correlations (DCC) and EGARCH innovations, and implement recent techniques to backtest Expected Shortfall (ES) to portfolios formed by bivariate combinations of major (L)ETFs on metal (Gold and Silver) and energy (Oil and Gas) commodities. Results support that multivariate SNP-DCC model outperforms the Gaussian-DCC and provides accurate risk measures for commodity (L)ETFs.     

Island cruise tourism development: a resident's perspective in the context of Italy

Most studies that examine tourism impacts and community attitudes have been carried out from the perspective of the tourism sector as a whole, with very few papers focusing on specific types of tourism and/or analysing tourists' preferences for specific types of tourism segment. This paper discusses some pertinent issues in relation to cruise tourism development and community attitudes in a port of call cruise destination located in the island of Sicily (Southern Italy). Specifically, this study was carried out using a quota random sample of 1500 responses, which is representative of the population of Messina at 1% level. Findings show that residents express an overall positive attitude towards cruise tourism development even if it is not the most preferred when compared to other types of tourism (cultural tourism, sport tourism, and sun and sea tourism). Further, they highlight that significant differences based on socio-economic and demographic characteristics (age, gender, reliance on cruise-related employment, level of education, geographical proximity to tourist areas and port, length of residency and frequency of interaction with tourists) exist in residents' perceptions and attitudes towards cruise tourism development. Implications for policy-makers are discussed and suggestions for further research are given.     

On the impossibility of representing infinite utility streams

We introduce a new Pareto-type criterion for social welfare functions over infinite utility streams that is not necessarily sensitive to increments in just a finite number of components. We show that there is no social welfare function that satisfies both this criterion and Diamond’s equity condition simultaneously. With our result, we extend the impossibility theorem of Basu and Mitra. Moreover, we show that, even under a weaker version of equity related to Zame’s intergenerational equity condition, the impossibility results are obtained as well.     

“Couchsurfing has made me a better person and the world a better place”: the transformative power of collaborative tourism experiences

ABSTRACT

Presented as an alternative form of tourism, Couchsurfing is a predominantly non-commercial accommodation type where hosts offer a “couch” to travelers through a hospitality network. Couchsurfing.com is considered as an icon of the sharing economy and more specifically of shareable tourism. This article provides a deeper understanding of couchsurfers’ motivations and shared values. Through an empirical qualitative study, we discuss the transformative power of Couchsurfing experiences, the underlying transformational processes, conditions, and socio-psychological and behavioral consequences. We also discuss the findings’ implications for society, businesses, and tourism in general.     

Preferences regarding external information sources: a conjoint analysis of visitors to Sardinia,Italy

Utilizing a conjoint analysis approach, this study aims to examine the relative importance of external information sources for female and male international and domestic travelers utilizing data collected from 719 tourists traveling to Sardinia (Italy). Overall, findings reveal that traditional word-of-mouth (i.e. family and friends), online review sites (e.g. TripAdvisor), and the online search engines are the most important external information sources for both domestic and international travelers. However, differences in importance tourists assign to each external source exist based on type of travel (domestic versus international) and gender (male versus female). For example, while traditional word-of-mouth, online review sites, and search engines are the three most important sources for domestic male travelers, the third most important information source for domestic female travelers is found to be printed tour guides. Contributions to the current body of knowledge and managerial implications are discussed, and suggestions for further research are provided.     

Credit and liquidity components of corporate CDS spreads

This paper investigates the role of credit and liquidity factors in explaining corporate CDS price changes during normal and crisis periods. We find that liquidity risk is more important than firm-specific credit risk regardless of market conditions. Moreover, in the period prior to the recent “Great Recession” credit risk plays no role in explaining CDS price changes. The dominance of liquidity effects casts serious doubts on the relevance of CDS price changes as an indicator of default risk dynamics. Our results show how multiple liquidity factors including firm specific and aggregate liquidity proxies as well as an asymmetric information measure are critical determinants of CDS price variations. In particular, the impact of informed traders on the CDS price increases when markets are characterised by higher uncertainty, which supports concerns of insider trading during the crisis.     

Corporate communication management: A framework based on decision-making with reference to communication resources

This paper proposes a conceptual framework for corporate communication management, based on the creation and utilisation of communication resources. The aim is to address a gap in the literature in that to date, communication tools have been identified as communication resources in very few studies, nor have communication decisions been linked to the creation and use of such resources. The paper draws on some basic resource-based view assumptions to identify firm-specific communication resources. The study also draws on Parsons' sociological approach with reference to the classification of organisational decisions (policy, allocation and coordination) and contextualises this approach to the decision-making within corporate communication function/department. The framework also takes into account some elements of the postmodernism. According to this tendency in contemporary culture, internal and external stakeholders play a proactive role in the creation and utilisation of communication resources. The study contributes to the development of corporate communication as an autonomous area of management.     

Continuous prophylaxis with recombinant factor IX Fc fusion protein and conventional recombinant factor IX products: comparisons of efficacy and weekly factor consumption

Background: Continuous prophylaxis for patients with hemophilia B requires frequent injections that are burdensome and that may lead to suboptimal adherence and outcomes. Hence, therapies requiring less-frequent injections are needed. In the absence of head-to-head comparisons, this study compared the first extended-half-life-recombinant factor IX (rFIX) product—recombinant factor IX Fc fusion protein (rFIXFc)—with conventional rFIX products based on annualized bleed rates (ABRs) and factor consumption reported in studies of continuous prophylaxis.

Methods: This study compared ABRs and weekly factor consumption rates in clinical studies of continuous prophylaxis treatment with rFIXFc and conventional rFIX products (identified by systematic literature review) in previously-treated adolescents and adults with moderate-to-severe hemophilia B. Meta-analysis was used to pool ABRs reported for conventional rFIX products for comparison. Comparisons of weekly factor consumption were based on the mean, reported or estimated from the mean dose per injection.

Results: Five conventional rFIX studies (injections 1 to >3 times/week) met the criteria for comparison with once-weekly rFIXFc reported by the B-LONG study. The pooled mean ABR for conventional rFIX was slightly higher than but comparable to rFIXFc (difference=0.71; p?=?0.210). Weekly factor consumption was significantly lower with rFIXFc than in conventional rFIX studies (difference in means?=?42.8–74.5?IU/kg/week [93–161%], p?Conclusion: Comparisons of clinical study results suggest weekly injections with rFIXFc result in similar bleeding rates and significantly lower weekly factor consumption compared with more-frequently-injected conventional rFIX products. The real-world effectiveness of rFIXFc may be higher based on results from a model of the impact of simulated differences in adherence.