The JEC Revisited: Did Debt Undermine Stability?

The Joint Executive Committee (JEC), one of the most studied cartels in all of economics, was at best partially successful at maintaining collusion. The railroad cartel faced frequent breakdowns and re-contracting efforts. This paper considers the effects that large capital debt may have had on the members of the JEC. The JEC is compared to the express cartel of the period in which all firms were creditors. The latter had no breakdowns during the same period. It is shown through a small modification in an oligopolistic supergame that debt-burdened firms are less likely to maintain a stable cartel agreement than a cartel of creditors, a result that is consistent with the experience of these two cartels.

Self-Determination Theory as a Framework for Understanding Women's Psychological Well-Being Outcomes from Leisure-Time Physical Activity

Self-determination theory (SDT) is used as a framework to understand how women's psychological well-being is influenced by participation in leisure-time physical activity and the social context in which activity occurs. Data were collected during in-depth semi-structured interviews with 20 participants and analyzed using constant comparison. Findings indicate women's well-being can be enhanced through casual participation in leisure-time physical activity if activity contexts support interaction between the elements of self-determination: competence, autonomy, and relatedness. Participant interactions during activities also play an important role in facilitating well-being outcomes. The findings qualitatively add to understanding and development of SDT as a legitimate psychological construct by explaining the key components of the theory through the participants own words and reflections.     

Community-Based Ecotourism Development on the Periphery of Belize

In addition to ecological interests, the sustainability debate among scholars is concerned with grassroots tourism development in terms of participatory planning and the spreading of economic benefits between more sectors of society. This paper examines these issues in the context of community-based ecotourism development on the southern periphery of Belize. The Toledo Ecotourism Association and its activities are described within the context of peripheral development and sustainability. It is argued that sustainable tourism initiatives in developing countries can be conceptualised and operationalised at a very smallscale, improve the lives of residents, provide enjoyment for tourists, and protect the natural and cultural environments. The paper also argues that peripheral locations and their characteristics can be instrumental in promoting local control of small-scale tourism.     

Exploring consumer orientation toward returns: unethical dimensions

As customer return rates increase, retailer bottom lines suffer from customers’ misuse of the policies and to the ethics of such practice. The purpose of this study is to explore customers’ orientation toward return behaviors, and to develop a return orientation assessing these dimensions. This research identified three dimensions relevant to consumer return behavior: the planned/unethical returner; the eager returner; and the reluctant/educated returner. A retest with another sample confirmed these three dimensions. Each dimension was analyzed for its relationship with consumer ethical beliefs as measured by the Muncy–Vitell Consumer Ethics Scale, ethical philosophies and shopping behaviors. These relationships supported the ethical and unethical aspects of returner orientation. Results of this research imply that the core aspect of returner orientation is relevant to ethical behavior and misuse of retail return policies. The three return orientations identified partially support the Rosenbaum & Bitner‐Olson research.     

Disney in Spain (1930–1935)

Abstract

This article looks at the ways in which the global brand par excellence – Mickey Mouse – spread throughout Spain in the early 1930s. In tracing the creative and commercial interplay with the Mickey character we show how the Disney Company failed to obtain any significant intellectual property rights in its own name or obtain a sympathetic hearing by Spanish patent and trademark officials. Yet this was undoubtedly a period of significant global development of the Disney brand. With the attempt to explain such an apparent contradictory situation, this article highlights the importance of the management of particular struggles in the flux of desires, appropriation and investments that contributed to the emergence of the elusive ‘merchandising right’.     

Demands or Resources? The Relationship Between HR Practices,Employee Engagement,and Emotional Exhaustion Within a Hybrid Model of Employment Relations

This article explores the ways in which employees may experience and respond to tensions inherent in the mix of potentially conflicting human resource (HR) practices that compose hybrid models of employment relations. By drawing on the job demands–resources (JD‐R) literature and viewing HR practices as “demands” and “resources,” we explore the impact of performance management and employee voice practices on employee well‐being, as exemplified by engagement and emotional exhaustion, in a large public‐sector organization in Ireland. Our findings suggest that employee voice mechanisms may act as a resource in both enhancing engagement and in counterbalancing the demands presented by a performance management system, thus reducing the deleterious effects of emotional exhaustion. Our study extends understanding of hybrid models of human resource management (HRM) and of the ways in which employees manage the contradictory signals that such models may send in terms of performance expectations. © 2015 Wiley Periodicals, Inc.     

Volatilities and Momentum Returns in Real Estate Investment Trusts

We examine the relation of time-varying idiosyncratic risk and momentum returns in REITs using a GARCH-in-mean model and incorporate liquidity risk in the asset pricing model. This is important because illiquidity may be more severe for REITs due to the nature of their underlying assets. We find that momentum returns display asymmetric volatility, i.e., momentum returns are higher when volatility is higher. Additionally, we find evidence that REITs with lowest past returns (losers) have higher idiosyncratic risks than those with highest past returns (winners) and that investors require a lower risk premium for holding losers’ idiosyncratic risks. Therefore, although losers have higher levels of idiosyncratic risks, their low risk premia cause low returns, which contribute to momentum. Lastly, we find a positive relation between REITs’ momentum return and turnover.     

Pit closures in the British coal industry: a comparison of the 1960s and 1980s

The postwar development of the British coal industry has been punctuated by two large-scale pit closure programmes - in the 1960s and the 1980s. For many commentators these represent the final stages of the inevitable and terminal decline of the industry and thus the task facing government is how best to mediate the conflict between economic and social efficiency. The argument of this paper is that rationalisation of capacity was perceived by management as the best way of reconciling the often conflicting external constraints placed on the industry by government. Accordingly, pit closures are viewed as the outcome of specific policies pursued by both management and government and should not be seen as an inherent feature of the industry.     

Agri-environmental policies in the EU and United States: A comparison

Agri-environmental policies (AEPs) in the United States and the European Union are examples of payments for environmental services that pay farmers to reduce the negative externalities of agricultural production, while serving as a means to transfer public funds to farmers. We show that despite similar origins, AEPs in the two regions differ both in their specific objectives and in their implementation. For example, AEPs in most member states of the EU-15 have the additional objective of using agriculture as a driver for rural development. This objective is achieved by compensating farmers for the private delivery of positive public goods, such as attractive landscapes, produced by agriculture. The rationale is market failure, and there is empirical evidence that Europeans are willing to pay for such positive externalities. No comparable provision exists in U.S. policy. By contrast, U.S. AEPs focus almost entirely on reducing agriculture's negative externalities, such as soil erosion. Second, we find that U.S. programs are more targeted than their EU counterparts, and take opportunity cost into account. The EU programs, on the other hand, address a wider range of externalities, and are focused more on the paying for a particular farming process than reducing specific negative externalities. The EU takes a broader view of AEPs than does the United States, both in terms of type of activity that can be funded, and by using less targeting by land characteristics, and so the European program could be more easily used as a mechanism for transferring income to producers. Despite this, we find evidence that many of the amenities targeted by the programs are demanded by the population.     

The return of the smiley face

The iconic, ubiquitous smiley face of the 1960s and 70s represented happiness that could be taken in and felt deeply, even if only for a moment. Today we are in a much different world, one in which the understanding of the value of happiness can seem distant. Talking about "feelings" does not go over well in the board room, in setting workforce management strategies, or in budget discussions. That could all be changing and we may finally be getting the attention of leadership on this long neglected and important topic. The cost and quality implications of an unhappy workforce seem immense. We can keep trying to squeeze more out of our health care workforce or we can invest in their wellbeing and get more out of them.