Prison Industries and the private sector

In 1979, Congress passed the Prison Industry Enhancement (PIE) Act to promote private production within prisons. As of June 1994, 31 states had instituted PIE projects. Using a public choice model, this paper attempts to explain the likelihood that a stat ewould choose to participate in PIE. Using logistic regression, the study finds that states with stronger unions, democratic governors, and high unemployment will be less likely to allow PIE projects. Alternatively, states that exhibit a progressive prison management will be more likely to allow PIE projects.     

A review of the ‘consumer interest’ in organic meat

The study aims to provide a critical review of the literature on the consumer interest in the UK in organic food, with a particular focus on organic meat. Given that people are more likely to purchase products if they have faith in them, the regulation of organic food standards is reviewed to explore issues affecting consumers. This is followed by a review of the organic meat sector. Aspects of the consumer interest considered in this paper include consumer information, consumer access, consumer safety, consumer choice and consumer representation. As the literature on organic food/meat in the UK is extensive, it was therefore necessary to be selective with regard to the publications suitable for this review. Most of the literature selected for this paper has been drawn from UK publications, although several European and international sources have also been used. The review found that there is a considerable level of interest in the UK organic meat sector. As the regulation of organic food produced is set at varying standards across the European Union, this could lead to consumers being misled regarding the quality of products offered. It was also found that, although consumers perceive organic foods as healthier, more nutritious and tasting better than non‐organic products, the literature shows that this may have only a limited basis on fact. Contamination of organic products with pesticides and even genetically modified ingredients is always possible. Organic farmers are permitted to use other ingredients in organic meat products that may be harmful to health. Escherichia coli and Salmonella risks associated with conventional meat also appear to affect organic meat. Consumers need clear, accurate and reliable information about organic meat. They also need to be provided with safe products, a choice of organic products, access to organic products and to be represented effectively.     

Momentum investing and the asset allocation decision

This study examines the active asset allocation decisions of Australian multisector fund managers to determine whether active fund managers engage in momentum strategies. We find evidence supporting the existence of momentum investing in active asset allocation strategies. This evidence exists in the Australian Equities, Australian Fixed Interest and Listed Property asset classes. Interestingly, balanced funds adopt contrarian strategies in the International Equities asset class. We also examine whether there is any association between a fund's market timing skill and the execution of momentum strategies. Our results show that fund managers with no market timing skill are momentum investors.     

Relationships between place attachment,place satisfaction and pro-environmental behaviour in an Australian national park

Place attachment is a multidimensional construct comprising place dependence, place affect, place identity, and place social bonding. Yet, studies investigating the relationships between place attachment, place satisfaction, and pro-environmental behaviour have not investigated its pluralistic nature. Using data from 452 visitors to the Dandenong Ranges National Park, Australia, this study investigates these four dimensions of place attachment and their relationships with place satisfaction and pro-environmental behavioural intentions. Findings suggest that the four place attachment constructs are significantly associated with place satisfaction. Results suggest that it is necessary to consider pro-environmental behavioural intentions as a two-factor structure construct, comprising low and high effort pro-environmental behaviour. Place satisfaction is associated with low effort pro-environmental behavioural intentions. Place affect is significantly associated with both types of environmental behavioural intentions. Place identity is not associated with either type of environmental behavioural intentions. A significant association is also noted between low effort and high effort pro-environmental behavioural intentions. Practical applications of the study include marketing aimed at encouraging repeat visitation, with sophisticated message development and delivery building emotional attachment, a sense of belonging, and enhanced personal meaning. Heritage interpretation could use affect and emotion to enhance visitor satisfaction and experience, coupled with an outcomes-focused communication plan.     

Testing the effect of portfolio holdings disclosure in an environment absent of mandatory disclosure

This study examines a number of portfolio disclosure regimes with respect to accuracy and susceptibility to copycat behaviour in an environment absent of mandatory disclosure. We find that periodic portfolio disclosure tends to underestimate true excess performance as well as idiosyncratic risk in top‐quartile fund managers, with longer inter‐reporting intervals tending to result in greater differences. ‘Copycat funds’ following the disclosed holdings of top‐tier managers significantly underperform the underlying fund, while copycats following bottom‐tier managers significantly outperform the underlying fund. Our findings suggest that periodic reporting at monthly intervals or longer would not affect fund alpha generation.     

An Overview of the U.S. Regulated Fund Industry

The largest segment of the asset management business in the United States is registered investment companies (regulated funds). This article focuses on U.S. regulated investment companies—mutual funds, exchange-traded funds, closed-end funds, and unit investment trusts. These funds manage more than $17 trillion of assets, largely on behalf of U.S. investors. The industry has experienced strong growth over the past quarter century from asset appreciation and strong demand from households due to rising household wealth, the aging of the U.S. population, and the evolution of employer-based retirement systems. Price competition and supply-side product innovations and efficiencies have reduced the average price that investors pay for fund services.     

Information, heterogeneity and market incompleteness

Information is “market-consistent” if agents only use market prices to infer the underlying states of the economy. This paper applies this concept to a stochastic growth model with incomplete markets and heterogeneous agents. The economy with market-consistent information can never replicate the full information equilibrium, and there are substantial differences in impulse responses to aggregate productivity shocks. These results are robust to the introduction of a noisy public signal and aggregate financial markets. We argue that the principle of market-consistent information should be applied to any model with incomplete markets.     

Protest responses and community attitudes toward accepting compensation to host waste disposal infrastructure

Despite the use of host community compensation to solve NIMBY (Not In My Back Yard) siting difficulties in many industrialised countries, the effectiveness of this policy is still being debated in academic and policy-making arenas. In this paper, we examine attitudes held regarding compensation in communities directly impacted upon by final waste disposal infrastructure projects (landfill and incineration) in Ireland using survey responses to two contingent valuation (CV) scenarios and a question relating to preferences for compensation delivery. We find that communities in the pre-construction planning phase for locally undesirable development are less accepting of compensation offers to host the facility than are communities who have lived with such developments to host an extension to the existing facility in their localities. However, many of our respondents who initially reject compensation offers in the CV question go on to accept at least one compensation package in the later compensation preference question. Using this information allows us to draw a distinction between ‘Hardcore’ and ‘Switcher’ protesters to illustrate a more subtle picture of rejection of locally undesirable facilities and compensation packages than has previously been articulated. Using probit regression analysis, we find that property rights or NIMBY concerns – specifically, the treatment of non-local waste at the facility is a concern for many residents – drive this rejection of compensation. Finally, contrary to previous studies concerning preferences for host compensation, community compensation is not always preferred to individual compensation payments.     

Measuring Stakeholder Perspectives on Environmental and Community Stability in a Tourism‐Dependent Economy

Tourism is promoted as an environmentally beneficial activity for Caribbean economies. Yet degradation still occurs and more integrated policy approaches are needed. Using Q‐methodology within a social‐ecological system (SES) framework, we quantified the importance of various policy issues to stakeholders in Providenciales, Turks and Caicos Islands, where tourism produces 77% of its GDP. Stakeholders agree Providenciales' economy benefits from a healthy marine environment, but disagree over which SES drivers are functionally important. Our results show that Q‐methodology is a robust tool for informing the policy‐making process and quantifying stakeholder views in a tourism‐dependent economy. Copyright © 2016 John Wiley & Sons, Ltd.     

The elusive relation between pension discount rates and deficits

The relation between defined-benefit (DB) pension discount rates and funding status is more complex than it might first appear. Existing evidence suffers from estimation biases that make precise inference unreliable. We document the biases and quantify their impact on inference in relation to corporate window-dressing of DB funding status. Our empirical evidence from the United Kingdom suggests that pension sponsors use discretion in the choice of pension discount rate not only to reduce reported deficits but also to reduce reported surpluses.