Bringing the elephant into the room? Enacting conflict in collective prosocial organizing

Cross-sector partnerships have the capacity to bring together partners from very different backgrounds and circumstances toward collective prosocial efforts. We conducted a longitudinal inductive field study of eight cross-sector partnerships formed as new ventures addressing a variety of fundamental social challenges in the context of deep inequality in post-Apartheid South Africa. This allowed us to develop theory and a process model that explains how some partnerships are able to achieve collective prosocial efforts while others engage in only one-sided efforts or become inactive. The key differences hinge on processes of enacting or failing to enact conflicting material interests among relevant stakeholders. Our results have implications for the inclusion of material interests in theories of cross-sector partnering and for our understanding of entrepreneurship under conditions of inequality. The theory we develop provides a platform for future research on collective prosocial organizing in the contexts that need it most.     

Ecotourism resilience to climate change in Dana Biosphere Reserve,Jordan

Increasingly tourism destinations worldwide have to face the threats associated with climate change. Because of these threats, there is a growing need to develop and reinforce the adaptive capacity of tourism systems to cope with current and future challenges. In tourism studies, resilience assessments are a relatively new approach used to ascertain stakeholders’ opinions regarding the human and natural conditions that are likely to increase the capacity of the tourism system to successfully cope with disturbances. This study examined local communities in and around Dana Biosphere Reserve (Jordan), specifically perspectives regarding the social, environmental, governance and economic dimensions of resilience that theoretically support the capacity of the ecotourism system to withstand or adapt to climate change. The results indicated perceived moderate resilience to climate-change-related threats in the environment dimensions of the study, and scope for further development of resilience in the social, economic and governance dimensions. Ultimately, further adaptation planning and policies appear necessary, to ensure robust and proactive measures are in place to respond to climate change threats and to protect the ecotourism socio-ecological system in Dana Biosphere Reserve.     

Monetary policy and risk management at a time of low inflation and low unemployment

I do not see it as likely that the Phillips curve is dead, or that it will soon exact revenge. It is more likely that many factors, including better conduct of monetary policy over the past few decades, have greatly reduced, but not eliminated, the effects that tight labor markets have on inflation. However, no one fully understands the nature of these changes or the role they play in the current context. Common sense suggests we should beware when forecasts predict events seldom before observed in the economy.     

Volatility spillover and multivariate volatility impulse response analysis of GFC news events

This article applies two measures to assess spillovers across markets: the Diebold and Yilmaz’s (2012) spillover index and the Hafner and Herwartz’s (2006) analysis of multivariate GARCH models using volatility impulse response analysis. We use two sets of data, daily realized volatility (RV) estimates taken from the Oxford-Man RV library, for the S&P500 and the FTSE, plus 10 years of daily returns series for the New York Stock Exchange Index and the FTSE 100 index. Both data sets capture both the global Financial Crisis (GFC) and the subsequent European Sovereign Debt Crisis (ESDC). The spillover index captures the transmission of volatility to and from markets, plus net spillovers. The Volatility Impulse Responses (VIRF) have to be calibrated to conditional volatility estimated at a particular point in time. We explore the impact of three different shocks, the onset of the GFC, the height of the GFC, and the impact of the ESDC. Our modelling includes leverage and asymmetric effects applying a multivariate GARCH model, and further analysis using both BEKK and diagonal BEKK (DBEKK) models. We find the impact of negative shocks is larger, but shorter in duration, in this case a difference between 3 and 6 months.     

Factors Influencing Dividend Policy Decisions of Nasdaq Firms

This study reports the results of a 1999 survey of Nasdaq‐listed firms. Respondents provided information about the importance of 22 different factors that influence their dividend policy. Our results suggest that many managers of Nasdaq firms make dividend decisions consistent with Lintner's (1956) survey results and model. The results also show significant differences between the manager responses of financial and non‐financial firms on nine of the 22 factors. This finding implies the presence of industry effects on dividend policy decisions. In general, the same factors that are important to Nasdaq firms are also important to NYSE firms.     

Characteristics of successful wellness programs

Wellness programs have proved to be an effective tool to use in reining in health care costs. This author describes successful wellness programs and shows that these programs not only improve the bottom line for employers or Taft-Hartley funds, but they also help employees feel better about themselves and more positive about the organization they work for.     

PAIRWISE DIFFERENCE ESTIMATION WITH NONPARAMETRIC CONTROL VARIABLES*

This article extends the pairwise difference estimators for various semilinear limited dependent variable models proposed by Honoré and Powell (Identification and Inference in Econometric Models. Essays in Honor of Thomas Rothenberg Cambridge: Cambridge University Press, 2005) to permit the regressor appearing in the nonparametric component to itself depend upon a conditional expectation that is nonparametrically estimated. This permits the estimation approach to be applied to nonlinear models with sample selectivity and/or endogeneity, in which a “control variable” for selectivity or endogeneity is nonparametrically estimated. We develop the relevant asymptotic theory for the proposed estimators and we illustrate the theory to derive the asymptotic distribution of the estimator for the partially linear logit model.     

State Development Planning: Did it Create an East Asian Miracle?

East Asian countries have recorded large increases in per capita GDP over the last fifty years. Some observers have referred to this growth as an “East Asian Miracle.” One popular explanation attributes the rapid growth to state led industrial development planning. This paper critically assesses the arguments surrounding state development planning and East Asia’s growth. Whether the state can acquire the knowledge necessary to calculate which industries it should promote and how state development planning can deal with political incentive problems faced by planners are both examined. When we look at the development record of East Asian countries we find that to the extent development planning did exist, it could not calculate which industries would promote development, so it instead promoted industrialization. We also find that what rapid growth in living standards did occur can be better explained by free markets than state planning because, as measured in economic freedom indexes, these countries were some of the most free market in the world.JEL classification: O200, O170, O530, B530, P170