Modelling the term structure of interest rates: An efficient nonparametric approach

We propose a new approach for estimating the coefficients of the term structure equation by means of the volatility of the interest rates and the slope of the yield curve. One advantage of this approach consists in the fact that the drift and the market price of risk are jointly estimated and need not be individually specified. We then generate trajectories in a test problem to investigate the finite properties of this approach. Our simulation results show that this new approach outperforms the classic nonparametric models in the literature. Finally, an application to USA Treasury Bill data is also illustrated.     

Tourism as connectedness

Late modernity in developed nations is characterized by changing social and psychological conditions, including individualization, processes of competition and loneliness. Remaining socially connected is becoming increasingly important. In this situation, travel provides meaning through physical encounters, inclusion in traveller Gemeinschaft based on shared norms, beliefs and interests, and social status in societies increasingly defined by mobilities. As relationships are forged and found in mobility, travel is no longer an option, rather a necessity for sociality, identity construction, affirmation or alteration. Social contexts and the underlying motivations for tourism have changed fundamentally in late modernity: non-tourism has become a threat to self-conceptions. By integrating social and psychological perspectives, this paper expands and deepens existing travel and mobilities discussions to advance the understanding of tourism as a mechanism of social connectedness, and points to implications for future tourism research.     

Misvaluation and Insider Trading Incentives for Accrual‐based and Real Earnings Management

We investigate the incentives that misvaluation creates for: (1) insider trading; and (2) concurrent earnings management through both accruals and real activities. Managers of overvalued firms have an incentive to sustain overvaluation through income increasing earnings management and, at the same time, to sell their shares (Jensen, 2005 ). Managers of undervalued firms benefit from buying their firm's shares, however the negative effects of downward earnings management may offset incentives to enhance trading advantages. The results indicate that managers of both over‐ and under‐valued firms act opportunistically, managing earnings upward (downward) with accruals while selling (buying) shares. The Sarbanes‐Oxley Act of 2002 (SOX) has been largely ineffective in eliminating trading motivated earnings management. Finally, we do not find evidence of a relationship between managerial trading and real earnings management.     

Voices from higher up the ladder: exploring the team leader role in call centres

This paper focuses on an under‐researched employee category in the call centre literature—the team leader. The paper, drawing on data from nine Australian call centres, finds that the team leader role is integral to the effectiveness of call centres, yet it is a role that consists of considerable complexity and contradictions. The research demonstrates the critical role performed by team leaders: coach, mentor, trainer, performance evaluator, communicator and supervisor. It also shows team leaders as being far more positive about many of the features of the call centre work environment compared with those on the front line. However, there does appear to be a need for greater acknowledgement of their challenging role, the contradictions that are inherent in the job and the need, in many cases, for increased support being made available to assist.     

Raising Value at Risk

In this paper I consider the properties for a coherent risk measure, outlined by Artzner et al. (1996), and relate these requirements to a well-known measure, value at risk (VaR), which attempts to evaluate economic risk. I show how the usual method of calculating VaR does not adhere to the coherency requirements and discuss the implications of such a result. As well, I discuss the use of the mean excess loss function to help solve this problem.     

An application of the airport service quality model in South Africa

Passengers’ expectations of service quality at airports are becoming increasingly important as air traffic grows. This research investigated passengers’ perceptions of airport service quality at O.R. Tambo International Airport, South Africa. An existing model placing the concept of passenger expectations central to measuring an airport’s specific level of performance was applied. The results proved significant in terms of the investment made by the airport in staff training and highlighted areas for improvement. The results show that business travellers and leisure travellers have different opinions regarding the importance of services offered by airports and of the level of performance at ORTIA in particular. Significant differences also occur in the perceptions of frequent travellers and infrequent travellers.     

Family labour force participation: Multinomial logit estimates

Studies of labour force participation choices are mostly aimed at explaining determinants of participation for individuals. The objective of this study is the empirical estimation of the parameters of family participation decisions.

Family participation decisions can be analysed as a choice problem of a family between a finite number of distinct alternatives. The appropriate estimation procedure for a model involving choice among multiple discrete alternatives requires a statistical technique different from ordinary least squares. In this study I use the multinomial logit model. A logit model allows me to explain the probability that a particular participation alternative will be chosen by a family as a function of a set of independent variables.

It is found that economic variables such as wage rates and wealth, play a significant role in affecting the probabilities of choosing a particular labour force participation alternative. This study shows that an increase in the market wage for a family member not only increases the probability of labour force participation for that family member, but at the same time also reduces the probability of participation for his or her partner. Hence there is both a pure and a cross-substitution effect in participation. There is also an income effect. As wealth increases families will, in some sense, buy more leisure. Furthermore, they will allocate the extra leisure in a certain order: it is found in this study that the wife's probability of participation reduces sooner and faster than the husband's probability, as wealth increases.     

Networking for sustainable tourism – towards a research agenda

This paper proposes a research agenda for networking for sustainable tourism research based on a collaborative workshop of international tourism academics and researchers and an extensive review of the relevant literature. Each year, Building Excellence in Sustainable Tourism – an Education Network (BEST EN) holds a Think Tank on a topical issue in sustainable tourism education. One aim of the Think Tank is to develop a relevant research agenda that draws on the collective knowledge of participants and acknowledges the interdependent economic, environmental and social objectives in sustainable tourism. Six main areas were identified as important for a research agenda on networking for sustainable tourism and its implementation: theory, methodology and conceptual issues; actors, culture and power; lifecycle, evolution and dynamics of networks; knowledge transfer; macro-perspectives and strategic action, vision, innovation and management of networks. This paper presents and discusses these research themes in the context of a literature review on networks and networking for sustainability in tourism. It is found that substantial progress has been made in the investigation of private sector networks at the destination levels; research on networks involving public sector stakeholders and networks across sectors and levels of governance, however, remains limited.     

Retail investors exonerated: the case of the January effect

We dispel the belief that the January effect is due to retail investor trading. Previous studies suggest that retail investors, affected by behavioural biases and disproportionally invested in small capitalization stocks, are the source of the January effect. Furthermore, the literature regards retail investor trading and the tax‐loss selling hypothesis as essentially the same explanation. We separate tax implications and market capitalization to show that retail traders are not the cause of the January effect. Our study is an important direct test of whether retail trading causes market anomalies.