The Roles of Innovators and Labor in a Schumpeterian Factor Endowments Based Model of Intra‐industry Trade

This paper builds a model of Schumpeterian innovation and trade that emphasizes endowments of innovators and labor as a key factor in determining the pattern of trade. The model suggests a strong complementarity between intra‐industry and inter‐industry trade. The pattern of inter‐industry vs intra‐industry trade is analyzed using the Grubel–Lloyd index. The theoretical model predicts that the prominence of intra‐industry trade is a nonlinear function of the ratio of the proportion of world knowledge domestically generated to the domestic share of the world labor supply. Strong empirical evidence for this key result is presented and implications are discussed.     

Build Coalitions to Fit: Autonomy Expectations,Competence Mobilization,and Job Crafting

Job crafting offers several beneficial organizational outcomes, yet little is known about what makes employees engage in it. In particular, the role of leaders in influencing their subordinates to engage in job crafting has been insufficiently studied. Drawing on role theory, we suggest that the congruence of leader‐subordinate autonomy expectations nurtures subordinates’ experiences of having their competences adequately utilized in their jobs. This experience, which involves the competence mobilization of their work roles, subsequently fosters subordinates’ engagement in job‐crafting behavior. A two‐stage field study of 145 leader‐subordinate dyads using cross‐level polynomial regression and response surface analysis supported the (in)congruence hypotheses. The results also demonstrated that subordinates’ perceived competence mobilization mediates the relationship between autonomy expectation (in)congruence and job crafting. In addition, leader coalition as a moderator strengthens the effect of perceived competence mobilization as a psychological condition for job crafting. Implications for practice and future research are discussed. © 2016 Wiley Periodicals, Inc.     

Short Sales and Price Discovery in the Hong Kong Real Estate Market

Indirect real estate (IRE) returns are often shown to lead direct real estate (DRE) returns. Apart from differences in liquidity, transaction costs, and management skills, the DRE market is also less complete than the IRE market—when negative shocks arrive, one can only short IRE (e.g., real estate stocks or REITs), but not DRE. This study investigates if short sales in the IRE market convey any information to the DRE market. Based on high‐frequency (weekly) property price data in Hong Kong from 2000 to 2012, we find that short sales in the IRE market led DRE returns, even after controlling for the lagged IRE returns in a VAR model. This supports an information spillover mechanism in which the DRE market learns private information that is not reflected in IRE returns. The spillover effect, however, weakened after the recent global financial crisis because the increased uncertainty over the credibility of individual firms made short sales more reflective of firm‐specific information than real estate market fundamentals.     

LearnSmart,adaptive teaching,and student learning effectiveness: An empirical investigation

Facing the growing number of digital natives entering the classroom, business professors look for innovative ways to enhance the student learning experience. The authors focus on the online interactive learning tool LearnSmart (McGraw-Hill, New York, NY), and examine its impact on student learning effectiveness by testing the direct and indirect relationships among perceived competence, perceived challenge, instructors, perceived value, and satisfaction with LearnSmart. Constructionism served as the theoretical foundation for this study. About 215 students at a public university in the United States took the survey and 197 valid responses were received. Regression analysis results showed that the use of LearnSmart improved students' perceived competency, thus increasing their perceived value of using LearnSmart, as well as their satisfaction with LearnSmart. Perceived value was also found to mediate the impact of perceived competency on satisfaction with LearnSmart, and the instructor played a significant role in facilitating and improving student learning. Perceived challenge impacted student's perceived value of using LearnSmart, but it did not influence satisfaction with LearnSmart.     

Advancing tourism research through multilevel methods: research problem and agenda

Tourism research often encounters social phenomena and research problems that involve multiple levels. However, most researchers assume that the phenomena exist in a single level and perform analyses that do not reflect the hierarchical nature of social dynamics. This article heeds the call from Current Issues in Tourism by illustrating multilevel methods and proposing an agenda for multilevel research. In particular, this article seeks to reconcile the limitations of single-level analysis and to delineate how multilevel methods could be applied in tourism research. It further seeks to advance tourism theories by introducing more complex multilevel design with broader applications in various tourism settings. This article presents two common tourism research scenarios, critiques their limitations, and proposes how multilevel methods could not only address these limitations, but also how they could advance tourism theories. An empirical study is offered to demonstrate multilevel design and analytical techniques.     

Individual attitudes towards the impact of multinational corporations on local businesses: how important are individual characteristics and country-level traits?

We study the importance of individual characteristics and national factors influencing individual attitudes towards the impact of multinational corporations on local businesses. Our sample includes more than 40 000 respondents in 29 countries from the 2003 National Identity Survey conducted by the International Social Survey Programme. We find that individual demographic factors and socioeconomic status, such as gender, age, income and education, are strong predictors of their attitudes. For example, income and education are positively associated with favourable attitudes towards the impact of multinational corporations (MNCs) on local businesses while age is negatively associated with individual attitudes towards MNCs. In addition, hierarchical ordered logit model results show that approximately 8% of total variations in individual attitudes around our sample mean are not explained by differences in personal traits. Instead, they are due to country-level heterogeneity such as, but not limited to, different degrees of openness or different aggregate income.     

Water as an investment: liquid yet illiquid!

The water industry is in great need of further large investments to address existing severe water shortages worldwide which requires the participation of private sector investors. This industry is heavily infrastructure based and is therefore saddled with fixed assets-in-place or illiquid assets. This exposes the industry to what is termed as ‘illiquidity risk’, and hence, investors in this industry should be compensated for bearing this risk with an appropriate return premium (i.e. extra return). In this study, we provide evidence as to whether illiquidity risk indeed significantly affects returns in this industry. We examine the case of all 76 firms that compose the five major global water indices. After controlling for other factors that impact on returns, our results suggest that asset illiquidity is positively associated with stock returns. Specifically, water firms with a larger proportion of illiquid assets-in-place are observed to have greater stock returns than those with a smaller proportion of illiquid assets. Our results have important implications for the financing of water-related projects particularly those which involve the participation of investors from the private sector.     

Bundling attractions for rural tourism development

Tourism is often regarded as a viable solution to economic crisis, especially for remote areas without many development options. While many tourism destinations have strong cultural or heritage assets, not all destinations have primary attractions that can bring visitors to the region. Rather than developing special interest “themes”, rural areas that do not have enough of any one type of tourism resource to act as a primary draw may consider bundling different attraction types to increase visitation. The purpose of this study is to investigate the preferences of visitors to secondary heritage sites and explore the relationship between heritage tourism and alternative, non-heritage activities in rural areas. Findings revealed that motivation to visit small-scale heritage sites consisted of two dimensions: learning and recreation. The two motivational dimensions influenced visitors’ interest in different heritage attractions and likelihood of visiting heritage tourism “scenarios”. As for alternative activities, there was a cluster of “popular” activities that were enjoyed by both learning-oriented and recreation-oriented respondents, but recreation-oriented visitors were more interested in nature-based activities and sport-related activities than learning-oriented visitors. Findings can help rural communities improve secondary attractions and diversify their tourism product by bundling heritage attractions with non-heritage activities.     

Crowding standards at Petra Archaeological Park: a comparative study of McKercher's five types of heritage tourists

To achieve sustainability in heritage tourism, tourists should be placed at the heart of the management and planning processes. Indicators and standards-based frameworks were developed in the field of outdoor recreation management to manage and measure crowding and other problematic issues in parks and related areas. Using normative theory and visual research methods, this article aims to examine crowding standards of tourists at Petra Archaeological Park, and compare these standards between the types of heritage tourists suggested by a model developed by Bob McKercher. Results showed that tourists’ acceptability levels go down with an increasing number of tourists, and tourists who are highly motivated to visit heritage sites (i.e. purposeful and sightseeing heritage tourists) had the most restrictive acceptable number of tourists at the park. The normative standards formulated in this article provided a guidance to manage crowding at Petra.