Doubly Robust Estimation of Causal Effects with Multivalued Treatments: An Application to the Returns to Schooling

This paper provides doubly robust estimators for treatment effect parameters which are defined in a multivalued treatment effect framework. We apply this method to the unique dataset of the 1970 British Cohort Study (BCS70) to estimate returns to various levels of schooling. The analysis is carried out for female and male samples separately to capture possible gender differences. Average returns are estimated for the entire population, as well as conditional on having a specific educational achievement. For males, relative to no qualification, we find an average return to O‐levels of 6.3%, to A‐levels of 7.9% and to higher education of 25.4%. The estimated average returns to O‐level and A‐level relative to no qualification are insignificant for females, whereas the return to higher education is 19.9%.Copyright © 2014 John Wiley & Sons, Ltd.     

Relationship between economic indicators and volume of mortgage loans in Turkey

The primary purpose of this research is to identify the relationship between economic indicators and volume of mortgage loans in Turkish housing market. The economic indicators, which are used in the study, are mortgage loan rates, 12-month interest rate of Treasury bill, consumer price index, consumer confidence index, gross domestic product and monetary aggregate （M2） for the period January 2002 through December 2009.     

Evaluation of outdoor recreational settings: A problem of measuring user satisfaction

The planning of sound and substantial outdoor recreational programs is dependent upon an understanding of the valuative process of satisfaction which is largely a result of user judgments. This study describes overall satisfaction as a function of instrumental and expressive factors, expectations, and past-use. The study revealed that expressive and instrumental factors may be stronger predictors of overall satisfaction than are the expectation factors or past-use. However, the relative importance of instrumental and expressive factors reveals site-specific variation.     

Experience value: antecedents and consequences

This article outlines and tests a holistic model of tourist experience that includes the effects of the antecedents and consequences of the perceived value of an on-site trip experience. Based on the literature and the results from the present research, this article develops a framework of perceived value experience and its antecedents, such as tourist motivation, involvement, and knowledge, and consequences, such as satisfaction and future intention, in terms of recommendations and repeat purchase. Structural equation modelling is applied to test the model. The results strongly support the notion that the constructs of motivation, involvement (to a lesser extent), and tourist knowledge serve as antecedents to the perceived value of a holiday experience, which influences the consequences of behaviour, such as satisfaction and loyalty.     

Bond market access and investment

Prior research has shown that differential access to debt markets significantly affects capital structure. In this paper, we examine the effect of access to debt markets on investment decisions by using debt ratings to indicate bond market access. We find that rated firms are more likely to undertake acquisitions than nonrated firms. This finding remains even after accounting for firm characteristics, for the probability of being rated, and in matched sample analysis as well as in subsamples based on leverage, firm size, age and information opacity. Rated firms also pay higher premiums for their targets and receive less favorable market reaction to their acquisition announcements relative to non-rated firms. However, the average announcement returns to rated acquirers are non-negative. Collectively, these findings suggest that the lack of debt market access has a real effect on the ability to make investments as well as on the quality of these investments by creating underinvestment, instead of simply constraining overinvestment.     

An Investor Perspective on the Black Box of Corporate Social Responsibility

In summarizing the findings of their recent study, the authors report findings that suggest that not all socially responsible corporate policies are likely to have the same effect on a company's ownership and value. Using environmental policy as their proxy for CSR activities, the authors classify corporate environmental practices into two categories: (1) actions that reduce the likelihood of harmful outcomes by reducing the corporate exposure to environmental risk; and (2) actions that enhance companies' perceived ‘greenness’ through investments that go beyond both legal requirements and any conceivable risk management rationale. Although both groups of environmental practices are likely to be viewed as socially beneficial, corporate expenditures that reduce a firm's environmental risk exposure are more likely to benefit shareholders by limiting the risk of losses arising from environmental accidents, lawsuits, and fines—and possibly thereby reducing the firm's cost of capital. By contrast, corporate expenditures that enhance the firm's perceived greenness by going beyond legal requirements and risk management rationales could actually reduce shareholder value. Consistent with this hypothesis, the authors find that institutional investors tend to own smaller than average percentages of both companies the authors identify as ‘toxic’ and make limited efforts to manage their environmental risk, and companies they label ‘green’ with low environmental risk exposure but relatively high CSR spending on the environment. At the same time, such investors hold larger‐than‐average positions in ‘neutral’ companies with relatively low, or effectively managed, environmental risk exposures and limited investment in ‘greenness’ programs. The authors also find that both toxic and green companies have lower (Tobin's Q) valuations than neutral companies, and that otherwise toxic companies that effectively manage their environmental risk exposures have higher valuations.     

Two Questions of SHRM in Literature： Moderators of HRM Firm Performance Link

This paper aims to discuss differences between human resource management （HRM） and strategic human resource management （SHRM）, and aims to discuss convergence or divergence between American and European HRM. Therefore, research question is what the similarities and differences are between European and American HRM. Research methodology is based on critical review of HRM literature. Therefore, this study aims to increase conceptual ability of human resource （HR） professionals. Major result is that HRM is related with employee performance, and SHRM is related with firm performance. Secondly, European HRM is becoming similar to American HRM. The difference between European and American HRM is social context and social partners. European HRM considers social partners in management of HR.     

Social involvement and park citizenship as moderators for quality-of-life in a national park

This paper contributes to the advancement of quality-of-life research in tourism by examining complex relationships involving direct, mediated, moderated and moderated mediation relationships among the antecedents to quality-of-life. Using a sample of 222 repeat visitors in an Australian national park, the findings indicate positive significant effects of (1) place satisfaction on quality-of-life; (2) place satisfaction on place attachment; (3) place attachment on quality-of-life; (4) park citizenship on place attachment. The findings further support that (5) place attachment mediates the relationship between place satisfaction and quality-of-life; (6) social involvement moderates the relationship between place satisfaction and place attachment; (7) park citizenship moderates the relationship between place satisfaction and place attachment; (8) social involvement moderates the relationship between place attachment and quality-of-life; (9) social involvement moderates the indirect effect of place satisfaction on quality-of-life. Theoretical and practical implications are discussed. Park managers, for example, need to promote on-site marketing and post-visit communication/interpretation, encouraging repeat visits and behavioural change. Message delivery needs to promote a sense of belonging to the park with personal meaning, creating place distinctiveness. Personal actions to promote include signing petitions supporting the park's biodiversity, and other resources, and volunteering to participate in meetings and other direct actions.     

The effects of perceived authenticity,information search behaviour,motivation and destination imagery on cultural behavioural intentions of tourists

This study tested a structural model which investigates the effects of perceived authenticity, motivation, information search behaviour and destination imagery on tourists' behavioural intentions to consume cultural attractions. Data were collected at selected cultural and natural heritage sites in the island of Mauritius (N?=?600). The sample was split into two data sets. Structural equation modelling and hierarchical multiple regression were employed to test the hypothesised relationships. Findings revealed a significant positive relationship between perceived authenticity and cultural behavioural intentions of tourists. Destination imagery had an influence on tourists' cultural intentions. Information search behaviour was found to exert a negative influence on tourists' cultural intentions while motivation did not have any influence on the latter. Perceived authenticity was seen to exert a moderating effect on the respective relationships between motivation, information search behaviour, destination imagery and cultural behavioural intentions of tourists. The theoretical and managerial implications of the study are discussed.