Married couples’ involvement with family vacations

Abstract

The involvement construct has received a great deal of attention in recent years. However, the majority of research on this topic has focused on the individual and has ignored spouses’ shared leisure involvement. In addition, little work has been done on involvement in the product‐class context of family vacations. This study examined the underlying dimensions of married couples’ involvement with family vacations and how these dimensions relate to selected personal variables. Factor analysis revealed two underlying dimensions. Stepwise multiple regression revealed that pleasure‐importance was positively related to gender role ideology and education and negatively related to presence of children in the home. A positive relation existed between the second dimension, sign value, and age. The study provides insight into both the nature of the involvement construct and how it might be used in future research.     

Running on the spot? A review of twenty years of research on the management of human resources in comparative and international perspective

Research using a comparative and international perspective on the management of human resources is examined, drawing on articles published in leading human resource management, management/organizational behaviour and related social science journals between 1977 and 1997. In total a little under 2 per cent of the articles under review focused on the management of human resources in a comparative and international perspective. The largest group of these articles was comparative in nature (44 per cent), followed by those with an international perspective (35 per cent). A smaller number adopted a combined approach (17 per cent) and a few were separately classified as foreign national studies (4 per cent). Over time, there has been some progress made in terms of the number of articles published and the scope of topics covered. However, many of the articles displayed similar shortcomings to those noted in earlier reviews of cross-national management/organization studies: in particular, an over-reliance on a small number of primarily Anglo-Saxon countries, a lack of a longitudinal perspective, a loose specification of culture, an ethnocentric bias and a frequent failure to explain observed differences and similarities.     

Commercial Mortgage Pricing with Unobservable Borrower Default Costs

This paper develops a pricing model for commercial real estate mortgage debt that recognizes the influence of default transaction costs on the borrower's default decision. These costs are heterogeneous across borrowers and largely un-observable to the lender/investor at the time of origination or loan purchase. A recognition of these unobservable costs can explain why borrower default decisions may differ from those predicted by "ruthless" mortgage-default pricing models. We address the determinants of default choice and timing by replacing sharp default boundaries found in the ruthless models with "fuzzy" boundaries that account for investor uncertainty with respect to evaluating borrower default decisions. To implement our model, we estimate probabilities of default as a junction of time and net equity in the property. Then, given that default occurs, loss severities are modeled based on expected property value recovery net of foreclosure costs and time until the asset is actually sold. Under reasonable parameter value choices, resulting Monte Carlo simulations produce numerical mortgage price estimates as well as component default frequency and severity levels that realistically reflect default premiums and loss levels observed in the marketplace.     

Teaching ideas for the commencement of the governmental accounting source

Many undergraduate accounting students enter their first course in governmental accounting with a negative attitude about the subject. This is due, in part, to the fact that after several courses in “accounting,” the governmental course presents methods and procedures which are quite different and are, therefore, suspect. This paper encourages an approach to the course which can overcome this bias by providing an appropriate context from which to commence the course.     

The impact of jump risks on nominal interest rates and foreign exchange rates

This article investigates the relationship between the nominal interest rate and inflation and also the forward exchange rate under a general specification of the underlying processes govering the foreign exchange rate. There are three distinct risks that affect the relation between the real rate of interest and the nominal rate namely, consumption risk, diffusion risk, and the existence of jump risks of inflation. Jump risks lower the nominal interest rate because of jump hedging of a nominal bond. The forward exchange rate depends on the expected depreciation of the domestic currency as well as these three risks. As the domestic jump risks increase, the domestic nominal interest rate decreases and the forward exchange rate decreases.     

Interest and reaction time analysis of credit card offers: Managerial implications of high level research procedures

This paper presents a new approach to the optimisation of direct mail offers. Conjoint measurement will be used to identify two aspects of an offer: the degree of interest; and the speed at which an individual processes the information. The approach allows the marketer to create offers that are simultaneously attractive to customers and easy to understand. The approach is illustrated by a credit card case study.     

Capital as Embodied Knowledge: Some Implications for the Theory of Economic Growth

Capital goods are embodied knowledge of how to produce. Therefore, capital development is a learning process, through which knowledge gets embodied in new capital goods. Because the necessary knowledge is dispersed among many people who must interact to communicate their particular, often tacit knowledge, capital development is a social process. Because this interaction takes time and continually changes the capital structure, capital development is an on-going process. Capital development is a social learning process. Neither traditional nor new growth theory illuminates how the capital structure evolves. Traditional growth theory, by modeling capital as single variable in the production function, ignores the heterogeneity of capital goods and their varied structural relationships of complementarity, substitutability, feedback, and feed-forward. New growth theory, while accounting for technological change, still treats capital as aggregable and thus implicitly homogeneous. That capital development is a learning process suggests that growth rates can increase. What prevents exponential growth is neither diminishing returns nor upper bounds to human capital, as growth models assume. It is the constant challenge of maintaining capital complementarities in a world of incomplete and rapidly changing knowledge.