Migrant farmworkers: Resisting and organising before,during and after COVID-19

Migrant farmworkers are a ubiquitous but invisibilised, expropriated and exploited component of the global agricultural economy. Their conditions took centre-stage during the COVID-19 pandemic. Fear of production disruption in the migrant labour-intensive sectors led to foreign workers being deemed ‘essential’ in many countries, and exceptional procedures and regulations were instituted that further increased their exploitation, illnesses and deaths. However, the pandemic has not merely exposed the long-established structures of racialised exploitation and expropriation in the domain of farm work. Although it exacerbated the precariousness of the living and working conditions defining the reality of migrant farm workers, there is evidence that the pandemic also strengthened farmworkers' individual and collective consciousness, along with forms of organisation and resistance. The symposium ‘Migrant Farmworkers: Resisting and Organizing before, during and after COVID-19’ explores two dimensions reflected in migrant farmworkers' realities during the pandemic. First, the contributions look at the general conditions defining power structures and material outcomes within the political economy of agriculture before and during the pandemic. Second, they explore the conditions under which resistance and solidarity emerged to question established structures of exploitation.     

Assessing volatility transmission between Brent and stocks in the major global oil producers and consumers – the multiscale robust quantile regression

This paper investigates the volatility transmission effect between Brent oil futures and stock markets in the major global oil producing and consuming countries – the U.S., Russia, China and Saudi Arabia. In that process, we employ a mixture of novel and elaborate methodologies – wavelet signal decomposing procedure, GARCH model with complex distribution and recently developed robust quantile regression. Our results indicate that the effect is stronger in short-term horizon than in midterm and long-term in most cases. The magnitude is much stronger in turbulent times, whereas in tranquil times, this effect is very weak. We find that Russian RTS index endures the strongest volatility transmission effect from oil market. Surprisingly, Saudi stock market does not suffer heavy spillover effect even in the periods of increased market unrest. In the U.S. and China, the effect is much stronger from stocks to oil than vice-versa, and this particularly applies for the U.S. case.

     

Investigating the Impact of SERVQUAL Dimensions on Customer Satisfaction: The Lessons Learnt from Serbian Travel Agencies

Despite the rise of online travel booking services, it seems that traditional travel agencies remain an intractable part in the process of making travel arrangements for most travelers. Nevertheless, the question remains as to what triggers travelers' satisfaction with travel agencies. In order to explore this, we focused on Serbian travel agencies and researched the impact of the five individual SERVQUAL dimensions on travelers' satisfaction. Results revealed that four SERVQUAL dimensions (reliability, responsiveness, empathy and tangibility) had a significant influence on customer satisfaction. Copyright © 2011 John Wiley & Sons, Ltd.     

Theoretical underpinnings of consumers’ financial capability research

This paper investigates the multidisciplinary theoretical context of financial capability and provides a critical examination of 14 relevant theoretical frameworks. To this end, the paper defines financial capability and develops a new theoretical framework of financial capability termed the personal financial management system. Financial capability is defined as the capacity of consumers to undertake comprehensive financial activities and thereby achieve personal financial well-being. The exploration of financial capability includes the concepts of financial literacy and psychological financial capability, where the latter represents automatic and controlled mental processes. Recent advances in behavioural science have profoundly changed the realm of personal finances, and it is, therefore, essential to acknowledge the importance of the intuitive reasoning that shapes our financial decision making. As part of the financial management system's throughput, together with individual motivation and opportunity within the personal financial management system, financial capability forms financial behaviour. The framework identifies three groups of relevant antecedents of financial capability including sociodemographic factors, cognitive and affective factors and personality and values. By constructing a comprehensive theoretical model, this paper contributes to the literature by providing greater consistency in the definitions of capability and its related terms, encouraging academic discussion and affirming the much-needed directions for future research.     

How Wealthy are the Rich?

Underreporting and undersampling biases in top tail wealth, although widely acknowledged, have not been statistically quantified so far, essentially because they are not readily observable. Here we exploit the functional form of power law-like regimes in top tail wealth to derive analytical expressions for these biases, and use German microdata from a popular survey and rich list to illustrate that tiny differences in non-response rates lead to tail wealth estimates that differ by an order of magnitude, in our case ranging from 1 to 9 trillion euros. Underreporting seriously compounds the problem, and we find that the estimation of totals in scale-free systems oftentimes tends to be spurious. Our findings also suggest that recent debates on the existence of scale- or type-dependence in returns to wealth are ill-posed because the available data cannot discriminate between scale- or type-dependence, on one hand, and statistical biases, on the other hand. Yet both economic theory and mathematical formalism indicate that sampling and reporting biases are more plausible explanations for the observed data than scale- or type-dependence.     

Online social network fundraising: Threats and potentialities

There has been a growth in online fundraising from crowdfunding apps, like GoFundMe, that propagate fundraising appeals on social networking sites. In the online space, these crowdfunding apps pose a potential threat to the traditional intermediation role of charities. The disintermediation threat is that donors choose crowdfunding intermediaries instead of charities to channel their giving. In this article, we discuss what makes crowdsourced fundraising effective and how charities can adapt to this new dynamic for more effective online fundraising emphasizing two key success factors: brand strength/reputation and managing the donor experience. In addition, we explain the advantages and disadvantages of social media fundraising and giving and propose ways charities can leverage their good reputations and public trust to stimulate reintermediation. Finally, we propose a landscape for future research based on model that emphases the fundraising campaign's ability to stimulate viral sharing within and between online social networks.     

CEO mobility and corporate payouts

We examine how chief executive officer (CEO) mobility affects corporate payouts. We exploit US state courts’ staggered adoption of the inevitable disclosure doctrine (IDD) to obtain exogenous variation in mobility. We report several findings. First, we find that firms in IDD-adopting states increase dividend payouts, whereas the effect of IDD on share repurchases is insignificant relative to firms not in IDD-adopting states. Second, the increase in dividends is concentrated on firms run by CEOs having high ability. Third, CEOs increasing dividends are less likely to be forced to leave their jobs. Fourth, the increase in dividends is concentrated on firms run by early-career CEOs rather than retiring CEOs. Last, CEOs increasing dividends receive more favorable shareholders’ say on pay votes for higher pay. Our evidence supports the notion that restricted mobility induces CEOs to choose a dividend policy that enhances their positions with their shareholders.     

Emergence of subprime lending in minority neighborhoods

Subprime lending is concentrated in minority neighborhoods. However, the literature provides little evidence for what led to this concentration. We use the endorsement of credit scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in 1995 to answer this question. We show that prime lenders were substituted by subprime lenders in minority neighborhoods. As a result, the share of subprime lending increased by 5 percentage points in minority neighborhoods, relative to nonminority neighborhoods. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more, and the level of securitization by the GSEs in minority neighborhoods also decreased.     

Choosing between imperfect proxies for a corrective tax

Choices are sometimes distorted by internalities or externalities. This paper considers a setting in which the distortion cannot be taxed directly, and asks how a policymaker should choose a proxy variable to tax instead. We derive a criterion for when one proxy should be preferred to another, and consider a range of factors with implications for this criterion. These factors are (i) sensitivity to the tax rate, (ii) how accurately the taxed variable approximates the distorted variable, (iii) susceptibility to offsetting behavior, and (iv) consumer heterogeneity. Our analysis is illustrated with a comparison between ad valorem and volumetric taxes on sugar-sweetened beverages.