Modeling the time varying volatility of housing returns: Further evidence from the U.S. metropolitan condominium markets

This study extends the literature on modeling the volatility of housing returns to the case of condominium returns for five major U.S. metropolitan areas (Boston, Chicago, Los Angeles, New York, and San Francisco). Through the estimation of ARMA models for the respective condominium returns, we find volatility clustering of the residuals. The results from an ARMA‐TGARCH‐M model reveal the absence of asymmetry in the conditional variance. Dummy variables associated with the housing market collapse unique to each metropolitan area were statistically insignificant in the conditional variance equation, but negative and statistically significant in the mean equation. Condominium markets in Los Angeles and San Francisco exhibit the greatest persistence to volatility shocks.     

Resurrecting the size effect: Evidence from a panel nonlinear cointegration model for the G7 stock markets

Firm size is known to be an important factor affecting stock returns. This study proposes a panel threshold cointegration model to investigate the impact of the size effect on stock returns for the panel of G7 countries: Canada, France, Germany, Italy, Japan, the U.K., and the U.S. over the period 1991:1–2012:12. The empirical analysis is based upon the nonlinear cointegration framework using the asymmetric ARDL cointegration methodology (Shin et al., 2011). This methodological approach permits a much richer degree of flexibility in the dynamic adjustment process toward equilibrium, than in the classical linear model. Our findings indicate the presence of asymmetric adjustment around a unique long-run equilibrium. In particular, the empirical analysis provides evidence of asymmetric effects between stock returns and the size effect, while controlling for the book-to-market ratio and the price-to-earnings ratio.     

Does income inequality increase charitable giving?

Do households react to changes in the distribution of income in their localities by changing their charitable giving? The theoretical prediction of the effects of income inequality on giving is unclear. We study how changes in income inequality measured at the neighbourhood and municipality levels affect charitable giving by households in Canada between 1991 and 2006. We find that increases in inequality increase giving. Results are sensitive to the geographic dispersion of low‐ and high‐income households in neighbourhoods within a municipality. The effect on donations is smaller in areas with high levels of inequality at both neighbourhood and municipality levels.     

Attribute Identities Matter: Subjective Perceptions of Attribute Characteristics

Recent research indicates that attributes vary along multiple dimensions with implications for how trade-offs are resolved during choice. We present an exploratory study of the dimensionality underlying naïve subjects ratings of attributes on the characteristics commonly discussed in the literature on tradeoff resolution and decision difficulty. Factor analysis of attribute characteristic assessments indicates that subjects view decision attributes in a multi-dimensional fashion, including an importance/loss aversion dimension, an emotional potential/protection from tradeoffs dimension, and a cognitive difficulty dimension. These results suggest that a one-dimensional measure of attribute characteristics, such as a standard attribute importance rating, may obscure some factors determining individual responses to attributes during decision processing. However, the results also suggest that developing a relatively succinct set of scales in order to characterize the dimensions along with subjects response to attributes is a viable goal for future research.     

The service triangle and power: the role of frontline home support workers and consumer‐directed care—an Australian context

Workplace relational dynamics change when the customer or client takes on greater power in the relationship. Adopting a typology of the service triangle, this qualitative study examines frontline home support workers' perceptions of their power, following recent legislative change from a traditional agency‐directed aged care model to consumer‐directed care.     

Determinants of Geographic Voter Participation Rate Differentials: the 2014 Mid-Term Election

Voter participation rates vary widely across the 50 states and the District of Columbia. This empirical study seeks, within the context of a broadened version of the “rational voter model,” to identify determinants of this geographic variation. Using the 2014 mid-term general election, it was found that the voter participation rate across states and the District of Columbia was positively related to whether there is a close governor’s race or a close U.S. Senate race, the female labor force participation rate, the percent of the population aged 65 and over, the number of referenda on the ballot, and the degree of voting-by-mail usage. In addition, it was found that voter turnout was negatively related to the percentages of the population that are either Hispanic or Afro-American.     

The customer value proposition: evolution,development, and application in marketing

The customer value proposition (CVP) has a critical role in communicating how a company aims to provide value to customers. Managers and scholars increasingly use CVP terminology, yet the concept remains poorly understood and implemented; relatively little research on this topic has been published, considering the vast breadth of investigations of the value concept. In response, this article offers a comprehensive review of fragmented CVP literature, highlighting the lack of a strong theoretical foundation; distinguishes CVPs from related concepts; proposes a conceptual model of the CVP that includes antecedents, consequences, and moderators, together with several research propositions; illustrates the application of the CVP concept to four contrasting companies; and advances a compelling agenda for research.     

An investigation of cultural cohesion in a community bank

This study examines the culture of a medium-sized community bank based in the Western United States. The study aims to identify the organization's culture and then measure the level of cultural cohesion that exists three years after a major cultural campaign was launched. The cultural characteristics the organization valued most highly were integrity, willingness to serve the customer and teamwork - all components of the official bank document on culture. Interestingly, the analysis uncovered some significant value differences among different employee groups and also employees and management; differences which can affect firm performance levels. The analysis also revealed that changing the culture in an organization does not necessarily lead to cultural cohesion.     

The impact of cost on the choice of university: evidence from Ontario

Abstract. This paper provides the first Canadian study of the link between cost to the student and the choice of university. Over the past two decades, there has been a substantial increase in the differences among Ontario universities in ‘net cost’ defined as tuition and fees minus the expected value to an academically strong student of a guaranteed merit scholarship. Our estimates generally indicate no relationship between net cost and the overall share of strong applicants that a university is able to attract. An increase in net cost is associated with an increase in the ratio of strong students from high‐income neighbourhoods to strong students from middle‐income and low‐income neighbourhoods in Arts and Science programs but not in Commerce and Engineering. Finally, more advantaged students are more likely to attend university, but merit aid is not of disproportionate benefit to those from more economically advantaged backgrounds, given registration. JEL classification: Health Education and Welfare