Estimation of sons' intergenerational earnings mobility in the presence of censoring

Based on intergenerational data from the Panel Study of Income Dynamics, I provide estimates of income mobility across generations for men. Special attention is paid to issues of censoring caused by a son's unemployment. Employing non‐parametric bounds estimates, I illustrate that previous income mobility estimates rely heavily on (unjustified) assumptions of exogenous selection. Assuming a son's potential income is instead a function of his reason for unemployment and work history, I re‐estimate mobility. Allowing for sampling variability, the range of feasible slopes consistent with these modified bounds restrictions is 0.27 to 0.55. Copyright © 2002 John Wiley & Sons, Ltd.     

Social norms,coordination and collaboration in heterogeneous teams

This paper considers the coordinating role of social norms in a heterogeneous team of workers. We define an optimal unit of production as a form of organisation involving several teams and members, with the following properties: (i) a social norm operating to coordinate individual efforts; (ii) a team with heterogeneous skills, enabling generation of synergies. Our model suggests that competences of the best worker are transferred to his or her peers. This collaborative process enhances team efficiency but only if there is an implicit ex ante coordinating device based on social norms that discourage free riding. Copyright © 2008 John Wiley & Sons, Ltd.     

Mix between Satisfaction and Attributes Destination Choice: A Segmentation Criterion to Understand the Ski Resorts Consumers

This study examined the attributes prioritized by tourists when choosing a winter sports destination and their degree of satisfaction with the services provided by Portugal's only ski resort. Two hundred tourists completed a questionnaire with factor analysis then deployed to extract the data that served as the basis for cluster analysis. Our results report discrepancies between the attributes valued by tourists when choosing winter sports destinations and their degree of satisfaction with the ski resort's services. Moreover, the combination between attributes/motivations prevailing in destination selection and the subsequent satisfaction with the services provided may generate information of relevance to evaluating organizational competitiveness. Copyright © 2014 John Wiley & Sons, Ltd.     

Spirituality and corporate social responsibility: an empirical narrative from the Balinese tourism industry

The emerging body of knowledge has indicated the positive relationship between spirituality and corporate social responsibility (CSR), yet our understanding of how spirituality can play a role in CSR in general, and in tourism in particular, remains limited. This research takes a qualitative case study approach to the role of spirituality-inspired CSR by providing an empirical investigation of tourism businesses in Bali, Indonesia, where the Hindu based Tri Hita Karana philosophy drives its cultural identity. A total of 20 qualitative interviews and two focus groups were conducted with Bali tourism stakeholders including businesses, government, community and NGOs. The findings show that spirituality plays an important role in CSR in Balinese tourism in three dimensions, namely (1) as a key element of the broader social and cultural context to create a conducive external environment for CSR; (2) as a CSR driver to inspire business leaders; and (3) as a complement to CSR governance, though with limitations. This research contributes to the literature by providing an empirical narrative that demonstrates strong multi-layered links between spirituality and CSR and the implications for tourism destinations in spirituality-oriented cultures.     

A green economy indicator framework for tourism destinations

This paper presents a green economy indicator framework for tourism destinations which has been developed in the case study destination of Bali, Indonesia. Whilst the term “green economy” can have many interpretations, here it refers to the global strategy framework surrounding Rio+20, as well as the policies and strategies being developed by tourism destinations as a response. Many uncertainties remain about the effectiveness of these efforts and how they may be measured. For lesser developed countries in particular, reliable data is often difficult to obtain and this study uses a case study approach to identify the relevant, and measurable, indicators in this context. First, a nominal group technique was applied to identify the green economy issues for local tourism stakeholders. The indicators were then selected based on the green economy literature and a review of the available secondary data for the destination. Data on greenhouse gas emissions from tourism was identified as one of the critical gaps and an estimate is provided to show how this could be obtained and monitored. While this indicator framework was developed specifically for Bali, the case study may be relevant for many other island destinations in the lesser developed world that are experiencing rapid tourism growth.     

Innovation forecast: Un-avoidable and context dependent

In order to mobilize the necessary resources for innovation forecasts are unavoidable. However, a forecast is never a neutral or objective assessment. Given an interdependent business landscape, there are at least two major context-related aspects that affect an innovation forecast. First, the actor that makes the forecast is embedded into a specific context. Secondly, the potential innovation stems from a specific environment, and will during the innovation journey be related to other environments in a producing and a using setting, and thus to other investments in place. In this paper we examine the development of one innovation and the forecasts made by three different economic actors. There is an interesting variation in the forecasts that can be explained as a variation of contexts of the actors. The contexts influence the way that the forecasts are done and especially in terms of what the context of the innovation is assumed to be. The empirical findings suggest that the results of the innovation forecast are highly dependent on the actors' abstraction of the business landscape which in turn is affected by the contexts of the actors.     

Dancing in the dark: post-trade anonymity,liquidity and informed trading

We analyze the impact of post-trade anonymity on liquidity and informed trading in an order driven stock market. The German stock market introduced the Central Counterparty (CCP) in March 2003 for German equities traded on its anonymous electronic trading platform Xetra leading to a major change in its existing transparency regime. Before the introduction trader IDs were revealed to the counterparties of a trade, with the introduction of the CCP even after the transaction the traders remain anonymous. Previous theoretical and empirical research documents that pre-trade anonymity results in increased liquidity, while results on post-trade anonymity are mixed. We find a significant increase in liquidity measured through a reduction of 25% in implicit transaction costs. We also document that the arrival rate of informed traders is reduced in the anonymous setting. Following recent findings of Bloomfield et al. (J Finan Econ 75:165–199, 2005) that informed traders take on the role of liquidity providers we interpret our findings as indication that informed traders change their behavior in providing liquidity more aggressively in an anonymous environment.     

The Global System of Finance

A bstract .   In the last decades, revolutionary changes in financial markets, instruments, and institutions have stimulated empirical and theoretical investigations into the interaction of the financial and the "real" side of economic systems. While a considerable body of empirical investigations seems to provide evidence of positive correlations between stock market development and economic growth, there is no consensus in other social sciences as to whether there are two-way linkages, and if so, how to conceive a possible mechanism of interaction. Particularly, the hypergrowth and ubiquity of financial markets has triggered controversial debates on how to understand today's economic landscape. With the objective of clarifying the relationship between finance and economy, this article restructures the present debate through the lenses of Talcott Parsons's and Niklas Luhmann's theories of social systems. Basic system-theoretical ideas on social aspects of finance and economy as well as on uncertainty and risk hint at new insights into the global system of finance that might go far beyond explanatory models of causality.     

Environmental impacts of changes to healthier diets in Europe

Food consumption causes, together with mobility, shelter and the use of electrical products, most life cycle impacts of consumption. Meat and dairy are among the highest contributors to environmental impacts from food consumption. A healthier diet might have less environmental impacts. Using the E3IOT environmentally extended input output database developed in an EU study on Environmental Impacts of Products (EIPRO), this paper estimates the difference in impacts between the European status quo and three simulated diet baskets, i.e. a pattern according to universal dietary recommendations, the same pattern with reduced meat consumption, and a ‘Mediterranean’ pattern with reduced meat consumption. Production technologies, protein and energy intake were kept constant. Though this implies just moderate dietary shifts, impact reductions of up to 8% were possible in reduced meat scenarios. The slightly changed food costs do not lead to significant first order rebound effects. Second order rebounds were estimated by applying the CAPRI partial equilibrium model. This analysis showed that European meat production sector will most likely respond by higher exports to compensate for losses on the domestic meat market. Higher impact reductions probably would need more drastic diet changes.