Equity‐Based Compensation for Employees: Firm Performance and Determinants

I examine the effect of employee equity‐based compensation (EBC) on firm performance and the determinants of EBC. Using two samples, I find that firms have come to rely more heavily on EBC than in the past. For both samples, I document a significant, positive relation between Tobin's q and the percentage of employee compensation that is equity based. For accounting returns, I find a positive relation with the earlier sample. However, for the later sample I find that greater use of EBC leads to lower levels of future accounting returns. I also find that the determinants of the proportion of EBC are different between the two samples.     

Participatory music-making and well-being within immigrant cultural practice: exploratory case studies in South East Queensland,Australia

ABSTRACT

Music participation is a way of life for many cultures and is an activity that is often passed on generationally. It can become especially important as a leisure activity for maintenance of self- and national identity for people who have migrated to countries of contrasting cultures, such as Australia. This article describes exploratory, qualitative research into the ways in which participatory music-making within communities from immigrant backgrounds in Brisbane, Australia may influence aspects of participants’ wellbeing. The sample for this research included three broadly-defined cultural groups living in the region: people of Baltic origin; people from Latin American and Caribbean backgrounds; and ‘newly arrived’ immigrants and refugees. Interviews with individuals have been analysed to explore the ways in which this involvement might affect mental, social, and emotional wellbeing. Our qualitative analyses demonstrated that beyond these aspects, factors of subjective wellbeing, both hedonic and eudaimonic, were apparent. This article aims to provoke discussions on the divergent ways in which immigrant communities utilise music-making practices to foster different types of wellbeing and the importance of maintaining diversity through cultural practices.     

Crowding standards at Petra Archaeological Park: a comparative study of McKercher's five types of heritage tourists

To achieve sustainability in heritage tourism, tourists should be placed at the heart of the management and planning processes. Indicators and standards-based frameworks were developed in the field of outdoor recreation management to manage and measure crowding and other problematic issues in parks and related areas. Using normative theory and visual research methods, this article aims to examine crowding standards of tourists at Petra Archaeological Park, and compare these standards between the types of heritage tourists suggested by a model developed by Bob McKercher. Results showed that tourists’ acceptability levels go down with an increasing number of tourists, and tourists who are highly motivated to visit heritage sites (i.e. purposeful and sightseeing heritage tourists) had the most restrictive acceptable number of tourists at the park. The normative standards formulated in this article provided a guidance to manage crowding at Petra.     

Seeing history: a visual assessment of the historic-grounding of Old Western tourist towns

Despite the significant role that the visual plays in the experience of tourism, few studies have specifically examined the visual appearances of heritage tourist destinations. This study sought to analyze how historically grounded the visual appearances were of two heritage tourist towns in the state of Arizona: Tombstone and Jerome. These towns were both mining towns that experienced historic booms during the days of the American Old West and survive today as tourist destinations. This study utilized a detailed visual comparison of historic and contemporary town photographs in order to assess the relative historic-grounding of building exteriors and streets. It also incorporated the findings of interviews with tourists and town residents regarding their perceptions of visual historic-grounding. Study findings offered a means to assess and compare visual historic-grounding. Additionally, they suggested that while visual historic-grounding was important to visitors, it was one of several factors influencing their perceptions of the town's historic appearance: visual appeal, personal reflections, engaging activities, and previous visitor expectations of the American Old West (often grounded in filmic-representations) worked together to visually communicate a general impression of history within each town.     

When we are onstage,we smile: The effects of emotional labor on employee work outcomes

A growing body of literature has confirmed the deleterious effects of emotional labor on service employees. The study adds to it by investigating two hypothesized antecedents to emotional labor; affectivity and empathy which is conceptualized as a two-dimensional construct composed of emotional contagion and empathic concern. It also examines the impact of emotional labor on job satisfaction and exhaustion. The results confirmed a two-dimensional structure of emotional labor, emotive dissonance, and emotive effort. Hospitality employees with higher positive affect tend to experience less emotive dissonance while individuals with higher negative affect exert more effort to enact emotional labor. A positive relationship was found between emotional contagion and emotive dissonance, and emotive effort and job satisfaction. The results also suggested a negative relationship between emotive effort and emotional exhaustion. An unexpected negative relationship was found between emotional dissonance and emotional exhaustion. Managerial implications discuss training and acting techniques to more effectively manage employee emotional labor.     

The effect of latency variables on repeated measures inference applied to the measurement of risk-taking as a function of psychopathy

In numerous psychology studies, subjects are asked to perform some task a number of times, T. The effect of the choice of T on the associated inference, however, is usually not assessed. We investigate the appropriate choice of T empirically by using data collected in a study on the relationship between psychopathy and risk-taking in 90 inner city drug users enrolled in a residential treatment program. We show that, when studying this relationship, the latency variable usually discarded from the analysis behaves exponentially allowing a natural division of the study period 1, . . . , T into two distinct subperiods. These subperiods yield significantly different results—in the early period only (which we call “reactive”), subjects with high psychopathy scores exhibit lower sensitivity to reward and punishment in our risk taking experiment. The later period (which we call “stable”) shows no relationship between sensitivity to reward and punishment and psychopathic tendencies.     

Contributing Factors to the Spread of Sexually Transmitted Diseases

A bstract .   Economists have long studied the determinants and effects of income transfers. This article examines an indirect effect of welfare payments on participating individuals: an increase in the incidence of sexually transmitted disease ( STD ) rates.
Several studies have found a significant and positive link between the size of welfare benefits and out-of-wedlock fertility rates. Higher welfare payments reduce the cost of bearing and raising a child, and thus reduce the full cost of engaging in unprotected sex. An unintended consequence of unprotected sex is exposure to contagious diseases. This implies that states with higher welfare payments per child will experience higher rates of STDs.
We test this hypothesis using statewide data on the incidence of three types of bacterial STDs, chlamydia, gonorrhea, and syphilis, for the years 1994 through 1998. The empirical specification is based on the standard microeconomic model of utility-maximizing behavior. The included explanatory variables are demographic proxies reflecting differences in state population characteristics. These characteristics capture unobservable or intrinsically unmeasureable differences in the perceived costs and benefits of engaging in unprotected sex.
The explanatory variable of primary interest is the size of the real welfare payment per recipient. Our empirical results indicate that states with higher real welfare payments are associated with greater rates of STDs.     

Economic modeling to evaluate the impact of chronic myeloid leukemia therapy management on the oncology care model in the US

Abstract

Objective: To develop an economic model to evaluate changes in healthcare costs driven by restricting usage of branded tyrosine kinase inhibitors (TKIs) through substitution with generic imatinib among chronic myeloid leukemia (CML) patients in a typical Oncology Care Model (OCM) practice, and examine the impact on Performance-Based Payment (PBP) eligibility.

Methods: An Excel-based economic model of an OCM practice with 1,000 cancer patients during a 6-month episode of care was developed. Cancer types and proportions of patients treated in the practice were estimated from an OCM report. All-cause healthcare costs were obtained from published literature. It was assumed that if a practice restricts usage of branded TKIs for newly-diagnosed CML patients, 80% of the market share of branded imatinib and 50% of the market shares of 2^nd-gen TKIs would shift to generic imatinib. Among established TKI-treated patients, it was assumed that 80% of the market share of branded imatinib and no patients treated with 2^nd-gen TKIs would shift to the generic.

Results: Four CML patients were estimated for a 1,000-cancer patient OCM practice with a total baseline healthcare cost of $51,345,812 during a 6-month episode. If the practice restricts usage of branded TKIs, the shift from 2^nd-gen TKIs to generic imatinib would reduce costs by $12,970, while shifting from branded to generic imatinib lowers costs by $25,250 during a 6-month episode. Minimum reductions of $3,013,832 in a one-sided risk model and $2,372,010 in a two-sided risk model are required for PBP eligibility; the shift from 2^nd-gen TKIs to generic imatinib would account for 0.4% and 0.5% of the savings required for a PBP, respectively.

Conclusions: This analysis indicates that the potential cost reduction associated with restricting branded TKI usage among CML patients in an OCM setting will represent only a small proportion of the cost reduction needed for PBP eligibility.     

A preliminary look at readmission and mortality among chronically critically ill and other medically complex Medicare patients

Chronically critically ill and other medically complex patients (CCI/MC-Ps) are those who are hospitalized with long-term intensive care needs and require extended periods of hospital-level care. CCI/MC-Ps may be at higher risk for readmission and mortality than other populations due to the severe nature their illnesses. This article examines factors that lead to increased probability of hospital readmission or mortality among CCI/MC Medicare patients. Logistic regression analyses are used to examine mortality and readmissions among the CCI/MC population. Numerous factors including length of stay in the acute hospital, age and gender affect whether a patient is readmitted to the acute care hospital within 90 days of discharge or dies within 60 days following a hospital stay.