Carving and tourism: A maori perspective

Maori retained high levels of self determination under the Treaty of Waitangi in 1840, although much of the subsequent history of the 19th century involved attempts both formal and informal by the colonial powers to subvert the Act. Therefore, while tourism has brought significant economic advantages for some tribes (iwi), and promises economic returns for others, Maori are insistent that they retain control over the process. The paper describes some of the significant impacts of tourism on Maori culture, but it is concluded that the truths of tourist impacts are plural, and can only be understood within an understanding of Maori cosmology. As such, Maori are adept at distinguishing between the signs and symbols of tourist artifacts.     

A moral basis for corporate philanthropy

The authors argue that corporate philanthropy is far too important as a social instrument for good to depend on ethical egoism for its support. They claim that rule utilitarianism provides a more compelling, though not exclusive, moral foundation. The authors cite empirical and legal evidence as additional support for their claim.Bill Shaw is the Woodson Centennial Professor in Business Administration at The University of Texas at Austin. He teaches courses in business ethics and in legal environment of business. Professor Shaw's articles have appeared in law and ethics journals, and he is co-author, with Art Wolfe, ofStructure of the Legal Environment (1991).Frederick R. Post is Assistant Professor of Business Law and Management at the College of Business Administration, University of Toledo, Toledo, Ohio. Professor Post teaches business law and labor policy courses. His research interests include business ethics and labor management relations. His publications have appeared inThe Journal of Business Ethics, The Mid-American Journal of Business andThe Journal of Legal Studies Education.     

Modelling Heterogeneity and Uncertainty in Contingent Valuation: an Application to the Valuation of Informal Care

Both the lack of market data and the need to adopt a more holistic approach in the valuation of non‐market activities within health care have pointed towards the use of contingent valuation (CV) methods. However, to date, few studies have employed such techniques to value informal care, despite its provision being an important public policy question. We propose an analytical framework that through the use of random parameters models and respondents' certainty scales can incorporate both unobserved and observed heterogeneity in the CV modelling. This is the first CV study of informal care for Scotland (UK) and a £7.68 per hour value is estimated.     

How Online Product Reviews Affect Retail Sales: A Meta-analysis

A growing body of research has emerged on online product reviews and their ability to elicit performance outcomes desired by retailers; yet, a common understanding of the performance implications of online product reviews has eluded us. Scholars continue to navigate an array of studies assessing different design elements of online product reviews, and various research settings and data sources. We undertake a meta-analysis of 26 empirical studies yielding 443 sales elasticities to examine how these variables relate to retail sales. Building on well-established meta-analytical methods, we address the following questions: How does review valence influence the elasticity of retailer sales? What about review volume? For which product types and usage situations do online product reviews have a greater impact on retailer sales elasticity? Which types of online reviewers and websites exert the greatest influence on retailer sales elasticity? Our study answers these important questions and provides a much needed quantitative synthesis of this burgeoning stream of research.     

Last dance or second chance? Firm performance,CEO career horizon,and the separation of board leadership roles

In recent years, many firms have chosen to separate their CEO and board chair positions. Prior research has demonstrated that there are three forms that a CEO–board chair separation can take: apprentice, departure, and demotion. In this paper, we examine the antecedents of these three types. Our results show that the three types of separation each have different profiles in terms of the prior performance of the firm, the independence of the board, and the career horizon of the incumbent CEO. The findings in this paper provide unique insights into the factors that drive boards' structural choices. As questions about board leadership structure become more nuanced and more relevant in both scholarship and practice, a full understanding of these factors will only become more important. Copyright © 2013 John Wiley & Sons, Ltd.     

The Role of Nonattenuated Rights in Positive Economics: A Critical Appraisal

This article assesses the institutionalist elements of Friedrich Hayek's neoliberal political economy by presenting his views on the entangled relations between the state and markets in capitalism. Through the analysis of Hayek's work, the article contributes to further consolidating the view that neoliberalism is an ideological project of institutional transformation which, despite some enduring myths, has an irreplaceable role for a state with many important functions in a more limited democracy. Markets, for their part, are politically contested social constructions that depend on previous non-market institutions for their existence and legitimation. This paper argues that Hayek's work corroborates this institutionalist claim.     

A Framework for Reconsidering the Lake Wobegon Effect

The Lake Wobegon Effect (LWE) describes the potential measurement-error bias introduced into survey-based analyses of education issues. Although this effect potentially applies to any student-report variable, the systematic overreporting of academic achievements such as grade point average is often of preeminent concern. This concern can be easily circumvented if official records data are available; however, many researchers can only access student-reported data. In this article, the authors examine whether using student-survey data in place of official records data meaningfully biases regression estimates. They motivate their contribution by noting a useful statistical feature of overreporting on bounded variables such as grade point average. Specifically, the misreports will be negatively correlated with the true grade point average, yielding a form of nonclassical measurement error that actually counteracts the bias. The authors connect this observation to reliability ratios used in labor economics, which are simple ways to adjust for attenuation bias, when needed. In two applications, we find that it is unnecessary to correct for the LWE bias because it is so small.     

What Influences Trader Choice of Electronic versus Intermediated Execution?

We examine the determinants of US equity trader choice of electronic versus intermediated execution. While traders exhibit a strong overall preference for automation, when the market is less liquid at order submission time, traders seek market maker automated and human order‐matching services more often. Traders' overall tendency to choose intermediaries is highly correlated with their demand for liquidity. Market maker participation rates are higher for more active and larger size traders. Traders who choose intermediaries more often trade more stocks, execute orders quicker, price orders more aggressively, and disperse their trading over longer periods of time. Although US stock intermediaries continue to lose market share, our results highlight the important role these firms can play in an increasingly automated, electronically driven marketplace.