Wage Consequences of Rapid Tertiary Education Expansion in a Developing Economy: The Case of Thailand

In recent years, Thailand has experienced the emergence of “overeducated” workers as the supply of university graduates in Thailand has outpaced growth in high‐skilled employment opportunities. Using the 2007 to 2009 Thai Labor Force Survey, this paper quantifies the incidence of overeducation and estimates overeducation wage penalties among male university graduates. The results show that the incidence of overeducation is greatest among younger cohorts. Quantile wage regression results suggest that overeducation wage penalties for older workers capture the impact of unobserved low ability on wages. In contrast, persistent wage penalties of 11–26% across the wage/ability distributions for younger workers are consistent with structural imbalances in the Thai labor market. These imbalances make it difficult for university graduates to find jobs commensurate with their level of formal education and to achieve their full earning power. The wage penalties are especially large for new entrants into the labor market.     

The Efficiencies Defense in the 2010 Horizontal Merger Guidelines

We analyze the efficiencies defense that is contained in the 2010 Merger Guidelines, which provides the most current statement of the Agencies?? enforcement philosophy and procedure. Most of our attention centers on efficiencies in production, but we also address merger-specific efficiencies that may lead to improved product quality, enhanced services, or even to the introduction of entirely new products. We begin with the analytically clean case of merger-specific efficiencies that are accompanied by monopoly power. From the perspective of either consumer welfare or social welfare, this presents the welfare analysis that should guide merger policy. We, then, examine the errors that may arise due to the restricted role that efficiencies play in Section 7 enforcement. Finally, we close with some policy recommendations.     

The relationship between asset growth and the cross-section of stock returns

There is a large body of literature examining the association between stock characteristics and the cross-section of stock returns in international markets. Recently, Cooper et al. (2008) reported a strong association between total asset growth and stock returns in the US. In this paper, we show that an asset-growth effect also exists in the Australian equity market. Of particular interest, it is present amongst the largest Australian stocks. Over the 1983-2007 period, an equally-weighted portfolio of low-growth Big stocks outperforms a portfolio of high-growth Big stocks by an average 1% per month, equating to nearly 13% per annum. At an individual stock level of analysis, the asset-growth effect remains even after controlling for other variables whose association with the cross-section of returns is well known. Finally, we explicitly test whether asset growth is a priced risk factor using the common two-stage cross-sectional regression methodology. We find no evidence to support a risk-based explanation, thereby lending credence to Cooper et al.’s (2008) suggestion that the asset-growth effect is attributable to mispricing.     

Community Development Credit Unions: Securing and Protecting Assets in Black Communities

Credit Unions, with a hundred year history, and Community Development Credit Unions (CDCUs), with a 30–40 year history of serving the under-served, have only recently begun to be recognized by some of the media and the progressive community as “safe havens” and fair lenders. There is little independent, academic research, however, that investigates and evaluates the ways that credit unions are community-rooted and responsive to local needs, and/or their achievements in this area. This paper reports on preliminary qualitative research this author has conducted to help us understand how community development credit unions in Black communities in the U.S. provide affordable financial services, and especially help their clients/members to preserve assets. Major findings include: all CDCUs note that they charge lower rates for their products, and provide higher interest or dividends when possible; both which enable members/customers to save money and build assets. CDCUs work closely with their members to personalize services, to help them avoid loans they cannot afford, and to educate them enough to make sound financial decisions and preserve their assets. Many give some direct options to their members to avoid “payday loans” with check cashing and other predatory lenders. In addition, most CDCUs are deeply involved in their communities, and the bigger ones actually provide donations, encourage their employees to volunteer in the community and are generous employees (creating jobs with benefits and job ladder opportunities). Some are able to help finance affordable housing and contribute to other community economic development projects.     

The odd-ending price justification effect: the influence of price-endings on hedonic and utilitarian consumption

This paper examines how odd-ending pricing influences consumption of hedonic and utilitarian products. Four studies test the hypothesis that the discount image associated with odd-ending prices reduces anticipated guilt and provides justification for hedonic consumption – an effect the authors label the odd-ending price justification effect (OPJE). Study 1 reveals people are more likely to choose hedonic over utilitarian products when they have odd-ending prices. Study 2 finds that the effect of odd-ending prices on hedonic consumption is mediated by guilt reduction. Study 3 reveals a boundary condition for the OPJE – purchase likelihood of hedonic products increases only when monetary, not nonmonetary, guilt is reduced. Study 4 suggests the OPJE operates at an unconscious level, as consumers who are made aware of the trivial difference between odd- and round-ending prices are no longer influenced by odd-ending prices. The theoretical, practical, and research implications of these findings are discussed.     

Service sector SMEs and essential skill provision in the 16–25 year old labour market: Evidence from Northern Ireland

This paper uses an employer survey of Northern Ireland (NI) service sector small and medium-sized enterprise (SMEs) to assess the nature and extent of labour market shortages arising from a lack of basic skills among the 16–25 year old workforce. Relative to literacy and numeracy skills, employers were found to place a slightly heavier weight on the more generic skills of attitude, communication and motivation. The rate of skills related to unfilled vacancies among service sector SMEs was found to exceed that of high-tech/ high value-added sectors which have traditionally been the focus of policy makers; it was also found that in instances where such skill shortages were due to a lack of basic literacy/ numeracy skills they exerted a negative impact on productivity performance. While employers were found to be highly supportive of existing delivery frameworks they were also open to alternative methods of basic skill acquisition based around the interests of young people and delivered outside the traditional qualifications framework. Finally, the lack of awareness among employers of a number of basic skills accreditation schemes and awarding bodies raises serious questions with respect to the effectiveness of such programmes.     

Exploring (non‐)meat eating and “translated cuisines” out of home: Evidence from three English cities

Meat production and consumption are major contributors to global greenhouse gas emissions and other aspects of environmental degradation. It is the aim of this paper to explore red meat in the configuration of main meals eaten out in England across types and styles of cuisine, and to consider the implications for transition towards less resource intensive ways of eating in the future. We show that the odds ratio of eating a dish without red meat is significantly lower in North American/European and Near/Middle Eastern cuisines compared with East Asian (with no difference between South and East Asian), that women are more likely than men to eat fish and poultry (with no gender differences in vegetarian dishes), that Prestonians are the least likely to select a vegetarian dish, compared with people in London and Bristol, and that the odds of a vegetarian dish compared with red meat is higher amongst managerial workers compared with the routine manual workers (with no other statistically significant class differences). We suggest the term “translated cuisine” to refer cuisines that travel and become incorporated into the palate of the new food culture, and discuss how this could play a role in transitions towards less meat‐centred patterns of food consumption in the future.     

Twitter als Wahlkampfmedium

The change of individual political communication is a crucial element in the debate about the mediatization of politics. More and more politicians as well as citizens make use of digital platforms to exchange their views on political issues and to inform themselves. This raises the question to what extent politicians offer options for digital interaction and thus encourage first-hand communication. This paper examines the use of the microblogging service Twitter by politicians during selected federal state election campaigns in Germany in 2011. The analysis focused on elements that facilitate participation and was conducted by using the ??functional operator-model??. Data analysis shows that politicians use twitter in either a ??personal-interactive?? or ??topic-informative?? style. Regarding deliberative structures of twitter communication, however, there is still much to gain??both on the part of the politicians and of the citizens.     

Together or separately? Direct and synergistic effects of Effectuation and Causation on innovation in technology-based SMEs

Technology-based SMEs develop their activity in changing environments with strong competitive pressures. These conditions make them much more likely to innovate but also make the innovative process more challenging due to greater complexity of decisions about resources and establishment of actions to achieve favorable innovation results. Although prior studies have analyzed diverse factors that impact the innovative dynamics of this type of firm, little advance has been made in exploring the problem from the perspective of decision-making. This study seeks to close this research gap using Effectuation Theory, one of the most-cited theories emerging in the field of entrepreneurship. More specifically, we analyze the use of causal and effectual decision-making logics to evaluate their direct and ambidextrous effects on innovation in technology-based SMEs. Our results provide evidence that not just one path, but rather a pool of alternatives, supports product and process innovation development. More specifically, when technology SMEs pursue product innovation, both effectuation and causation can be used as predominant mechanisms to achieve positive innovation results. If firms also seek to develop process innovations, however, they may obtain better results with an ambidextrous approach.

     

Trying to Serve Two Masters is Easy,Compared to Three: Identity Multiplicity Work by Christian Impact Investors

Journal of Business Ethics - While research has focused on financial and social goals in impact investing, we add to the limited research that focuses on how individuals manage identity...