Students' Emotional Experience at the University: An Alternative Approach to Understanding Students as Consumers

This study offers an alternative perspective to understand students as consumers. This proposition is evaluated by analyzing the relationship between students’ emotional experience at a university and their perception of loyalty to this institution. Students from a Latin-American business school responded to a survey that included the Consumption Emotion Set and a loyalty assessment (n = 1,393). Data was analyzed using Rasch models. The findings show that positive emotions motivate student loyalty, whereas negative emotions harm student loyalty. The students’ experiences should be conceptualized at the institution as a brand and addressed through services and (nonacademic) activities in students’ lives.     

On the epidemiology of injury in developing countries: A one-year emergency room-based surveillance experience from León,Nicaragua

Background Regularly available data has been shown to be inadequate for developing, implementing, and evaluating injury prevention and control programs in Nicaragua. A specific prevention-oriented local injury surveillance system has therefore been set up in the city of León. Objectives The aim of this paper is to describe the epidemiology of fatal and non-fatal injuries over a one-year period in a well-defined local population in Nicaragua, as emerging from the perspective of emergency room and inpatient treatments over a one-year period. Methods A hospital-based injury surveillance system was established to collect data for different levels of severity. All treated unintentional and intentional injuries were registered, including information on the external causes according to the ICD-9. Results Of all emergency room visits, 15.9% (9,970) were injuries. For every death due to injuries, there were 31 hospital admissions and 253 emergency room visits. Home and street/roads were the main arenas for the accidents. The estimated underreporting rate was about 6%, and in 20.3% of the cases, no E-code was assigned. The overall incidence and mortality rates were 56.2 per 1,000 and 20 per 100,000 inhabitants, respectively. However, comparison with a parallel household survey showed that the reporting rate of the surveillance system is only about 9%. The overall ratio of male to female injury rates was 2.1 to 1. The main causes of non-fatal injuries were falls, whereas the main cause of death was traffic accidents. Conclusions Hospital discharge and emergency room data systems are effective and feasible means for collecting the data needed to prevent injuries. However, in a country like Nicaragua with limited access to hospital health services, it is necessary to supplement such a system with additional sources of information in order to gain a more comprehensive picture of injury occurrence.     

Contraste de la ley de Gibrat en la banca comercial brasileña

In recent years Brazil has been one of the countries with major changes in the banking sector. The deregulation process that has taken place since 2002 has brought an increased presence of foreign banks and higher competition, among other aspects. In this context, the objective of this study is to analyze Gibrat's law on Brazilian commercial banks over the period 2002-2013 with the aim of providing evidence for the construction of a banking growth model which guide the country's financial policy. To that end, we employ a methodology based on quartile regressions as a contribution to previous literature. Our overall results reveal the existence of a non-lineal relationship between growth and banks size with an inverted U-shape. These findings allow us to affirm that the relative dispersion of banks size, as well as the sector's concentration, will be reduce in the future years.     

Öffentliche Güter mit Versicherungscharakter

Dikes as well as early warning systems against natural disasters are just two examples for pure public goods that serve as an insurance device. Dikes reduce the probability of a loss caused by flooding. Such public goods can be seen as public self-protection. By contrast, early warning systems do not reduce the probability of a loss, but the size of a loss. Hence, such public goods can be seen as public self-insurance. The present paper presents a model which takes these characteristics into account. Conditions for the efficient provision of such public goods are derived. Moreover, we analyze the consequences of a change in income and risk aversion towards the efficient provision level as well as the interaction with private market insurance.     

Reappearing Dividends

During the last two decades of the 20th century, the propensity of U.S. companies to pay cash dividends declined significantly. The trend away from dividends accelerated during the late 1990s, leading some economists to conclude that dividend policy was shifting in a very fundamental way. But there was a sharp reversal in this trend starting in 2000.
This article investigates five possible explanations why dividends are reappearing. Given the explosion of new companies during the 1990s, the authors find that part of this rebound can be explained by the "maturity hypothesis"– by the need for such companies to pay out their excess "free cash fiow" to reassure investors that it will not be wasted on value-destroying investments. The authors also report evidence that some companies have chosen to use dividends in part to restore investor confidence about the "quality" of corporate earnings in the wake of concerns over corporate governance. Third, the authors' findings suggest that U.S. companies have responded to the recent dividend tax cut, as one might expect, although the rebound in dividends started well before tax reform became a widely discussed possibility. Finally, the study finds little support for behavioralist explanations in which managers "cater" to irrational investor preferences for dividends. Although the authors hesitate to read too much into the recent rebound, their evidence is consistent with the idea that corporate payout policy has shifted back in favor of conventional cash dividends.     

Does family employment enhance MSEs performance?: Integrating socioemotional wealth and family embeddedness perspectives

This paper analyzes the effect of family employment on performance in micro and small enterprises (MSEs) by combining two research perspectives that, until now, have been conducted separately: the family embeddedness perspective of entrepreneurship (Aldrich and Cliff, 2003) and the socioemotional wealth (SEW) approach to family business (Gomez-Mejia et al 2007). Our integrated perspective allows us to highlight how the nature of the employment relationships in MSEs enhances the benefits derived from the socioemotional endowment associated with family labor, and reduces the opportunity costs of employing relatives. Moreover, we assert that this relationship is moderated by specific family characteristics that determine the firm's ability to preserve the SEW, while at the same time pursuing financial goals. Our results provide partial support to the enhancing role of family labour on MSEs performance: employing family members increases sales but decreases profitability as measured by ROA. This effect also results in improved performance for women-led firms and for firms that have received family funding, but impairs MSEs performance when the business is the main source of the owner´s household income.     

Identity and environmentalism: the influence of community characteristics

This paper examines the influence of community characteristics on self-proclaimed environmentalism. We find that the composition of a community affects the likelihood that a person claims to be a strong environmentalist even after controlling for individual political leaning, socio-economic characteristics, and pro-environment behaviors. Individuals are more likely to claim to be strong environmentalists if they live in areas where a larger share of the population has post-graduate degrees, if they live in heavily Democratic areas, or if they live in heavily Republican areas. These community effects occur only when individuals are predisposed to take on an environmental identity.     

The new Spanish system of intergovernmental transfers

This article analyses the workings of the new Spanish system of intergovernmental transfers, which has been in operation since 2009, and compares its expected effects with those of the model that was in force until 2008. The paper considers the effects of the new model at the base year of application and the growth over time of these effects. On the positive side, the reform has significantly reduced the dispersion of the distribution of regional resources per capita. On the negative side, the system has become very complex and obscure regarding the distribution criteria it uses; also, of the five (1987, 1992, 1997, 2002, 2009) major revisions of the system, this is the most expensive.     

The role of multivariate skew-Student density in the estimation of stock market crashes

By combining the multivariate skew-Student density with a time-varying correlation GARCH (TVC-GARCH) model, this paper investigates the spread of crashes in the regional stock markets. The regional index series of European, USA, Latin American and Asian markets are modeled jointly, and the maximum likelihood estimates show that a TVC-GARCH model with multivariate skew-Student density outperforms that with multivariate normal density substantially. Depending on the past information set, the conditional 1-day crash probabilities are computed, and the forecast performances of the TVC-GARCH model with both multivariate skew-Student and normal densities are evaluated. In both bilateral and global environments, multivariate skew-Student density has better predictive accuracy than normal density. In global crash probability forecasts, multivariate skew-Student density attains much higher hit rate and Kuipers score than multivariate normal density, thus it can be used to improve early-warning systems.