‘A‘ohe pau ke ‘ike ka hālau ho‘okahi [All knowledge is not taught in the same school]1 Welcoming Kānaka Hawai‘i Waves of Knowing and Revisiting Leisure

As we reflect on the leisure science canon, we use this occasion to ponder how our scholarship has engaged with communities with alternative worldviews compared with the Euro-North American worldview dominant in leisure scholarship. While some Indigenous cultural practices may, at first glance, seem similar to behaviors found in Euro-North American leisure space-time, such a comparison is often problematic when an Indigenous language has no equivalent concept or word for leisure and the worldview assumes a different relational reality. Drawing on our ongoing research working with Kanaka Hawai‘i, we offer a discussion of the relevance and need for Ieisure scholars and practitioners to engage with Indigenous worldviews, ways of knowing and being. We specifically focus on approaches and dispositions relevant to scholars and practitioners as we look to nourishing possibilities for richer relationships between Indigenous and non-Indigenous peoples through leisure.     

Product—Market Choices and Growth of New Businesses

The relationship between product–market strategies and the growth of new firms is incompletely understood. The lack of understanding reflects the absence of a conceptual framework that would explain why certain product–market strategies achieve specified goals more effectively than do others. Prior research links product and market strategy to business growth, but does not clearly separate product line choices from market choices, and provides little guidance with respect to the sequence in which product and market changes should be made. Richard Cardozo, Karen McLaughlin, Brian Harmon, Paul Reynolds, and Brenda Miller propose a "wave" model of product–market choice, which yields hypotheses they evaluate with data from a subsample of 120 firms drawn from a representative sample of new businesses. Results yield preliminary guidelines for product–market strategy for managers of fledgling businesses.     

Transition and agricultural labor

Reforms have strongly affected agricultural employment in transition countries but in remarkably different ways. We present a theoretical model and an empirical analysis to explain differences in labor adjustment during transition. We show that the differences are due to a combination of variations in initial conditions and differences in reform policies and effects. The removal of price distortions and subsidies caused wage and price adjustments during transition and a reduction in labor demand in agriculture. Surplus labor outflow from agriculture was further stimulated by the privatization of the farm assets as they improve incentives and remove constraints for optimal factor allocation and structural adjustment. The shift to individual farms, which was especially strong in labor‐intensive production systems with low labor productivity in agriculture, has reduced the outflow of labor from agriculture by improving farm governance and labor efficiency, although this effect was mitigated by losses in scale economies due to disruptions and market imperfections in transition. In general, labor outflow was considerably lower on individual farms than on corporate farms, due to a combination of factors related to human capital, access to finance, and physical capital. In the last section of the article we present a general framework for understanding labor adjustments in transition countries. Specifically, we show that there are several patterns of labor transition. In one pattern, followed by, e.g., the Czech Republic and Hungary, there is initially a strong survival of the restructured large‐scale corporate farms that have laid off many workers. In the second phase of transition, gradually the importance of individual farms increases. In other countries, such as Romania, the opposite has happened. In these countries there is an immediate strong shift to individual farms, while labor use increases on average in agriculture. After this initial phase, the shift to individual farms continues, albeit more slowly, and labor use in agriculture starts to decline. Finally, our analysis shows that in countries such as Russia and Ukraine much of the surplus labor is still employed by little‐reformed former collective and state farms. Major adjustments await more progress in agricultural and general reforms.     

The way we live: understanding the acquisition of living skills to facilitate the consumer empowerment of young people in the 21st century

This research seeks to understand the perceived sources of acquisition of living skills by young people and to examine the formal and informal channels of acquisition. The study focuses particularly on the concept of living skills. These are the skills of transition, of growing up, and independence. For the purpose of the research the skills investigated are those associated (or formerly associated) with the school subject of Home Economics and were distilled from past curricula and documentation (DES, 1985; SCP, 1971). They cover three types of skill: social/interpersonal, cognitive and manual. Social skills include awareness of others, and a sense of responsibility, which is the basis of child‐care and showing tolerance of and concern and consideration for others. Cognitive skills are those associated with decision‐making and management, they involve thinking, reasoning and the use of knowledge. Manual skills are concerned with the use of the hands, with dexterity and with the achievement of specific goals, for example the ability to use tools and appliances with emphasis on the safe handling of them. They can also be linked to knowledge in terms of, for example aspects of food safety and hygiene. Research to date has failed to tackle the concept of acquisition of the skills of transition from home to independent living. Most research is focused on skills pertaining to a particular occupation role (Newman and Newman, 1988; Blustein et al., 1989; Nurmi et al., 1994) rather than those of living skills. Respondents were asked where they had learnt most about manual, cognitive and social skills. To facilitate analysis the channels were condensed to family (mother, father, other family members), community (friends, voluntary organisations), self (trial and error, television, books and magazines), taught (at school, university and work), with a final category of ‘never learnt’ (categories adapted from Macbeth, 1989). The findings revealed that the perceived acquisition of these living skills was through informal channels. From this research it can be argued that the family, being the main perceived source of acquisition of living skills creates the right time, the right place and facilitates exchange efficiencies. However, in this over‐dependence on an informal framework it is unlikely that discrepancies of skill provision can be alleviated. Additionally, standardisation may be difficult if not impossible to achieve. Compounding this is the tendency of young people to have to resort to self‐learning, which it could be argued is acceptable for some skills but not for those reliant on correct information input (such as food hygiene and nutrition).     

Challenges of trade and agricultural development for East/Central Europe and states of the former USSR

The agricultural transition in Central and Eastern Europe and the former USSR reflects a fundamental change in development strategy, and will have a profound impact on agricultural trade. The greatest impact will be indirect, through agriculture's contribution to general economic reform and acceleration of regional and global growth. The direct impact on trade in food and fiber will in aggregate consist of a fall in net imports. Most of the decline in net imports will derive from reduction in demand and improved utilization. Potential for productivity increase is substantial, but not all of the increased productivity will be reflected in the traditional supply response of increased production. Instead marginal resources will shift out of farming, and producers will restructure and adopt new technologies in pursuit of lower costs. Shifts in the commodity composition of trade will occur, and the changes in grain and livestock markets will be greatest. If the reform is successful, the former Soviet Union could become a modest net grain exporter instead of a large importer. Wheat would be the leading export grain, and levels of wheat exports and corn imports could become quite sensitive to relative prices on world markets.     

Cointegration and causal relations in mortgage and capital markets

In years past, credit rationing resulted in the primary mortgage market being segmented from national capital markets. Some research suggests that the deregulation of depository institutions in the early 1980s along with the exponential growth in the secondary mortgage market, has resulted in a primary mortgage market more fully integrated with national capital markets. This study employs Granger Causality to test primary and secondary mortgage market segmentation. Our findings support the conclusion that causality is unidirectional from the treasury market to the primary and secondary mortgage market. The results also indicate that mortgage market speed of adjustment increased significantly by the end of the decade.     

Private Equity,Corporate Governance,and the Reinvention of the Market for Corporate Control

In the early 1980s, during the first U.S. wave of debt‐financed hostile takeovers and leveraged buyouts, finance professors Michael Jensen and Richard Ruback introduced the concept of the “market for corporate control” and defined it as “the market in which alternative management teams compete for the right to manage corporate resources.” Since then, the dramatic expansion of the private equity market, and the resulting competition between corporate (or “strategic”) and “financial” buyers for deals, have both reinforced and revealed the limitations of this old definition. This article explains how, over the past 25 years, the private equity market has helped reinvent the market for corporate control, particularly in the U.S. What's more, the author argues that the effects of private equity on the behavior of companies both public and private have been important enough to warrant a new definition of the market for corporate control—one that, as presented in this article, emphasizes corporate governance and the benefits of the competition for deals between private equity firms and public acquirers. Along with their more effective governance systems, top private equity firms have developed a distinctive approach to reorganizing companies for efficiency and value. The author's research on private equity, comprising over 20 years of interviews and case studies as well as large‐sample analysis, has led her to identify four principles of reorganization that help explain the success of these buyout firms. Besides providing a source of competitive advantage to private equity firms, the management practices that derive from these four principles are now being adopted by many public companies. And, in the author's words, “private equity's most important and lasting contribution to the global economy may well be its effect on the world's public corporations—those companies that will continue to carry out the lion's share of the world's growth opportunities.”     

Keeping others in our mind or in our heart? Distribution games under cognitive load

It has recently been argued that giving is spontaneous while greed is calculated (Rand et al., in Nature 489:427–430, 2012). If greed is calculated we would expect that cognitive load, which is assumed to reduce the influence of cognitive processes, should affect greed. In this paper we study both charitable giving and the behavior of dictators under high and low cognitive load to test if greed is affected by the load. This is tested in three different dictator game experiments. In the dictator games we use both a give frame, where the dictators are given an amount that they may share with a partner, and a take frame, where dictators may take from an amount initially allocated to the partner. The results from all three experiments show that the behavioral effect in terms of allocated money of the induced load is small if at all existent. At the same time, follow-up questions indicate that the subjects’ decisions are more impulsive and less driven by their thoughts under cognitive load.     

The Implicit Incentive Effects of Horizontal Monitoring and Team Member Dependence on Individual Performance

This study examines the implicit incentive effects of horizontal monitoring and team member dependence for individuals working in teams but facing explicit incentives based solely on measures of individual performance. We combine proprietary performance data with survey data for 133 internal auditors. We show that the social influences of relatively high levels of both horizontal monitoring and team member dependence provide implicit incentives that motivate individual performance, making the provision of team rewards unnecessary to ensure individual and team productivity. We conclude that horizontal monitoring and team member dependence are complementary control mechanisms whose effectiveness helps explain the observed practice of organizing work into teams without explicit team‐based rewards.