Integrated Reporting,Stakeholder Engagement,and Balanced Investing at American Electric Power

The policies and practices of American Electric Power (AEP) encompass a number of paradoxes in the domain of sustainability. AEP is a large electric power provider with a predominantly coal‐fired power generation portfolio, which puts the company squarely in the center of national debates about global climate change and national air quality. At the same time, AEP is also a leader on several social and environmental fronts: integrated reporting, stakeholder engagement, technology innovation, and policy solutions for climate change. In this article, the authors describe AEP's rationale for providing leadership in these areas and then explore how the company tries to balance stakeholder interests and financial, environmental, and social concerns in its capital investment decisions. Using these examples, the authors expand on and discuss the limitations of Michael Jensen's theory of “enlightened value maximization.”     

A case study of short-sale constraints and limits to arbitrage

This paper uses a unique data set of trades in a unique pair of securities that enables the precise identification of individual broker activity and the trade direction of that activity. We find direct evidence that the imposition (removal) of short-sale constraints limits (generates) trading activity consistent with brokers exploiting apparent mispricing.     

A Case Study of the Grey Oaks Community and Club: Creation of a High-Performance Culture Through the Innovative Use of a Data-Driven Business Plan

ABSTRACT

Grey Oaks, a premier country club and gated residential community established in Naples, Florida, developed and used a collaborative and highly feedback-driven system to build adaptive capacity and foster proactive change. Special attention has been given to the unique use and refinement of its business plan and planning process through the feedback management received from club members. This highly adaptive business plan helped Grey Oaks to endure the economic downturn that began in 2008, and the company’s ability to thrive in the midst of economic instability has demonstrated the effectiveness of the plan as a model capable of sustaining the cultural and financial health of the club and community. The Grey Oaks planning model has been an innovation in its industry, and other organizations can greatly benefit by studying the implementation and utilization of this evidence-driven model.     

Social Media Usage by Law Firms: Correlation to Revenue,Reputation, and Practice Areas

Social media can be used for multiple purposes within the legal profession, such as client development, networking, disseminating information, and building awareness of the firm and its practices. This study found that the more social media platforms a firm uses, the higher its ranking among prestigious law firms. Based on the practices of successful law firms, it is recommended that lawyers maintain LinkedIn and Twitter accounts as a way to connect with clients and the public. Findings indicate that additional platforms are beneficial, based on the practice areas of a firm. Guidelines are provided for composing effective social media messages.     

‘Intelligent investment’? Welsh sport policy and the (in)visibility of ‘race’

ABSTRACT

In this paper, we draw on research conducted in Wales to consider reasons for participation and non-participation in sport and physical activity among Black and minoritised ethnic (BME) groups. This study exposes the challenge at the heart of sports policy in relation to ‘race’ and ethnicity in Wales that, if not addressed, may lead to the marginalisation of attempts to increase BME participation in sport and physical activity despite good intent. It points to a disjuncture between supply and demand and leads us to question the extent to which such policies resonate with the interests, needs and lived experiences of people from different BME communities in Wales. We draw on testimonies of policy-makers and implementers, as well as individuals from various BME communities in five regions of Wales, to consider the extent to which national sports policy encourages strategies to increase participation among different ethnic groups. We suggest that increasing participation among BME communities and other ‘hard-to-reach’ groups must go beyond accounting for the supply aspects of sport and physical activity to consider more critically the plethora of barriers and exclusions facing many BME communities. We conclude by arguing that for racial inequalities to be reduced, and promises such as ‘sport for all’ to be realised, the analysis of policy needs to be related to broader relations of power in the culture of both sport and society.     

Tests of Fairness Models Based on Equity Considerations in a Three-Person Ultimatum Game

Two recent models incorporating fairness considerations into the economics literature based on agents' concerns about the distribution of payoffs between themselves and others (Fehr-Schmidt, 1999,Quarterly Journal of Economics. 114 (3), 769–816; Bolton-Ockenfels, 2000,American Economic Review. 90, 166–193) are investigated using a new three-person ultimatum game: One person allocates a sum of money to two others, one of which is randomly chosen to accept or reject the offer. Rejection gives both the responder and the proposer zero income and a positive consolation prize for the non-responder. The data show essentially no reductions in rejection rates, holding offers constant, with and without consolation prizes, contrary to both models' predictions.     

Use of Contingent Valuation to Elicit Willingness-to-Pay for the Benefits of Developmental Health Risk Reductions

We report the results of several contingent valuation (CV) surveys to elicit willingness-to-pay values from the general public for risk reductions associated with decreases in exposure to a chemical, PCBs, in the environment. We also develop Quality Adjusted Life Years (QALYs) from the survey using both standard gamble and time-tradeoff elicitation methods to explore the relationship between QALYs and willingness-to-pay (WTP), and to develop QALY weights for subtle developmental effects. The results of the CV surveys are designed for incorporation into a case study of an integrated risk model to monetize the benefits of predicted risk reductions. Respondents showed a nearly proportional, positive relationship between decreasing the risk of a 6-point reduction in IQ (a standard measure of “intelligence”) and WTP, but showed a negative relationship between risk reduction and WTP for reading comprehension as an outcome. The range of mortality risks that respondents would accept on behalf of their (hypothetical) 10-year-old child is 2 in 10,000 to 9 in 1,000 per IQ point, and WTP per IQ point is $466 ($380, $520). QALY weights elicited via time tradeoff (reduction in life expectancy) were significantly different from QALY weights elicited via a standard gamble (p = 0.001). Respondents who answered questions about ecological endpoints first were willing to pay a small additional amount when asked about human health effects, but those respondents who answered questions about human health endpoints first were not willing to pay any additional amount when subsequently asked about ecological effects. This paper has not been submitted elsewhere in identical or similar form, nor will it be during the first three months after its submission to the Publisher.     

Effects of selected antioxidants on physical and sensory characteristics of yeast bread containing flaxseed meal

Flaxseed has been identified as a potential functional food because of its high content of phytochemicals, alpha‐linolenic (α‐linolenic) acid and lignans. Flaxseed can be used in baked goods because of its minimal loss of α‐linolenic acid. Alpha‐linolenic acid is susceptible to oxidation and the development of off‐aromas and flavours in the food. The focus of this study was to determine the effectiveness of both synthetic and natural antioxidants that were incorporated into a yeast bread that contained 15% flaxseed as a partial replacement for bread flour. The study evaluated the effectiveness of the antioxidants on the physical and sensory characteristics of the bread. Physical properties, such as per cent moisture and loaf volume, were not affected (P > 0.05) by the antioxidants, but ascorbic acid, butylated hydroxytoluene and butylated hydroxyanisole, independently, had a softening affect (P < 0.05) on crumb firmness. Sensory analysis indicated significant (P < 0.05) changes in aroma, grainy taste, aftertaste and moistness in all bread samples regardless of antioxidant, however, only ascorbic acid was rated as effective in maintaining a softer (P < 0.05) crumb.