The long‐run effect of government ideology on economic freedom

According to popular attitudes in Western democracies, the choice between right‐wing and left‐wing parties is a choice between socialism and unbridled free markets. In contrast, the cold and staid research of academia has frequently concluded that particular political parties do not really matter, as whichever party is elected will be closely tethered to the will of the median voter. This article considers the effects of the ideology of parties in power over the long run (1928–95) on economic freedom in subsequent periods. Right‐wing governments are found to have modest, positive effects on economic freedom, but the effects are not particularly robust. The findings here are consistent with others elsewhere, which conclude that there is minor, uneven evidence of an effect. Nonetheless, historically small effects may not be indicative of the future, should these effects be poorly indicative of today's tumultuous political landscape.     

Interest rate dynamics and volatility transmission in the European short term interest rate market

This paper investigates the price and volatility relationship in European short-term interest rate markets. Cointegration analysis is used to analyse the long and short run relationship and a GARCH BEKK model is estimated to analyse the volatility transmission between the markets. The stability of the long run relationship is also examined using Bai and Perron (Econometrica 66(1),47–78, 1998, J Appl Econ 18(1):1–22, 2003) structural break methodology. The results show that the relationship between the EURIBOR spot deposit rate and the EURIBOR future contract has changed significantly since 2001 and several structural breaks are present in the 13 year sample period. During periods where there is a long run relationship present the spot deposit rate generally leads the future rate in price discovery. In the short run there is bi-directional causality present between the markets. There is also significant evidence of volatility transmission from the spot market to the futures market throughout the sample period.     

Ambush marketing: The ethical issues

Ambush marketing is now, for some companies, a strategic alternative to formal association through the purchase of legitimate sponsorship rights. Research evidence indicates that this ambush activity may damage sponsors' events and even the interests of sports governing bodies and individual sports people. Legal issues clearly arise, but the body of case law is as yet slight. Discussion often focuses on property rights, but these too can be problematic if a major sports event of popular cultural significance is concerned. Four ethical perspectives—utilitarianism, duty-based ethics, stakeholder analysis, and virtue ethics—can provide a framework for the debate on the ethics of ambush marketing. A range of possible actions to create more ethical commercial sponsorship are identified and briefly evaluated. In particular an international code of conduct for event sponsorship seems to be an idea whose time has come. © 1998 John Wiley & Sons, Inc.     

Asset allocation and age effects in retirement savings choices

We examine the asset allocation decisions of members of three large Australian retirement savings funds. Superannuation Guarantee legislation in 1992 made Australian employees compulsory investors by requiring employers to contribute a fixed proportion of earnings to a superannuation fund on behalf of employees. A majority of these employees can choose an investment strategy for these contributions. We examine how actual investment strategy and asset allocation choices of members change with age in view of the conventional wisdom that individuals allocate less to risky assets as they age and investments theory which provides conflicting advice on the issue.     

The deep roots of economic development in the U.S. states: an application of Putterman and Weil (2010)

The “Deep Roots” literature investigates the effects of ancient cultural variables on economic outcomes. We extend Putterman and Weil’s (Q J Econ 125(4):1627–1682, 2010) inquiry into the effects of State History and Agricultural History to the economic output in ethnically and racially diverse fifty U.S. States. The ethnic and racial differences across the populations of the fifty U.S. states vary considerably due to historical immigration and slave flows that, as a result, produced radically different State History and Agricultural History scores across the states. Results derived from Putterman and Weil’s methodology do not robustly predict per capita levels of economic output across U.S. States. We also investigate the institutions channel, and find that they impact some measures of institutions, but they do not impact the quality of economic institutions which may be essential for promoting economic growth and development.     

Helpful Reviewers in TripAdvisor,an Online Travel Community

Online communities need a critical mass for communication, information, and entertainment and should provide useful information for their members in order to obtain this critical mass. The abundance of online travel reviews increases cognitive costs of travelers, and travelers use extrinsic cues to judge the quality of online reviews to eliminate costs associated with the information process. Of various cues used in online environments, this study examined an online reputation system in TripAdvisor.com and profiled the reviewers who post helpful reviews in the online travel community. The key findings include that helpful reviewers are those who travel more, actively post reviews, belong to any age and gender groups, and give lower hotel ratings. This study adds to research of online travel reviewers by characterizing helpful information creators among online content creators.     

Expatriate adjustment from the inside out: an autoethnographic account

This paper identifies some of the dynamics of expatriate adjustment using an autoethnographic account of situations experienced by the first author during her first year of work at a financial services company in Hong Kong. Success in this cross-cultural assignment is dependent on the expatriate's ability to adjust to and master the new culture. Our theoretical analysis of the autoethnographic account suggests that culture shock may be a discontinuous process. Further, the analysis suggests that cultural acceptance can play a critical role in expatriate adjustment.     

Accountability for performance in English and Scottish fire and rescue services from 2010 to 2016

ABSTRACT

Using evidence from English and Scottish fire and rescue services from 2010 to 2016, this paper shows how divergent performance management regimes can affect public accountability. Performance management regimes enable agencies and the public to hold public sector organizations accountable by facilitating evaluation of their accomplishments. However, local as opposed to central, control over performance management can have quite different implications for public accountability.     

Connected and autonomous vehicle injury loss events: Potential risk and actuarial considerations for primary insurers

The introduction of connected and autonomous vehicles (CAVs) to the road transport ecosystem will change the manner of collisions. CAVs are expected to optimize the safety of road users and the wider environment, while alleviating traffic congestion and maximizing occupant comfort. The net result is a reduction in the frequency of motor vehicle collisions, and a reduction in the number of injuries currently seen as “preventable.” A changing risk ecosystem will introduce new challenges and opportunities for primary insurers. Prior studies have highlighted the economic benefit provided by reductions in the frequency of hazardous events. This economic benefit, however, will be offset by the economic detriment incurred by emerging risks and the increased scrutiny placed on existing risks. We posit four plausible scenarios detailing how an introduction of these technologies could result in a larger relative rate of injury claims currently characterized as tail‐risk events. In such a scenario, the culmination of these losses will present as a second “hump” in actuarial loss models. We discuss how CAV risk factors and traffic dynamics may combine to make a second “hump” a plausible reality, and discuss a number of opportunities that may arise for primary insurers from a changing road environment.