The Effect of Mortgage Price and Default Risk on Mortgage Spreads

Variations over time in mortgage yield spreads should reflect changes in the underlying prepayment option value; moreover, the relationship between mortgage yield spreads and interest rate dynamics should weaken as the value of the borrowers prepayment option declines. We verify this hypothesis through an empirical analysis of residential mortgage yield spread behavior, and we also present evidence that the strength of the relationship between mortgage spreads and interest rate dynamics weakens (strengthens) as the level of default risk increases (decreases). This result is consistent with the competing risks effect between a borrowers option to prepay or default. Our results demonstrate the importance of accounting for mortgage price discount to par as well as default risk when developing time series of mortgage yields.     

Understanding the relationship between experiencing workplace cyberbullying,employee mental strain and job satisfaction: a dysempowerment approach

Although the literature on traditional workplace bullying is advancing rapidly, currently investigations addressing workplace cyberbullying are sparse. To counter this, we present three connected research studies framed within dysempowerment theory (Kane, K., & Montgomery, K. (1998). A framework for understanding dysempowerment in organizations. Human Resource Management, 37, 263–275.) which examine the relationship between volume and intensity of cyberbullying experience and individual mental strain and job satisfaction; whether the impact is more negative as compared to traditional bullying; and whether state negative affectivity (NA) and interpersonal justice mediate the relationship. Additionally, we also considered the impact of witnessing cyberbullying acts on individual outcomes. A total sample comprised 331 UK university employees across academic, administrative, research, management and technical roles. Overall, significant relationships between cyberbullying exposure and outcomes emerged, with cyberbullying exposure displaying a stronger negative relationship with job satisfaction when compared to offline bullying. Analysis supported an indirect effect between cyberbullying acts and outcomes via NA and between cyberbullying acts and job satisfaction via interpersonal justice. No support for a serial multiple mediation model of experiencing cyberbullying to justice to NA to outcome was found. Further, perceived intensity of cyberbullying acts and witnessing cyberbullying acts did not significantly relate to negative outcomes. Theoretical and practical implications of the research are discussed.     

The Empirics of Wetland Valuation: A Comprehensive Summary and a Meta-Analysis of the Literature

Wetlands are highly productive ecosystems, providing a number of goods and services that are of value to people. The open-access nature and the public-good characteristics of wetlands often result in these regions being undervalued in decisions relating to their use and conservation. There is now a substantial literature on wetland valuation, including two meta-analyses that examine subsets of the available wetland valuation literature. We collected over 190 wetland valuation studies, providing 215 value observations, in order to present a more comprehensive meta-analysis of the valuation literature that includes tropical wetlands (e.g., mangroves), estimates from diverse valuation methodologies, and a broader range of wetland services (e.g., biodiversity value). We also aim for a more comprehensive geographical coverage. We find that socio-economic variables, such as income and population density, that are often omitted from such analyses are important in explaining wetland value. We also assess the prospects for using this analysis for out-of-sample value transfer, and find average transfer errors of 74%, with just under one-fifth of the transfers showing errors of 10% or less. † 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.     

Intellectual Property Government Open Data: Australian Business Number Links to All Intellectual Property Data in Australia

Intellectual property rights protect the fruits of investment in intangible assets, such as inventions and innovations, creative content, designs, brand recognition and reputation, through five broad arms: patents, trade marks, design rights, plant breeder's rights and copyright. All of these rights, with the exception of copyright, are administered by IP Australia. To facilitate analysis of these rights, IP Australia released Intellectual Property Government Open Data (IPGOD) on < data.gov.au >. IPGOD is a weekly updated, publically accessible database that provides access to 100‐plus years of non‐sensitive administrative data on intellectual property rights held in IP Australia's databases that are linked to Australian Business Numbers and Australian Company Numbers.     

Imported Intermediates,Absorptive Capacity and Productivity: Evidence from Ghanaian Manufacturing Firms

This paper analyses whether the use of imported intermediates improves productivity using firm‐level panel data of manufacturing firms in Ghana covering the period between 1991 and 2002. This includes examining the importance of absorptive capacity (ABC) in enhancing the productivity gains from imported intermediates. We propose lagged relative productivity as a new measure of ABC. For any given period, ABC is defined as the natural logarithm of a firm's total factor productivity (TFP) in the previous period relative to the firm's initial TFP. An alternative measure of ABC considers real value added per worker in lieu of TFP. Overall, we find that firms with high levels of ABC derive productivity gains from the contemporaneous and prior use of imported intermediates, particularly for firms operating in the input‐intensive industries. Our findings are robust to different specifications of the base model and different estimation techniques.     

Exploring necessary conditions in HRM research: Fundamental issues and methodological implications

Although the notion that HRM activities are necessary conditions for achieving certain outcomes is widespread in HRM research, most empirical studies follow an additive sufficiency logic. That is, they analyse whether HRM activities increase an outcome, assuming that they can compensate for one another. However, this does not correspond to the idea of necessity where single HRM activities are required for an outcome to occur and cannot be compensated when absent. We discuss the differences between sufficiency and necessity logics in terms of theory, methodology, and practical relevance. Also, we suggest using a new approach and analysis technique in HRM research: necessary condition analysis. We illustrate the application of the method by analysing data on the relationship between ability‐, motivation‐, and opportunity‐enhancing HRM practices (i.e., high‐performance work practices) and employee performance. This illustrative example highlights that necessary conditions require particular theoretical attention and suitable empirical methods. The paper concludes by showing the value of studying necessary conditions, because such analyses allow straightforward recommendations to be given of high relevance for HRM practice, which differ from and add to recommendations based on additive sufficiency logic and analyses.     

Estimating the Causal Effect of Entry on Generic Drug Prices Using Hatch–Waxman Exclusivity

Competition among generics helps keep drug prices low and control medical costs. Good estimates of the effect on price of the entry of another generic competitor would inform competition policy and test oligopoly theories. However, identifying the causal effect of entry is difficult since the number of firms that compete in a market is endogenously determined. We exploit provisions of the 1984 Hatch–Waxman Act to identify a causal effect. We find that ignoring endogenous selection into generic drug markets imparts a significant downward bias to the estimates of the effects of two and three competitors on generic drug prices.     

The Vancouver 2010 Olympics and leisure-time physical activity rates among youth in Canada: any evidence of a trickle-down effect?

Using nationally representative data from the Canadian Community Health Survey, we explored if the Vancouver 2010 Winter Olympics were associated with leisure-time physical activity rates among youth in Canada. No statistically significant changes were observed in the rate of moderately active/active youth in Canada or the province of British Columbia (BC) over the two-year time periods under investigation. At the regional level however, a significant increase in the rate of moderately active/active females from 2007–2008 (pre-event) to 2009–2010 (the year prior to the event and the year the event was staged) was observed in the Richmond, BC, health region (z = 2.05, p = .04). Previous conclusions that trickle-down effects do not occur are not supported by our data. Instead, we conclude that trickle-down effects may in fact occur, but may tend to be localised within certain communities (i.e. close to where Olympic events are staged) and among particular segments of a population.