Retail store managers' and students' perceptions of ethical retail practices: A comparative and longitudinal analysis (1976–1986)

Considerable attention is currently being directed to ethics in business, government and academia in both the professional and popular media. Most of these studies propound that ethics have eroded over time, resulting in their current low state. However, few, if any, of these articles provide comparative or longitudinal data to support their arguments. In this investigation, both comparative and longitudinal data were collected between 1976 and 1986 from retail store managers and retail students concerning their current perceptions of ethical retail practices. The results indicate a significant increase in the ethics of retail store managers, and a significant decrease in the ethics of retail students. Donald G. Norris is an Assistant Professor of Marketing at Miami University. His research has been published in the Journal of Advertising Research, the Journal of Retailing and the Proceedings of the Association of Consumer Research and the American Marketing Association.John B. Gifford is a Professor of Marketing at Miami University and the Associate Dean for the School of Business Administration. He has published a number of articles in the field of retailing, and currently serves as Vice President of the American Collegiate Retailing Association.     

Optimal futures hedging for energy commodities: An application of the GAS model

This paper applies generalized autoregressive score-driven (GAS) models to futures hedging of crude oil and natural gas. For both commodities, the GAS framework captures the marginal distributions of spot and futures returns and corresponding dynamic copula correlations. We compare within-sample and out-of-sample hedging effectiveness of GAS models against constant ordinary least square (OLS) strategy and time-varying copula-based GARCH models in terms of volatility reduction and Value at Risk reduction. We show that the constant OLS hedge ratio is not inherently inferior to the time-varying alternatives. Nonetheless, GAS models tend to exhibit better hedging effectiveness than other strategies, particularly for natural gas.     

How federally insured reverse mortgages affect the credit outcomes of older adults

This study examines how the extraction of home equity through the federally insured Home Equity Conversion Mortgage (HECM) affects the credit outcomes of older adults. We use data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel, supplemented with a unique credit panel data set of reverse mortgage borrowers. Using matched sample difference-in-differences with individual fixed effects, we estimate credit outcomes for older adults who borrowed through a HECM between 2008 and 2011, relative to older homeowners not borrowing from home equity. Our results indicate that the HECM is associated with a short-term reduction in revolving credit card debt, as well as a reduction in the probability of bankruptcy. We find some evidence of heterogeneous treatment effects, where older adults with higher levels of consumer debt prior to originating a HECM experience larger subsequent declines in debt, increases in credit score, and steeper reductions in bankruptcy rates.     

The past,present, and future of consumer research

Marketing Letters - In this article, we document the evolution of research trends (concepts, methods, and aims) within the field of consumer behavior, from the time of its early development to the...     

The past,present, and future of marketing strategy

Marketing Letters - This article provides a high-level overview of marketing strategy research and offers a number of suggestions of areas ripe for future research. We discuss the most fundamental...     

Agricultural Policies and Trade Paths in Turkey

In 1959, shortly after the European Economic Community was founded under the 1957 Treaty of Rome, Turkey applied for Associate Membership of the then six‐member common market. By 1963, a path for integrating the economies of Turkey and the eventual European Union had been mapped. As with many trade agreements, agriculture posed difficult political hurdles, which were never fully cleared, even as trade barriers to other sectors were eventually removed and a Customs Union formed. In this paper, we trace the influences the Turkey‐EU economic institutions have had on agricultural policies and the agricultural sector. Using an applied general equilibrium framework we provide estimates of what including agriculture under the Customs Union would mean for the sector and the economy. We also discuss the implications of fully aligning Turkey's agricultural policies with the EU's Common Agricultural Policy, as would be required under full membership.     

Fear Linkages Between the US and BRICS Stock Markets: A Frequency-Domain Causality

Abstract

We employ a spectral causality approach to uncover short-, medium-, and long-run causal relations between the US implied volatility index and the five individual implied volatility indexes of BRICS markets from 16^th March 2011 to 31^st January 2018. We show that the volatility causal relations differ between the short and long run in many cases. Although the results indicate the dominant role played by US uncertainty in shaping uncertainty in all BRICS markets, there is also evidence of a feedback effect from Brazil, Russia, and China to the US that differs across the spectrum. The implications for hedging and risk management practices are explored.     

A note on utility‐based futures hedging performance measure

This note considers the estimator for the utility‐based hedging performance. It shows that the estimator incurs a downward bias, regardless of whether the conventional mean‐variance expected utility function or the more general risk‐averse utility function is adopted. Consequently, the usefulness of the futures contract is under‐estimated. © 2011 Wiley Periodicals, Inc. Jrl Fut Mark     

Insider Trading and regulation: A look at bank holding companies

With the passage of the Insider Trading Sanctions Act (ITSA) of 1984, regulators have attempted to reduce insider trading activities through their increased power to impose stiffer penalties on violators. In their study of trading activity associated with tender offers, Arshadi and Eyssell (1991) find that insiders went from being heavy net purchasers of their own firms' stock prior to tender offer announcements to being weak net sellers. The special status of bank holding companies suggests that the trading patterns of insiders would differ between bank holding companies and non-bank holding companies. The results in this paper indicate this to be the case as there is no change in the trading patterns for insiders of bank holding companies between the two regulatory periods.     

Henry George's Influence on John Bates Clark:

A bstract John Bates Clark's marginal productivity theory of income distribution has been portrayed as being derived from David Ricardo . This article traces the influence Henry George had on that theory in providing a standard for measuring labor's addition to aggregate output as comparable to what could be earned on no-rent land . Following George, Jobn Bates Clark extended that standard to include no-rent capital.