When does an employee not help coworkers? The effect of leader–member exchange on employee envy and organizational citizenship behavior

Using a sample of 233 front-line hotel employees, we examined leader–member exchange (LMX), envy, and organizational citizenship behavior (OCB). The results from path analysis support the research model that employees who have a relatively poor working relationship with their supervisor (i.e., low-quality LMX relationship) were more likely to show higher levels of envy than employees who have relatively closer working relationships with the same supervisor (i.e., high-quality LMX relationship). Ultimately, higher levels of envy decreased employee voluntary helping behavior (i.e., organizational citizenship behavior, OCB) toward coworkers. This finding suggests that employees perceiving a poor working relationship with their supervisor committed less voluntary helping behavior toward coworkers than their counterparts. Implications for managers and suggestions for future research are discussed.     

Perceived Restorativeness of Visits to Cultural Heritage Sites

This study aimed to examine whether a causal relationship exists between perceived restorativeness and emotional healing, visitor satisfaction, and intention to revisit with respect to a visit to the Seooreung Shrine in South Korea. Attention restorativeness theory claims that four factors (being away, fascination, extent, and compatibility) induce a restorative environment. The results of the conducted survey support the four factors of attention restorativeness theory. Two distinct groups were identified and differences were discovered between the groups with respect to satisfaction and perceived restorativeness. Emotional healing exerted more influence on intention to revisit than visitor satisfaction. This study delivers a significant outcome as pioneer research on healing tourism by discovering emotional healing as a precedent variable to visitor satisfaction and intention to revisit in the area of cultural heritage tourism.     

Employees intent to leave: A comparison of determinants of intent to leave versus intent to stay

The purpose of the study is to examine whether the predictors that decrease employee intention to leave will also increase employees’ intention to stay. Therefore, the objective of the study is twofold: (1) to examine the influence of perceived organizational support, perceived supervisors’ support, and organizational commitment regarding intent to leave and (2) to investigate the influence of the same variables on intent to stay. A total of 416 hospitality employees in the U.S. participated. The results suggest that perceived organizational support and organizational commitment decreased intent to leave while only perceived organizational support had a positive impact on intention to stay. Implications detail ways that hospitality organizations can focus on increasing their employees’ commitment through perceived organizational support as a critical component of turnover culture.     

Performance deviations and acquisition premiums: The impact of CEO celebrity on managerial risk‐taking

Research summary: This article draws on identity control theory and a study of acquisition premiums to explore how CEO celebrity status and financial performance relative to aspirations affect firm risk behavior. The study finds that celebrity CEOs tend to pay smaller premiums for target firms, but these tendencies change when prior firm performance deviates from the industry average returns, thereby leading these CEOs to pay higher premiums. The study also finds that the premiums tend to be even larger when celebrity CEOs have more recently attained celebrity status. Taken together, these findings contribute to identity control theory and CEO celebrity literatures by suggesting that celebrity status is a double‐edged sword and that the internalization of celebrity status by CEOs strongly influences the decision‐making of CEOs. Managerial summary: The purpose of this article is to examine how CEO celebrity status and financial performance relative to aspirations affect the size of acquisition premiums. The study finds that celebrity CEOs tend to pay smaller premiums for target firms. However, when celebrity CEOs' prior firm performance is either better or worse than the industry average, these CEOs pay higher premiums. This situation is exacerbated when the CEO has only recently been crowned a celebrity. In effect, these CEOs feel great pressure to match the inflated performance expectations that come with celebrity status. These findings suggest that being a celebrity is a double‐edged sword. The implication here is that CEOs who have recently been crowned a celebrity should be aware of these pressures and cope accordingly. Copyright © 2015 John Wiley & Sons, Ltd.     

Is econometrics useful for private policy making? A case study of replacement policy at an auto rental company

The goal of this paper is to illustrate the potential usefulness of econometrics as a tool to assist private policy makers. We provide a case study and detailed econometric analysis of the automobile replacement policy adopted by a large car rental company. Unlike public policy making–where the benefits from using econometric models and “science-based” approaches to policy making are hard to quantify because the outcomes of interest are typically subjective quantities such as “social welfare”–in the case of firms there is an objective, easily quantifiable criterion for judging whether policy A is better than policy B: profits. We introduce and estimate an econometric model of the rental histories of individual cars in the company’s fleet. Via stochastic simulations, we show that the model provides a good approximation to the company’s actual operations. In particular, the econometric model is able to reproduce the extraordinarily high rates of return that the company obtains on its rental cars, with average internal rates of return between purchase and sale of approximately 50%. However, the econometric model can simulate outcomes under a range of counterfactual vehicle replacement policies. We use the econometric model to simulate the profitability of an alternative replacement policy under pessimistic assumptions about the rate maintenance costs would increase and rental rates would have to be decreased if the company were to keep its rental cars longer than it does under the status quo. Depending on the vehicle type, we find that the company’s expected discounted profits would be between 6% to over 140% higher under the suggested alternative operating strategy where vehicles are kept longer and rental rates of older vehicles are discounted to induce customers to rent them. The company found this analysis to be sufficiently convincing that it undertook an experiment to verify the predictions of the econometric model.     

On the predictability of the distribution of excess returns in currency markets

This paper investigates the predictability of foreign exchange (FX) volatility and liquidity risk factors on returns to the carry trade, an investment strategy that borrows in currencies with low interest rates and invests in currencies with high interest rates. Previous studies have suggested that this predictability could have been spuriously accounted for due to the persistence of the predictors. The analysis uses a predictive quantile regression model developed by Lee (2016) that allows for persistent predictors. We find that predictability changes remarkably across the entire distribution of currency excess returns. Predictability weakens substantially in the left tail once persistence is accounted for, implying a moderate negative predictive relation between FX volatility risk and carry trade returns. By contrast, it becomes stronger in the right tail. Furthermore, we provide evidence that FX volatility risk still dominates liquidity risk after controlling for persistence. These findings suggest that the persistence of the predictors needs to be taken into account when one measures predictability in currency markets. Finally, out-of-sample forecast performance is also presented.     

Uniqueness of stationary equilibria in a one-dimensional model of bargaining

We prove uniqueness of stationary equilibria in a one-dimensional model of bargaining with quadratic utilities, for an arbitrary common discount factor. For general concave utilities, we prove existence and uniqueness of a “minimal” stationary equilibrium and of a “maximal” stationary equilibrium. We provide an example of multiple stationary equilibria with concave (nonquadratic) utilities.     

Nonlinear effects of government debt on private consumption: Evidence from OECD countries

This paper investigates nonlinear effects of government debt on private consumption. The estimated consumption function shows smooth regime switching depending on the debt-to-GDP ratio, and a higher level of government debt crowds out private consumption to a greater extent.     

韩国电信(KT)移动WiMAX(WiBro)服务介绍

移动WiMAX与WiBro之间的关系WiBro源自韩国。早在2004年7月韩国信息通讯部(MIC)正式公布移动WiMAX(WiBro)的服务要求之前,韩国电信技术协会(TTA)内部就开展了一项本地     

Negative externalities on property values resulting from water impairment: The case of the Pigeon River Watershed

The objective of this research was to determine whether willingness to bear the negative externality from water quality impairment differs between those who do and those who do not receive economic benefit from the impairment source. Differences were tested using a hedonic analysis of ambient water quality in two discrete housing markets in the Pigeon River Watershed, which have been polluted by the operation of a paper mill. The results suggest that North Carolina residents residing in subwatersheds with impaired portions of the Pigeon River, who experience economic benefit from the paper mill in addition to its harmful effects on water quality, do perceive the pollution as a negative externality. In contrast, the effects of both the degraded river and its contributing streams on property values are perceived as negative externalities by watershed residents in Tennessee who experience only harmful effects from the pollution. Differences in willingness to bear the water-impairment externality were not indicated by variables representing view of and proximity to impaired water bodies. The results suggest that the perception of water quality to which property owners implicitly apply value should be considered when establishing water-quality regulations.