Dynamics of credit spread moments of European corporate bond indexes

Traditional quantitative credit risk models assume that changes in credit spreads are normally distributed but empirical evidence shows that they are likely to be skewed, fat-tailed, and change behaviour over time. Not taking into account such characteristics can compromise calculation of loss probabilities, pricing of credit derivatives, and profitability of trading strategies. Therefore, the aim of this study is to investigate the dynamics of higher moments of changes in credit spreads of European corporate bond indexes using extensions of GARCH type models that allow for time-varying volatility, skewness and kurtosis of changes in credit spreads as well as a regime-switching GARCH model which allows for regime shifts in the volatility of changes in credit spreads. Performance evaluation methods are used to assess which model captures the dynamics of observed distribution of the changes in credit spreads, produces superior volatility forecasts and Value-at-Risk estimates, and yields profitable trading strategies. The results presented can have significant implications for risk management, trading activities, and pricing of credit derivatives.     

Calorie information effects on consumers' food choices: Sources of observed gender heterogeneity

A larger portion of males is overweight than is females. Females' food choices in comparison to those of males reflect the greater importance that females attribute to health and physical appearance; their more complex attitude toward risk; the greater esteem in which they hold home-cooked food; and sociological factors. This paper explores the variables that affect consumers' food choices, shedding light specifically on the choice process and analyzing whether gender affects predispositions toward foods, perceptions, choice processes, or all three. Perceptions and choice processes based on memory judgments serve only as a benchmark used to compare choices consumers make under calorie information. The results of two experiments wherein the researchers exposed subjects to two forms of calorie information on three fast food items suggest that differences in perceptions of foods' healthfulness and taste aspects account for gender differences in memory-based choices. In addition to this baseline difference in perceptions, a gender difference in reaction to calorie information in terms of consumers' behavior exists. While calorie information affected both perceptions and choice processes for females, information changed the perceptions of food only for males.     

Marine-tourism development on a small island in Indonesia: blessing or curse?

Indonesia is a popular tourist destination. Tourism creates jobs and generates revenue but can have negative impacts on culture, society and human rights. This study of one island community in Indonesia explores the relationship between the growth of tourism and the impacts on a local community. A quantitative survey, combined with in-depth interviews, examined perceptions of residents to tourism development. Residents perceived that tourism created jobs and improved access to goods and services. However, tourism has reduced social cohesion and decreased adherence to traditional customs. Conflict between the private sector and residents over ownership and access have also caused violence.     

Perceived crisis management and its effect on re-election: the case of local government in Israel under the Second Lebanon War

The performance of local authority heads in times of emergency is a topic that has apparently received very little attention in the research literature. The same is true with regards to the relationship between performance and re-election chances in crisis situations. The hybrid macro polity view makes it possible to ‘pit’ the rational school of objective performance against the bounded rationality school of perceived performance. We examine which of the two is better at explaining the replacement or re-election of the incumbent local authority head in 17 local authorities in the North of Israel, after the Second Lebanon War. In the “Beauty Queen” contest between perceived and objective performance, the perceived performance appears to be a clear winner.     

Algorithmic Mechanism Design

We consider algorithmic problems in a distributed setting where the participants cannot be assumed to follow the algorithm but rather their own self-interest. As such participants, termed agents, are capable of manipulating the algorithm, the algorithm designer should ensure in advance that the agents' interests are best served by behaving correctly. Following notions from the field of mechanism design, we suggest a framework for studying such algorithms. Our main technical contribution concerns the study of a representative task scheduling problem for which the standard mechanism design tools do not suffice. Journal of Economic Literature Classification Numbers: C60, C72, D61, D70, D80.     

Gender differences in charitable giving

This paper examines the mechanisms for giving by investigating the psychological and values differences between men and women's motivations for giving. We explored two of the eight mechanisms for giving developed by Bekkers and Wiepking as a framework for why people give—principle of care and empathic concern. Are there differences in these motives for giving by gender, and can these differences in values and the psychological benefits that people receive when making donations explain gender differences in charitable giving? Are women more likely to give and give more than men because of their higher levels of empathic concern and principle of care? We used two US national data sets to test our hypotheses. Our results for both data sets indicate significant differences in motives by gender, as well as differences in the probability of giving and amount given by gender, even after controlling for empathic concern and principle of care measures. Our findings are discussed in terms of the importance of viewing charitable giving through a gender lens as well as practical implications for practitioners. Copyright © 2011 John Wiley & Sons, Ltd.     

Pluriempleo informal en plataformas de transporte urbano durante la pandemia en África. ¿Perspectivas de futuro?

El presente estudio tiene por objeto el impacto de la pandemia de COVID-19 en los trabajadores de plataformas de transporte urbano en vehículos de turismo con conductor (VTC) en África. Debido a su naturaleza mercantilizada e informalizada, el sector ofrece oportunidades de empleo en condiciones de mala calidad, que se agravaron durante la pandemia. Mediante un enfoque metodológico ecléctico que comprende entrevistas en profundidad con conductores de VTC en Nairobi y análisis de etnografía digital, se observan estrategias de resiliencia, adaptación y resistencia de los trabajadores que recurren al pluriempleo informal en plataformas. El estudio subraya la necesidad de establecer marcos reguladores y redes locales de solidaridad que garanticen unas condiciones de trabajo decentes y contrarresten la precariedad en la economía de plataformas.     

Examining the relationship between strategic alliances and the performance of small entrepreneurial firms in telecommunications

International Entrepreneurship and Management Journal - An alliance is an effective strategy for knowledge-intensive businesses in competition. Yet, little is known about how strategic alliances...     

Corporate climate-related voluntary disclosures: Does potential greenwash exist among Australian high emitters reports?

This study examines the issue of greenwashing among corporate high emitters subject to government scrutiny. To do so, we investigate the relationship between the actual environmental performance, measured as carbon emissions, of companies subject to the Australian National Greenhouse Energy Reporting Act 2007 (NGER) and their climate-related voluntary disclosures. To measure climate-related disclosure, we construct a climate-related disclosure index based on four prominent frameworks and score corporate report content against that Index. Using a sample of 150 companies with NGER emissions data for Years 2016 and 2017, a period that precedes the issuance of recommendations for disclosure by the Task Force on Climate-Related Financial Disclosure (TCFD), our regression results show a disappointingly low level of climate-related disclosure by most companies. We also find a negative relationship between climate-related disclosure and 1-year lagged environmental performance among companies exhibiting a year-on-year rise in carbon emissions. That is, our findings provide evidence of potential greenwashing by poor environmental performers, presumably to change negative perceptions by stakeholders, as predicted by socio-political theories. In contrast, we find no evidence of greenwashing among companies experiencing a year-on-year decrease in emissions.