Doubly Robust Estimation of Causal Effects with Multivalued Treatments: An Application to the Returns to Schooling

This paper provides doubly robust estimators for treatment effect parameters which are defined in a multivalued treatment effect framework. We apply this method to the unique dataset of the 1970 British Cohort Study (BCS70) to estimate returns to various levels of schooling. The analysis is carried out for female and male samples separately to capture possible gender differences. Average returns are estimated for the entire population, as well as conditional on having a specific educational achievement. For males, relative to no qualification, we find an average return to O‐levels of 6.3%, to A‐levels of 7.9% and to higher education of 25.4%. The estimated average returns to O‐level and A‐level relative to no qualification are insignificant for females, whereas the return to higher education is 19.9%.Copyright © 2014 John Wiley & Sons, Ltd.     

Geography and acquirer returns

We examine the impact of geographical proximity on the acquisition decisions of US public firms over the period 1990–2003. Transactions where the acquirer and target firms are located within 100 km of each other are classified as local transactions. We find that acquirer returns in local transactions are more than twice that in non-local transactions. The higher return to local acquirer is not explained by related, either horizontal or vertical, industry transactions, and appears to be related to information advantages arising from geographical proximity. These information advantages facilitate acquisition of targets that, on average, create higher overall return. The higher return to local acquirers is preserved by the use of target termination fee contracts.     

The effects of perceived authenticity,information search behaviour,motivation and destination imagery on cultural behavioural intentions of tourists

This study tested a structural model which investigates the effects of perceived authenticity, motivation, information search behaviour and destination imagery on tourists' behavioural intentions to consume cultural attractions. Data were collected at selected cultural and natural heritage sites in the island of Mauritius (N?=?600). The sample was split into two data sets. Structural equation modelling and hierarchical multiple regression were employed to test the hypothesised relationships. Findings revealed a significant positive relationship between perceived authenticity and cultural behavioural intentions of tourists. Destination imagery had an influence on tourists' cultural intentions. Information search behaviour was found to exert a negative influence on tourists' cultural intentions while motivation did not have any influence on the latter. Perceived authenticity was seen to exert a moderating effect on the respective relationships between motivation, information search behaviour, destination imagery and cultural behavioural intentions of tourists. The theoretical and managerial implications of the study are discussed.     

Social involvement and park citizenship as moderators for quality-of-life in a national park

This paper contributes to the advancement of quality-of-life research in tourism by examining complex relationships involving direct, mediated, moderated and moderated mediation relationships among the antecedents to quality-of-life. Using a sample of 222 repeat visitors in an Australian national park, the findings indicate positive significant effects of (1) place satisfaction on quality-of-life; (2) place satisfaction on place attachment; (3) place attachment on quality-of-life; (4) park citizenship on place attachment. The findings further support that (5) place attachment mediates the relationship between place satisfaction and quality-of-life; (6) social involvement moderates the relationship between place satisfaction and place attachment; (7) park citizenship moderates the relationship between place satisfaction and place attachment; (8) social involvement moderates the relationship between place attachment and quality-of-life; (9) social involvement moderates the indirect effect of place satisfaction on quality-of-life. Theoretical and practical implications are discussed. Park managers, for example, need to promote on-site marketing and post-visit communication/interpretation, encouraging repeat visits and behavioural change. Message delivery needs to promote a sense of belonging to the park with personal meaning, creating place distinctiveness. Personal actions to promote include signing petitions supporting the park's biodiversity, and other resources, and volunteering to participate in meetings and other direct actions.     

Deviation from the target capital structure and acquisition choices

This study finds that managers take deviations from their target capital structures into account when planning and structuring acquisitions. Specifically, firms that are overleveraged relative to their target debt ratios are less likely to make acquisitions and are less likely to use cash in their offers. Furthermore, they acquire smaller targets and pay lower premiums. Managers of overleveraged firms also actively rebalance their capital structures when they anticipate a high likelihood of making an acquisition. Finally, they pursue the most value-enhancing acquisitions. Collectively, these findings improve understanding of how firms choose their capital structures and shed light on the interdependence of capital structure and investment decisions in the presence of financial frictions.     

New Goods and the Transition to a New Economy

The U.S. went through a remarkable structural transformation between 1800 and 2000. A precipitous decline in the importance of agricultural goods in the economy was matched by the rapid ascent of a plethora of new non-agricultural goods and services. A competitive model is presented here where consumption evolves along the extensive margin. This lessens the need to rely on satiation points, subsistence levels of consumption, and the like to explain agriculture’s demise. The analysis suggests that between 1800 and 2000 economic welfare grew by at least 1.5% a year, and may be as much as 10% annually, the exact number depending upon the metric preferred.The authors thank (Richard) Ming Hon Suen and two referees for comments. They are also grateful to Shouyong Shi for suggesting Figure 8. This research was supported by the NSF (award number 0136055).     

An examination of preferences and evaluations of visitors based on environmental attitudes: Biscayne Bay national park

This study links visitor preferences to environmental attitudes in an effort to assist national park managers reconcile the public demand for both protection of the natural environment and its utilisation. Support was found for the hypothesis that visitors with ecocentric views will prefer that national park resources be allocated to protect and preserve the environment while those with anthropocentric inclinations will favour transforming the environment. The results suggest that park resource managers may need to consider alternative management practices for the two groups as well as monitor changes in environmental attitudes that will impact preferences for park management practices.     

Price dynamics in the Belarusian black market for foreign exchange

Using unique data from an internet-based foreign-exchange trading platform, we show that the black market efficiently incorporated public information on the state of the Belarusian economy during the Balance of Payments crisis of 2011. Between May and October 2011, the government repeatedly devalued the Belarusian ruble and eventually abandoned its fixed exchange rate regime. Measures derived from black market transaction data have significant predictive power for these devaluations. The significance of these black market measures survives even when we include standard macroeconomic indicators in our forecasting model. In line with standard economic theory, activity in the black market has dried up subsequently.     

MARKET POSITIONING ANALYSIS: A Hybrid Approach

This research introduces a hybrid approach including correspondence analysis and logit modeling to contrast the relative market position of Virginia with eight other eastern US states and the District of Columbia. The data obtained from a series of telephone surveys are analyzed. In a competitive analysis, the study areas are described by youth/mature and culture/nature dimensions relating to activity images as well as by beach/mountain and urban/country dimensions in connection with attraction images. Pennsylvania appears to be an immediate competitor of Virginia in regard to provision of leisure activities. The study concludes with discussions on critical findings along with marketing implications.