Foreign banks in the United States: Entry strategies and operations

This article deals with a very significant component of the U.S. banking industry: foreign banks in the United States. Their growth in the U.S., and specifically in California, is traced, as are the foci of their business strategy. In addition, the article explores the motivation of foreign banks to enter the U.S. market. All available theories are summarized and their relevance explored. The article goes on to speculate about some factors likely to influence the growth of foreign banking in the United States. © 2000 John Wiley & Sons, Inc.     

Is the FHA Creating Sustainable Homeownership?

We produce first estimates of the sustainability of homeownership for recent Federal Housing Administration (FHA) borrowers. Unfortunately, the FHA does not produce its own statistics on sustainability. Neither does it permit researchers access to its data on internal refinances. This imposes significant barriers to entry for researchers who wish to track FHA borrower performance over time. We carefully construct the required tracking data to overcome this barrier. We forecast that no more than 75% of the 2007–2009 vintages of FHA borrowers will be able to successfully exit the FHA system. Our work raises questions about FHA's role, its accounting and its accountability.     

The corporate social responsibility (CSR) employer brand process: integrative review and comprehensive model

ABSTRACT

Firms are increasingly drawing on corporate social responsibility (CSR) in their employer branding to improve attractiveness and engage current and potential employees, and to ensure consistency in employee brand behaviours. However, there is a dearth of literature synthesising CSR and employer branding research to understand employee engagement with CSR-firms from a branding perspective. In this article, the authors carried out an integrative literature review of CSR and employer branding literatures. Informed by signaling theory, the authors develop a conceptual model of the CSR employer branding process as a cohesive view from the potential and current employee perspective. Our review highlights the need for firms to achieve CSR consistency in terms of (a) embeddedness of CSR values, and (b) levels of internal CSR. These two factors frame a typology that enable managers to better execute their CSR employer brand identity to achieve favourable results, such as a high-quality talent pool and positive affective, cognitive and behavioural employee outcomes.     

Nuclear Power

Nuclear power has never been free from the stifling involvement of government. Heavy regulation has reduced the ability of entrepreneurs to develop and provide new means for the generation of energy using nuclear fuel. The strict parameters dictated by government officials are based upon outdated technology, an improper regulatory philosophy, and preclude innovation in nuclear power generation. Anti-market environmentalists misunderstand the implications of a free market in nuclear power and argue against it based on problems that are actually caused by government involvement. Our position is neither for nor against nuclear power. We advocate a hands-off policy where the nuclear industry is left to its own devices, free from governmental regulations and subsidies: free to succeed or fail on its own. Thus, our position is neither right-wing conservative (removing regulations), nor left-wing liberal (removing subsidies). Very much to the contrary of both positions, we propose a free-market in nuclear power.     

SLEEPWALKING THROUGH SCHOOL: NEW EVIDENCE ON SLEEP AND ACADEMIC ACHIEVEMENT

Policymakers advocating for later school starting times argue that increased sleep duration may generate important schooling benefits. Using data from the National Longitudinal Study of Adolescent Health, this study examines the relationship between sleep duration and academic performance, while carefully controlling for difficult‐to‐measure characteristics at the family and individual levels. We find that increased sleep time is associated with improvements in classroom concentration as well as increased educational attainment. However, we also find evidence of diminishing returns to increased sleep. We estimate an “academic optimum” number of sleep hours of, on average, 8.5 hours per night. Turning to sleep quality, we find that the onset of insomnia‐like symptoms is associated with diminished contemporaneous academic concentration, but little change in long‐run educational attainment. (JEL I12)     

Forecasting volatility: Roles of sampling frequency and forecasting horizon

This study empirically tests how and to what extent the choice of the sampling frequency, the realized volatility (RV) measure, the forecasting horizon and the time‐series model affect the quality of volatility forecasting. Using highly synchronous executable quotes retrieved from an electronic trading platform, the study avoids the influence of various market microstructure factors in measuring RV with high‐frequency intraday data and in inferring implied volatility (IV) from option prices. The study shows that excluding non‐trading‐time volatility produces significant downward bias of RV by as much as 36%. Quality of prediction is significantly affected by the forecasting horizon and RV model, but is largely immune from the choice of sampling frequency. Consistent with prior research, IV outperforms time‐series forecasts; however, the information content of historical volatility critically depends on the choice of RV measure. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark     

The motivations and expectations of international volunteer tourists: A case study of “Chinese Village Traditions”

International volunteer tourists devote not only financial support but also time and effort to conservation, preservation, or humanitarian projects outside their original countries. The purpose of this paper is to report the results of a qualitative study on the motivations of ten international volunteer tourists who joined the “Chinese Village Traditions” expedition of the Earthwatch Institute in the summer of 2008. The main research question was, “Why do people join international volunteer tourism trips?” Eleven themes dealing with motivations emerged and were categorized into three groups: personal, interpersonal, and other. Four personal factors were measured: authentic experience, interest in travel, challenge/stimulation, and other interest. Four interpersonal factors were also considered: desire to help, interaction with locals/cultures, encouraged by others, and enhancing relationships. Other factors included unique style of the trip, time/money, and organization goal. The findings of this study echo previous literature reviews in different settings.     

Resident perceptions of social–ecological resilience and the sustainability of community-based tourism development in the Commonwealth of Dominica

Despite major investments in community-based tourism to diversify economies, reduce poverty and improve life quality in the Caribbean, little is known about what conditions lead to resilience and sustainability. Sustainability from a resilience theory perspective is the likelihood an existing system of resource use will persist indefinitely without a decline in social and natural resource bases. Undertaking activities to enhance resilience and sustainability improves a system's ability to persevere, adapt and learn to meet challenges from unanticipated economic, political or natural events. This study investigated six communities in the Commonwealth of Dominica, all part of a seven-year community tourism program, and examined residents' perceptions of the social, institutional, economic and ecological resilience of their community, and therefore the resilience and sustainability of community tourism development. It used a new scale using eight steps suggested by Devellis' scale development methodology. Data indicated moderate to low resilience in all four domains across the communities. This suggests that communities should invest in strengthening social bonds, developing capacity in local institutions, in diversifying the tourism product and controlling infrastructure development. Indicators measuring trust, networks, local control, flexible governance, leakage prevention and controlled infrastructure development emerged as important in assessing social–ecological resilience and sustainability.