Using the credit spread as an option-risk factor: Size and value effects in CAPM

This paper takes an option-theoretic approach to explain why pricing anomalies are observed when traditional CAPM is used. By extending CAPM to incorporate the option-risk factor of stocks, we show that stockholders’ limited liability can explain Fama and French’s size and value effects. We use bonds’ excess credit spread as a proxy for stocks’ default risk to control for the changing non-diversifiable option-risk characteristic of stocks. Because sensitivity to the excess credit spread becomes smaller as size increases and as value decreases, excess credit spread explains the CAPM anomalies in a fashion similar to the Fama–French factors. While the excess credit spread is significant in explaining Fama and French’s size and value effects, adding the Fama–French factors does not improve the performance of our model. Our revised model resembles conditional CAPM, but it offers a more intuitive explanation for the size and value effects.     

Co-marketing alliances between heterogeneous industries: Examining perceived match-up effects in product, brand and alliance levels

To scrutinize the emerging phenomenon of co-marketing alliance between heterogeneous industries, this study adapts the concept of ‘perceived match-up’ as a theoretical platform.Employing two fictitious co-marketing alliance scenarios, this study empirically demonstrates the conceptual structure of how consumers evaluate a co-marketing alliance. This suggests that if consumers perceive a harmony across paired products or brands, they are more likely to engage in the association process of evaluating a brand alliance.     

The Effect of Demographics,Work Status,and Relative Equity on Organizational Commitment: Looking Among Part-Time Workers

Abstract This study investigated differences in organizational commitment among part-time workers. This contrasts with the traditional comparison of differences between part-time workers and their full-time counterparts. The most significant predictors of organizational commitment among part-timers were their perceptions of relative equity and job satisfaction, compared with full-timers. Neither demographics nor work status were significant after controlling for relative equity and satisfaction. Satisfaction acted as a partial mediator between the independent variable, relative equity, and the dependent variable, organizational commitment. This research indicates that organizations need to recognize that part-timers' attitudes toward their jobs depend a good deal on their perceptions of their treatment relative to full-time employees. Résumé Cette étude analyse les differences d'engagement envers l'employeur chez les employés à temps partiel seule-ment, au lieu de la comparaison traditionnelle entre les employés à temps partiel et les employés à temps plein. Les prédicteurs les plus significatifs de I'engagement envers I'employeur chez les employés à temps partiel sont la perception de l'équité relative de leur traitement par rapport aux employés à temps plein, et la satisfaction associée à leur travail. Ni les critères démo-graphiques, ni le rang dans la hiérarchie sur le lieu de travail ne s'avèrent significatifs après normalisation, compte tenu des variables équité relative et satisfaction. La satisfaction joue le rôle de médiateur partiel entre la variable indépendante, équité relative, et la variable dépendante, engagement envers I'employeur. Ces résul-tats indiquent que les employeurs ont besoin de reconnoitre que les attitudes de travail des employés à temps partiel dépendent beaucoup de la faeon dont ceux-ci ont I'impression d'ětre traités par rapport aux employés a temps plein.     

Investigating social marketing sponsorships: Terminology, stakeholders, and objectives

In spite of rapidly increasing professional interest and involvement, the extant literature concerning social marketing sponsorships remains scant. In order to begin to address this gap, the purpose of the current research is to investigate the concept of the social marketing sponsorship. The research in this paper (a) reviews the sponsorship literature and theory - specifically focusing on what is meant by sponsorship when used in social marketing; and (b) reports the results of empirical case research on the formation and implementation of a sponsorship designed to support a social marketing program aimed a reducing stigma and changing behaviors around mental health. The paper reports on how social marketing sponsorships compare to commercial sponsorships in terms of (a) the identification of key stakeholders and their roles, (b) the objectives of the stakeholders involved, and (c) how sponsorships are formed, developed, and implemented.     

A place for food in Australian schools: a socio-historical review of food education

The historical development of food education in secondary schools in New South Wales Australia is a compelling yet under-researched area of interest. This review starts by exploring how food curricula have evolved since the 1700s to the present day juxtaposed on socio-economic and political factors. This review is interested in the role secondary food education may play in ‘supplying’ people into professional studies towards a career as a food technologist. Accordingly this review compares contemporary secondary food curriculum with related curricula in the higher education sector and establishes a marked dissonance between the two. The implications of this are then put forward. The drive to empower students to be enterprising and innovative twenty first century problem solvers in relation to food design through the interdisciplinary nature of food science is discussed, despite the uncertainty as to what degree Food Technology in schools is currently promoting these life-long and life-wide abilities in students. The authors suggest the lack of a theoretical underpinning may be holding the subject back from becoming a robust discipline. For this reason this review puts forward a conceptual framework for the study of food. The following review is relevant to secondary and higher education food education stakeholders (teachers, academics, curriculum developers, professional food industry) and higher education providers nationally and internationally, as the way in which food education is presented in secondary schooling is not contained to the Australian context alone.     

Two Paths to the Same Destination: Participation Levels as a Result of Affiliation Networks in Civil Society Organizations

Voluntary participation is relevant in (CSOs) and crucial to interpret their mechanisms from the perspective of relationship marketing. This article presents two objectives: the first, from the psychometric perspective, was to examine the effect of trust in affective commitment and in participation in Mexican CSOs; the second from the sociometric view was to identify the prominent actors in civil society. An empirical and explicative research was developed in Mexico through a survey applied to postgraduate alumni, professors, and administrative university personnel. The results showed that trust and commitment are antecedents of participation in CSOs. Additionally, it was found that the size of the operation and the ability to obtain resources do not determine the centrality of the CSO within the social network. This study adds to prior literature the relationship between trust and affective commitment in institutions with participation from self-efficacy understood as the confidence in one’s own capabilities.     

Spirituality: Creating meaning and purpose for students the corporate way

“Although American higher education can justifiably take pride in its capacity to develop the student's ability to manipulate the material world through its programs in science, medicine, technology, and commerce, it has paid relatively little attention to the student's “inner” development—the sphere of values and beliefs, emotional maturity, moral development, spirituality, and self‐understanding.” —from the Foreword to Encouraging Authenticity and Spirituality in Higher Education by Alexander W. Astin and Helen S. Astin     

Exploring air travellers’ voluntary carbon-offsetting behaviour

This paper advances understanding of consumers who purchase voluntary carbon offsets (VCOs) for flights by profiling the socio-demographic characteristics of VCO purchasers in Australia and the UK and investigating their environmental attitudes and beliefs. Earlier research shows that there is confusion and lack of clarity around VCO schemes, yet small numbers of consumers continue to purchase them. Using an online panel survey of 502 respondents, this research considers whether those who purchase VCOs can be considered to be ecocentric, and whether they share a similar socio-demographic profile with those engaging in other forms of pro-environmental behaviour. The results suggest three groups: “Ecocentrics” (36%), “Middle of the Road” (31%) and “Anthropocentrics” (33%). While VCO purchasers appear to be ecocentric, not all ecocentric respondents purchased VCOs and, additionally, those who did purchase, appear to have a different socio-demographic profile from others engaging in pro-environmental behaviour. The study suggests that this segment of the flying public, already willing to contribute towards climate change mitigation, may be the best segment to target with behavioural change messages intended to encourage the structural changes in travel choices required to mitigate climate change. Earlier suggestions that older females are more likely to purchase VCOs are not supported.