Self-catering accommodation in Switzerland

This article examines the situation of self-catering accommodation in the light of tourist experience in Switzerland. Swiss tourism is currently declining, and so are traditional forms of accommodation such as hotels. At the same time there is evidence that the demand for self-catering holiday properties is increasing. Yet very little is known about this sector in Switzerland. The present paper attempts to identify the number of Swiss self-catering properties and presents the results of interviews and an on-line survey, which shed light on this industry and allows the situation in Switzerland to be compared with that in other countries. The number of holiday homes in Switzerland has increased steadily since the 1980s, and could provide a valuable source of rented property and local income. The Swiss self-catering industry is highly seasonal, although rental properties are mostly available all year round. Swiss accommodation is relatively small and expensive, partly because the rent usually includes laundry and other services, not offered in other countries. Owners often rent to offset the cost of upkeep, rather than to make a profit, and this attitude is reflected in the fragmented and rather unprofessional nature of marketing, representation and communications in the sector. A number of recommendations are made for developing the industry, based on the findings.     

The trade-creating effects of business and social networks: evidence from France

Using theory-grounded estimations of trade flow equations, this paper investigates the role that business and social networks play in shaping trade between French regions. The bilateral intensity of networks is quantified using the financial structure and location of French firms and bilateral stocks of migrants. Compared to a situation without networks, migrants are shown to double bilateral trade flows, while networks of firms multiply trade flows by as much as four in some specifications. Finally, taking network effects into account divides the estimation of the impact of transport costs and of the effect of administrative borders by around three.     

Variations in adoption of workplace work–family arrangements in Europe: the influence of welfare-state regime and organizational characteristics

Using a unique data set of more than 2800 organizations in 19 countries, this article investigated the variations in adoption of workplace work–family arrangements and whether this variation can be explained either by differences in welfare-state contexts or by organization-related factors. Although the welfare-state context contributed significantly to the explanation of workplace work–family arrangements, the adoption of workplace arrangements was more strongly related to organizational conditions and characteristics. However, the results also show that when the development of work–family arrangements is mainly left to the market, as in the liberal context, employers do not fully make up for the absence of public provisions. The findings support the institutional argument that public provisions help to create a normative climate that gives rise to new social expectations and ‘a sense of entitlement’ regarding work–family support. The study supports the rational choice perspective where both employers' institutional environments and organizational factors are viewed as resources and constraints influencing employers' decision to adopt work–family arrangements.     

Enriching the Organizational Context of Chronic Illness Experience Through an Ethics of Care Perspective

The standard economic and ethical case in defense of sweatshops employs the standard of the “welfare of their workers and potential workers” to argue that sweatshop regulations harm the very people they intend to help. Scholars have recently contended that once the benefits and costs are balanced, regulations do, in fact, raise worker welfare. This paper describes the short and long-run tradeoffs associated with sweatshop regulation and then examines how reasonable constructions of measures of “worker welfare” would evaluate these tradeoffs finding that the standard economic and ethical case against sweatshop regulations is well supported.     

Exact and asymptotic tests for possibly non-regular hypotheses on stochastic volatility models

We study the problem of testing hypotheses on the parameters of one- and two-factor stochastic volatility models (SV), allowing for the possible presence of non-regularities such as singular moment conditions and unidentified parameters, which can lead to non-standard asymptotic distributions. We focus on the development of simulation-based exact procedures–whose level can be controlled in finite samples–as well as on large-sample procedures which remain valid under non-regular conditions. We consider Wald-type, score-type and likelihood-ratio-type tests based on a simple moment estimator, which can be easily simulated. We also propose a C(α)-type test which is very easy to implement and exhibits relatively good size and power properties. Besides usual linear restrictions on the SV model coefficients, the problems studied include testing homoskedasticity against a SV alternative (which involves singular moment conditions under the null hypothesis) and testing the null hypothesis of one factor driving the dynamics of the volatility process against two factors (which raises identification difficulties). Three ways of implementing the tests based on alternative statistics are compared: asymptotic critical values (when available), a local Monte Carlo (or parametric bootstrap) test procedure, and a maximized Monte Carlo (MMC) procedure. The size and power properties of the proposed tests are examined in a simulation experiment. The results indicate that the C(α)-based tests (built upon the simple moment estimator available in closed form) have good size and power properties for regular hypotheses, while Monte Carlo tests are much more reliable than those based on asymptotic critical values. Further, in cases where the parametric bootstrap appears to fail (for example, in the presence of identification problems), the MMC procedure easily controls the level of the tests. Moreover, MMC-based tests exhibit relatively good power performance despite the conservative feature of the procedure. Finally, we present an application to a time series of returns on the Standard and Poor’s Composite Price Index.     

Investigating large-scale sponsorship relationships as co-marketing alliances

In this research, the sport sponsorship relationship between a sponsor and sports entity is analysed as a form of co-marketing alliance. A rationale is provided and factors deemed critical to alliance success, including strategic compatibility, goal convergence, commitment, and satisfaction, are defined and explored through a series of depth interviews. While sponsorship partners believe that the relationship can function as a co-marketing alliance, their interpretations differ and this appears to stifle the relationship. The results also reveal, however, that approaching the sponsorship relationship provides valuable managerial insights and can have a positive effect on performance.     

Risk Perception in the Short Run and in the Long Run

There is an ongoing controversy in financial economics regarding the role of time horizon in portfolio selection. This problem is relevant in a broader context, wherever consumers or managers make decisions that involve both time and risk. The purpose of this paper is to review recent findings from the decision making literature so as to shed new light on how the short run vs. long run contingency may determine risk taking and perception.     

The effects of fiscal consolidations on the composition of government spending

ABSTRACT

In response to increasing debt paths, governments often implement fiscal consolidation programs. This paper studies the impact of these programs on the composition of government spending. System-GMM estimations performed on a sample of 53 developed and emerging countries over 1980–2011 reveal that fiscal consolidations significantly reduce the government investment-to-consumption ratio, i.e. a composition effect. Robust to a wide set of tests, including when using the narrative approach to identify fiscal consolidations, this significantly stronger contraction of government investment with respect to government consumption is at work particularly when debt is high and in the low phase of the economic cycle. Therefore, in such contexts, fiscal consolidations aimed at short-run stabilization may hurt the economy in the long-run through their detrimental effect on public investment, calling for a reflection upon how they could be re-designed to allow avoiding such undesirable consequences.