The Creativity‐Performance Relationship: How Rewarding Creativity Moderates the Expression of Creativity

Researchers have argued that creativity is intrinsically motivated, and that rewarding creativity can stifle creativity. Using a sample of 310 employees reporting to 50 different supervisors, we instead show that rewarding creativity influences the relationship between creativity and performance by changing the nature of expressed creativity. We do this by examining novelty and usefulness as separate dimensions. High perceived reward enhances the relationship between novelty and performance while diminishing the relationship between usefulness and performance. The moderating effect of reward for creativity on the relationship between creativity and performance was not observed when we operationalized creativity as an integrated, unidimensional construct. © 2015 Wiley Periodicals, Inc.     

Reits’ Price Reaction to Unexpected FFO Announcements

This study examines the reaction of REIT prices to unexpected FFO announcements. Using both the traditionally constrained models and an unconstrained model, we find that the market reacts significantly when REITs announce unexpected FFO with a stronger response for positive than negative surprises. Also, we find that FFO explains significantly more variance in abnormal returns than net income supporting our conjecture that FFO, being more accurately reflective of cash flow, provides more useful information to investors than traditional GAAP measures. Our results are robust to different specifications. The results also suggest that the traditional approaches have been misspecified.     

Measuring angling quality in count data models of recreational fishing

This paper develops a methodology for investigating different specifications of angling quality in recreational demand models. The methodology is used to compare three alternative specifications of the relationship between angling demand and site quality. The site quality alternatives include chemical concentrations, biological stress indices based on the chemicals, and catch per unit effort. The three alternatives are differentiated using a likelihood ratio non-nested testing procedure.     

Searching for the best price: An experimental look at consumer search effort

Certain factors may influence the extent to which consumers are willing to expend effort bargaining with retailers in order to gain additional pre-purchase information. One factor could be the consumer's favorable or unfavorable orientation toward the bargaining process itself. Another factor could be consumer expectation as to whether bargaining is permitted by retailers. A third factor might be whether a consumer's actual participation in bargaining encourages, or discourages, additional search activity. This research reports the results of a shopping simulation experiment which suggests that greater search effort is associated with individuals who are favorably predisposed toward retail bargaining and/or expect bargaining to be appropriate in a given situation.     

The value of delays: market- and policy-induced adjustment processes as a motivating factor in dynamic entrepreneurship

Reaching societal consensus on how to deal with new issues, e.g. agreeing on commercial law for e-commerce, takes time. Traditional economics has considered such anomalies as market imperfections. By contrast, this paper suggests perceiving such “delays” as windows of opportunity for entrepreneurs. These considerations from evolutionary economics and entrepreneurship will be explored in a case study on disease management services in Germany. It will become clear that detailed ex ante legal regulation restricts entrepreneurial room for variation. To avoid this loss of knowledge generation, the government should abstain from introducing such premature intervention without having to challenge existing meta-rules.     

Capital Malleability, Emission Leakage and the Cost of Partial Climate Policies: General Equilibrium Analysis of the European Union Emission Trading System

Computable general equilibrium (CGE) models are the premier analytical platform for assessing the economic impacts of climate change mitigation. But these models tend to treat physical capital as “malleable”, capable of reallocation among sectors over the time-period for which equilibrium is solved. Because the extent to which capital adjustment costs might dampen reallocation is not well understood, there is concern that CGE assessments understate the true costs of greenhouse gas (GHG) reduction policies. This paper uses a multi-region, multi-sector CGE model to investigate cap-and-trade schemes, such as the European Union Emission Trading System which cover a subset of the economy, elucidating the effects of capital malleability on GHG abatement, the potential for emission leakage from abating to non-abating sectors, and the impacts on welfare. To simplify the complex interactions being simulated within the CGE model, that analysis is complemented with an analytical model. A partial climate policy results in negative internal carbon leakage, with emissions declining not only in capped sectors but also in non-regulated ones. This result is stronger when capital is intersectorally mobile. Interestingly, in partial climate policy settings capital malleability can amplify or attenuate welfare losses depending on the attributes of the economy.     

同心创未来

我叫何秀红,是澳大利亚海关与边境保卫局（原澳大利亚海关）派驻在北京的一等秘书。和我一起工作的是海关参赞马磊（Murray Edwards）先生,以及办公室主管陈欣彤女士。     

Halo effect or fallen angel effect? Firm value consequences of greenhouse gas emissions and reputation for corporate social responsibility

Greenhouse gas (GHG) emissions are perceived to have negative consequences for society at large by contributing to potential climate change and represent a potential cash drain from firms from exposure to future regulatory, abatement, and compliance costs. Beginning in 2010, US companies are required to report their GHG emissions to the Environmental Protection Agency (EPA). We utilize these data for 2010–2014 to examine whether the possible adverse firm value impact of these GHG emissions is alleviated or exacerbated by the firm’s reputation for corporate social responsibility. Our findings suggest that there is no halo effect, i.e., a firm’s reputation for social responsibility (as reflected in its CSR score) does not protect the firm from the adverse firm value effects of GHG emissions. Rather, our findings suggest a fallen angel effect, i.e., for any given level of GHG emissions, the higher the firm’s CSR score, the greater the adverse impact on firm value. In other words, the decline in firm value due to the adverse impact of GHG emissions is compounded by the hit to the firm’s reputation for corporate social performance. Our paper contributes to the sparse prior US literature on the firm value effects of GHG emissions. Further, by providing scholarly evidence on the existence of a fallen angel effect, our findings suggest that boards and managers of firms that provide voluntary CSR disclosures cannot afford to be complacent about their GHG emissions.     

Small business— small minded? Training attitudes and needs of the tourism and hospitality industry

The Australian tourism and hospitality industry consists of at least 80% small business operators scattered over a wide range of urban and rural environments, consequently it has not been easy for training providers to assess accurately the needs of the industry as a whole and provide specialised programmes. During 1996, Tourism Training Victoria conducted a survey of training needs of tourism and hospitality operators. Results indicate that there is a shortage of skilled staff and owner‐managers with little management training or qualifications, who nonetheless recognise their shortcomings and needs for further education and training, particularly in the marketing and business areas. Barriers to further training include the cost of training and inflexibility of hours and place of delivery. Copyright © 2001 John Wiley & Sons, Ltd.