Ethical Decision Making and The Law

This paper will examine the effects of gender, age, work experience, academic status and legality on certain ethical decisions. Six scenarios representing ethical dilemmas were presented to both undergraduate and MBA students in an attempt to determine if various demographic factors influenced ethical decision making. While some past studies have suggested that gender has an important effect on ethical decision making, this study does not completely support this conclusion and suggests that age and/or length of work experience should be included in any study of ethical decision making.The legality of the decisions was determined and compared to the reason given by the students for their decisions. In some cases the choice made by a majority of the students was not the one that was supported by the legal authorities which suggests that there may be conflicts between the ethical system of the respondents and the behavior expected of them by society.     

Why mutual funds “underperform”

I propose a parsimonious model that reproduces the negative risk-adjusted performance of actively managed equity mutual funds. In the model, a fund manager can generate state-dependent active returns at a disutility. Negative expected performance and mutual fund investing simultaneously arise in equilibrium because the active return the fund manager generates covaries positively with a component of the pricing kernel that the performance measure omits, consistent with recent empirical evidence. Using data on U.S. funds, I also document new empirical evidence consistent with the model's cross-sectional implications.     

In Search of a Theory of Shopping Value: The Case of Rural Consumers

Although the challenges facing rural retailers have been attributed to competition and decreasing population, this paper defines the problem from rural consumers' perspective. It argues that consumers select shopping location on its shopping value, determined by its attractiveness and accessibility. The results indicate that locations closest to the consumer's residence offer the highest shopping value for groceries and other low-order goods. They also show that increasing gasoline prices favor local retailers. Rural retailers may use these results to implement differentiating strategies that increase their attractiveness, accessibility, and consequently their competitiveness.     

Negotiating ecology: Marine bioregions and the destruction of the Southern California Bight

Bioregional studies tend to focus on landscapes and associated cultural and biological diversity. This essay provides a general overview of the ecology of the Southern California Bight (SCB), which is the coastal marine bioregion of southern California. The bioregion is considered one of the most threatened ‘hot spots’ for biodiversity in the world. The SCB includes the Channel Islands National Marine Sanctuary, the Channel Islands National Park, and a designated ‘biosphere reserve’ of the United Nations Man and the Biosphere Program. The essay describes the destruction of southern California's coastal watersheds and wetlands, and provides a summary of the significant decline in ecological productivity of the marine bioregion. Despite the decline in general marine ecosystem integrity, there has been no large-scale planning effort that focuses on the entire coastal marine bioregion. With this in mind, the essay provides an overview of recent policy initiatives that call for the establishment of Marine Protected Areas or MPAs to protect marine ecosystems. Without a new institutional approach to the entire bioregion the future of the coastal marine ecosystems of the system is rather dim. With this in mind, the author recommends a number of institutional changes that support large-scale bioregional planning.