A Simulation Analysis to Evaluate the Impact of the Automatic Stabilizers

A model of a firm' decision to guarantee job reinstatement following a parental leave is constructed. Guaranteed reinstatement emerges if the worker is willing to sacrifice wages greater than or equal to the minimum amount a firm requires for the policy. Predictions from the model find support in the empirical analysis. Firm size, training costs, and unions increase, which mobility of jobs skills decrease, the likelihood of a guaranteed leave.     

Risky recreation: an exploration of factors influencing the likelihood of participation and the effects of experience

The purpose of this research was to systematically examine factors that may influence participation in risky recreational activities. Because more people participate in risky leisure activities, it is important to acquire a more in-depth understanding of the factors influencing their behaviours. We examine these issues in the context of a survey concerned with participation in the sport of mountain biking. Results revealed that experience influenced risk perceptions, expected affective outcomes, and the attractiveness or appeal of the activity. In addition, expected affective outcomes moderated the influence of experience on appeal. The likelihood of participation in a high-risk consumption activity was determined by affective outcome expectancies, appeal of the activity, risk perceptions, and prior experience. The results also indicated that the activity's appeal moderated the influence of perceived risk on the individual's likelihood of participation.     

Tourism organizations and land trusts: a sustainable approach to natural resource conservation?

This study explores current and potential collaboration efforts between land trusts (LTs) and tourism entities in the USA. LTs and tourism entities have convergent needs and goals regarding natural resource protection, possibly making them suitable partners. Sustainable tourism development needs natural resource protection; land trusts have proved economically viable and effective methods for protecting natural areas. While some case studies have described collaboration efforts by selected LTs and tourism entities, this mixed methods exploratory study is based upon survey data from 279 local and regional LTs operating across the USA. The study is grounded in both the Primary Environmental Care (PEC) conceptual model and Jafari's Background Tourism Elements concept, providing clarity on current and potential collaboration efforts between LTs and tourism entities. The survey showed that tourism-related characteristics, especially scenic qualities, were acceptable to land trusts, and that tourism was the most mentioned industry within LT areas. Only 39% of LTs currently work with tourism entities; however, only 4% of LTs report opposition from tourism entities to their conservation work. LT managers were strongly in favor of future collaboration with tourism interests. All five of the key components required for the PEC model were found.     

Cognitive Dimensions of Wilderness Privacy: An 18-Year Trend Comparison

In 1999, replication of a 1981 study was conducted as exactly as possible as the 1981 study, involving the same number of respondents ( n = 109), universities, recreation management classes, classroom-administered questionnaire, and data analysis. Cognitive states of privacy were measured using a 20-item scale, rated on a 7-point importance continuum. Trend analysis involved individual scale item and factor analysis comparisons between the 1981 versus 1999 data. Twelve of the 20 scale items were rated significantly different ( p h .05) over the 18-year period, with 11 of the 12 items rated higher by 1999 respondents. Today's students found cognitive aspects of freedom of choice concerning interactions, use of time and actions, rules/constraints of society, and everyday pressure/tensions more important than did 1981 students. The major factor differences between years were the following: The Intimacy factor increased in importance and was perceived more consistently (reliability alphas) in 1999 and Individualism changed the most of any factor in the dimension structure.     

D-optimal weighing designs for six objects

For all integers m≥6, we determine the maximum value of det X ^T X, where X is an m×6 (0, 1)-matrix, and exhibit (D-optimal) matrices X for which the maximum occurs. For D-optimal matrices X, the uniqueness of the Gram matrix X ^T X is discussed. Received: May 2000     

Disentangling Beta and Value Premium Using Macroeconomic Risk Factors

In this paper, we study the time-varying total risk of value and growth stocks. The objective is to investigate the contention that the market factor's ability to explain the value premium is limited. Inspired by Ferson and Harvey [1999], we revisit the role of the market beta in the presence of aggregate economic factors. We discuss the incorporation of aggregate economic conditions in the context of multifactor risk models and provide cross-sectional evidence on the relationship between average returns and postranking betas for book-to-market (BE/ME) sorted portfolios. We show that the ineffective role of the market beta can be altered by incorporating aggregate economic risk factors in the cross-sectional asset pricing tests of size and BE/ME sorted portfolios. No previous study provides such a decomposition of the cross-sectional role of the market beta in the presence of macroeconomic risk factors.