A Dynamic Study on Ecological Disaster,Government Regulation,and Renewable Resources

This article develops a dynamic model to investigate renewable resource markets under different property rights. We find that different property rights regimes in renewable resource markets yield very different equilibria. Under private property rights, the valve point increases with the natural growth rate, productivity, number of firms, and marginal costs. Under common property rights, “the tragedy of the commons” inescapably occurs. This study suggests how to avoid ecological disaster by implementing a set of public policies.     

“Do Fiscal Deficits Influence Current Accounts? A Case Study of India”

This paper examines the effects of fiscal deficits on the current account deficits in the Indian economy. In many developing countries, fiscal deficits are mostly financed through monetization, causing crowding out of private investment expenditures. However, fiscal deficits in India are mostly financed through official borrowings from various external sources, leading to higher interest payments and outgoings on the external account. Such a policy could eventually precipitate balance of payments crises despite favorable trade account and real exchange rate. Data over three decades for the Indian economy show that, in addition to the real exchange rate and the ratio of private investment to GDP, fiscal deficits significantly contribute to the current account deficits.     

Business strategies and the transition to low‐carbon cities

Cities are key drivers of global climate change, with the majority of greenhouse gas (GHG) emissions being tied to urban life. Local actions to mitigate and adapt to climate change are essential for stabilization of the global climate and can also help to address other urban ecological problems such as pollution, decreasing biodiversity, etc. Companies are important urban actors in the development of low‐carbon cities because they provide a multitude of goods and services to city populations and directly influence urban carbon dioxide (CO₂) emissions. This is a new area of research. While studies on corporate sustainability are numerous, there is little, if any, existing research that examines the role of companies in climate change adaptation and mitigation within specific urban areas. Urban ecologists also have not examined how corporate activity affects urban systems. Taking a multi‐disciplinary systems approach, we present a conceptual model of the role of companies in managing urban interactions with the climate system. We also present empirical findings illustrating how one company ‘partners’ with the city of Rotterdam to test electric vehicles as a pilot project for urban climate adaptation and mitigation. Copyright © 2010 John Wiley & Sons, Ltd and ERP Environment.     

Agricultural Leadership Education: Past History,Present Reality,and Future Directions

The article explores the past, present, and projected future of agricultural leadership education. Beginning with roots in youth leadership development and grounded in land‐grant universities, agricultural leadership education has undergone a shift from working primarily with rural youth to a new focus on also educating undergraduate and graduate students to empower community members and create change. The renewed focus has encouraged recent growth and in the last 10 years, the profession has added three leadership majors, six leadership minors, seven leadership focus areas, seven undergraduate leadership programs, and four graduate leadership programs. Research exploring the student impact of agricultural leadership education revealed that nationwide a total of 7,904 students are exposed to 208 agricultural leadership education courses. As the discipline continues to mature, recommendations are made for continued program development. Discussion highlights prior research examining potential courses to include types of experiences, program objectives, and career connectedness relating to agricultural leadership education. Programs have ample opportunity for future growth and recommendations are made to continue the development of innovative leadership opportunities and consistent pedagogical practices across institutions.     

A Meta-Analytic Examination of Realistic Job Preview Effectiveness: A Test of Three Counterintuitive Propositions

We present a model of realistic job previews (RJPs) and, using separate meta-analyses, examine three counterintuitive hypotheses about their operation. We found modest support for two of the three hypotheses. Findings indicate that RJPs reduce the rate of job acceptance among persons with prior exposure to the job and increase the rate of job acceptance among persons with no prior exposure to the job. Results also indicate that RJPs can be more effective in reducing turnover if the organization is able to restrict the exit of new employees for a period of time after the RJP. Finally, RJPs show a pattern of being more effective in reducing turnover after longer periods of time following administration of the RJP; however, this pattern failed to reach conventional significance levels.     

Price clustering on the Shanghai Stock Exchange

We investigate price clustering of intraday trades and negotiated block trades on the Shanghai Stock Exchange (SSE) from 2003 to 2009. Prices of traded assets tend to cluster on certain final digits, such as 0 and 5. In Chinese culture, 8 is associated with good luck and 4 with death so these numbers may be attractive or avoided. We find that price clustering on the final digit of 0 is significantly higher during the morning call auction and early in the trading day. We find no evidence of price clustering for the digit 8, but there is a significant dearth of prices ending in the inauspicious number 4. Price clustering is significantly higher for negotiated block trades, for which about 28% end with 0. Multivariate analysis shows that price clustering is lower for more liquid firms, but higher for firms with higher return volatility, a higher price level, or when the market is volatile. Our evidence supports the costly negotiation hypothesis. Our results also support the attraction hypothesis in that we document significant price clustering at round numbers and even numbers even after controlling for factors that are associated with price uncertainty.     

The effect of sporting success and management failure on attendance demand in the Bundesliga: a revealed and stated preference travel cost approach

This study examines the private consumption benefits of sports attendance using revealed and stated preference data from 28 Football Bundesliga teams across three divisions. Survey respondents were presented with positive (sporting success) and negative (management failure) scenarios and asked for the number of game trips if each scenario occurred. The results of a pooled random effects Poisson model show that travel costs and ticket price have a significant negative effect on the number of home game trips. The weighted consumer surplus per game trip including travel costs and ticket prices is €345. Consumer surplus per game trip was found to change by €41 (first division) and €98 (second and third division) if the positive scenario occurred and by €39 if the negative scenario occurred.     

Middle Managers' Divergent Strategic Activity: An Investigation of Multiple Measures of Network Centrality

abstract    Using a sample of 89 mid-level managers in a US based urban hospital, this study investigates relationships among three measures of network centrality and managers' divergent strategic activity. While prior work has demonstrated a relationship between managers' boundary-spanning responsibilities and strategic activity, inadequate attention has been paid to managers' internal network position. Drawing from established theory, we consider expected network flows associated with three elements of the strategic renewal process. From this, we hypothesize and test relationships among managers' divergent activity and three measures of network centrality. Our findings suggest specific relationships between alternative forms of network centrality and particular elements of the strategic renewal process. Consistent with existing research, the findings also show boundary-spanning managers to be more strategically active than their non-boundary-spanning counterparts.     

AFFIRMATIVE ACTION IN COLLEGE ADMISSIONS: EXAMINING LABOR MARKET EFFECTS OF FOUR ALTERNATIVE POLICIES

A rancorous debate continues to rage over the use of affirmative action policies in college admissions. This article uses a simple signaling model to evaluate the labor market impacts of four types of affirmative action admissions policies. RacE-based preferential policies and policies guaranteeing admission based on high school academic rank may induce discrimination in labor markets when there exists strong heterogeneity in socioeconomic disadvantage within the underrepresented minority group. Under such conditions, it may also be difficult to realize ethnic diversity with disadvantagE-based preferential policies. The article argues instead for affirmative action policies emphasizing intensive college preparation for targeted groups.     

Tail return analysis of Bear Stearns' credit default swaps

We compare several models for Bear Stearns' credit default swap spreads estimated via a Markov chain Monte Carlo algorithm. The Bayes Factor selects a CKLS model with GARCH–EPD errors as the best model. This model best captures the volatility clustering and extreme tail returns of the swaps during the crisis. Prior to November 2007, only four months ahead of Bear Stearns' collapse though, the swap spreads were indistinguishable statistically from the risk-free rate.