How do green attributes elicit pro-environmental behaviors in guests? The case of green hotels in Vietnam

This study aims to identify green-hotel attributes and determinants that contribute to guests’ intention generation for visiting a green hotel and practicing pro-environmental actions during their hotel stay. The study’s results find five dimensions (Customer benefit, Energy efficiency, Water efficiency, Recycling policy and Green characteristic) that underlie 24 green-hotel attributes. Out of the five dimensions, Customer benefit, Energy efficiency, and Green characteristic are found to positively affect pro-environmental value and attitude that in turn enhance intention to practice environmentally friendly actions and visit a green hotel, while pro-environmental value does not trigger pro-environmental attitude. Theoretical and managerial implications are discussed.     

Does managerial reluctance of dividend cuts signal future earnings?

Review of Quantitative Finance and Accounting - In this study, we develop alternative dividend stickiness measures as a proxy for managerial reluctance to cut dividends and investigate the...     

The Phillips curve behavior over different horizons

This article examines the historical behavior of the Phillips curve over frequency bands corresponding to the short run, the business cycle and long run horizons. Data transformed using band-pass filtering methods and the Hodrick-Prescott filter suggest that a negative correlation between inflation and unemployment and a positive correlation between inflation and output growth exist within the business cycle horizon of 3 to 8 years. During the post-war period, the relationships change signs at low frequencies, indicating a positive sloped Phillips curve over long horizons. Additionally, the Phillips curve is found structurally unstable not only across frequencies, but also over time.     

Military positions and post-service occupational mobility of Union Army veterans, 1861–1880

Although the Civil War has attracted a great deal of scholarly attention, little is known about how different wartime experiences of soldiers influenced their civilian lives after the war. This paper examines how military rank and duty of Union Army soldiers while in service affected their post-service occupational mobility. Higher ranks and non-infantry duties appear to have provided more opportunities for developing skills, especially those required for white-collar jobs. Among the recruits who were unskilled workers at the time of enlistment, commissioned and non-commissioned officers were much more likely to move up to a white-collar job by 1880. Similarly, unskilled recruits assigned to white-collar military duties were more likely to enter a white-collar occupation by 1880. The higher occupational mobility of higher-ranking soldiers is likely to have resulted from disparate human capital accumulations offered by their military positions rather than from their superior abilities.     

Joint product signals of quality

Summary The relationship between product quality, signals, and the firm's optimal pricing policy has been given much attention in economics. The literature is extended in this paper by considering the signaling problem of a firm that jointly produces two commodities—one of known quality to consumers (a search good) and one of unknown quality (an experience good). The model presented employs a stylized reputation function, a linear cost structure, and linear demand schedules to produce two interesting insights. First, the search good's price can potentially be used as a signal of the quality of the experience good. Second, the price of a search good will depend upon whether it is jointly produced with another search good or an experience good or whether it is produced in isolation by a single product firm. Furthermore, evidence from a paper on gasoline pricing seems to support this contention.     

Ethical challenges in corporate-shareholder and investor relations: Using the Value Exchange Model to analyze and respond

Shareholder and investor relations, and the closely related area of corporate governance have been the arenas of much dispute, much of which has not been confined to practical financial matters. Ethical challenges have come as well from persons and groups with widely differing value systems. This paper presents the Corporate Value Exchange Model (CVE) as a framework for analyzing the corporate-shareholder and corporate-investor relationships, and for formulating decisions that can respond ethically to these groups without subordinating the interests of other constituents.Richard Lee Miller is Associate Professor of Management and Graduate Faculty at the University of Dayton. He has numerous articles published in journals and proceedings, the most recent of which have been on various applications of the value exchange theory.     

Wage Effects of Drinking in Australia

This article analyses the wage effects of drinking using the Australian Twin Registry data. A multinomial logit framework is employed to explain the allocation of workers across various drinking states, and to correct for selection bias in the wage equations. It is found that there is a significant positive wage premium for moderate drinking. A favourable family background (during childhood) is positively related to the measure of moderate drinking. Greater genetic endowments are also associated with moderate drinking.     

What Caused the Korean Currency Crisis in 1997?*: Weak Fundamentals or Self‐fulfilling Expectations*

The present paper investigates which factor is primarily responsible for the sharp depreciation of the Korean won against the US dollar in 1997, using a bivariate vector autoregressive model of real and nominal exchange rates. In the present study, we directly identify the relative importance of fundamental and non‐fundamental factors from the raw data series on exchange rates. This approach is different from most previous studies on the Korean currency crisis, which use proxy variables to represent the two factors. The empirical results show that the collapse of the Korean currency in 1997 appears to be mostly a result of the weakened macroeconomic fundamentals of the economy with, to a limited extent, some non‐fundamental factors.     

MEAN AND VOLATILITY SPILLOVERS ACROSS MAJOR NATIONAL STOCK MARKETS: FURTHER EMPIRICAL EVIDENCE

This paper provides additional insight into the nature and degree of interdependence of stock markets of the United States, Japan, the United Kingdom, Canada, and Germany, and it reports the extent to which volatility in these markets influences expected returns. The analysis uses the multivariate GARCH-M model. Although they are considered weak, statistically significant mean spillovers radiate from stock markets of the U.S. to the U.K., Canada, and Germany, and then from the stock markets of Japan to Germany. No relation is found between conditional market volatility and expected returns. Strong time-varying conditional volatility exists in the return series of all markets. The own-volatility spillovers in the U.K. and Canadian markets are insignificant, supporting the view that conditional volatility of returns in these markets is “imported” from abroad, specifically from the U.S. Significant volatility spillovers radiate from the U.S. stock market to all four stock markets, from the U.K. stock market to the Canadian stock market, and from the German stock market to the Japanese stock market. The results are robust and no changes occur in the correlation structure of returns over time.