Life cycle employment and fertility across institutional environments

In this paper, we formulate a dynamic utility maximization model of female labor force participation and fertility choices and estimate approximate decision rules using data on married women in Italy, Spain and France. The estimated decision rules indicate that first-order state dependence is the most important factor determining female labor supply behavior in all three countries. We also find that cross-country differences in state dependence effects are consistent with the order of country-level measures of labor market flexibility and child care availability. Counterfactual simulations of the model indicate that female employment rates in Italy and Spain could reach EU target levels were French social policies to be adopted in those countries.     

Who times the foreign exchange market? Corporate speculation and CEO characteristics

This paper shows that managers' personal beliefs and individual characteristics explain a large share of the substantial time-variation of derivative use beyond firm, industry, and market fundamentals. We construct a panel data set of foreign currency derivative holdings and currency exposures for U.S. non-financial firms. We use a novel approach to build a firm-specific foreign exchange return. We find that managers adjust derivatives notional amounts in response to past foreign exchange returns, as if they were forming views on future currency prices. We then construct an empirical measure of speculative behavior for each firm to investigate the profile of the speculator. Firms where the CEO holds an MBA degree, is younger, and has less previous working experience speculate more. These results are consistent with overconfident managers taking more risk.     

‘Tour me onshore’: understanding cruise tourists’ evaluation of shore excursions through text mining

ABSTRACT

The aim of this paper is to shed light on the elements underlying cruise tourists’ evaluation of shore excursions, approaching them as an interaction of expressive and instrumental components.

To fulfil the aim of the investigation, a thematic content analysis of 1296 online reviews was conducted using the text-mining software Leximancer. The results of the study revealed that cruise visitors with different overall satisfaction with their guided tour focus the narrative of their opinion on different tour attributes. Thus, the dominant themes of the cruise passengers delighted with their tour included the performance of the tour guide, the arrangement of the tour, as well as the cruise destination sightseeing. On the other hand, instrumental components such as crowded bus tours, limited time at the port of call, and inadequate excursion design appeared to be the main aspects appointed by those unsatisfied with their onshore experience. Furthermore, the study assessed and compared the perceptions of the tour experience across cruise passengers from the contemporary, premium and luxury cruise line segments.