The Output-inflation Tradeoff and Central Bank Reform: Evidence From New Zealand

The 1989 Reserve Bank of New Zealand Act provides a natural experiment in which the effects of institutional change on economic relationships can be studied. The Act set price stability as the single objective of monetary policy and gave the Bank great independence. Reforms of this nature may lead to a greater short-run output-inflation tradeoff by altering optimal stabilisation policy and wage indexation. Allowing for environments where 'learning' about the new regime is assumed to be rapid as well as slow, we find that a large rise in the New Zealand tradeoff has occurre d since implementation of the Act     

An empirical examination of the SIMEX Nikkei 225 futures contract around the Kobé earthquake and the Barings Bank collapse

This study examines the levels and interrelationships of volatility, volume, open interest and effective bid-ask spread on the Nikkei 225 futures contract on SIMEX. The sample chosen is critical; conclusions regarding the effect of the Kobé earthquake of January 1995 and the resulting collapse of Barings Bank in February 1995 can be uncovered. The analysis uses graphs of the levels of the variables and an assessment of the variables using a vector autoregression and impulse response functions. Volume and open interest temporarily increased, whereas the increase in effective bid-ask spread is more permanent. This seems to be due to the sensitivity that each of the variables develops to volatility as a result of these information shocks. © 1999 John Wiley & Sons, Inc. Jrl Fut Mark 19: 1–29, 1999     

Green Innovation,Managerial Concern and Firm Performance: An Empirical Study

Extant literature, while often suggesting a positive link between green innovation and firm performance, is inconclusive. Moreover, the possibly moderating role of management has not been sufficiently considered. Using a unique dataset sampling 188 manufacturing firms in China, we examine how managerial concern (for green issues) moderates the relationship between green innovation and firm performance. We find that green process innovation and green product innovation both significantly (positively) predict firm performance, when not considering managerial concern for the environment. Once managerial concern is included, we observe that it compounds the positive effect of green process innovation on firm performance – but not product innovation, which no longer explains significant unique variance in firm performance. The findings hold various implications for future research and business policy. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Picking the Measuring Stick: The Role of Leaders in Social Comparisons

Organizational members frequently evaluate how their abilities and standing compare with those of their colleagues. Although these comparisons can have a negative impact on organizations, little attention has been paid to the role of leaders in these processes. Drawing on interviews with individuals in leadership positions in business schools, we develop a framework to explain what triggers leaders’ attention to social comparisons among faculty and how they become involved in them. Central to this framework are leaders’ self‐schemas, which encompass their preferences about the criteria members should use in making comparisons. Leaders’ self‐schemas are activated by discrepancies between their own comparative judgements and those they perceive members to be making and impel them to act in ways consistent with their preferred bases of comparison. Our framework repositions social comparisons as a multi‐perspectival, political phenomenon in which leaders see themselves as playing a role in shaping members’ evaluations and workplace interactions.     

The Banking Relationship's Role in the Choice of the Target's Advisor in Mergers and Acquisitions

We analyse the factors influencing the target company's choice of bank advisor in mergers and acquisitions (M&As). We first examine the choice of hiring an advisor, which is nontrivial, since in one‐third of transactions our sample target companies did not hire one. We also analyse the choice to hire as advisor a bank with a strong prior relationship with the company (i.e., the main bank). Using data on 473 European M&A transactions completed in the period 1994–2003, we find evidence that the decision to hire an advisor depends on three main factors: (i) the intensity of the previous banking relationship, (ii) the reputation of the bidder company's advisor, and (iii) the complexity of the deal. We also investigate the impact of the bank advisor on shareholder wealth. We find that the abnormal returns of target company shareholders increase with the intensity of the previous banking relationship, thus indicating a ‘certification role’ on the part of investment banks.     

Socializing children about television: An intergenerational study

This article describes a study on mothers’ views of television and children’s perceptions of their mothers’ socialization efforts regarding television. Results from the investigation involving 174 mother and child (in Grades 3–6) dyads suggest that mothers’ perceptions of their responsibilities regarding children’s television viewing vary by parental style. In addition, children’s perceptions of mothers’ verbal interactions about TV and coviewing together with opinions, monitoring, and controlling of television similarly vary across parental styles. These findings support previous research that parental styles play a role in determining the manner in which mothers socialize their offspring about television. Les Carlson (Ph.D., University of Nebraska-Lincoln) is a professor of marketing at Clemson University. His research interests center on consumer socialization and environmental advertising. His work has appeared inInternational Marketing Review, Journal of the Academy of Marketing Science, Journal of Advertising, Journal of Business Research, Journal of Consumer Affairs, Journal of Consumer Psychology, Journal of Consumer Research, Journal of Current Issues and Research in Advertising, Journal of General Psychology, Journal of Macromarketing, Journal of Marketing Education, Journal of Marketing Theory and Practice, Journal of Personal Selling and Sales Management, Journal of Public Policy and Marketing, and various conference proceedings. He is a past editor of theJournal of Advertising. Russell N. Laczniak (Ph.D., University of Nebraska-Lincoln) is a professor of marketing and chair, Departments of Management and Marketing, at Iowa State University. His primary research interests deal with marketing communication. His research has been published in theJournal of Consumer Psychology, Journal of Advertising, Journal of Current Issues and Research in Advertising, Journal of the Academy of Marketing Science, Journal of Public Policy & Marketing, Journal of Consumer Affairs, Journal of Business Research, Psychology and Marketing, Journal of Marketing Theory and Practice, Journal of Marketing Communications, Marketing Letters, and various conference proceedings. Ann Walsh (Ph.D., University of Nebraska-Lincoln) is an assistant professor of marketing at Western Illinois University. She has published in theJournal of Advertising, Journal of the Academy of Marketing Science, Journal of Consumer Affairs, and American Marketing Association Educators’ Proceedings.     

Measuring the Choice of Environmental Sustainability Strategies in Creating a Competitive Advantage

Environmental sustainability has often been claimed as a means to providing a competitive advantage by encouraging efficiencies, attracting customers and obtaining business. This work critically considers this idea in the context of the hotel industry by comparing the strategic intent and implementation of sustainability initiatives in hotels across North America. Environmental sustainability strategies can employ a low cost, a differentiated or a hybrid (a combination of the two) approach to creating a competitive advantage. Controlling for the type and age of hotel we find that the hotels sampled in this study used a combination of all three approaches but tended to rely on their need to create environmental sustainability legitimacy by placing an emphasis on differentiation through environmental sustainability branding. A lack of recognition by management of the contribution to their future economic success that low cost strategies can provide has implications for hotel owners. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Scenario planning for tourism management: a participatory and system dynamics model applied to the Galapagos Islands of Ecuador

This paper presents a decision-support system based on a system dynamics model designed to examine tourism management in the Galapagos Islands. A participatory approach was used to integrate the views of multiple stakeholders in the Galapagos Islands and to build an understandable, graphical representation of the impacts of tourism and residential population growth. Each subsystem is examined through hypotheses involving three scenarios of tourism growth that are associated with different residential population expansions. A number of integrative and linked social-ecological effects in our model have been shown to severely shock the natural environment of the Galapagos and saturate the capacity of several socio-economic subsystems. Major concerns of the expanding human dimension in the Galapagos are represented by (1) the growing number of introduced species that threaten the Islands’ unique natural environment, and (2) the rapid saturation of the Galapagos National Park's tourism reception capacity. The model relies upon real data to specify rules, relationships, and rates of exchange that are derived through statistical functions and/or functions specified in theory or practice. The presented decision-support system is a quantitative scenario-planning tool that can be used by policy-makers to achieve an enhanced understanding of the Galapagos Islands as a coupled human–natural system.