Cannabis use and mental health problems

This paper investigates whether cannabis use leads to worse mental health. To do so, we account for common unobserved factors affecting mental health and cannabis consumption by modeling mental health jointly with the dynamics of cannabis use. Our main finding is that using cannabis increases the likelihood of mental health problems, with current use having a larger effect than past use. The estimates suggest a dose–response relationship between the frequency of recent cannabis use and the probability of currently experiencing a mental health problem. Copyright © 2010 John Wiley & Sons, Ltd.     

Collective self-governance in a marine community: expedition cruise tourism at Svalbard

Collective self-governance is gaining attention in the literature for maintaining the quality of key attractions and promoting sustainable tourism. The long-term success of collective self-governance is dependent on both its internal organization and its embeddedness in external state and non-state regulations. This paper presents the marine community concept, consisting of a policy and a user community, as a framework for investigating the internal and external dynamics of collective self-governance and its ability to steer toward sustainable cruise tourism. As methodology, a case study design was chosen which was primarily studied by means of interviews with a spectrum of relevant actors concerning expedition cruise tourism at Svalbard. By applying the marine community to Svalbard expedition cruise tourism governance, we draw the following conclusions: (1) collective self-governance complements governmental regulation through access to knowledge, conflict resolution and rule-compliance based on disclosure, traceability and trust; (2) collective self-governance's increasing role in the policy community alienates the expedition crew from the user community; and (3) informational overflow by co-existence of collective self-governance and state-governance challenges sustainable cruise tourism. Collective self-governance would, therefore, benefit from reflection, especially regarding the role of the user community that functions as an intermediary between state and self-governance regulations.     

The optimal trade-off between interest rate risk and annual return of bond ladders

Bond laddering is a popular fixed-income investment strategy. The main purpose of this paper is to develop a methodology for determining private investors’ most interest rate risk (IRR)-return-efficient investment horizon for bond ladders (BLs), which are virtually free of credit risk. Two IRR measures of a continuously rolling and homogenous BL (CRHBL) are analytically derived under the assumption that interest rates are martingales. The first measure is the modified duration, which assumes a flat term structure of interest rates. However, this assumption is not fully supported by the empirical data and, thus, an additional IRR measure is proposed. Under each of these two measures, the ratios between the annual return in excess of the demand deposit rate and IRR of CRHBLs with different investment horizons are calculated. As expected, CRHBLs with rather low IRR are most risk-return-efficient. The results for the theoretical CRHBLs also apply to “real-world” discrete BLs. Thus, the proposed methodology can help private investors construct IRR-return-efficient discrete BLs.     

Creating sustainable value in the hospitality industry: a (critical) multi-stakeholder study in the Dominican Republic

This paper identifies sustainable initiatives reported by “sustainability-champion” hotels in the Dominican Republic, while contrasting them against the views of key stakeholders. We adapt and apply Hart and Milstein's Sustainable Value Framework, and complement it with a Critical Management Studies approach. Our analysis relies on a mixed-methods approach (non-hierarchical k-means cluster analysis, as well as thematic and content analysis). Findings indicate that most hotels are engaging more actively in present-oriented strategies such as pollution prevention (especially, the international hotels) and in product/service stewardship. However, in the future-oriented strategies, hotels owned by local investors show higher commitment to both clean technology and innovation, and to the sustainability vision (as the firm's growth path). In addition, although the views of multiple stakeholders show a clear acknowledgment of the hospitality industry's sustainability efforts (particularly regarding education and environmental protection), they also offer differing views about the ultimate impact and value of those efforts for them and for the broader society. Our study offers a new theoretical lens to explore multi-stakeholder approaches and offers practical implications for the Dominican Republic's National Strategy for Development 2010–2030, as well as implications that may be of use for other tourism-dependent countries.     

The relevance of commuting zones for regional spending efficiency

We use data envelopment analysis (DEA) efficiency scores to show that clustering municipalities into encompassing regional clusters improves spending efficiency of single stand-alone municipalities. We propose a new geographic aggregation based on municipalities-to-municipalities commuting flows, defined using hierarchical cluster analysis. Our example for Portugal shows that from an output-oriented perspective between 83% and 98% of municipalities would increase their efficiency scores, while from an input-oriented perspective between 86% and 98% of municipalities would also be better off in terms of efficiency. Then using a linear regression model, we find that population increases positively affects the efficient scores (via scale economies). Also, increases in the share of high-educated and poorer residents leads to higher efficiency scores.     

CORPORATE SOCIAL RESPONSIBILITY: A MICROECONOMIC REVIEW OF THE LITERATURE

This paper provides a review of the theoretical and empirical literature on Corporate Social Responsibility (CSR). Depending on whether an individual can be considered as selfish, or whether she has also social preferences, motives for CSR, can be explained in different ways. Furthermore, we explicitly highlight the influence of different Corporate Governance System on CSR as well as the relationship between firms' size and social commitment. Because it is difficult to distinguish between different theories in empirical studies, we argue that an experimental approach might be suitable to test theories of CSR.     

Product Market Competition,Monetary Policy Regimes and Inflation Dynamics: Evidence from a Panel of OECD Countries

We empirically analyze the impact of product market competition on the responsiveness of inflation to macroeconomic imbalances. If competition is high the response of inflation to lagged inflation, unemployment and import prices is reduced, while inflation is more responsive to changes in productivity growth in countries in which competition is above the OECD average. Given the (‘good luck’) macroeconomic trajectories of the 1990s–2000s, the structural reforms that made goods markets more competitive improved the ability of OECD economies to smooth (dis)inflationary shocks, while changes in the monetary policy framework had a modest role in taming inflation during the Great Moderation.