Unconventional Monetary Policy in the Euro Zone

The European Central Bank adopted a policy of quantitative easing early in 2015, long after the US and UK, and after implementing a succession of measures to increase liquidity in the Euro zone financial markets, none of which proved sufficient eventually. The paper draws out lessons for the Euro zone from US and UK experience. Numerous event studies have been undertaken to uncover the effects of QE on yields on and prices of financial assets. Estimated effects on long-term government bond yields are then converted into the size of the cut in the policy rate that would normally have been needed to produce them. From these implicit cuts in policy rates, estimates of the effect on GDP and inflation are generated. Euro zone QE appears to have had a much smaller effect on bond yields for the core members states than did QE in the US or UK. Therefore its effects on output and inflation are likely to be proportionately smaller. Its effects on long-term government bond yields in periphery members are greater. QE is compressing interest differential among Euro zone member states. The dangers of QE to which various commentators draw attention, that it creates a danger of inflation in the future, that it creates asset price bubbles, that it allows zombie firms and banks to survive, slowing down the process of adjustment, seem remote. Meanwhile it makes a useful contribution to cutting the costs of debt service and allowing member states more fiscal room for maneouvre.     

Taxes, clientele effect of dividend and risk, return linearity

This paper extends the equivalence relationship between risk/return linearity and portfolio efficiency as derived in Roll (1977) to the case where there is differential taxation affecting investors optimal portfolio choice. Following the formulation of Brennan (1970a), the fundamental linearity relationship is derived which raises serious doubts to the testability of the extendedCAPM that accounts for the effect of differential taxation. Finally by aggregating other imperfections as well as differential taxation into a dividend yield constraint, a different version of theCAPM is derived which offers alternative interpretations of the existing empirical results on the subject.     

Astroturf: Interest Group Lobbying and Corporate Strategy

We study three corporate nonmarket strategies designed to influence the lobbying behavior of other special interest groups: (1) astroturf , in which the firm covertly subsidizes a group with similar views to lobby when it normally would not; (2) the bear hug , in which the firm overtly pays a group to alter its lobbying activities; and (3) self-regulation , in which the firm voluntarily limits the potential social harm from its activities. All three strategies reduce the informativeness of lobbying, and all reduce the payoff of the public decision-maker. We show that the decision-maker would benefit by requiring the public disclosure of funds spent on astroturf lobbying but that the availability of alternative influence strategies limits the impact of such a policy.     

Evaluating the London 2012 Games’ impact on sport participation in a non-hosting region: a practical application of realist evaluation

In the literature on Olympic legacies and impacts, there is a dearth of materials that specifically address the issue of Olympic impact for non-hosting regions. The literature tends to deal with impacts at a national level, or at a hosting-city region level, neglecting in large part the degree to which benefits can be leveraged by non-hosting regions. A further limitation identified in the literature is a failure to engage in detailed formal evaluation of policy implementation where assertions of potential policy impact are based on untested assumptions. This study is intended to address both of these concerns. It presents an empirical, ‘bottom-up’ application of a Realist Evaluation framework to assess the impact of a policy initiative – Workplace Challenge – aimed at leveraging enhanced sports participation in a non-hosting region – Leicestershire – in the period leading up to the 2012 Games. In doing so, it seeks to identify which causal mechanisms worked within this particular context to produce the observed outcomes. The evaluation results demonstrate that the programme represented a positive approach to fostering regular engagement with sport and physical activities for some groups in some types of organisations, and that awareness and motivational factors associated with the London 2012 Games are, in this case, linked (albeit weakly) to an increase in sport and physical activity participation for specific groups taking part in the programme in particular organisational contexts.     

Energy Saving and Tourism Sustainability: Solar Control Window Film in Hotel Rooms

This paper investigates solar control film as an energy saver in the fast growing hotel sector in southern China. It investigates claims made for this low-cost retrofitted material in hotel rooms, calibrating reductions in solar gain in summer. It provides reliable and independent data about the performance and economic viability of solar control film in real hotel environments. The study found that, by limiting solar gain, the film helps limit tourism's impact on global warming and climate change. The paper also foreshadows new technical glazing developments.     

Predicting Hunting Intentions and Behavior: An Application of the Theory of Planned Behavior

Using a mail survey ( n = 395) of outdoor recreationists, the theory of planned behavior (Ajzen, 1991) was applied to the prediction and explanation of hunting. In a series of hierarchical regression analyses, it was found that hunting intentions, but not perceptions of behavioral control, contributed to the prediction of self-reported hunting frequency. Hunting intentions, in turn, were strongly influenced by attitudes, subjective norms, and perceptions of behavioral control, and these predictors correlated highly with theoretically derived sets of underlying beliefs. Broad values related to wildlife and to life in general correlated weakly with hunting behavior, and their effects were largely mediated by the components of the theory of planned behavior.     

The Cognitive and Emotional Components of Behavior Norms in Outdoor Recreation

Behavioral norms consist of two components: a cognitive component of obligation that is the memory repository of social standards, and an emotional component of sanctions that are the feelings and physiological states that result when actual behavior is consistent or not consistent with the obligation. This article analyzes the cognitive and emotional components of norms identified in three studies of behaviors (littering, controlling dogs while cross country skiing, and bikers and skaters warning when passing) in outdoor recreation settings. All three studies provide data on obligations to behave a particular way and internal and informal sanctions for correct or incorrect behavior. Obligations for all the behaviors were highly crystallized and were not statistically different. Internal sanctions were shame and guilt, and informal sanction was embarrassment. The intensity of the norms was determined by summing individuals' responses for shame, guilt, and embarrassment. The power and prevalence of the norms were determined by cross tabulating obligations by intensities. Intensity, power, and prevalence were very high for littering and failing to control your dog while cross country skiing, but were very low for skaters and bikers failing to warn when passing slower users on a multiple use trail. Measuring sanctions is shown to be critical to determining the intensity, power, and prevalence of behavioral norms. Suggestions are given for ways to include sanctions in studies of social and environmental condition norms.