Residential choice,hedonic prices,and the demand for urban air quality

This paper uses a two-step estimation procedure suggested by Sherwin Rosen to estimate structural demand and supply equations for urban air quality. In the first step, a hedonic price equation is estimated for residential property values for the Washington, D. C., SMSA for 1970. In the second step, a set of marginal hedonic prices is generated. These prices and the quantity of clean air (reciprocal of air pollution) are used as endogenous variables in a simultaneous equation model. Empirical results indicate a price elasticity of demand between ?1.2 and ?1.4 and a unitary income elasticity.     

A note on an intertemporal cost function for a class of dynamic problems

Some properties of an intertemporal cost function for isoperimetric problems are analyzed. It is demonstrated that the cost function will be strictly decreasing in the length of the horizon T, and under certain conditions, strictly convex in T.     

To Do Well by Doing Good: Improving Corporate Image Through Cause-Related Marketing

As part of their corporate social responsibility, many organizations practice cause-related marketing, in which organizations donate to a chosen cause with every consumer purchase. The extant literature has identified the importance of the fit between the organization and the nature of the cause in influencing corporate image, as well as the influence of a connection between the cause and consumer preferences on brand attitudes and brand choice. However, prior research has not addressed which cause composition most appeals to consumers or the impact of cause choice on corporate image. A between-subjects field experiment in the Netherlands examines the influence of three core cause attributes??cause type, cause scope, and cause acuteness??on consumers?? perceptions of corporate image. Furthermore, this experiment examines the extent to which consumer identification with the cause mediates the influence of the cause attributes on corporate image. The findings indicate that identification with the cause leads to more positive evaluations of marketing campaigns for cause type and cause scope. Also, however, our results uncover a negative direct relationship between cause scope and corporate image. Cause acuteness is only marginally influential in corporate image perceptions. By proposing and testing a comprehensive model of the influence of cause attributes on corporate image in cause-related marketing, this article provides important implications and suggests avenues for further research.     

Eviction policy in postwar Angola

Angola's four decades of civil war continue to have a profound effect on the country's recovery and development. While the end to the war in 2002 and the subsequent extraction of natural resources has fueled the country's economic recovery for a minority, for the majority recovery depends less on natural resource extraction than it does on acquiring and maintaining secure access to land and property upon which viable livelihoods can be rebuilt. However the current large scale evictions in urban and peri-urban areas of the country and the resulting acute tenure insecurity is significantly worrying, and is the single most acute land rights, land policy, and political problem in the country. Aspects of the country's constitution and the development of the postwar land law facilitate eviction, and an important opportunity to upgrade postwar informal land rights has been missed. Land and property rights problems have played a significant role in the country's armed conflicts and social problems, and current trends are constructing a difficult future.     

Are freelancers a breed apart? The role of protean and boundaryless career attitudes in employability and career success

Recent economic and organisational changes have fostered an increasing diversification of the workforce, among whom freelancers are an under‐represented population in the literature. This study aimed at examining the role of protean and boundaryless career, professional commitment, and employability activities in fostering freelancers' subjective career success. Data were collected via an online survey among a sample of 425 Italian freelancers and analysed through structural equation modelling. Results partially confirmed several hypotheses: higher self‐directed career management and boundaryless mindset predicted higher employability activities and professional commitment; moreover, employability and professional commitment acted as mediators between career attitudes and subjective career success. The study provides support for the importance of such variables to freelancers' career success, as well as for the significance of protean and boundaryless careers among nontraditional occupational groups. Interventions aimed at fostering such attitudes could support freelancers in improving their attainment of professional progress and perception of career success.     

Endogeneity in survey research

Endogeneity is a crucial problem in survey-based empirical research on marketing strategy (MS) and inter-organizational relationships (IORs); if not addressed, it can cause researchers to arrive at flawed conclusions and to offer poor advice to practitioners. Although the field is increasingly cognizant of endogeneity-related issues, many authors fail to properly address it, particularly in survey-based research. Emphasizing the role of essential heterogeneity, this article develops an overarching framework to help improve the understanding of endogeneity problems and how to tackle them when researchers use cross-sectional survey-based data. The authors provide explanations of and advice for how MS and IOR researchers can address six “painful” and sometimes hidden decisions: 1) Do you have an endogeneity problem? 2) What technique/estimator is appropriate? 3) What instrumental variables (IVs) should be chosen? 4) How should IVs be evaluated empirically? 5) How should the results be interpreted and evaluated? and 6) What results should you report? The authors provide a practical flowchart to guide researchers in their efforts to address endogeneity-related concerns.     

MORGAN STANLEY ROUNDTABLE ON Capital Structure and Payout Policy

A group of distinguished finance academics and practitioners discuss a number of topical issues in corporate financial management: Is there such a thing as an optimal, or value‐maximizing, capital structure for a given company? What proportion of a firm's current earnings should be distributed to the firm's shareholders? And under what circumstances should such distributions take the form of stock repurchases rather than dividends? The consensus that emerges is that a company's financing and payout policies should be designed to support its business strategy. For growth companies, the emphasis is on preserving financial flexibility to carry out the business plan, which means heavy reliance on equity financing and limited payouts. But for companies in mature industries with few major investment opportunities, more aggressive use of debt and higher payouts can add value both by reducing taxes and controlling the corporate free cash flow problem. In such cases, both leveraged financing and cash distributions through dividends and stock buybacks signal management's commitment to its shareholders that the firm's excess cash will not be wasted on projects that produce low‐return growth that comes at the expense of profitability. As for the choice between dividends and stock repurchases, dividends provide a stronger commitment to pay out excess cash than open market repurchase programs. Stock buybacks, at least of the open market variety, preserve more flexibility for companies that want to be able to capitalize on unpredictable investment opportunities. But, as with the debt‐equity decision, there is an optimal level of financial flexibility: too little can mean lost investment opportunities, but too much can lead to overinvestment.     

The political constitution of labour from Donovan to Blair

This article looks at changing patterns of labour regulation over the last 50 years ago. We begin with the contribution of the ‘Oxford School’ within industrial relations analysis and its influence on the Donovan Royal Commission. We then discuss the architecture of the British corporate state and the approach of successive Conservative administrations between 1979 and 1997. Next, we consider labour market analysis and interventions under New Labour alongside emerging European influences and rights-based models of justice. We conclude with some final comments regarding contemporary labour market thinking.     

Efficient forecast tests for conditional policy forecasts

Central Banks regularly make forecasts, such as the Fed’s Greenbook forecast, that are conditioned on hypothetical paths for the policy interest rate. While there are good public policy reasons to evaluate the quality of such forecasts, up until now, the most common approach has been to ignore their conditional nature and apply standard forecast efficiency tests. In this paper we derive tests for the efficiency of conditional forecasts. Intuitively, these tests involve implicit estimates of the degree to which the conditioning path is counterfactual and the magnitude of the policy feedback over the forecast horizon. We apply the tests to the Greenbook forecast and the Bank of England’s inflation report forecast, finding some evidence of forecast inefficiency. Nonetheless, we argue that the conditional nature of the forecasts made by central banks represents a substantial impediment to the analysis of their quality—stronger assumptions are needed and forecast inefficiency may go undetected for longer than would be the case if central banks were instead to report unconditional forecasts.