The Role of Federal and Private Student Loans in Homeownership Decisions

This paper examines the effect of student loans on the decision to become a homeowner. Analyses use the Baccalaureate and Beyond 2008:2012 (B&B) panel dataset collected by the U.S. Department of Education that surveyed a representative sample of four-year college graduates from institutions across the country. Whereas previous analyses of student loan debt rely on cumulative loan balances, the present research examines both federal and private student loan impacts separately. Private student loan data is often unavailable in major datasets, but the B&B data provide rich information on sources and amounts of debt for recent graduates. We instrument student loans using in-state tuition rates and find that for four-year college graduates, a $1,000 increase in a respondent's private student loan balance lowers the likelihood of buying a home by about 5 percentage points whereas a $1,000 increase in federal loans has no significant impact on homeownership during this time.     

Perceptions and preference for fresh seafood in an Australian context

Seafood as a whole food is highly nutritious. It is an important dietary source of protein, omega‐3 fatty acids and a wide array of highly bioavailable micronutrients. Despite the established health benefits associated with fish and seafood consumption, in Australia consumption levels still remain below those recommended for health. Although considerable research has been carried out on enablers and barriers to seafood consumption, the reasons Australian consumers do not consume recommended amounts of seafood while stating they would like to consume more seafood are complex and have not been fully illuminated. This paper reports on the development and results of a self‐administered questionnaire that aimed to identify consumer perceptions and preferences for fresh and frozen seafood. Data were collected through intercept surveys at an Australian university and 239 valid responses were received. Results confirmed respondent preference for fresh fish and seafood. There was significant confusion among respondents about what constitutes fresh seafood, with the term ‘fresh’ having different meanings to different respondents. Over half of respondents understood the term fresh to relate to seafood having been caught that same day. In comparison, approximately 15% understood fresh to reflect the accepted definition of having never been frozen. Additionally, results indicated respondents find it difficult to recognize if seafood is fresh, particularly in comparison with other meats. There is significant potential for the development of regulations for labelling of unpackaged seafood in order to allow consumers to make informed decisions about their purchases.     

Socially Responsible Investment and Corporate Social and Environmental Reporting in the UK: An Exploratory Study

This exploratory study examines the relations between corporate social and environmental reporting (CSR) and the socially responsible investment (SRI) sector. The evidence presented, based upon the informed opinions of 14 experts within the SRI field, suggests that the field of CSR is on the verge of a major change towards a substantial and sustained improvement in quality and quantity. The SRI sector is undergoing radical changes. A wider social movement has already led to exponential growth, as more people become concerned with how their money is invested. Moreover, the Pensions Review has widened this concern to institutional investment. Representing 35% of the stock market, the potential impact of this regulation is anticipated to be significant. One possible outcome could be a marked increase in the size and power of the SRI sector, improving their ability to successfully influence corporate behaviour. Success is likely to increase further as corporations begin to see a business case, as well as, or as opposed to a moral case, for acting in a more responsible manner. The Turnbull report on the combined codes of corporate governance is a significant factor influencing this. For the first time, reputational risk, and hence how companies manage environmental, ethical and social reputations, is on the core corporate governance agenda. A more powerful outcome would be an increased interest from mainstream fund managers in SRI modes of corporate assessment. Preliminary evidence suggests that this will create a greater demand for CSR, and greater legitimacy of CSR within the accounting orthodoxy.     

SMEs and the environment: evaluating dissemination routes and handholding levels

The Better Business Pack (BBP), a toolkit intended to enable SMEs to develop plans and activities that would lead to environmental and financial benefits, is evaluated. It is found that in spite of high user evaluation of the toolkit in terms of design, user‐friendliness, being up to date and recognition that little effort was required before returns could be achieved, actual financial and environmental achievements were patchy. The BBP was designed as a stand‐alone package that would stimulate SMEs to embark on this path without further support. However, the nature of the dissemination route and the presence of ‘handholding’ support significantly affected success levels. Furthermore the nature of this support was crucial. The most effective support came from pre‐existing networks and opportunities to learn from fellow users, rather than traditional consultancy and other external agency support. Awards for best practice were also found to be of importance. Copyright © 2002 John Wiley & Sons, Ltd and ERP Environment.     

In Sickness and in Health: Implications for Employers when Bipolar Disorders are Protected Disabilities

This paper explores the potential conflict between employment protections afforded to individuals with bipolar disorder, and employers’ obligations to maintain a safe working environment for others in the workplace. Both the Americans with Disabilities Act (ADA) and the Americans with Disabilities Act Amendments Act of 2008 (ADAA) provide workplace protections to those employees or applicants who are classified as qualified individuals with a disability. A disability is “a substantial impairment—a physical or mental impairment—in a major life activity that would substantially limit that major life activity.” ( 42 U.S.C. §§ 12102(1)(A)-(C)), and “mental impairment” is defined to include individuals with bipolar disorder (42 U.S.C. § 1630.2(h)(2)). These statutes further impose a requirement on employers to make reasonable accommodations for such individuals. In essence, they protect the bipolar employee from any discrimination in the workplace based on their disability, to include harassment by coworkers. However, employers may find themselves caught on the horns of a dilemma. Depending on the nature and severity of the bipolar employee’s conduct toward coworkers, they may also be exposed to liability for harm done to coworkers under negligent retention laws, or even the anti-harassment provisions of other equal employment statutes. If a bipolar employee’s negative behaviors toward coworkers are sufficiently severe or pervasive, they can result in coworkers suffering harassment sufficient to constitute actionable conduct under the ADA. To reduce exposure to litigation, employers must understand both their obligations under the ADA, and the nature of bipolar disorder.     

Consumer confusion from own brand lookalikes: An exploratory investigation

Lookalikes are a new generation of own brand products that have similar packaging and labelling characteristics to leading branded products. Their current success and proliferation (in Britain) has raised ethical and legal issues about whether they confuse consumers. A set of factors that foster or inhibit consumer confusion adapted from a framework on consumer confusion, were tested on a sample of 50 shoppers at the end of their shopping visit. No incidents of consumers having falsely bought a lookalike product were identified. However, low‐price products subject to impulse buying were found to be more likely to confuse shoppers. Additionally, elderly and impulsive shoppers appear to be more susceptible to confusion. Thus, effective brand identification or confusion‐protection strategies are more important for the above sets of products and shoppers. However, future research should concentrate on what extent consumers infer “misleading” that the original brand attributes are similar to the lookalike brand attributes and how this is linked to their choice.     

Perceptions of visitor relationship marketing opportunities by destination marketers: An importance-performance analysis

Customer relationship marketing (CRM) initiatives are increasingly being adopted by businesses in the attempt to enhance brand loyalty and stimulate repeat purchases. The purpose of this study was to examine the extent to which destination marketing organisations (DMOs) around the world have developed a visitor relationship marketing (VRM) orientation. The proposition underpinning the study is that maintaining meaningful dialogue with previous visitors in some markets would represent a more efficient use of resources than above the line advertising to attract new visitors. Importance-performance analysis was utilised to measure destination marketers’ perceptions of the efficacy of CRM initiatives, and then rate their own organisation’s performance across the same range of initiatives. A key finding was that mean importance was higher than perceived performance for every item. While the small sample limits generalisability, in general there are appears to be a lack of strategic intent by DMOs to invest in VRM.     

A theorem on interest rate differentials,risk and anticipated inflation

This paper develops a theorem to the effect that the difference in nominal interest rates between two securities of the same maturity but different risk is an increasing linear function of the anticipated rate of inflation. Even when society's inflationary. A preliminary attempt is made to estimate the real risk premiums that finance paper, bankers's, acceptances, commercial paper, certificates of deposit, and Eurodollar deposits command over treasury bills. It is found, for example, that the real risk premium commanded by bankers’ acceptances over treasury bills is five basis points. This means that in a non-inflationary environment, bankers' acceptances would yeild five basis points more than treasury bills. This estimate and the other estimates obtained are not implausiable, but they are probably minimum estimates because of bias in the estimate of inflationary expectations.     

Consumer expectations and short-horizon return predictability

Lettau and Ludvigson [Lettau, M., Ludvigson, S, 2001. Consumption, aggregate wealth and expected stock returns. Journal of Finance 56, 815–849] argue that fluctuations from the equilibrium ratio of consumption to wealth (cây) reflect changing expectations of asset returns and document significant short-horizon predictability based on cây. This paper further explores the role of consumer expectations in modeling time variation of expected equity returns by considering two measures of consumer expectations: (i) consumer behavior as reflected in cây, and (ii) a more-direct measure of expectations captured by the Index of Consumer Sentiment (ICS). We report strong regression-based evidence of return predictability based on cây, which remains evident even after accounting for various sources of estimation risk. However, the regression-based evidence of predictability does not necessarily imply that shifts in aggregate consumption and the components of aggregate wealth give rise to economically significant investment signals. The survey-based measure of expectations (ICS) is shown to complement the behavioral measure (cây) but has no apparent stand-alone predictive value in forecasting equity returns.