Workplace sexual harassment: exploring the experience of tour leaders in an Asian context

Sexual harassment is a prominent issue in the workplace; it presents a particular challenge with regard to this sensitive area in the Asian context due to the Asian cultural value. Tour leaders are one of the main components of the tourism industry workforce and are expensive to train in terms of both time/experience accumulation and financial investment. The potential risk of sexual harassment in the hospitality and tourism workplace remains unknown. The purpose of this study was to investigate tour leaders’ experiences of sexual harassment at work and their awareness of the organizational polices/regulations relating to sexual harassment in the workplace. A survey was conducted on the tour leaders in Taiwan and results of the study suggested that gender sexual harassment and seductive harassment behaviour were found to occur more frequently than sexual bribery, sexual coercion and sexual assault. Asian tours leaders tend to adopt extremely passive coping strategies in dealing with sexual harassment incidents. More than half of the tour leaders in the current study were ‘unsure’ whether their affiliated travel agencies had a sexual harassment policy.     

A discrete choice experiment to assess patients’ preferences for HIV treatment in the rural population in Colombia

Abstract

Aim: To elicit patients’ preferences for HIV treatment of the rural population in Colombia.

Methods: A discrete choice experiment (DCE), conducted in a HIV clinic in Bogotá, was used to examine the trade-off between five HIV treatment attributes: effect on life expectancy, effect on physical activity, risk of moderate side-effects, accessibility to clinic, and economic costs to access controls. Attributes selection was based on literature review, expert consultation and a focus group with six patients. An efficient experimental design was used to define two versions of the questionnaire with each of 12 choice sets and a dominance task was added to check reliability. A mixed logit model was then used to analyse the data and sub-group analyses were conducted on the basis of age, gender, education, and sexual preference.

Results: A total of 129 HIV patients were included for analysis. For all treatment attributes, significant differences between at least two levels were observed, meaning that all attributes were significant predictors of choice. Patients valued the effect on physical activity (conditional relative importance of 27.5%) and the effect on life expectancy (26.0%) the most. Sub-group analyses regard age and education showed significant differences: younger patients and high educated patients valued the effect on physical activity the most important, whereas older patients mostly valued the effect on life expectancy and low educated patients mostly valued the accessibility to clinic.

Limitations: One potential limitation is selection bias, as only patients from one HIV clinic were reached. Additionally, questionnaires were partly administered in the waiting rooms, which potentially led to noise in the data.

Conclusions: This study suggests that all HIV treatment characteristics included in this DCE were important and that HIV patients from rural Colombia valued short-term efficacy (i.e. effect on physical activity) and long-term efficacy (i.e. effect on life expectancy) the most.     

Why Doesn’t the Hong Kong Government Sell More Public Land?

Why doesn’t the Hong Kong government sell more of its enormous land holding to lower the city’s high housing price and increase the residents’ small living space? We answer the question in an overlapping generations framework. We show that while a rapid and complete privatization of government land is efficient in the absence of externalities; it is made politically difficult by a compensation gap, when the losses of current property owners are greater than the government revenue from land sales. We argue that the cross-country diversity of government land ownership owes to historical incidents in some countries (such as the U.S. in the 19th century) that allowed disposal of government land without filling the compensation gap and the absence of such incidents in others (such as Hong Kong).     

When mind, heart, and hands meet: communication design and designers

Hong Kong’s transformation from a manufacturing to a knowledge-based economy has prompted the local government to promote the city as a regional design center. The 2008 Policy Address delivered by Hong Kong’s Chief Executive calls for the creation of a large pool of creative and knowledgeable talent. The government recognizes that, in addition to disciplinary knowledge and skills, the high-quality workforce demanded by the economic transition requires creativity and broader competences. The University Grants Committee of Hong Kong considers outcome-based education (OBE) the best approach to developing a workforce qualified to meet the demands of the professional marketplace and, accordingly, is strongly encouraging its deployment in all higher education institutions. This article investigates the effects of the OBE approach on the curriculum revision, implementation, and evaluation of a two-semester undergraduate-level communication design course that was selected for an OBE pilot study at the author’s university. To establish stronger linkage between the academic and professional contexts, it was deemed necessary to seek the opinions of experienced design practitioners about the attributes they expect of graduates and the methods they employ in training junior designers. The author conducted in-depth interviews with 13 art/creative directors from 11 design agencies in Hong Kong in 2007. Their opinions were incorporated into the formulation of intended learning outcomes (ILOs), teaching and learning activities (TLAs), and assessment tasks (ATs) for the revised outcome-based course curriculum, which was then implemented in the 2008–2009 academic year. This article reports the findings of the aforementioned interviews and discusses the design of the revised curriculum with illustration from samples of students’ creative projects. It also provides a preliminary evaluation of the effectiveness of the course design and student learning, as revealed in quantitative and qualitative feedback from students and in the course designer’s self-reflection.     

A Probability Based Approach to Estimating Cost of Capital for Small Business

While discount rates of listed companies can be readily estimated using "betas" and the Capital Asset Pricing Model, the same is not true for small business. Entrepreneurs often have to rely on subjective assessments of the financial viability of their business ventures. This paper suggests an alternative to estimate the costs of capital for small businesses. Costs of capital are derived from the probability of success for similar business. These required rates of return can be used as minimum hurdle rates to assess the viability and profitability of the business under consideration. Since risk neutrality is assumed of investors in this approach, the costs of capital established should only be regarded as minimum returns required by risk-averse investors. Therefore, this suggested approach attempts to provide a refined "rule-of-thumb" which may be of value to small business entrepreneurs and financiers, especially when detailed accounting and financial data of similar business are not readily available.     

The pricing of exchange rate risk and stock market segmentation: The Canadian case

Empirical evidence by Eun and Resnick (1988), among others, has demonstrated the significance of exchange rate risk in the international asset allocation and they have noted that the risk is nondiversifiable. Yet, exchange rate risk was found by Jorion (1991) to be a risk factor that is not priced in the U.S. stock market. This study reexamines such counterintuitive results using data from the Toronto Stock Exchange. The evidence here weakly supports the pricing of the exchange rate risk. Further, the sample period in this study coincides with Jorion's to ensure that both studies examine the pricing of the exchange rate risk in the same global economic environment. The significant pricing of exchange rate risk in Canada and the insignificant pricing in the U.S. imply the possibility of market segmentation.     

The impact of the Japanese market on the intraday Hong Kong stock returns

This paper examines the impact of the price movement of the Japanese market on the Hong Kong market. We find that the Hong Kong stock prices react rapidly to the return information of the Japanese market. The evidence also indicates that the large price movement of the Japanese market can be used as an indicator for the Hong Kong market. The price reaction of the Hong Kong market is instantaneous and takes place in the opening minutes of the afternoon session. However, there is no excess profits when the transactions costs are included. Finally, the Hong Kong market has a significantly higher turnover when the Japanese market is open.     

Insider ownership and corporate performance: Evidence from the adjustment cost approach

This paper examines the relation between insider ownership and corporate performance in the presence of adjustment costs and investigates how the adjustment costs are determined. In a model specification without adjustment costs, we find that insider ownership is significantly positively associated with corporate performance. But once we allow for adjustment costs, the relationship no longer exists. We find that insider ownership and corporate performance can be explained by their respective lagged values and that many firm characteristics that were previously useful in explaining these two variables turn out to be statistically insignificant. In addition, there is no evidence that insider ownership and corporate performance affect each other. This is consistent with the adjustment cost argument. It is also consistent with the “endogeneity” argument suggested by Demsetz [Demsetz, H. 1983. The structure of ownership and the theory of the firm. Journal of Law and Economics 26, 375–390.], Demsetz and Lehn [Demsetz, H., Lehn, K., 1985. The structure of corporate ownership: causes and consequences. Journal of Political Economy 93, 1155–1177.], and Demsetz and Villalonga [Demsetz, H., Villalonga, B., 2001. The ownership structure and corporate performance. Journal of Corporate Finance 7, 209–233.]. Finally, we document that the speed of adjustment of insider ownership is positively related to insiders' market timing but negatively to the number of insiders and that the speed of adjustment of Tobin's Q is positively associated with financial leverage and stock price volatility.     

The effectiveness of incorporating higher moments in portfolio strategies: evidence from the Chinese commodity futures markets

This paper examines portfolio strategies that incorporate individual and systematic higher-order moments, within a stochastic optimization framework with uncertain mean and covariance. Using weekly, daily, and 30-minute interval data on Chinese commodity futures, we show that incorporating higher moments into portfolio strategies generally leads to better performance. The systematic fourth-order moment, among all systematic moments considered, can lead to the most robust, and a relatively large, improvement in investment performance, while the contribution of individual moments to the improved performance depends on the data horizon. We also find that adding higher moments brings superior performance in more cases for 30-minute-interval data than for other low-frequency data, suggesting that our strategy most likely performs best in 30-minute-rebalancing investments.