Economic Growth and Decline with Endogenous Property Rights

This article introduces endogenous institutional changeinto a neoclassical growth model. For some parameter values,all Markov perfect equilibria involve a shift from common propertyto private property followed by a shift back to common property.Even in the presence of a linear production technology, thissequence of switches generates growth rates that are increasingat low levels of capital and decreasing at high levels of capital.This result rationalizes the hump-shaped growth path followedby some countries through history, as well as the conditionalconvergence observed in postwar data. For other parameter values,there are also equilibria in which common property prevails forever.This result rationalizes the low-growth traps in which many poorcountries find themselves.     

When is human capital a valuable resource? The performance effects of Ivy league selection among celebrated CEOs

We investigate whether and when highly trained human capital constitutes a rent‐sustaining resource. Our study of 444 CEOs celebrated on the covers of major U.S. business magazines found an advantage accruing to graduates of selective universities. Such CEOs led firms with higher and more sustained market valuations. The advantage was strongest for undergraduate programs as these related to the kinds of talent demanded of a CEO. The advantage also was greatest in smaller firms where CEO discretion might be highest and for younger CEOs who may benefit most from college and are less able to appropriate rents. Finally, the advantage accrued to graduates of more recent years, when selective schools had become less socially elitist and increasingly meritocratic, thus favoring human versus social capital. Copyright © 2014 John Wiley & Sons, Ltd.     

Volatility dynamics of NYMEX natural gas futures prices

We examine the volatility dynamics of NYMEX natural gas futures prices via the partially overlapping time‐series model of Smith (2005. Journal of Applied Econometrics, 20, 405–422). We show that volatility exhibits two important features: (1) volatility is greater in the winter than in the summer, and (2) the persistence of price shocks and, hence, the correlations among concurrently traded contracts, displays substantial seasonal and cross‐sectional variation in a way consistent with the theory of storage. We demonstrate that, by ignoring the seasonality in the volatility dynamics of natural gas futures prices, previous studies have suggested sub‐optimal hedging strategies. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:438–463, 2008     

Understanding wine tourism in China using an integrated product-level and experience economy framework

Wine tourism in China is an emerging market. This study addresses two research questions: the product offering and the tourist experience in this market. Findings of an exploratory study using netnography were examined by combining product levels theory and the experience economy model. The resulting proposed theoretical framework identified the status of China's wine tourism market as situated in the infancy stage. Results revealed the core product needed more customers’ involvement, and enrichment of the augmented product, to best position the wine destinations. While, enhancing educational, entertainment, and escapist experiences would benefit the whole experiences and increase future loyalty.     

Abuse and Exploitation of Doctoral Students: A Conceptual Model for Traversing a Long and Winding Road to Academia

Journal of Business Ethics - This paper develops a conceptual model of PhD supervisors’ abuse and exploitation of their students and the outcomes of that abuse. Based on the literature about...     

CEO Regulatory Foci,Environmental Dynamism,and Small Firm Performance

This research proposes and tests that regulatory foci of small business chief executive officers (promotion focus and prevention focus) relate to firm performance differentially when levels of environmental uncertainty vary. Results suggest that a promotion focus is positively related to firm performance, whereas a prevention focus is negatively related to firm performance. Further, these relationships are moderated by the degree of environmental dynamism such that in more dynamic environments, the relationship between promotion focus and firm performance is strengthened, whereas the relationship between prevention focus and firm performance is negatively affected. The reverse was found for less dynamic environments. Theoretical and practical implications as well as future research avenues are offered.     

Ecological Goals and Wetland Preservation Choice

Canada's multilayered wetland policies promote the preservation of “significant” wetlands, but the criteria for identifying these wetlands are not clearly defined partially because wetlands are a source of multiple ecological outputs, such as abating sediment and providing wildlife habitat. This study adapts a GIS-based, hydrologic, and economic model to examine the trade-offs between agricultural interests and ecological benefits in the Eramosa Watershed, located in southwestern Ontario, Canada. While preserving a wetland enhances both water quality and wildlife habitat goals, and the costs of preservation increase at an increasing rate as expected, the ranking of wetlands, and so the choice of “significant” wetlands, varies considerably depending upon the wetland benefit chosen as the policy goal. The trade-off between wetland benefits and drainage is diminished if there is an alternative means to abate sediment. Since conservation tillage is a lower cost means of improving water quality than wetland preservation, its inclusion can achieve comparable environmental benefits at decreased agricultural cost. La politique canadienne multicouche sur les zones humides préconise la préservation des zones humides «d'importance», mais les critères d'identification de ces zones ne sont pas clairement définis, en partie parce que les zones humides offrent une foule d'avantages écologiques tels que la réduction des sédiments et la constitution d'habitats fauniques. Dans la présente étude, nous avons adapté un modèle économique et hydrologique fondé sur un système d'information géographique (SIG) pour analyser les compromis entre les intérêts agricoles et les avantages écologiques dans le bassin hydrographique de la rivière Eramosa, situé dans le sud-ouest de la province d'Ontario, au Canada. Bien que la préservation des zones humides améliore la qualité de l'eau et les habitats fauniques, et que les coûts liés à la préservation ne cessent d'augmenter, le classement des zones humides et, par conséquent, le choix des zones humides «d'importance» varient considérablement en fonction de l'avantage retenu comme objectif politique. Le compromis entre les avantages des zones humides et le drainage est diminué s'il existe une solution de rechange pour réduire les sédiments. Étant donné que, pour améliorer la qualité de l'eau, le travail de conservation du sol est un moyen plus économique que la préservation des zones humides, il peut permettre d'obtenir des avantages environnementaux comparables à des coûts agricoles moins élevés.     

Learning to lead: Segmentation of attendees to a Christian leadership conference

Christian leadership conferences are religious events in which attendees can improve their leadership skills in their current or potential area of ministry. Despite considerable anecdotal evidence, there is limited empirical research that has determined why attendees are motivated to attend these events and if they can be differentiated based on their personal characteristics and year of event attendance. To address these research gaps, 335 questionnaires were collected at an Australian Christian leadership conference during the 2013 and 2014 events. To better equip me in my current leadership role and to feel encouraged to learn more about God were the two dominant motivations identified by respondents, regardless of the year of data collection. Motivational differences also existed based on respondents' personal characteristics. This study has provided theoretical and practical implications for religious nonprofit organizations relating to these issues and provides future research opportunities.