Does microfinance empower women? Evidence from self‐help groups in India

Microfinance programmes like the Self Help Bank Linkage Program in India have been increasingly promoted for their positive economic impact and the belief that they empower women. However, only a few studies rigorously examine the link between microfinance and women’s empowerment. This article contributes to this discussion by arguing that women’s empowerment takes place when women challenge the existing social norms and culture, to effectively improve their well‐being. It empirically validates this hypothesis by using quasi‐experimental household sample data collected for five states in India for 2000 and 2003. A general model is estimated by employing appropriate techniques to treat the ordinal variables in order to estimate the impact of the Self Help Group (SHG) on women’s empowerment for 2000 and 2003. The results strongly demonstrate that on average, there is a significant increase in the empowerment of women in the SHG members group. No such significant change is observed however, for the members of the control group. The elegance of the result lies in the fact that the group of SHG participants show clear evidence of a significant and higher empowerment, while allowing for the possibility that some members might have been more empowered than others.     

Bailout uncertainty in a microfounded general equilibrium model of the financial system

This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest rates, the volume of defaults and the real economy. The distinction between risk and uncertainty is implemented by applying the multiple priors framework to beliefs about the probability of bailout.Results of the analysis include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both the real and financial sectors and may lead to a total drying up of credit markets. (ii) Lower exante bailout uncertainty is conducive to higher leverage, which in turn raises moral hazard and makes the economy more vulnerable to expost increases in bailout uncertainty. (iii) Bailout uncertainty affects the likelihood of bubbles, the amplitude of booms and busts as well as the banking and the credit spreads. (iv) Higher bailout uncertainty is associated with higher returns’ variability in diversified portfolios and higher systemic risks, (v) Pre-crisis expansionary monetary policy reinforces those effects by inducing higher aggregate leverage levels. (vi) The larger the change in bailout uncertainty and the change in aversion to this uncertainty, the stronger the pre-crisis buildup and the deeper the ensuing crisis.A central policy implication of the analysis is that the vaguest is bailout policy prior to a crisis, the lower is the magnitude of investments destroyed or missed due to errors in evaluating bailout and other intervention policies. On the other hand, the clearer is bailout policy upon the eruption of a crisis, the smaller the contraction of credit and the destruction of investment activity.     

Valuation effects of corporate social responsibility

This paper develops a valuation model of the firm that provides for the expenditure of corporate resources in support of community, social or environmental causes. We show that under certain circumstances CSR expenditures create value for the firm. We also test our model by simulations and confirm that, at least under some conditions, CSR does pay off in the form of value creation.     

Jenkins著《英语作为国际通用语的语音》评介

J.Jenkins在《英语作为国际通用语的语音》一书中分析了大量通用语语境中的英语语料,考察了英语作为国际通用语的语音现状及其相互可理解性和可接受性,同时在考虑了语音项目的“可教性”之后,大胆地提出了一套简便、务实的通用语核心语音。该书的主要观点对我国英语语音教学具有一定启示作用。     

Determinants of Innovative Behaviour in the Hotel Industry: A cross-Cultural Study

The present study develops a conceptual framework that sheds light on whether institutional pressures (i.e., normative, mimetic, and coercive) and corporate support can improve innovative behavior across different societies and the moderating role of national cultural dimensions on this link. Our study validated these arguments empirically using data from the 2018 Global Entrepreneurship Monitor (GEM). Data were collected and analyzed from 2,618 respondents. Data were collected through a questionnaire survey of full-time non-managerial employees selected, from different departments of various four- and five-star hotels across five economically and culturally different societies (UK, UAE, Germany, China, USA). Our results indicated that both institutional pressures and corporate support have positive influence on employees’ innovative behaviour. Furthermore, Hotels in cultures with high levels of individualism and low levels of uncertainty avoidance, power distance, and masculinity will indicate higher levels of innovative behaviour in response to corporate support programs. While, hotels in nations with high levels of power distance, collectivism, uncertainty avoidance, and masculinity will indicate higher levels of innovative behaviour in response to normative, mimetic, and coercive pressure. These findings provide important implications for innovative behaviour by developing and validating a multilevel model empirically in the hospitality context.     

Interpretive structural modeling of quality factors in both medical and hospitality services in the medical tourism industry

This study aims to theoretically integrate quality factors of both medical and hospitality services in medical tourism. Medical tourism comprises both medicine and tourism. Although the core product in medical tourism is medical treatment, attractive hospitality and travel options are also essential. Despite the dual nature of medical tourism, the two aspects of this concept have not been integrated in a unique framework. This study attempts to fill this gap using interpretive structural modeling (ISM). According to ISM, although factors of medical services and hospitality services are independent from each other, these factors have vital impacts on perceived value, satisfaction, and loyalty.     

乡村旅游经营实体创业影响因素研究

在乡村旅游开发中,开办小型经营实体是社区参与的最主要形式,其健康发展直接影响到乡村旅游开发目标的实现.通过在广西乡村旅游地区对乡村旅游经营者创业影响因素的实地调查,经T检验和因子分析,得出乡村旅游经营实体创业受增加经济收入、自我实现、家庭生活需要、兴趣爱好、外部支持和投资风险的综合影响,并且随创业者个体差异、实体差异在多方面表现出显著不同.     

Anatomy of a flipped classroom

A well-designed flipped course requires a significant amount of planning and preparation, but has great benefit to both students and instructor. Using Bloom’s Taxonomy as a guide, one can design effective online and in-class components that maximize benefits to students. A flipped classroom allows students more time to interact with peers and their teacher, and collaborate with teams. This paper will describe how one tourism educator flipped an advanced marketing course, as well as the technology tools used in content creation.