The Development and Management of Beach Resorts: Boracay Island,The Philippines

This paper deals with questions of beach resort development processes and their management. Issues are discussed within the context of Boracay Island in the Philippines, which is a popular destination, but one that is at risk from uncontrolled growth. The framework for the analysis is an existing model, and comparisons between it and the case reveal similarities and divergences. Findings suggest the unique qualities of individual resorts arising from local and national circumstances, but indicate more general patterns and attendant challenges that have a wider applicability. Development models are also seen to be useful, despite their limitations.     

Life Insurer Cost of Equity with Asymmetric Risk Factors

This study presents an improved model for estimating life insurer cost of capital with the inclusion of upside and downside risk factors and controlling for life insurer characteristics. Although various asymmetric measures of market risk have been shown to be priced factors for the broader equity market, life insurer realized equity returns include a much larger premium for bearing downside risk, even after controlling for firm characteristics and other measures of risk. Cross‐sectional regression analysis finds a positive (negative) premium for downside (upside) betas, conditional on down and up markets, respectively. Coskewness and cokurtosis are also priced factors.     

Can the interests of shareholders explain industry attitudes toward banking-insurance mergers?

The banking industry generally supports and the insurance industry generally opposes the removal of regulatory boundaries between the two industries. In an effort to explain these industry attitudes, this article examines the effect, in the absence of synergies, of hypothetical mergers of banks and insurance companies on shareholders' risk and return. The results suggest that, if cash flows are not impacted by the mergers, the attitudes of industry management toward inter-industry mergers cannot be motivated by concerns for shareholder risk and return since, during the data period considered, insurer shareholders would have gained more by acquiring banks than bank shareholders would have gained from acquiring insurers.     

The Reasonable Person Negligence Standard and Liability Insurance

We show that, under the reasonable person negligence rule, heterogeneity of potential injurers can be sufficient to create a demand for liability insurance. Potential injurers with a low probability of accidents or a high cost of exercising care have optimal levels of care that are below the negligence standard. For these groups, it may be less costly to be negligent and purchase insurance than to comply with the negligence standard. We show that the availability of insurance is socially desirable.     

Positive affectivity under work overload: Evidence of differential outcomes

We argue that, although positive affectivity (PA) provides intraindividual benefits when experiencing stress, this resilience to stressors does not necessarily translate into improved evaluations by others. In the context of our research, different outcomes in response to increased role overload are expected on the basis of prior theoretical and empirical research. We found that, under conditions of high role overload, those with high PA did not experience reduced job satisfaction (Study 1). However, supervisor‐rated performance decreased in the context of heightened role overload for those high in PA (Study 2). Thus, PA may help the individual cope, but it may not convert to increased performance ratings as reported by one's supervisor. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.     

Faculty bargaining in private colleges and universities: Beyond Yeshiva

In 1980, the U.S. Supreme court inYeshiva University v. NLRB ruled that faculty members in some private colleges and universities are managerial employees, and, thus, are not entitled to the protection provided under federal labor law. Since then, the courts and the National Labor Relations Board have heard a number of cases arising out ofYeshiva. This article first reviews the status of managerial and professional employees under the NLRA, then examines how the law has been applied in the aftermath ofYeshiva. We conclude that while a few general principles have evolved, the courts have yet to establish clear criteria for defining “managerial” as applied to university faculty. We note that theYeshiva case has resulted in a substantive decline in collective bargaining among faculty in private sector higher educational institutions, and that the criteria arising out of the decision have the potential for restricting collective bargaining coverage outside academia.     

Giving Back: An Examination of the Philanthropic Motivations, Orientations and Activities of Large Black-Owned Businesses

This study of philanthropy among large Black-owned businesses provides insights into a sector of business giving which has not been studied. Results indicate that philanthropy and ethical justifications play a more important role in minority business enterprises than in non-minority firms studied previously.