The nexus between sustainable practices in hotels and future Gen Y hospitality students’ career path decisions

This study explored tertiary hospitality students’ attitudes and overall perceptions about green and sustainable practices; and how these may impact their future career paths in the hotel industry. A thematic analysis with data from 12 semi-structured interviews with students in a hotel management school in Australia was used to identify patterns and interpretive themes. Results revealed positive attitudes among Generation Y hospitality students towards working in a green and sustainable hotel environment. Implications highlight the need for sustainability education in the curriculum of tertiary education providers and strong emphasis on sustainability practices in employee training programs. The results also suggest possible impacts of sustainability practices in recruiting and hiring in the hospitality industry and how this may affect future hospitality employees and leaders.     

Catching up on competitors: how organizations can motivate employees to work harder

The paper is an attempt to explain why some organizations are more competitive than others in terms of their human resources. It establishes under what circumstances some employees exert extra effort beyond the level required to keep their job and to get promotion by exploring the role of motivational forces that may complement the calculative considerations as suggested by expectancy theory. In a multivariate analysis proxies for five motivational mechanisms were tested, based on need theory, positive work disposition, intrinsic motivation, behavioural commitment as implied by organizational roles and social exchange theory. It emerged that all of them make their own contribution to the explanation of extra work effort.     

Betriebe lernen Ältere schätzen

Durch die demographische Entwicklung nimmt der Anteil der ?lteren Arbeitskr?fte stetig zu, w?hrend das Erwerbspersonenpotenzial insgesamt langfristig sinkt. Die Unternehmer müssen daher immer mehr ?ltere Arbeitnehmer neu einstellen. Hier k?nnte es aufgrund verschiedener Anforderungen zu Problemen kommen. Die Autorin untersucht die Besch?ftigungschancen ?lterer beispielhaft in sechs hessischen Regionen.     

The stop-loss start-gain paradox and option valuation: a new decomposition into intrinsic and time value

The downside risk in a leveraged stock position can be eliminatedby using stop-loss orders. The upside potential of such a positioncan be captured using contingent buy orders. The terminal payoffto this stop-loss start-gain strategy is identical to that ofa call option, but the strategy costs less initially. This articleresolves this paradox by showing that the strategy is not self-financingfor continuous stock-price processes of unbounded variation.The resolution of the paradox leads to a new decomposition ofan option's price into its intrinsic and time value. When thestock price follows geometric Brownian motion, this decompositionis proven to be mathematically equivalent to the Black-Scholes(1973) formula.     

The effect of information releases on the pricing and timing of equity issues

With time-varying adverse selection in the market for new equityissues, firms will prefer to issue equity when the market ismost informed about the quality of the firm. This implies thatequity issues tend to follow credible information releases.In addition, if the asymmetric in information increases overtime between information releases, the price drop at the announcementof an equity issue should increase in the time since the lastinformation release. Using earning releases as a proxy for informativeevents, we find evidence supporting these propositions.     

收购旧设备及更新计划

<正> 南方公司是美国东南部5间受控管制公用电之控股公司,并为美国最大之电力生产商。南方电力是南方公司其中一间附属公司,在世界各地从事电力发展业务。其子公司亚洲电力发展有限公司发展项目遍布中国、菲律宾及亚洲其他地区。南电收购State Line发电设备的项目是更新旧电厂以提高效率、减低烟气排放及延长机组寿命的好例子。     

The price normalization problem in imperfect competition and the objective of the firm

Summary. General equilibrium models of oligopolistic competition give rise to relative prices only without determining the price level. It is well known that the choice of a numéraire or, more generally, of a normalization rule converting relative prices into absolute prices entails drastic consequences for the resulting set of Nash equilibria when firms are assumed to maximize profits. This is due to the fact that changing the price normalization amounts to altering the objective functions of the firms. Clearly, the objective of a firm must not be based on price normalization rules void of any economic content. In this paper we propose a definition of the objective of a firm, called maximization of shareholders' real wealth, which takes shareholders' demand explicitly into account. This objective depends on relative prices only. Real wealth maxima are shown to exist under certain conditions. Moreover, we consider an oligopolistic market and prove the existence of a Nash equilibrium in which each firm maximizes the real wealth of its shareholders. Received: July 10, 1997; revised version: July 27, 1998     

Public Debt,Terms of Trade and Welfare: The Role of Capital Production Shares,External Balances,and Dynamic (In)efficiency

In view of still large external imbalances across the world economy and dramatically risen public debts in major advanced economies, this paper reconsiders the relationship between public debt, the terms of trade and welfare in a two-good, two-country overlapping generations model with technological differences across countries. We find that the terms of trade effect of a public debt shock depends only on international differences in capital production shares and the dynamic (in)efficiency of the world economy. As in a model with similar capital production shares, domestic welfare rises and foreign welfare decreases when Home has a positive external balance and the Golden Rule holds. Under dynamic efficiency, welfare decreases in the debt-expanding, net foreign creditor country if she has a relatively smaller capital production share, and if the welfare effect through the accumulation channel is negative. In contrast, under dynamic inefficiency she can increase her welfare by debt expansion.