Shareholder Value Effects of Voluntary Emissions Reduction

The relationship between emissions reduction and firm financial performance has been studied with mixed results. We consider potential sources of this ambiguity by examining announcements of voluntary emissions reduction (VER) from 1990 to 2009. We measure the stock market reaction associated with VER announcements to estimate the effects of time, emissions type, and whether the reduction was announced ex ante or ex post. We find that the market reaction to VER significantly decreased over time. The changing nature of the market reaction to VER over time highlights the importance of evaluating the financial impact of any VER in the current context rather than relying on past findings. We also find that the market reaction is more positive if the reduction is for greenhouse gas (GHG) rather than other emissions types. In light of the increasing concern with GHGs, this finding should be welcome news for managers. Last, we find a more positive market reaction for VER announcements that are pledges or statements of intent rather than realized achievements of VER. Managers contemplating VER might find benefit (and at least no harm) in announcing their intent to reduce emissions rather than waiting until they have achieved the reduction.     

Physicians' understanding of consent requirements for phase I clinical trials in cognitively impaired or highly vulnerable populations

We investigated physicians' attitudes about entering patients who cannot give informed consent or who are of a vulnerable population into clinical trials. A survey instrument asked a nationwide sample of practicing physicians about whether ten hypothetical patients could be enrolled in a phase I clinical trials. The impact of demographic variables on the number of scenarios viewed as completely or somewhat acceptable was analyzed via student's T tests or analysis of variance (ANOVA) as applicable. All significant (p<0.01) variables were entered into a multiple logistic regression model. Eighty-four percent of respondents indicated that at least one case scenario was acceptable. A majority of those who conduct clinical trials (62%), who had training in the ethics of clinical research (78%), and who sit on institutional review boards (IRBs) (83%) approved of at least one case scenario. Physicians approved of the entry of some patients who cannot give informed consent or who are of a vulnerable population into clinical trials. More effective education on the guidelines involving clinical research should be available to practicing physicians, residents, and medical students. There should also be assurance that physicians who conduct clinical trials or who sit on IRBs have the requisite knowledge about the ethics of clinical research.     

Labor-Environmental Relations: An Analysis of the Relationship between Labor Unions and Environmentalists

Objective. I seek to assess the quality of relations between labor unions and environmental organizations and to identify economic, political, and organizational factors that influence those relations. Methods. A survey of state labor leaders was conducted in order to determine the quality of relations between unions and environmental organizations around the United States. Ordinary least squares regression is used to identify associations between state level economic and political indicators and the quality of labor-environmental relations. Results. Relations between labor unions and environmentalists are generally positive. Except for the timber industry, there is no evidence of hostility between environmentalists and unions in industries that may be threatened with job loss due to environmental measures. Republican control of state government and labor-industry cooperation are associated with poor labor-environmental relations. Conclusions. Popular beliefs about entrenched "jobs versus the environment" conflict are largely unfounded. Instances of conflict between unions and environmental advocates are rare and largely isolated in certain employment sectors. Although unions and environmentalists share certain interests, Republican political control reduces cooperation between these two constituencies. Unions can be seen as situated between employers and environmentalists in regard to environmental issues. Cooperation with employers results in poorer relations between unions and environmentalists.     

A model of monopoly and “efficient” unions with endogenous union coverage: Positive and normative implications

We present a model of a rent-maximizing union that organizes to increase its coverage of an industry and analyze monopoly and “efficient” unions in this setting. Our model is unique in that we allow for a competitive industry with free entry and find union and nonunion firms coexisting with product market equilibrium. This is achieved by incorporating the insight that firms are heterogeneous in productive characteristics. An important implication of our model is that an “efficient” union that covers a nontrivial share of the market is not efficient and may in fact be less efficient than a monopoly union.     

Economic and cultural production as structural paradox: the case of international fashion magazine publishing

This paper examines four international fashion magazines – Elle, Harper's Bazaar, Marie Claire and Vogue – published in five countries around the world. Based on content analysis, publishers’ marketing data, and interviews with editorial and publishing staff, the paper argues that the field of magazine production is structured by a double- or multiple-audience property which leads to structural homology in the fields of media production generally. Precisely because fashion magazines are simultaneously commodities and cultural productions, in which the not-entirely-separate interests of advertisers, the fashion world and readers come into play, all kinds of contradictions emerge to affect their contents. Focusing on international edition launches and magazines markets, the paper also engages with the meaning of journalistic independence and gives its own Gallic twist to globalisation theory.     

Farewell Words for Colleen Brown

A highlight of the Hobart Conference was Carmel Flaskas' presentation of the 2002 Journal Award to David Epston. David was unable to be present in person, but sent a written response. Carmel's citation, and David's response, are printed below.     

Privacy in the Information Age

In recent years, surveillance has become an increasingly salientpolitical issue in the United States. In this article we presentdata on public opinion about privacy invasions and surveillancetechniques since 1990. Generally speaking, the polls show thatconcern about threats to personal privacy has been growing inrecent years. Although the public was temporarily willing toexpand the government’s investigative powers in the aftermathof the September 11, 2001, terrorist attacks, support for mostforms of surveillance has declined.     

Reinforcing Stereotypes? Race and Local Television News Coverage of Congress*

Objective. Despite the increasingly diverse legislative records of African‐American members of Congress, much of the population continues to believe that African‐American legislators are interested only in minority issues. If African‐American House members are becoming more like their nonblack colleagues, then why do many citizens continue to hold these stereotypes about African‐American legislators? Methods. We examine local television news coverage of House members and compare the coverage received by African‐American and nonblack incumbents. Results. We find that local television newscasts devote more coverage to African‐American members of Congress but this coverage is also more race oriented, especially in less diverse markets. In fact, local television stations produce more race‐oriented coverage of African‐American legislators regardless of their legislative records on minority issues. Conclusions. Local television news stations may be partially responsible for the prevailing stereotype of African‐American House members who are narrowly focused on race‐oriented issues.