THE LENDER OF LAST RESORT: A TWENTY‐FIRST CENTURY APPROACH

The classical Bagehot conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: On the one hand, the distinction between insolvency and illiquidity is not clear‐cut; on the other, a fully collateralized repo market allows central banks to provide the adequate aggregate amount of liquidity and leave to the banks the responsibility of lending uncollateralized. The object of this paper is to analyze these issues rigorously by providing a framework in which liquidity shocks cannot be distinguished from solvency ones and then asking whether there is a need for a LOLR and how it should operate in the absence of systemic threats. Determining the optimal LOLR policy requires a careful modeling of the structure of the interbank market and of the closure policy. In our setup, the results depend upon the existence of moral hazard. If the main source of moral hazard is the banks' lack of incentives to screen loans, then the LOLR may have to intervene to improve the efficiency of an unsecured interbank market in crisis periods; if instead the main source of moral hazard is loan monitoring, then the interbank market should be secured and the LOLR should never intervene. (JEL: E58, 628)     

The Measurement of Intellectual Influence

This paper examines the problem of measuring intellectual influence based on data on citations between scholarly publications. We follow an axiomatic approach and find that the properties of invariance to reference intensity, weak homogeneity, weak consistency, and invariance to splitting of journals characterize a unique ranking method. This method is different from those regularly used in economics and other social sciences.     

A Dynamic Theory of Holdup

The holdup problem arises when parties negotiate to divide the surplus generated by their relationship specific investments. We study this problem in a dynamic model of bargaining and investment which, unlike the stylized static model, allows the parties to continue to invest until they agree on the terms of trade. The investment dynamics overturns the conventional wisdom dramatically. First, the holdup problem need not entail underinvestment when the parties are sufficiently patient. Second, inefficiencies can arise unambiguously in some cases, but they are not caused by the sharing of surplus per se but rather by a failure of an individual rationality constraint.     

Bringing Carl Rogers Back In: Exploring the Power of Positive Regard at Work

We draw on Carl Rogers’ client‐centred therapy theory and the theoretical lens of positive work relationships to explain why and how positive regard can be a powerful source for the development of employees’ sense of vitality, job performance and organizational citizenship behaviours (OCBs). We theorize that when employees experience relationships characterized by a high level of regard with their co‐workers they are likely to develop a sense of vitality, which in turn results in enhanced job performance and OCBs. These relationships are examined in both experimental and field studies. The results of these multiple studies provide general support for the power of positive regard in augmenting a sense of vitality and enhancing both job performance and citizenship behaviours.     

The Multilevel Nature of Customer Experience Research: An Integrative Review and Research Agenda

Over the last three decades, customer experience (CE) has developed from a burgeoning concept to a widely recognized phenomenon in terms of both research and practice. To account for the complexity of consumption decisions, the CE literature encompasses both the rational information processing approach to consumer decision‐making and the experiential approach, which includes emotions, feelings and sub‐consciousness. The authors classify and examine CE research on two levels. Studies on static CE analyze experiences during touchpoints at one point in time, while studies on dynamic CE assess how experiences evolve over time. Furthermore, both static and dynamic CE research take place from two distinct theoretical perspectives: the organization and the consumer. As both theoretical perspectives essentially deal with the same phenomenon – the organizational perspective with the creation of CEs and the consumer perspective with the perception of customer experiences – there is potential for a productive symbiosis between them. The authors propose that connecting insights from both perspectives can contribute to a better understanding of what constitutes a CE for consumers and how firms can effectively manage it. First, the authors discuss the development of CE and argue that it has evolved into a broad and fragmented ‘umbrella construct’. Second, after distinguishing and defining static and dynamic CE, they systematically evaluate the state of knowledge in both the organizational and consumer perspectives. Finally, they develop an agenda for future research that integrates the consumer perspective into organizational CE research.     

What do young children know about sex? Research on the sexual knowledge of children between the ages of 2 and 6 years

We investigated the sexual knowledge of 63 Dutch children in the age range 2–6 years. Boys and girls were equally represented in the sample. The children had an average, or above‐average IQ and none of them had any experience of sexual abuse. It was found that young children have a very limited knowledge of sexuality. They only possess some basic knowledge of genital differences, gender identity, sexual body parts and (non‐sexual) functions of the genitals. Knowledge of pregnancy and birth, reproduction and adult sexual behaviour was found to be very limited and decreased in the order presented here. Non‐sexually abused children appear to interpret situations that show physical intimacy between adults and children in terms of their own experiences. None of the children talked about sexual activities. Older children generally knew more than younger ones. No significant differences in knowledge between boys and girls were found. Copyright © 2000 John Wiley & Sons, Ltd.     

THE IMPACT OF PRODUCT RECOVERY ON LOGISTICS NETWORK DESIGN

Efficient implementation of closed‐loop supply chains requires setting up appropriate logistics structures for the arising flows of used and recovered products. In this paper we consider logistics network design in a reverse logistics context. We present a generic facility location model and discuss differences with traditional logistics settings. Moreover, we use our model to analyze the impact of product return flows on logistics networks. We show that the influence of product recovery is very much context dependent. While product recovery may efficiently be integrated in existing logistics structures in many cases, other examples require a more comprehensive approach redesigning a company's logistics network in an integral way.     

Online psychoeducation with parent management training: Examining the contribution of peer support

Psychoeducation is an empirically based intervention that is increasingly delivered online to individuals and groups. Low participation has been a problem for online designs that include peer support. New technology designs have been called for, and in response, we developed a model that synchronized the delivery of individual and group‐based psychoeducational activities for parent management training. We used a problem‐based learning strategy delivered to caregivers of youth demonstrating oppositional behaviours to encourage the development of helping processes and peer support. This mixed methods intervention study had high rates of participant retention and positive measurable changes for two of its three psychoeducational outcome measures. When we merged the study data, we observed that mutual aid—a frequently sought goal of group‐based interventions—contributed to participant outcomes.     

Examining individual‐level academic risk and protective factors for foster youth: School engagement,behaviors, self‐esteem,and social skills

Students' school engagement is widely regarded as critical for positive school adjustment and overall academic success. Foster youth persistently face poorer educational outcomes than peers and demonstrate lower levels of school engagement and higher levels of academically threatening behaviors. The goals of the present study were (a) to explore relationships amongst various child‐level correlates of school engagement and problem behaviors—namely, self‐esteem and social skills—and (b) to respectively investigate the protective potential of self‐esteem and social skills in the association between school engagement and behavior problems that threaten educational trajectories. Results indicate significant associations between school engagement and problem behaviors, as well as between self‐esteem, social skills, and school engagement. Further, self‐esteem mediated the association between school engagement and both youth‐ and foster parent‐reported externalizing behavior, and social skills mediated the association between school engagement and both youth‐ and foster parent‐reported externalizing behavior. Implications for future practice, research, and policy are discussed.     

‘Working fathers' in Japan: Leading a change in gender relations?

Does the emergent phenomenon of ‘working fathers' herald a process of change in gender relations in Japan? Against the background of the current discourse in Japan about new modes of fathers' participation in the family, the article focuses on the small group of working fathers — men who explicitly organize their working lives around family responsibilities — to examine the potentiality of change. This supposed change in the roles of men (and women), at home and in the workplace, is considered in terms of latency, as a ‘slow‐dripping' process. The qualitative research focuses on Fathering Japan, Japan's leading fathering movement, its ideology, its members and their families. The article offers a critical perspective, juxtaposing gender ideology with practice. Exploring the real‐life experiences of working fathers caught between family and work, especially against Japan's gendered corporate culture, the article also addresses the persistence of gender inequality in Japan.