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We estimate a double-hurdle (DH) model of the Hungarian wage distribution assuming censoring at the minimum wage and wage under-reporting (i.e. compensation consisting of the minimum wage, subject to taxation and an unreported cash supplement). We estimate the probability of under-reporting for minimum wage earners, simulate their genuine earnings and classify them and their employers as ‘cheaters’ and ‘non-cheaters’. In the possession of the classification, we check how cheaters and non-cheaters reacted to the introduction of a minimum social security contribution base, equal to 200 per cent of the minimum wage, in 2007. The findings suggest that cheaters were more likely to raise the wages of their minimum wage earners to 200 per cent of the minimum wage, thereby reducing the risk of tax audit. Cheating firms also experienced faster average wage growth and slower output growth. The results suggest that the DH model is able to identify the loci of wage under-reporting with some precision.

Compensation of funds managers increasingly involves elements of profit sharing that entitle managers to option-like payoffs. An important example is the compensation of private equity fund managers. Compensation of private equity fund managers typically consists of a fixed management fee and a performance-related carried interest. The fixed management fee resembles common compensation terms of mutual funds and hedge funds, while the performance-related carried interest is uncommon among most mutual funds. Moreover, the performance-related carried interest typically differs from variable hedge fund fees. In this chapter, we derive the value of the variable components of private equity fund managers’ compensation based on a risk-neutral option-pricing approach.

Despite the proliferation of countertrade (CT) literature, it has not been examined from a marketing process perspective. This study attempts to fill this gap. The concept of Reverse marketing, which is a direct consequence of CT, is introduced. A conceptual CT framework, which makes a distinction between commodity and differentiated products, is developed. The central point of this concept and, ultimately, of this article is that the reverse sequencing of marketing processes leads to many costly inefficiencies. The analyses that follow suggest that, in the majority of cases, firms should engage in CT only as a last resort.

Research sponsored by entities in developed countries, but conducted in developing countries, has recently been the focus of academic debate, international declarations and media controversy. Much of this attention has focused on whether the trials are exploitative and if so what should be done to avoid exploitation. This chapter takes Alan Wertheimer's principles of mutually advantageous transactions and applies them to the question of exploitation in international research. In this chapter, I develop an analysis of exploitation and apply this to the hypothesis that some pharmaceutical companies who run drug trials in developing countries wrongfully exploit the trial participants.

The chapter was prompted by the trend towards providing public health messaging through social marketing. The purpose is to understand the determinants of walking within a city in terms of framing policy to promote greater physical activity (PA). This is demonstrated through the context of Sydney, New South Wales (NSW), Australia. The chapter provides a literature review and showcases a case-study. Descriptive statistics are presented on how far Sydneysiders walk using Household Travel Survey data and how this might be changed if short motorised trips are converted to walking. Modelling walking time follows to see if there are policy levers that could be used to increase walking time. Over 78% of Sydney’s population do not meet the recommended PA target of 30 minutes per day. Converting short motorised to walking provides marginal improvement. Walking to access activities contributes more to total walking time than walking to/from public transport. Modelling suggests potential policy levers to increase PA. Targeting driving licence holders, households without cars and promoting walkable environments are found most effective. Promoting undertaking more activities on foot is likely to be more successful than promoting walking for short trips. The chapter provides an overview of PA around the world and an empirical case study of walking in Sydney, NSW, Australia. In turn this provides an evidence base for more successful targeting of social marketing messaging for public health.

Contemporary literature reveals that, to date, the poultry livestock sector has not received sufficient research attention. This particular industry suffers from unstructured supply chain practices, lack of awareness of the implications of the sustainability concept and failure to recycle poultry wastes. The current research thus attempts to develop an integrated supply chain model in the context of poultry industry in Bangladesh. The study considers both sustainability and supply chain issues in order to incorporate them in the poultry supply chain. By placing the forward and reverse supply chains in a single framework, existing problems can be resolved to gain economic, social and environmental benefits, which will be more sustainable than the present practices.

The theoretical underpinning of this research is ‘sustainability’ and the ‘supply chain processes’ in order to examine possible improvements in the poultry production process along with waste management. The research adopts the positivist paradigm and ‘design science’ methods with the support of system dynamics (SD) and the case study methods. Initially, a mental model is developed followed by the causal loop diagram based on in-depth interviews, focus group discussions and observation techniques. The causal model helps to understand the linkages between the associated variables for each issue. Finally, the causal loop diagram is transformed into a stock and flow (quantitative) model, which is a prerequisite for SD-based simulation modelling. A decision support system (DSS) is then developed to analyse the complex decision-making process along the supply chains.

The findings reveal that integration of the supply chain can bring economic, social and environmental sustainability along with a structured production process. It is also observed that the poultry industry can apply the model outcomes in the real-life practices with minor adjustments. This present research has both theoretical and practical implications. The proposed model’s unique characteristics in mitigating the existing problems are supported by the sustainability and supply chain theories. As for practical implications, the poultry industry in Bangladesh can follow the proposed supply chain structure (as par the research model) and test various policies via simulation prior to its application. Positive outcomes of the simulation study may provide enough confidence to implement the desired changes within the industry and their supply chain networks.

Purpose – To assess the following question: Do large Protestant congregations in the United States exert social and political influence simply as a function of their size, or do other characteristics amplify their influence?

Methodology/Approach – Using the U.S.-based National Congregations Study and the General Social Survey, the chapter employs a multivariate regression model to control for other factors related to church size.

Findings – Larger congregations contain a larger proportion of regular adult participants living in high-income households and possessing college degrees, and a smaller proportion of people living in low-income households. In congregations located in relatively poor census tracts, the relationship between high socioeconomic status (SES) and congregation size remains significant. Across Protestant groups, size and proportion of the congregation with high SES are correlated. Individual-level analyses of linked data from the General Social Survey confirm the positive relationship between the size of congregation the respondent attends with both high household income and possessing a college degree. These analyses also reveal a negative relationship between size and low household income.

Social implications – Size is an important factor when considering the social impact of congregations.

Originality/Value of chapter – This chapter identifies a systematic difference between churches of different sizes based on SES. This relationship has not been previously identified in a nationally representative sample.

Cryptocurrencies are notoriously difficult to value from a fundamental perspective. This valuation challenge is rooted in various debated issues in academia and the investments industry. For example, do cryptocurrencies and other cryptoassets have intrinsic value in the conventional sense? Can one appropriately regard cryptocurrencies as digital fiat currencies? What distinguishes cryptocurrencies such as bitcoin and ether from precious metals like gold from a financial perspective? How do cryptocurrencies compare to other cryptoassets in terms of pricing and valuation? This chapter aims to provide responses to these questions, discuss approaches to cryptoasset valuation, and identify areas for future research.