The effect of decision makers’ time perspective on intention–behavior consistency

This research demonstrates that decision makers?? time perspective??a cognitive, temporal bias that leads people to overemphasize the past, present, or future in their decision making??systematically influences self-reported behavioral intentions and thus intention?Cbehavior consistency for distant-future behaviors. Whereas present-hedonistic individuals overstate their intentions, present-fatalistic individuals understate theirs, so both types exhibit low intention?Cbehavior consistency. Future time-oriented individuals instead exhibit high intention?Cbehavior consistency because they are less likely to overstate their intentions. The findings are contributed to decision makers?? time perspective influencing the construal of distant-future behavior when reporting behavioral intentions. Accounting for decision makers?? time perspectives helps improve predictive accuracy and may change insights obtained from causal models that use self-reported intentions as a proxy for actual, distant-future behavior.     

General Equilibrium Effects of Green Technological Progress

This paper demonstrates that technological progress in production of renewable energy can influence the extraction path of fossil fuels indirectly by a change in the equilibrium interest rate. We show in a simple model that the indirect effect can be so strong that first-period or even aggregate extraction levels rise with green technological progress, contrary to popular expectations.     

The Moderating Influence of Country of Origin Information Seeking on Homophily and Product Satisfaction

ABSTRACT

The purpose of the research was to investigate when consumers concurrently select a range of retail products online, what percentage of products need country of origin (COO) identification. Moreover, will COO information seeking positively moderate the relationship between homophily and product satisfaction. Participants were recruited through an online survey platform (MTurk). The results appear to be the first to quantify the number of retail products within a basket that need some form of country of origin (COO) identification. Electronic word of mouth (eWOM, e-reviews) has become an important factor in the purchasing process for consumers. When COO information is unavailable, consumers will search online reviews to determine the COO of products. When reading the e-reviews, consumers will also evaluate the reviewer and the similarities they share. If they are not similar (low in homophily) their satisfaction with the product is low. By contrast, when homophily is high, product satisfaction is high. Specifically, as homophily increases, an individuals' need for COO information seeking has a positive moderating effect on their perceived product satisfaction. Online retailers promoting their products could benefit from sales increases due to their ability to provide COO information at a low cost, which in turn, provides ease, peace of mind and purchase satisfaction for consumers.     

How Does High-Frequency Trading Affect Low-Frequency Trading?

High-frequency trading dominates trading in financial markets. How it affects the low-frequency trading, however, is still unclear. Using NASDAQ order book data, the authors investigate this question by categorizing orders as either high or low frequency, and examining several measures. They find that high-frequency trading enhances liquidity by increasing the trade frequency and quantity of low-frequency orders. High-frequency trading also reduces the waiting time of low-frequency limit orders and improves their likelihood of execution. The results indicate that high-frequency trading has a liquidity provision effect and improves the execution quality of low-frequency orders.     

Does it Take More Than Ideals? How Counter-Ideal Value Congruence Shapes Employees’ Trust in the Organization

Research on value congruence rests on the assumption that values denote desirable behaviors and ideals that employees and organizations strive to approach. In the present study, we develop and test the argument that a more complete understanding of value congruence can be achieved by considering a second type of congruence based on employees’ and organizations’ counter-ideal values (i.e., what both seek to avoid). We examined this proposition in a time-lagged study of 672 employees from various occupational and organizational backgrounds. We used difference scores as well as polynomial regression and response surface analyses to test our hypotheses. Consistent with our hypotheses, results reveal that counter-ideal value congruence has unique relations to employees’ trust in the organization that go beyond the effects of ideal value congruence. We discuss theoretical and practical implications of this expanded perspective on value congruence.     

National pro-poor spending programmes and their effect on income inequality and poverty: Evidence from Vietnam

This article examines the causal effects of the national (pro-poor) targeted programmes (NTPs) on both poverty incidence and inequality in Vietnam over the period 2002–2010. While the links between NTPs and poverty alleviation and income inequality have previously been analysed independently, this study is the first to offer a comprehensive analysis of NTPs expenditure on poverty and inequality simultaneously. Applying the system generalized method of moments estimator to a panel of Vietnamese regional data, we are unable to establish that NTPs have significantly mitigated poverty incidence. However, we estimate that NTPs have significantly increased inequality. We offer possible explanations why the NTPs have resulted in these unintended outcomes and discuss potential policies which can reduce both poverty and inequality.     

Does Off-Farm Wage Employment Make Women in Rural Senegal Happy?

This paper investigates the impact of wage employment on women’s well-being in the Senegalese horticultural export industry. It uses a subjective well-being approach, based on self-reported happiness, to capture income and non-income aspects of employment. The study uses original survey data from 2013 for the Saint-Louis region in Senegal and an instrumental variable approach, supported by information from focus group discussions. It finds that women’s employment improves subjective well-being for the poorest women, but not for women whose household income is above the poverty threshold. Women’s employment improves women’s happiness through an income effect, as it leads to higher income levels and improved living standards, but the non-income effects reduce women’s happiness. This negative effect is related to a higher workload and low job satisfaction due to unfulfilled expectations. The positive income effect outweighs these negative non-income effects for poor women but not for relatively wealthier women.     

美国石油天然气市场政策的演变——《美国能源规制简史》节选

引言 美国联邦政府大规模地干预能源市场始于20世纪30年代,并持续到70年代.一系列重要的法律和管理措施曾被用来试图控制能源价格、规范电力和天然气公用事业,并限制进口.不幸的是,事实证明,这期间美国联邦政府对能源市场的大部分重大干预都是错误的.     

REIT Auditor Fees and Financial Market Transparency

This article examines the relationship between overinvestment in audit services, abnormal nonaudit fees paid to the auditor and market-based measures of firm transparency. Because real estate investment trusts (REITs) must distribute 90% of their earnings as dividends, many are repeat participants in the seasoned equity market. Thus, REITs have unusually strong incentives to strive for security market transparency. We find that the capital markets reward REITs that overinvest in audit services with better liquidity as measured by bid-ask spreads. However, firms with abnormally high nonaudit expenditures appear to be penalized with wider spreads, consistent with the notion that such fees may compromise auditor independence.     

Conditional regression analysis

This article deals with the question of whether the inclusion of multiplicative terms to model conditional effects in multiple regression is legitimate. The major arguments in the controversy relating to this subject are reviewed. The main conclusion is that most of the objections against multiplicative terms are based on misinterpretations of the coefficients of conditional models. For the often-ignored possible numerical problems in the estimation of these models, due to multicollinearity, an indirect estimation technique is proposed. The potentials of conditional regression analysis are demonstrated on a concrete example.