Are exchange rates serially correlated? New evidence from the Euro FX markets

This paper examines the serial uncorrelatedness hypothesis in the Euro FX markets by testing for autocorrelation in daily FX returns of 82 countries over the period of 1999–2010. We use three newly developed tests that are robust to conditional heteroskedasticity of unknown forms and that do not choose a lag parameter arbitrarily. They are Escanciano &; Lobato (2009)'s automatic Box–Pierce Q_p test, Nankervis &; Savin (2010)'s generalized Andrews–Ploberger test and Deo (2000)'s robust Durlauf test. We find no significant autocorrelation in the FX returns of around 58 to 62 countries, suggesting that majority of the Euro FX markets are weak-form efficient.     

The Incidence of the Land Use Regulatory Tax

Land use regulation has been found to impose a substantial tax on housing within select U.S. metropolitan areas. In this article, we develop hypotheses regarding the incidence of this tax by income class and racial group within these areas. Parcel‐level data from Miami‐Dade County, Florida, are used to test our hypotheses. We find that, while the tax rises with a household's permanent income, this rise is less than proportional, making it a regressive tax. We also find, controlling for household permanent income, that the tax is a higher percentage of the price of homes located in black neighborhoods in comparison to those located in white or Hispanic neighborhoods.     

Who is at Greatest Risk of Work-Related Discrimination—Women, Blacks, or Homosexuals?

This study was developed to examine whether bias against women, blacks, and homosexuals emerges in predictable patterns when raters are presented with hiring scenarios. We instructed the research sample to hire six of eight candidates for an accounting position. Eight candidates were necessary to offer the full range of gender, race, and sexual orientation combinations. Requiring the research sample to select six of the eight candidates meant that each respondent would have to discriminate by eliminating the two candidates they considered the least desirable. We found that a black, male homosexual is the most likely target of discrimination and the white, female heterosexual is the least likely to be discriminated against. If it develops that these findings hold across a wide range of work-related decisions and samples, such results would support the argument for maintaining affirmative action for blacks and extending civil-rights protection to gays and lesbians.     

Subcultures in Greater China: A Comparison of Managerial Values in the People's Republic of China, Hong Kong, and Taiwan

Managerial values in the three regions that form Greater China — Hong Kong, Taiwan, and the People's Republic of China (PRC) — were compared. It is posited that in addition to Confucian philosophy, political and economic systems also have significant effects on the values of Chinese managers. Results show that despite the economic integration in Greater China, managerial values have yet to be unified. Managers in Hong Kong, Taiwan, and the PRC are convergent in collectivism and uncertainty avoidance. On the other hand, managers in the PRC demonstrated higher power distance and less concern about deadlines and plans than in managers Hong Kong and Taiwan. Materialism is also greater in the PRC and Hong Kong than in Taiwan.     

The classification of heritage tourists: a case of Hue City,Vietnam

Heritage, especially with World Heritage status, is increasingly becoming the main attraction of many tourist destinations. Heritage tourism is also the major tourism product in Hue city, Vietnam. Hitherto, there are almost no official statistics and research pertaining to heritage tourism as well as heritage tourists in Hue. This study aims at providing a preliminary profile of heritage tourists to Hue city and identifying different categories of heritage tourists, with a special focus on package tourists. The international heritage tourists' profile seems to be similar to official statistics of international arrivals, indicating almost no difference in socio-demographic profile between heritage tourists and general tourists in the context of Hue. Various significant differences were found between international and domestic tourists in terms of tourist characteristics, trip profile and the perception of Hue. Adopting McKercher's [(2002) Towards a classification of cultural tourists. International Journal of Tourism Research, 4, 29–38] cultural tourist classification, five categories of heritage tourists were identified, including purposeful heritage tourists, sightseeing heritage tourists, casual heritage tourists, incidental heritage tourists and serendipitous heritage tourists. Among these, sightseeing heritage tourists and purposeful heritage tourists were dominant.     

An exploratory study of the relationship between customer-based casino brand equity and firm performance

This exploratory study examines the relationship between customer-based casino brand equity and firm performance using Macau casinos as a sample. The results indicated that better-performing casino brands were associated with greater customer-based brand equity, which comprises brand loyalty, brand image and brand awareness. Furthermore, Asia Pacific-based casino brands in Macau outperformed their U.S.-based counterparts in terms of customers’ perceived quality, suggesting the need for U.S.-based casino brands to better cater for the needs of Macau casino visitors and to localize their services. Future research directions are also suggested.     

Predicting domain-specific risk-taking attitudes of mainland China university students: a hyper core self-evaluation approach

This study applied the framework of hyper core self-evaluation to examine the risk-taking attitudes, in the ethical, financial, health/safety, recreational, and social domains, of 437 university students from Harbin, China. Under the hyper core self-evaluation approach, overconfidence and hubristic pride were found to be significant predictors of risk-taking attitudes in the ethical, financial, and health/safety domains. The control variable of sensation seeking found in the Impulsive Behavior Scale was also significant in predicting risk-taking attitudes in certain domains. Different regression analysis models were run to generate these results. Limited studies have focused on Chinese university students’ risk taking attitudes in different domains, and most studies have merely applied sensation seeking and impulsivity in understanding risk-taking. However, this empirical study contributes to finding out whether a particular group of Chinese students had high levels of overconfidence and hubristic pride (as many young people do) and whether these common characteristics could contribute to the understanding of risk-taking attitudes in the five domains.     

Time Discounting and the Overexploitation of Coral Reefs

Environmental and Resource Economics - The incentive to overexploit a fishery resource is thought to exist if the resource owner’s discount rate is sufficiently higher than the biological...     

PRACTITIONERS CORNER: Lag Order and Critical Values of a Modified Dickey-Fuller Test

ABSTRACTS This study examines some finite-sample properties of a new modified Dickey-Fuller test, called the DF-GLS test, which has been shown to be more powerful than standard unit-root tests. The study shows the lag order can significantly affect the critical values of the test. This points to the importance of correcting for the lag order effect in implementing the DF-GLS test. Approximate lag-adjusted finite-sample critical values for the DF-GLS test are provided, which can be straightforwardly computed from response surface equations.