Animal Spirits and the Business Cycle: Empirical Evidence from Moment Matching

In this article, we empirically examine a hybrid New‐Keynesian model with heterogeneous bounded rational agents who may adopt an optimistic or pessimistic attitude—so called animal spirits—toward future movements of the output and inflation gap. The model is estimated via the simulated method of moments using Euro Area data from 1975Q1 to 2009Q4. In addition, we compare its empirical performance to the standard model with rational expectations. Our empirical results show that the model‐generated auto‐ and cross‐covariances of the output, inflation and nominal interest rate gap can provide a good approximation of the empirical second moments.     

Trade and Urbanisation

Insights from economics of geography suggest that greater urbanisation should lead to an increased level of trade. Larger exporting markets should also provide incentives for agglomeration. Using a novel instrumental variables approach, this study provides empirical evidence that suggests that within country urbanisation has a strong positive impact on exports of the modern sector, while exports too have a positive impact on urbanisation. Consistent with model predictions, urbanisation is also associated with a decline in exports and increase in imports in the primary sector.     

Mature consumers’ patronage motives and the importance of attributes regarding HMR based on the food-related lifestyles of the upper middle class

The objectives of this study are to explore the food-related lifestyle segments of the mature market, to identify its socio-demographic characteristics, and to investigate the differences in their attitudes toward Home Meal Replacement (HMR). A survey was conducted of adults 55 years of age and older living in Seoul, South Korea. Out of the 600 distributed questionnaires, 361 were retained for final analysis, which is a response rate of 60%. Cluster analysis identified five consumer segments. Significant differences were found among the five segments in terms of socio-demographic characteristics and attitudes toward HMR. This study shows operators of HMR the patronage motives and attributes that each segment values when considering HMR.     

Travel motivations and destination choice: A study of British outbound market

Abstract

Knowledge of people's travel motivations and its association with destination selection plays a critical role in predicting future travel patterns. The objectives of this study were to uncover the underlying push and pull factors of motivation associated with British outbound pleasure travelers as well as to identify key motivational factors that have significant effects on destination choice. Six push factors and five pull factors were found. “Knowledge seeking” and “cleanliness & safety” were perceived as the most important push and pull factors respectively. The results of logistic regression analyses snowed that the British tend to visit the U.S. for “fun & excitement” and “outdoor activities,” Oceania for “family & friend togetherness,” and Asia to seek a “novel experience.” The findings of differential motivational factors across seven destinations suggest that a destination can capitalize on its strengths with an optimal combination of push and pull factors to attract and retain the British travelers.     

Scarcity Message Effects on Consumption Behavior: Limited Edition Product Considerations

Recently, many luxury brands have begun to launch limited edition (LE) products. When this happens, advertisers implement two typical types of scarcity messages for LE products: limited‐time scarcity (LTS) versus limited‐quantity scarcity (LQS) messages (Cialdini, 2008). Prior research offered empirical evidence that these scarcity messages make consumers feel that LE products are more special, unique, and valuable, and thus, positively influence their evaluation of the product (Aggarwal, Jun, & Huh, 2011). The current study examined the differential effects of LTS and LQS messages on different types of LE products by focusing on consumers’ need for uniqueness.     

Code of ethics quality: an international comparison of corporate staff support and regulation in Australia,Canada and the United States

The objective of this paper is to examine the ‘Code of Ethics Quality’ (CEQ) in the largest companies of Australia, Canada and the United States. For this purpose, a proposed CEQ construct has been applied. It appears from the empirical findings that while Australia, Canada and the United States are extremely similar in their economic and social development, there may well be distinct cultural mores and issues that are forming their business ethics practices. A research implication derived from the performed research is that the construct provides a selection of observable and measurable elements in the context of CEQ. The construct of CEQ consists of nine measures divided into two dimensions (i.e. staff support and regulation). They should not be seen as a complete list. On the contrary, it is encouraged that others propose and elaborate revisions and extensions. A practical implication of this paper is a structure of what and how to examine the CEQ in a managerial setting. It may assist companies in their efforts to establish, maintain and improve their ethical culture, norms and beliefs within the organization and supporting them in their ethical business practices with different stakeholders in the marketplace and society. The dimensions and measures of the construct may be used as a frame of reference for further research. They may be useful and applicable across contexts and over time using similar samples when it comes to large companies, as small‐ or medium‐sized ones may not have considered all areas nor have the elements in place. This is a research limitation, but it provides an opportunity for further research.     

‘A Comparison of the Contents of the Codes of Ethics of Canada’s Largest Corporations in 1992 and 2003’

This paper compares the findings of content analyses of the corporate codes of ethics of Canada’s largest corporations in 1992 and 2003. For both years, a modified version of a technique used in several other studies was used to determine and categorize the contents of the codes. It was found, inter alia, that, in 2003, as in 1992, more of the codes were concerned with conduct against the firm than with conduct on behalf of the firm. Among the changes from 1992 to 2003 were a significant increase in the frequency of mention of environmental affairs, legal responsibility as the basis of codes and enforcement/compliance procedures.     

后配额时代我国服装出口环境分析

我国是目前世界上最大的服装出口国,在服装生产和出口方面有着相当大的优势,但由于受到部分发达国家配额的限制,对这些国家的服装出口受到很大制约。自2005年1月1日起,这些发达国家取消了对纺织品的配额限制,为我国服装出口带来了新的机遇,也带来许多新挑战。本文先运用国别结构、贸易偏斜指数和贸易引力模型来衡量配额的影响,然后就配额取消后可能遇到的问题进行分析并提出对策。     

Effect of diversification on firm performance: Application of the entropy measure

This study investigated the effects of diversification on firm performance in the restaurant industry. In prior studies, the theoretical rationales and empirical results appeared to contradict each other. These contradictory results may be due to factors such as industry-specific characteristics or a linear understanding of the relationship between diversification strategies and firm performance. Thus, this study suggested a non-linear hypothesis based on the costs and benefits of diversification strategies with businesses categorized based on their level of diversification. The results of this study showed that restaurant firms do not benefit from a low level of related diversification. This study also found that when restaurant firms are involved in both related and unrelated businesses, the optimal mixed ratio of diversification is approximately half and half. More detailed results, as well as academic and practical implications, are discussed in this paper.