What motivates the adoption of green restaurant products and services? A systematic review and future research agenda

Issues regarding green restaurants have received significant scholarly and practitioner attention in the last decade, particularly concerning why consumers adopt green restaurants. Although several reviews exist on green hospitality, a comprehensive review of the literature on consumers' green restaurant adoption is currently lacking. The following systematic literature review examines 50 research studies published on the consumer adoption of green restaurant services to address this gap accordingly. Through a detailed content analysis, the research profile and thematic analysis are presented. The review further identifies four key thematic foci: (a) consumer behavior variables studied, (b) antecedents internal to the consumer, (c) antecedents due to the perception of external factors, and (d) moderators. Limitations and gaps from each of the themes are offered with potential future research questions. The novelty of the review lies in the development of a “green restaurant adoption research framework” that cuts across multiple theoretical perspectives to summarize why consumers adopt green restaurant services.     

Trend inflation estimates for Thailand from disaggregated data

This paper constructs a new trend inflation measure for Thailand based on the multivariate unobserved components model with stochastic volatility and outlier adjustments (MUCSVO) of Stock and Watson (2016). Similar to core inflation, the MUCSVO produces an estimate of trend inflation utilizing information in disaggregated data, but also allows for time-varying weights that depend on the volatility, persistence and comovement of the underlying sectoral inflation series. Based on the empirical results, the majority of sectoral weights show significant time-variation in contrast to their relatively stable expenditure shares. Volatile food and energy sectors that are typically excluded from core inflation measures also turn out to help explain approximately 10 percent of MUCSVO trend inflation rate movements. Compared against other benchmark trend inflation measures, we show that the MUCSVO delivers trend estimates that are smoother, more precise, and are able to forecast average inflation over the 1–3 year horizon more accurately both in-sample and out-of-sample, especially since the year 2000.     

The impact of derivatives hedging on the stock market: Evidence from Taiwan’s covered warrants market

We examine the impact of derivatives hedging on the spot market using accurate hedge ratios of covered warrants traded in the Taiwan Stock Exchange (TWSE). Results present significant positive abnormal returns and trading volumes before the announcement of a warrant’s issuance, and the effect is stronger when the hedging demand is larger. Moreover, a significantly positive relationship exists between stock return volatility and the price elasticity of hedging demand. Finally, we observe a significantly negative price effect upon the underlying stock after a call warrant has expired in-the-money due to the liquidation of hedging portfolios.     

Inflation Targeting in ASEAN‐10

The paper addresses the empirical question of whether economies that do not systematically target inflation (non‐inflation targeters) experience higher exchange rate volatility as compared with inflation targeters in 10 countries of the Association of Southeast Asian Nation (ASEAN) from 1990 to 2010. The paper examines the role of real exchange rate, exchange rate volatility and the reaction functions of central banks using dynamic panel estimation techniques. The results indicate that the output gap offers more useful information than the inflation gap in setting interest rates for inflation targeters, implying that the real term is more important than the nominal term. In turn, this suggests that an increase in interest rate can be wielded swiftly to reduce real gross domestic product and suppress inflation. The real exchange rate appears as a weaker determinant in setting interest rates for non‐inflation targeters. Inflation targeters experienced lower exchange rate volatility compared with non‐targeters in the ASEAN, which implies that implementation costs to their domestic economies may be marginally lower. Meanwhile, the non‐targeters follow a mixed strategy as both the inflation and real exchange rate are used as instruments to set the interest rates.     

系统管理理论视角下的年轻干部培养选拔模型设想

本文基于系统管理理论视角,提出了新形势下构建年轻干部培养选拔模型的构想,并提出了一些看法,以期提升年轻干部培养选拔质量,完善年轻干部培养选拔管理机制。     

Competition,premature trading and excess volatility

A substantial body of research suggests that it is difficult to account for all of the volatility of asset prices in terms of news. This paper attempts to explain the excess volatility puzzle as a consequence of competitive interaction between market participants in the presence of noisy information. We develop a model of competitive interaction between market participants in response to unverified information. Our model shows that in the presence of competitive pressures, market participants find it optimal to act prematurely on unverified information. This premature reaction leads to lower total profits and excess market volatility in equilibrium. Our model also shows that the spike in volatility at the closing time of the market can be modelled as a direct consequence of premature trading.     

AN EQUILIBRIUM GUIDE TO DESIGNING AFFINE PRICING MODELS

The paper examines equilibrium models based on Epstein–Zin preferences in a framework in which exogenous state variables follow affine jump diffusion processes. A main insight is that the equilibrium asset prices can be computed using a standard machinery of affine asset pricing theory by imposing parametric restrictions on market prices of risk, determined inside the model by preference and model parameters. An appealing characteristic of the general equilibrium setup is that the state variables have an intuitive and testable interpretation as driving the consumption and dividend dynamics. We present a detailed example where large shocks (jumps) in consumption volatility translate into negative jumps in equilibrium prices of the assets as agents demand a higher premium to compensate for higher risks. This endogenous “leverage effect,” which is purely an equilibrium outcome in the economy, leads to significant premiums for out‐of‐the‐money put options. Our model is thus able to produce an equilibrium “volatility smirk,” which realistically mimics that observed for index options.     

Altered bank and exchange volatility

This paper examines the behaviour of the Czech crown's exchange rate when pegged to a currency basket. The peg is supposed to limit the overall instability of the currency. The GARCH(1,1) model with a dummy variable for the volatility response is used to account for a change in the width of the fluctuation band. The results of this paper show that volatility of the exchange rate decreased after a much wider fluctuation band was introduced to limit movements of the currency basket index.     

Volatility of the short rate in the rational lognormal model

A recent article of Flesaker and Hughston introduces a one factor interest rate model called the rational lognormal model. This model has a lot to recommend it including guaranteed finite positive interest rates and analytic tractability. Consequently, it has received a lot of attention among practioners and academics alike. However, it turns out to have the undesirable feature of predicting that the asymptotic value of the short rate volatility is zero. This theoretical result is proved rigorously in this article. The outcome of an empirical study complementing the theoretical result is discussed at the end of the article. European call options are valued with the rational lognormal model and a comparably calibrated mean reverting Gaussian model. unsurprisingly, rational lognormal option values are considerably lower than the analogous mean reverting Gaussian option values. In other words, the volatility in the rational lognormal model declines so quickly that options are severely undervalued.     

The Effect of Market Transparency: Volatility and Liquidity in the Korean Stock Market

Faced with unprecedented competition, stock markets should have fairness and transparency. The effects of market transparency for the stock market volatility and liquidity will be investigated using the case of the Korean stock market. The evidence from this study indicates that increasing the market transparency makes the price discovery process more efficient than before from the viewpoint of stock market volatility, and increases the stock market liquidity compared with before.