The distribution of realized variances: Marginal behaviors, asymmetric dependence and contagion effects

We examine the unconditional distribution of the realized variance of three European stock market indexes obtained from intraday transaction prices. We find that they share common distributional features: a significant mass close to zero, a sharp decrease afterwards and a significant right tail. Their important differences, however, compel us to model them non-parametrically through lognormal kernel estimators. We then move to the analysis of their dependence structure and find strong evidence of asymmetry. Hence, unlike common practice, we resort to non-exchangeable copula models. Such a characterization also allows us to assess the direction of greater contamination among stock market variances.     

Corporate social responsibility and systematic risk of restaurant firms: The moderating role of geographical diversification

Despite growing attention to corporate social responsibility (CSR) in the tourism literature, the relationship between CSR activities and systematic risk, one of the critical components in evaluating shareholder value, has been a topic of scarce examination. Further, the moderating role of geographical diversification on the link between CSR and systematic risk in the restaurant context has not been studied. Therefore, the current study explores these issues in the restaurant context based on the organizational theory and stakeholder theory. In addition, this study dichotomizes CSR activities into two dimensions, socially responsible activities (i.e., positive CSR) and socially irresponsible activities (i.e., negative CSR), to examine the separate effects of the two dimensions. A two-way fixed-effects model that effectively accounts for unobserved effects in a panel data set has been employed to test the proposed hypotheses.     

Using Visual Design to Improve Customer Perceptions of Online Assortments

In the future, we expect to see more shopping on-line or on smart phones. This suggests that understanding how visual design decisions can influence consumers’ reactions to online assortments is important. New advances in neuro-marketing techniques, such as sophisticated eye tracking methodology, can help understand exactly what drives consumers’ attention and processing efficiency.Visual stimuli on small screens is frequently processed very quickly leading to perceptions that form automatically often without cognitive intervention. Thus, savvy retailers should strategically use design elements of the assortments and of packaging to direct attention and increase the ease of processing. Assortments that are easier to process are liked more and are judged to have more perceived variety. Complexity must be minimized so that assortments can be parsed immediately. Categorization, organizational structure, filtering and other design elements can also help with choice overload.     

Paying for the hydrological services of Mexico's forests: Analysis, negotiations and results

Mexico faces both high deforestation and severe water scarcity. The Payment for Hydrological Environmental Services (PSAH) Program was designed to complement other policy responses to the crisis at the interface of these problems. Through the PSAH, the Mexican federal government pays participating forest owners for the benefits of watershed protection and aquifer recharge in areas where commercial forestry is not currently competitive. Funding comes from fees charged to water users, from which nearly US$18 million are earmarked for payments of environmental services. Applicants are selected according to several criteria that include indicators of the value of water scarcity in the region. This paper describes the process of policy design of the PSAH, the main actors involved in the program, its operating rules, and provides a preliminary evaluation. One of the main findings is that many of the program's payments have been in areas with low deforestation risk. Selection criteria need to be modified to better target the areas where benefits to water users are highest and behavior modification has the least cost, otherwise the program main gains will be distributive, but without bringing a Pareto improvement in overall welfare.     

略论广西科技政策的若干亮点及发展建议

文章从中国改革开放的宏观视角出发，对广西科技体制改革进行历史思考，分析广西科技政策在广西社会发展中的积极作用与若干亮点，并在此基础上，提出广西科技政策今后发展的建议。     

Impact of treatment heterogeneity on drug resistance and supply chain costs

The efficacy of scarce drugs for many infectious diseases is threatened by the emergence and spread of resistance. Multiple studies show that available drugs should be used in a socially optimal way to contain drug resistance. This paper studies the tradeoff between risk of drug resistance and operational costs when using multiple drugs for a specific disease. Using a model for disease transmission and resistance spread, we show that treatment with multiple drugs, on a population level, results in better resistance-related health outcomes, but more interestingly, the marginal benefit decreases as the number of drugs used increases. We compare this benefit with the corresponding change in procurement and safety stock holding costs that result from higher drug variety in the supply chain. Using a large-scale simulation based on malaria transmission dynamics, we show that disease prevalence seems to be a less important factor when deciding the optimal width of drug assortment, compared to the duration of one episode of the disease and the price of the drug(s) used. Our analysis shows that under a wide variety of scenarios for disease prevalence and drug cost, it is optimal to simultaneously deploy multiple drugs in the population. If the drug price is high, large volume purchasing discounts are available, and disease prevalence is high, it may be optimal to use only one drug. Our model lends insights to policy makers into the socially optimal size of drug assortment for a given context.     

Memorable customer experiences and autobiographical memories: From service experience to word of mouth

The aim of this paper is to study the relationship between customer experience and word of mouth (WOM) through two mediating variables: customer satisfaction and memorable characteristics of service experience (MCSE). Memory theory is adopted as a theoretical background, with emphasis on the key role of episodic or autobiographical memory. Memorable customer experience (MCE) is defined from this perspective, thereby enabling the connection between human memory theory and service-dominant (S-D) logic. As for the impact of the internet on WOM, two types of WOM behaviours are examined: positive WOM (pWOM) and eWOM. A methodology was designed from a survey that used a questionnaire based on measurement scales validated by the literature. The sample is of 1476 tourists who visited seven Spanish tourism destinations. The results show service experience precedes customer satisfaction and MCSE. Both pWOM and eWOM are significantly influenced by customer satisfaction and MCSE. Various scenarios are put forward in which several combinations of customer satisfaction and MCSE give rise to different intensities and valence of pWOM and eWOM.     

Entrepreneurship and well-being: Past,present, and future

Entrepreneurship research typically emphasizes firm-level outcomes such as growth and performance. However, people pursue entrepreneurship for deeply personal, idiosyncratic reasons. Therefore, as in other self-organized human pursuits, how entrepreneurship relates to fulfillment and well-being is of utmost importance. In this paper, we provide an overview of the well-being concept, related research, and its connection to entrepreneurship. We define entrepreneurial well-being as the experience of satisfaction, positive affect, infrequent negative affect, and psychological functioning in relation to developing, starting, growing, and running an entrepreneurial venture. We explain this definition of entrepreneurial well-being and review significant developments in our field and the broader field of well-being. Highlights of social, technological and institutional trends illustrate key areas for future research that can enhance our understanding of these phenomena. The eight papers in this special issue focus on entrepreneurial well-being each offering a specific perspective on how scholars can theorize and study the antecedents and consequences of entrepreneurship related to well-being.     

Servicescape,positive affect,satisfaction and behavioral intentions: The moderating role of familiarity

This study is the first to assess the relationships between substantive and communicative servicescape, positive affect, satisfaction, and behavioral intentions in a highly substantively staged hotel setting, as well as the moderating effects of brand and architectural familiarity. One hundred fifty online responses were obtained from guests who stayed at a hotel in the Rioja region of Spain, designed by world-renowned architect Frank Gehry, famous for creating architectural landmarks that disrupt the local landscape. Data were analyzed utilizing Partial Least Squares – Structural Equation Modeling (PLS-SEM). Findings show that both substantive and communicative servicescape positively influence hotel customers’ positive affect, which has a positive impact on satisfaction, and which in turn significantly increases behavioral intentions. Brand familiarity moderates the relationship between substantive servicescape and positive affect, with the influence being greater for participants with low familiarity than for those with high familiarity. Theoretical and practical implications are discussed in detail.