Improving the perceptions of hotel managers

This research seeks to identify the importance of various capabilities and psychosociological factors of hotel managers, in order to improve their perception of the competitive environment emerging in the post-Internet era. Specifically, the study analyzes the relevance of education, experience, globalization capabilities, networking, creativity and vision of the future, and other factors related to personality and leadership, to advance the accuracy of this perception. The research used questionnaires with Spanish hotel managers, a Delphi study with international experts, and structural equation modeling to test the hypotheses formulated. The results corroborate the model established, and stress the importance of the education and globalization capabilities in this field.     

Insider trading in credit derivatives

Insider trading in the credit derivatives market has become a significant concern for regulators and participants. This paper attempts to quantify the problem. Using news reflected in the stock market as a benchmark for public information, we find significant incremental information revelation in the credit default swap market under circumstances consistent with the use of non-public information by informed banks. The information revelation occurs only for negative credit news and for entities that subsequently experience adverse shocks, and increases with the number of a firm's relationship banks. We find no evidence, however, that the degree of asymmetric information adversely affects prices or liquidity in either the equity or credit markets.     

Ownership concentration and corporate governance practices: substitution or expropriation effects?

The objective of this study is to analyze the relation between ownership concentration and corporate governance practices of a group of Canadian companies listed on the Toronto Stock Exchange. We rely on the corporate governance index developed by the Report on Business (ROB) in 2002. Our empirical results are consistent with the expropriation effect argument that predicts a negative relation between deviation from the one share‐one vote rule and corporate governance best practices. In this context, the dominant shareholder has incentives to maintain weak internal controls in order to facilitate expropriation. In addition, consistent with prior research, our results give partial support to the substitution effect argument by showing a negative impact of ownership concentration on the board composition subindex. Copyright © 2007 ASAC. Published by John Wiley & Sons, Ltd.     

红河油田长8储层的地质特征

红河油田长8储层含油气丰度低、渗透率低,纵向和横向上均质性差。通过对沉积微相的研究对比,认为水下分流河道及河口坝砂体是构成该区域有利储层的相带。     

Market shares analysis: The Case of French Tourism Demand

This paper examines the magnitudes and determinants of changes in destinations’ shares of a major tourist origin market. The Almost Ideal Demand System model is used to quantify the responsiveness of French tourism demand in Italy, Spain, and the United Kingdom to changes in relative prices, exchange rates, tourists’ expenditure budget, and external events. The results indicate that effective price competitiveness is a key variable driving changes in market shares. Policymakers who wish to maintain their shares of the French market should pay particular attention to tourism pricing policies, as well as to improving the tourism offer.     

个性化营销:营销新纪元

营销管理的理论与战略需要随着市场的变化和营销实践的发展而不断地完善。随着新世纪的来临,营销管理人员开始采用一种策略把他们与客户的关系建立在一种“个人主义”或我们常称的“个性化”的基础上。这种策略的核心内容是按特定客户的个人需要来定制商品和服务,而不是为所有客户提供同一种商品或服务。基于个性化的重要性,它应与产品、价格、渠道、促销、人员、物质财富、计划等一起作为营销组合的元素,形成新的营销组合,即8Ps。     

Vertical Product Differentiation and Advertising

A duopoly model is developed in which firms' strategic variables include brand quality, the number of distinct market segments to enter and price. Informative advertising is used to overcome consumer ignorance about brands. In contrast to many existing models in which firms engage in price competition, the subgame perfect equilibria of the game are not characterised by the production of vertically differentiated products. Further, whilst the firms typically produce identical high quality products, in some circumstances the production of homogeneous low quality brands can be an equilibrium strategy.     

Transparency and empowerment in an investment environment

In a laboratory-controlled environment we provide experimental evidence on the effects of transparency (complete over incomplete information) and empowerment on trust and trustworthiness. We implement a simple version of the standard two-person investment game in a repeated game context with multiple treatments under two information environments. We find that when principals are empowered by being able to penalize agents who may not act in a way the principal believes is in the principal's best interest, the level of trust and investment increases over that which is realized in the absence of empowerment regardless of the degree of transparency. In transparent environments the effect of empowerment is about the same regardless of whether empowerment is introduced or removed. However, in opaque environments, the loss of empowerment has a substantially greater negative effect on trust than the positive effect associated with the introduction of empowerment.     

An incentive pricing with two types of qualities and users

This paper analyses quality discrimination when the monopolist provides two types of qualities for two-types of users, for example, in the software market. The users using software are confronted with two types of quality in using the software: one is related to learning, while the other is operation. In addition, the users are discriminated by the frequency of utilization for software, for example, low-demand and high-demand users. In this paper, the characteristics for bi-directional quality distortion in both learning quality and operation quality are analysed. It is shown that the distortion can occur both for low demanders and for high demanders. Finally, from public policy, a subsidy mechanism is introduced.