Firm-level political risk and implied cost of equity capital

I find a strong positive association between firms' implied cost of equity capital and firm-level political risk. This effect is above and beyond the firm-level cost of equity implications of economywide political risk. Firm-level political risk contributes to elevating stock illiquidity, increases dispersion of analyst forecasts and dampens analyst coverage and these attributes, in turn, have positive cost of equity capital implications. Overall, the findings of this study suggest firm-level political risk has a non-trivial effect on increasing equity market illiquidity, increasing dispersion of earnings forecasts and decreasing analyst coverage thus increasing financing costs.     

Bilateral political relations,space spillovers and the import expansion of China’s bulk commodity

The stability of bulk commodities imports is crucial to the development and stability of the country’s economy. Because its political attribute is more significant than other commodities, the trade of bulk commodities is more easily affected by bilateral political relations. However, there are only few studies examine the impact of political relations between countries and their spatial spillovers on bulk commodities’ imports. Based on “United Nations (UN) Voting General Assembly Voting Data” and “China Import and Export Statistics Data” from 1996 to 2014, this paper empirically examines the influence of the spatial spillover of China’s political relations with countries other than potential importing countries on the import expansion of China’s bulk commodity from the potential importing country. The results show that the improvement of bilateral political relations between China and other countries has a negative spatial spillover effect on the import of bulk commodities. However, this negative effect will be changed as China starts to establish a sound bilateral political relation with the potential importing country. Meanwhile, the more significant the political attributes of commodities, the greater the negative effect of spatial spillover. The import expansion of commodities with significant political attributes requires an improvement in direct bilateral relations.     

产品属性与网络市场的柠檬问题

产品属性(搜寻品、经验品和信任品属性)与网络柠檬问题密切相关。本文通过对大量文献和事实的分析发现,并不是每一种产品属性都会引起网络市场的柠檬问题,网络市场上的柠檬问题通常指的是经验品的柠檬问题。本文重点分析了网络市场上经验品柠檬问题的成因和机制,并提出了未来的研究方向。     

Incorporating corporate social responsibility into graduate employability

To remain sustainably viable in today's business environment, employers require appropriate skills to support their commitment to social responsibility. When recruiting skills, employers recognize that graduate attributes are essential indicators of the capability to render constructive workplace outcomes. Graduates need to develop these attributes to demonstrate their employability potential to prospective employers. However, existing employability capital frameworks do not include the graduate attributes needed to measure capability in corporate social responsibility (CSR) skills. The objective of this study was to determine which graduate attributes would support employability capability in CSR skills. Following a theoretical investigation, a mixed-method exploratory study was undertaken in South Africa's state-owned electricity provider to determine the employability attributes required by the organization in CSR management. The first phase involved a data collection survey, 302 managers and supervisors in South Africa's primary electricity provider rated a proposed 44 personal attributes linked to nine theoretical determined CSR skills and their importance in CSR management. In the second phase, the survey results were validated through a separate Delphi technique with three Human Resource Development experts. Confirmatory factor analysis found significant relationships between the tested attributes and the nine CSR skills. The findings could assist graduates in understanding the attributes they need to develop to be deemed employable for CSR performance. Furthermore, higher education institutions can include the results in curriculums to contribute to the development of CSR skills. Finally, the attributes and skills could be used to conceptualize a focused CSR employability capital, which employers can use to test employability potential.     

Business travellers' perception of service quality: a prefatory study of two European city centre hotels

The business traveller contributes significantly to the turnover of the hotel industry and, with the globalisation of business, this sector shows signs of increasing growth. Service quality has now become one of the main factors used to gain competitive advantage, thus the industry must focus more specifically on the needs and expectations of its business customers. The aim of this paper is to focus on the business travel market and more specifically on the comparison of two hotels in two European cities, Brussels and Manchester. This area of research has not been attempted before and will provide an interesting comparison with findings in USA. A literature review identified the relevant attributes used to measure service quality, which were utilised to design a questionnaire, distributed to customers in a five star hotel in Manchester and in Brussels. The primary data obtained were then compared with the findings of other researchers. The analysis indicated that Brussels scored the majority of the attributes more highly (many significantly) than did Manchester. This may be influenced by the international profile of the Brussels respondents who tended to travel on business more frequently than the Manchester sample. The comparisons with the USA surveys found some inconsistencies that might be attributed to societal differences.Copyright © 2001 John Wiley & Sons, Ltd.     

The role of intangible attributes of luxury brands for signalling status: A systematic literature review

Previously, signalling status had been primarily studied from the conspicuousness of luxury brands, including high prices and prominent designs. However, less attention has been directed toward other elements of brands that could be strategically managed in order to enable consumers signalling status. This study synthesizes the literature using a framework based on four intangible attributes of luxury brands: user profile, purchase usage, personality and values and heritage. The topics studied under each of the four intangible attributes were analysed using a systematic approach. Based on the interconnectedness of the topics studied, this review proposes that the intangible attributes used as a framework may have a synergistic interaction, in contrast with the current perspective that considers them as independently and equally relevant for consumers signalling status. It also reports the psychological function of these intangible attributes and supports the notion that consumers use luxury brands either to routinely affirm their status within a group or to enhance that status. This review contributes to the literature on luxury and signalling by considering luxury consumption as a social process. A functional perspective on the intangible attributes of luxury brands provides the basis for some insightful directions to advance this field of research.     

身体现象学视角下徒步旅游者Flow体验的生成与意义

近年来,在人文社会科学研究"身体转向"的背景下,微观身体逐渐成为窥探旅游体验的关键视角。文章基于身体现象学,构建了旅游者心流(Flow)体验生成与意义分析框架,利用参与式观察、深入访谈、感官民族志等方法对稻城亚丁徒步旅游者进行实证分析,研究发现:(1)徒步旅游者的旅游世界"知觉场"形成源于外部环境对其身体感觉、运动通道、多感官知觉等具身体验的不断刺激;(2)作为"具身-认知"的过程,徒步旅游者Flow体验生成源于技能与挑战的平衡,且主客互动推动旅游者获得新的认知体验;(3)徒步旅游者Flow体验的意义蕴含在具身实践的身体知觉与特定的社会情境之中,并通过主体知觉意识、情感体验、价值判别呈现;(4)Flow体验状态意味着幸福情绪的获得,最终给予真实自我和真实世界的价值判断。研究尝试从身体现象学视角出发,对体验领域的Flow体验进行研究,是对旅游体验研究话题扩展的有益尝试。     

EXPERIENCING URBAN SMELLS WHEN WALKING: Kastamonu City Case

Urban experiences are increasing in popularity every day. In these experiences sensory elements are significant, and a review of the urban environment, in which visual perceptions have prevailed in the past, would demonstrate that other senses are important as well. As Le Corbusier remarked, urban experiences can be achieved by walking with a wide perspective. In the present study scent walks were conducted to reveal the significance of the scent factor in urban experience. As a result of these walks, the existing scents in Kastamonu city, the role of the scents in urban memory, and their effects on individuals were determined, thus emphasizing the significance of scents for urban planning and design.     

铁路工程项目方案评价和优选的MADM方法研究

根据铁路工程项目方案评价与优选特点,以MADM方法为主体,组合运用了群决策、多级模糊综合评判等方法,建立了铁路工程项目方案评价与选优的体系。主要的结论是:提出在线性标准化的基础上,利用幂函数进行非线性属性标准化方法;将多级模糊综合评判模型进行变换,设计了一种简单有效的属性权重赋值方法。     

Digital touch in sponsorship: Getting closer to the brand through virtual reality

Supporters are consuming more and more sporting events through digital platforms. Brands should adapt to these new consumption patterns in order to strengthen their connection with their customers. Today, researchers and practitioners can create more interactive and enjoyable experiences through virtual reality (VR) applications. Through two studies conducted on VR during sporting events, we show that mentally representing the touch experiences of players on the field reduces the psychological distance between the supporter and the player, which strengthens the supporter's attachment to the team and, through the same attachment, to the sponsor (Study 1). We also highlight that these positive effects of VR compared to real touch (using a player's jersey) is linked to the improvement of immersion, which stimulates touch imagery (Study 2). We discuss the implications of this research for theory and practice in the sports business and other sectors.