The extent and nature of opportunity identification by experienced entrepreneurs

Guided by insights from cognitive theories, this article explores the links between entrepreneurs' prior business ownership experience and their opportunity identification behavior. Hypotheses were tested using data from 630 entrepreneurs. Experienced entrepreneurs identified more opportunities and exploited more innovative opportunities with greater wealth creation potential. Entrepreneurs that had owned more than 4.5 businesses, however, identified fewer opportunities. The nature of prior business ownership experience also shaped opportunity identification behavior. An inverse U-shaped relationship was detected between the proportion of failed businesses relative to the number of businesses owned and the number of opportunities identified in a given period. Business failure experience was not associated with the innovativeness of exploited opportunities.     

Estimating price trends for residential property: A comparison of repeat sales and assessed value methods

The repeat sales methodology for estimating residential price indices is based on actual appreciation of individual properties. On the other hand, the repeat sales method wastes data, typically discarding a large percentage of all sales. This article explores two issues related to the subsample of repeat sales. First, are paired sales representative of the entire population of properties that sold? Second, is there evidence that sample selectivity biases the price trend estimates? Evidence from five metropolitan areas supports a negative answer to the first question and the second question. It appears that a “lemon” or “starter home” effect causes repeat residential sales to be a biased subsample of all transactions. Cumulative price trends for the repeat subsamples can differ from the full samples over periods ranging from two to ten quarters. While short-term price trends can differ widely, there are no systematic differences among the samples over long periods of time (e.g., three years or more).     

Visitation of tourism attractions and tourist expenditure patterns ‐ repeat versus first‐time visitors

Marketing wisdom suggests that it is less expensive to reattract previous customers than to acquire new ones. Yet, few tourism destinations are actively trying to understand their current visitors in order to more effectively market to them. The present study analyzes international repeat and first‐time visitors to Rotorua, New Zealand, in order to gain insights into their respective visitation patterns of tourist attractions in the area, as well as their trip and expenditure patterns. The results of this study indicate that there are significant differences with regards to trip characteristics, and it offers a few insightful differences with respect to the attractions frequented.     

How different are first-time attendees from repeat attendees in convention evaluation?

This study aimed to identify any distinction between first-time and repeat convention attendees based on their perspectives of convention quality dimensions, multidimensional value, and behavioral intentions. The findings showed that accessibility and extra convention opportunities were not found to affect multidimensional value from first-timers and repeaters. First-timers valued professional education the most, followed by social networking and site environment in evaluating multidimensional value. Repeaters relied on social networking more than on education in assessing value. Site environment positively contributed to multidimensional value for first-timers but not for repeaters. Multidimensional value affected behavioral intentions more positively for repeaters than for first-timers. These findings will enable convention organizers to better understand the distinctions between the two groups and thus gain insight into how to attract first-timers and turn them into repeaters.     

Changes in the distribution of house prices over time: Structural characteristics,neighborhood, or coefficients?

Quantile hedonic house price function estimates imply that appreciation rates were higher between 1995 and 2005 for high-priced homes in Chicago. Decompositions of temporal changes in the house price distribution suggest that the types of homes sold and their location do not account for the change in the price distribution. Rather, higher appreciation rates for high-priced homes are explained by differences in the quantile regression coefficients over time.     

The housing bubble and a new approach to accounting for housing in a CPI

Over the course of the recent house price bubble in the United States, the price of homes rose rapidly from 1999 Q4 to 2005 Q4 (11.3% annually as measured by the Case-Shiller index, and 8.4% annually as measured by the Federal Housing Financing Agency) but slowly as measured by owner equivalent rents (3.4%), so measured core inflation remained relatively docile during this period, since only rents are used to measure inflation for housing services in the United States. Over the last several decades, the US Bureau of Labor Statistics (BLS) has experimented with both rental equivalence and user cost approaches for accounting for owner occupied housing (OOH) services in the CPI. We explain the basics of these approaches, and outline the BLS experiences with using them. This assessment leads us to conclude that the time has come to try a new approach: the opportunity cost approach. We argue this approach has advantages over both the conventional rental equivalence and user cost approaches, though it embeds components of the measures for both those approaches and builds solidly on the research of Verbrugge and others at the BLS. Also, we take up empirical issues that must be faced regardless of which of the approaches discussed is adopted. We explain how the repeat-sales and various hedonic regression methods can be placed in a common framework, thereby facilitating understanding of the properties of and the tradeoffs between the methods. We also consider measurement complications that arise because the land and structure components of properties depreciate at different rates.     

基于心理契约的网络消费者重复购买意向实证研究

网络营销情景下,消费者在进行购买决策时对心理和情感层面的感知依存度很高,通过对消费者交易心理契约、关系心理契约与感知风险、网络信息以及重复购买行为之间的关系假设,并对这些变量进行分别测量的关系验证后发现,关系心理契约主要通过影响消费者的网络信任来影响重复购买意向,而交易心理契约尽管同样主要是通过网络信任来影响重复购买行为意向,但其对网络信任的影响度要低于关系心理契约。从这一点来看,加强关系营销是提高网络营销效果的重要途径。     

不对称信息条件下投资者和会计师事务所的博弈分析

信息不对称条件下,会计师事务所和投资者分别有两种不同的战略选择。通过初步博弈分析发现低信任与低质量的相互促进构成了一种低效率陷阱,导致我国会计师事务所信誉缺失,重复博弈模型的构建进一步得出了摆脱低信誉的条件。加强的信誉,确保质询权,建立高报酬机制及加大违规处罚力度是保护投资者权益和建立会计师事务所信誉的有效途径。     

COMMERCIAL PROPERTY PRICE INDEXES AND THE SYSTEM OF NATIONAL ACCOUNTS

This paper studies the problems associated with the construction of price indexes for commercial properties that could be used in the System of National Accounts (SNA). Property price indexes are required for the stocks of commercial properties in the Balance Sheets of the country. Related service price indexes for the land and structure input components of a commercial property are required in the Production Accounts of the country if the Multifactor Productivity of the Commercial Property Industry is calculated as part of the SNA. The paper reviews existing methods for constructing an overall Commercial Property Price Index (CPPI) and concludes that most methods are biased (due to their neglect of depreciation) and more importantly, not able to provide separate land and structure subindexes. A class of hedonic regression models that is not subject to these problems is discussed.     

Was wine a premier cru investment?

We investigate the case for Bordeaux and Rhone wine as an investment. The raw data analysed comprises of approx. 335,000 observations of wine sales prices and is analysed using the repeat sales regression method. General Red Bordeaux and Rhone wine indices are constructed for the period January 1996–January 2007, which are compared with each other, with the Dow Jones Industrial Average (DJIA), and with a number of wine funds and finally with the Liv-Ex Fine Wine 100 (FW100) Index. The findings suggest that Rhone and Bordeaux wines can provide average returns in excess of risk-free investments with lower risk at index level. Individual wines and sub-regions carry higher risk than the general indices with varying return levels and so direct investment in such wine by inexperienced, low volume or individual investors carries a high level of risk. Returns on indirect investment via wine funds vary, however all average returns of funds analysed exceed the general Rhone and Bordeaux Index in this research. Volatility for some wine funds was particularly high and may not suit risk-averse investors. This is reinforced by inspection of the higher moments.