Domestic Energy Consumption and Country’s Income Growth: A Quantitative Analysis of Developing and Developed Countries Using Panel Causality,Panel VECM,Panel Cointegration and SURE

Journal of Quantitative Economics - The present study is an attempt to test the relationship between energy consumption and economic growth for developed and developing counties. For this purpose,...     

Asset reliability and security prices: evidence from credit markets

We assess the relation between asset reliability and security prices. Concerns about asset reliability are increasing with the move to fair value accounting in general purpose financial reports. We provide pertinent evidence from credit markets. A key benefit of using credit market data to explore the capital market implications of asset reliability is the theoretical basis of Duffie and Lando (Econometrica 69(3):633–664, 2001). They show that asset reliability (measurement) concerns should be concentrated in short-term credit spreads. Thus a focus on credit term structure can facilitate a cleaner identification of the impact of asset reliability on security prices. We find that asset reliability issues, attributable to SFAS 157 disclosures of Level 2 and, especially, Level 3 financial assets for a set of US financial institutions over the period of August 2007 to March 2009, are a significant determinant of short-term credit spreads and the shape of the general credit term structure. Our findings are robust to a variety of control variables and research design choices.     

Discussion of “Financial statement comparability and credit risk”

Comparability of financial statements has been a subject that is often referred to by academics and practitioners alike. In recent years, researchers have attempted to develop a quantifiable framework to study the benefits of comparability from the perspective of equity markets. Kim et al. (2013) approach this issue from the perspective of credit markets. This discussion of their paper has three objectives. First, it critiques their proxy for comparability and offers suggestions on how to validate their assumptions. Second, it recommends improvements to their research design, keeping in mind nuances of credit as an asset class. Finally, to help the authors with their future research, it offers proxies for comparability and information asymmetry that can be developed through some new datasets that have become available to researchers.     

Contracting for tacit knowledge: the provision of technical services in technology licensing contracts

Recent research on the economic payoff from new technology has emphasized the importance of tacit knowledge or know-how. This paper shows that arm's length contract can overcome the problems in contracting for know-how by bundling complementary inputs with know-how in a technology package, and leveraging the superior enforceability of contracts over the latter. In the empirical part of this paper, the relationship between bundling and transfer of know-how is analyzed, using Indian data. The results imply that tied sales of inputs may increase the efficiency of contracts involving the transfer of know-how. A striking result, in the context of the current North-South debates on intellectual property rights, is the packaging of patents with know-how.     

Spatial Models in Marketing

Marketing science models typically assume that responses of one entity (firm or consumer) are unrelated to responses of other entities. In contrast, models constructed using tools from spatial statistics allow for cross-sectional and longitudinal correlations among responses to be explicitly modeled by locating entities on some type of map. By generalizing the notion of a map to include demographic and psychometric representations, spatial models can capture a variety of effects (spatial lags, spatial autocorrelation, and spatial drift) that impact firm or consumer decision behavior. Marketing science applications of spatial models and important research opportunities are discussed. This paper is based upon the discussions of the Spatial Models in Marketing seminar at the Sixth Invitational Choice Symposium, June 2004. Eric T. Bradlow, Bart Bronnenberg and Gary J. Russell served as co-chairs of the session.     

Consumer involvement in retail store positioning

The concept of consumer involvement in products and issues and its theoretical importance in attitude change strategy have been discussed in the past. This paper reports empirical findings relating to retail store perceptions and preferences, using involvement as a moderator variable.     

Estimating joint preference: A sub-sampling approach

Individual and joint preference inform about different aspects of a product's marketing strategy. While individual preference is easily measured, joint preference is expensive to obtain. The author proposes a sub-sampling approach that uses MCMC and data imputation techniques to estimate individual and joint preference. It requires individual data from the entire sample and joint data from a fraction of the sample. Empirical evidence suggests that the sub-sampling approach works well when joint data are collected from 25% of the sample. Predictive and correlation tests demonstrate the superiority of the proposed approach. Greater than 50% reduction in data collection cost is shown.     

无需过度忧虑通货膨胀

远期均衡通胀尚未对大宗商品价格回落做出回应,而且实际上均衡通胀比5月份石油价格处在类似水平时更高了。我们建议远期均衡通胀下降仓位。石油价格已从7月初的140美元/桶的高点急剧回落至117美元/桶,当前已经回到5月初的水平。不出所料地,全球均衡通胀从7月初高点急剧下降,     

Promoting Vegetarianism through Moralization and Knowledge Calibration

This research extends the theories of moralization and knowledge calibration to vegetarianism. In two studies involving interviews with vegetarians, and meat-eaters; we investigated consumer attitudes toward vegetarianism. Our text analysis results revealed that emotionally calibrated consumers are ‘moral vegetarians’ who find meat repulsive, and make ethical food choices. In contrast, cognitively calibrated consumers are ‘health vegetarians’ who scan the nutrition information, avoid meat due to health restrictions, and embrace vegetarianism for healthy life. Finally, we provided insights into how faux meat companies can promote their products and transform consumer behavior toward vegetarianism by advertising ethical and environmentally friendly foods, and healthy and anti-obesity foods to moral and health vegetarians, respectively.