Risk and risk management of spillover effects: Evidence from the literature

In this article, we provide a comprehensive review of the existing theoretical and empirical literature regarding spillover effects (effects of a crisis event in an announcing firm on other firms). In particular, we focus on the mechanism behind spillover effects and investigate factors that drive spillover effects. The results of our literature analysis show that spillover effects are most often significantly negative, that is, lead to losses in nonannouncing firms and depend on certain events and firm characteristics. On this basis, we derive implications for the risk management of spillover effects. Taking previous work on certain individual risk‐management measures into account, we are the first to provide a holistic spillover risk‐management process.     

Disequilibrium,Reproduction and Money: a Classical Approach

We consider a bisector reproduction model in which money is introduced as a pure means of exchange issued by a bank at the producers' requests. Each capitalist aims at maximizing accumulation in his own sector. Their plans are based on available quantities and expected prices. Effective prices are determined by a market mechanism. Temporary disequilibria occur in both physical and monetary terms. The settlement of the monetary balances is operated by means of a transfer of capital goods. Final allocations and effective productions are thus determined. The dynamics of the economy are those of a sequence of temporary disequilibria and let appear several possibilities (local or global stability, cycles) depending on the values of the parameters.     

A Conversation with James O. Ramsay

Jim Ramsay was born on September 5, 1942, in Prince George, British Columbia. He pursued undergraduate studies at the University of Alberta, where he completed a BEd in 1964 with a major in English and a minor in mathematics. He then specialized in statistics and psychometry, earning a PhD in psychology from Princeton University in 1966. After holding a temporary lectureship in the Department of Psychology at University College London for one year, he joined the Department of Psychology at McGill University, where he rose through the academic ranks. He was chair of his department from 1986 to 1989 and spent sabbatical leaves in Cambridge, Grenoble, and Toulouse. He was named professor emeritus upon his retirement in 2007. Jim is the author of four influential books and over 100 peer‐reviewed articles in statistical and psychometric journals. He developed much of the statistical theory behind multidimensional scaling and is widely recognized as the founder of functional data analysis. Three of his papers were read to the Royal Statistical Society, and another won The Canadian Journal of Statistics 2000 Best Paper Award. The Statistical Society of Canada (SSC) awarded him a Gold Medal for research in 1998 and an honorary membership in 2012. Jim was president of the Psychometric Society in 1981–82 and president of the SSC in 2002–03. The following conversation took place at Jim's home in Ottawa, Ontario, on March 14 and April 4, 2012.     

NOUVEL ESSOR DES FONDATIONS AU QUÉBEC ET AU CANADA: POUR UNE ANALYSE SOCIOPOLITIQUE FONDÉE SUR LE CONCEPT D'ÉCONOMIE PLURIELLE

Philanthropic foundations are the object of little research in Canada and Quebec. Our article recognizes the role of these organizations, as well as the presence of powerful new foundations, rich in assets and donations. This article consists of three parts. The first part presents a theoretical review of the American literature published from 2000 on. The second part examines data that we extracted from three main repertoires. Though informative, these repertoires tend to classify Canadian and Quebec foundations in categories that are mostly fiscal and legal and tend to break them down as public or private foundations. We therefore question the limits of studies based on such categories. In the third part of the article we propose a theoretical framework based on a sociopolitical point of view in an attempt to transcend the binary approach. Our approach borrows from the concepts of social and solidarity economy (SSE) and plural economy in order to better understand the new institutional arrangements in which foundations operate. This theoretical framework allows us to analyse foundations as actors of the SSE even though they might not reproduce automatically the principles and the values of the SSE in their behaviours. On the contrary, from the standpoint of a plural economy we may be in a better position to develop a sound sociopolitical analysis of diverse configurations and hybrid forms resulting from emulations or transactions between the principles of the social and solidarity economy (reciprocity), the private economy (competition) and the public economy (redistribution).     

Consumer relationship fading

This paper explores the phenomenon of consumer relationship fading with a series of three adjacent studies. Analyzing two longitudinal behavioral datasets, Study 1 shows that about one-third of the relationships could be described as fading. Drawing on prior work in the marriage disaffection literature, Study 2 defines relationship fading for the consumer marketing context as a process of gradual decline in consumers' intention to continue their relationship with a brand, generally manifested in negative feelings toward the brand, diminishing frequency and/or volume of transactions with it, and initiation of switching intentions. It further identifies disillusion, disaffection, and crossroads as three distinct fading stages, and outlines boundary conditions. Study 3 observes relationship fading through a diary study approach and finds attitude movement in both positive and negative directions between the stages. Further, while positive attitudes generally decline over the course of the fading trajectory, negative emotions peak at the penultimate fading stage and then level off at the final, crossroads stage. By defining and analyzing consumer relationship fading, we improve understanding of an under-researched, large segment of consumers.     

Reliable Inference in Categorical Regression Analysis for Non‐randomly Coarsened Observations

In most surveys, one is confronted with missing or, more generally, coarse data. Traditional methods dealing with these data require strong, untestable and often doubtful assumptions, for example, coarsening at random. But due to the resulting, potentially severe bias, there is a growing interest in approaches that only include tenable knowledge about the coarsening process, leading to imprecise but reliable results. In this spirit, we study regression analysis with a coarse categorical‐dependent variable and precisely observed categorical covariates. Our (profile) likelihood‐based approach can incorporate weak knowledge about the coarsening process and thus offers a synthesis of traditional methods and cautious strategies refraining from any coarsening assumptions. This also allows a discussion of the uncertainty about the coarsening process, besides sampling uncertainty and model uncertainty. Our procedure is illustrated with data of the panel study ‘Labour market and social security' conducted by the Institute for Employment Research, whose questionnaire design produces coarse data.