Similarities and Dissimilarities between Original Institutional Economics and New Institutional Economics

Original Institutional Economics and New Institutional Economics display several similarities. However, differences in methodology and normative stance are too big to reconcile both approaches. Both approaches may keep each other sharp.     

The Effect of Media Coverage on the Pricing of Seasoned Equity Offerings

This paper examines the role of media coverage and investor attention on the outcomes of seasoned equity offerings (SEOs). I use an archive of Thomson Reuters news articles to proxy for firm visibility and investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the offer price discounts of SEOs. Furthermore, the volumes of news articles are negatively associated with the cumulative abnormal returns three days around the SEOs. I conclude that the costs of equity increase with media coverage prior to SEOs. Overall, the evidence is consistent with the hypothesis that media coverage affects investors' information processing in SEOs. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Real-time co-creation and nowness service: lessons from tourism and hospitality

Brands take advantage of technology, social media and constant connectivity to foster organic consumer engagement and interactions towards co-creating personalised customer service. Real-time service offers dynamic engagement with connected consumers. Brands in tourism and hospitality use technology to dynamically enhance consumer experience through co-creation. The integration of real-time consumer intelligence, dynamic big data mining, artificial intelligence, and contextualisation can transform service co-creation by mobilising recourses in the ecosystem. Nowness service emerges by dynamically engaging consumers in experience cocreation in real time. It has five interconnected characteristics that revolutionise the tourism and hospitality, namely: real-time, co-creation, data-driven, consumer-centric and experience co-creation.     

In Vino ‘No’ Veritas: impacts of fraud on wine imports in China

China is one of the largest wine importing countries in the world and is poised for continued import growth in the future. Increased wine purchases throughout China have given rise to persistent fraud where fake wines are packaged and sold with counterfeit contents and labels. For exporting countries like France, counterfeit wines displace market share, damage foreign brand reputation, and cause distrust in consumers who are aware of counterfeiting problems throughout the country. We examine the impact of fraudulent wine events (as measured by negative media reports) on Chinese wine demand differentiated by supplying country. We employ the Rotterdam demand system and a switching regression procedure to estimate import demand and compare results across different media variable specifications. Results consistently show that negative reports disproportionately affect French wine regardless of how the media variable is specified. This is not surprising because most fraudulent events involve French wine counterfeits.     

总结克服“贫困陷阱”经验开启新时代现代化新征程——学习党的十九大报告关于新发展理念重要方略的体会

中国特色社会主义的伟大实践使我国告别了贫困，实现了从站起来到富起来的飞跃，坚持走中国特色社会主义道路，坚持贯彻党的基本理论、基本路线、基本方略，坚持“五位一体”总体布局，坚持“四个全面”战略布局，贯彻新发展理念，建设现代化经济体系，一定能够使我们迈过“中等收入陷阱”，实现两个百年的发展目标，进一步提升“四个自信”，为解决人类问题进一步贡献中国智慧和中国方案。     

A netnographic sensibility: developing the netnographic/social listening boundaries

Netnography is constantly evolving as technologies and access to online data develop. Our paper outlines how large data sets of social media can be analysed through bridging the divide between the small, rich and contextually nuanced data that is the hallmark of netnography and the scope and scale of data made possible through social media listening conventions. We define this approach as netnographic sensibility and with the use of a short case study discuss the process through which social media data could be gathered, triangulated and analysed. We orientate the paper around two interrelated questions: investigating how netnographic insights can be extended using social media monitoring tools, and asking how this can be used to add richness and depth to understanding mass consumer realities. Our contribution complements the widely established methodological approach of netnography as we argue that netnography has the capacity and capability to embrace technological advances within the domain of social listening to add value for academic researchers.     

The relationship between principals’ configuration of a bundle of HR practices for new teachers and teachers’ person–organisation fit

Abstract

Based on studies in the private sector showing the positive effects of strategic human resources management (SHRM) on performance, many stress the value of adopting SHRM in the public sector. However, until now, the argument for applying SHRM in the public sector remains largely theoretical. Especially in educational contexts, it is unclear through which mechanisms SHRM affects performance. Therefore, this paper zooms in on the relationship between the configuration of a bundle of human resources (HR) practices and person–organisation (P–O) fit. A mixed methods design was used to collect both qualitative and quantitative data from principals and teachers in 56 Flemish primary schools. The qualitative data, which provides insight into principals’ configuration of HR practices, were converted into numerical scores and analysed, together with the quantitative teacher data, using multilevel analysis. The results show that both principals’ strategic and HR orientation are associated with teachers’ P–O fit. This study contributes to the research field of SHRM in education by studying a bundle of HR practices and how this relates to the fit of teachers’ own values with the school culture. The practical implications for schools are discussed.     

Advance selling of new products to strategic consumers on flash sale platforms*

Flash sale (FS) is a new business model that offers discounted products in limited numbers over a short period. In this paper we discuss the impact of strategic consumers on advance selling (AS) of new products on FS platforms. We first study the impact of strategic consumers on competing retailers adopting AS to sell a homogeneous new product. And find that the retailers’ AS profits and inventory quantities decrease with the strategic customers’ valuation and valuation decreasing rate. Then we analyse whether FS can mitigate the impact of strategic customers on retailers adopting AS for new products. We consider a newsvendor model involving only one retailer adopting AS to sell a new product. We derive the results by comparing this model with two counterpart models, namely the classical newsvendor model with no strategic customers and a newsvendor model with strategic customers where the retailer does not use FS under AS.     

高校新农村研究院：科技支撑乡村振兴的有效载体

[目的]较之前开展的新农村建设,乡村振兴战略是一种更高层次的发展手段和目标。文章旨在对高校新农村研究院推动乡村振兴的实践经验和困难问题进行梳理,分析背后的成因与制约因素,以期为以高校新农村研究院为抓手、从科技引领和支撑的角度推动乡村振兴战略的落地实施提供有针对性的建议。[方法]该文从协同创新理论出发,基于对沈阳农业大学新农村发展研究院的实地调研,采用文献梳理、归纳总结和定性分析等方法对高校新农村研究院为乡村振兴战略提供科技支撑的机理、模式、作用和困难问题进行了梳理。[结果]高校新农村发展研究院通过整合政府、高校、企业等多方资源,从技术协同、人才协同与理念协同3方面为乡村振兴提供了有效支撑。但目前各级政府对高校新农村研究院的作用地位还缺乏充分认识,存在财政支持不到位、技术推广激励与考评机制不完善等问题。[结论]整合各方科技创新资源,构建起各类主体跨界协同、不同技术集成应用、创新资源全链配置、关联产业融合发展的新型农业科技协同创新体系;进一步强化高校新农村发展研究院在农业科技服务中的主体地位,增强财政对新农村发展研究院的持续投入,改革高校农技推广人员职称评定与考核激励机制。     

Social media affordances in entry‐level employees’ socialization: employee agency in the management of their professional impressions and vulnerability during early stages of socialization

This study examined how entry‐level employees interacted with social media during three stages of organizational socialization. They navigated between four different media affordances (persistence, editability, visibility, and association) while experiencing them as both enabling and constraining in different socialization stages. Qualitative interview data analysis revealed during anticipatory socialization, job applicants realized visibility and persistence in relation to institutional and individualized socialization. During encounter, new employees managed personal and professional life boundaries carefully against the association and visibility affordances. Although some participants used both public and enterprise social media for obtaining job‐related information and understanding coworkers and company culture, during metamorphosis, most interviewees adopted passive information seeking strategies and experienced a paradoxical tension between the enabling and constraining affordances of social media. Findings are discussed with regards to employees’ exertion of agency in managing their professional impressions and coping with high levels of uncertainty and vulnerability during early stages of socialization.