Risk spillover between the US and the remaining G7 stock markets using time-varying copulas with Markov switching: Evidence from over a century of data

This paper analyses the risk spillover effect between the US stock market and the remaining G7 stock markets by measuring the conditional Value-at-Risk (CoVaR) using time-varying copula models with Markov switching and data that covers more than 100 years. The main results suggest that the dependence structure varies with time and has distinct high and low dependence regimes. Our findings verify the existence of risk spillover between the US stock market and the remaining G7 stock markets. Furthermore, the results imply the following: 1) abnormal spikes of dynamic CoVaR were induced by well-known historical economic shocks; 2) The value of upside risk spillover is significantly larger than the downside risk spillover and 3) The magnitudes of risk spillover from the remaining G7 countries to the US are significantly larger than that from the US to these countries.     

审计师地理距离对客户公司股价信息含量的影响

从地理经济学视角分析审计师的地理区位特征对上市公司股价信息含量的可能影响，利用2004—2013年中国A股上市公司的数据，实证检验了审计师与客户间的地理距离对客户公司股价信息含量的经验影响关系，并进一步考察了证券分析师与审计监督两种中介组织间的交互效应。研究发现：（1）审计师与客户公司间的地理距离越小，客户公司的股价信息含量越低，因为在中国当前经济社会背景下，地理邻近对审计师独立性的消极影响要强于其对审计师专业胜任能力的积极影响，这导致审计师审计质量降低，影响客户公司股价信息含量；（2）证券分析师对客户公司的关注程度越高，审计师的地理邻近性对客户公司股价信息含量的负面影响越弱，表明证券分析师与外部审计之间主要呈现一种相互替代的关系，证券分析师可以作为一种有效的补充监督机制。     

Are remittances good for economic growth? The role of political institutions

Within a sample of 109 developing countries for the period 1975–2014 and controlling for country and time-fixed effects, this article presents evidence that workers’ remittances are more effective in promoting growth in developing countries with strong democratic institutions. The evidence is robust to alternative samples and different measures of democratic institutions.     

How does leverage in stock market influence the margin of stock index futures?

In this article, we propose a margin-setting model under the assumption of extreme stock price changes. Specifically, extreme stock price changes are caused by the positive feedback effect of leverage and market impact. By introducing these factors into the futures price changes through a cost-of-carry model for setting the margin of stock index futures, we find that leverage and market impact in stock market are positively correlated with the margin.     

Hotel Efficiency Analysis from the Customer’s Point of View in Romania: A Stochastic Production Frontier Approach

The purpose of this article is to measure the efficiency of hotel units in Romania from the customers’ point of view and to identify factors that explain the differences in efficiency between hotel units. A stochastic production frontier is estimated together with a technical inefficiency model using cross-sectional data from 622 hotel units in Romania. The results show that the average efficiency is high. However, there are significant differences between hotels in different regions and with different star ratings. The most influential factor affecting efficiency is the online visibility of a hotel unit on social media platforms and on travel planning sites. The study’s results offer insight for hotel decision-makers to be able to improve the perception of hotel efficiency by taking appropriate action to meet customer needs.     

A proposed configurable approach for recommendation systems via data mining techniques

This study presents a configurable approach for recommendations which determines the suitable recommendation method for each field based on the characteristics of its data, the method includes determining the suitable technique for selecting a representative sample of the provided data. Then selecting the suitable feature weighting measure to provide a correct weight for each feature based on its effect on the recommendations. Finally, selecting the suitable algorithm to provide the required recommendations. The proposed configurable approach could be applied on different domains. The experiments have revealed that the approach is able to provide recommendations with only 0.89 error rate percentage.     

The consequence of possessions: Self-identity,extended self,psychological ownership and probabilities of purchase for pet’s fashion clothing

This research attempts to exemplify whether pets ascribed as possessions can be regarded, as part of our selves, i.e., a metaphoric relationship with pets, by examining the dynamic relationship between beliefs, extended self, self-identity concerning possessions, and psychological ownership.This study extends the literature by developing a conceptual model asserting that probabilities of purchase for pets, in particular, are contingent on possessions and the extended self. A sample of 326 pet owners was selected, and by using SEM, the direct and indirect relationships were explored. Self-identity and beliefs were significantly associated with psychological control and the extended self, however, beliefs were negatively related to the probabilities of purchase. The extended self and the psychological ownership demonstrated mediating relationships. The study contributes to an understanding of the theoretical relationship between the role of possessions and provides scholars and retail practitioners with an understanding of probabilities of purchase for pet fashions.     

Multidimensional brand equity and asymmetric risk

The authors investigate the extent to which central customer-based brand equity dimensions (Differentiation, Relevance, Esteem, Knowledge, and Energy) influence a firm’s systematic risk (i.e., beta) during both market upturns and downturns. The results demonstrate that aggregating upside and downside beta or different dimensions of brand equity masks the true associations which can be seen only in the disaggregate analyses. The authors find that Relevance and Knowledge play roles as stabilizers, showing negative relationships with both upside gains and downside risk, while Esteem plays the role of protector, showing a negative relationship with only downside losses and not influencing upside gains; Energy acts as a booster, being positively associated with a firm’s potential gains in a period of market growth without increasing the firm’s expected losses during a bad market. The positive relationship of Energy with aggregate risk could be misleading as it hides the beneficial effect of Energy as a booster. The authors also find that Relevance is the most important consideration when people make choices in bad market situations, while Energy becomes the most crucial deciding factor in good market situations. Taking advantage of the multidimensional constructs of brand equity while allowing for the asymmetrical characteristics of risk enables managers to capture the differential role of each brand equity dimension in influencing firm risks, which leads to more sophisticated strategic decisions regarding risk management. In addition to general brand strategy, the authors provide tailored brand strategies to firms from different industries or with different financial characteristics.     

Cooperative conversion and communalization: Closely observed interactions between the material and the mental

Various authors, including Elinor Ostrom, have shown that the legal form of a cooperative has many of the characteristics of a Common. Here we focus on cooperative conversion, through which conventional enterprises become labor‐managed firms (LMFs), viewing it dynamically as a communalization process. These processes are addressed in the light of a field survey carried out in France, looking at six firms involved in cooperative conversion. The changes entailed are two‐dimensional, both material and mental. This is visible, for example, when finding the capital to mount an LMF: members of the workforce must draw on their own funds; they must also believe in the project. Through our empirical observations we highlight the obstacles in the way of forming an LMF. In particular participants must undertake a work of negotiation hinging on stakes marked by the two, largely inseparable dimensions. Ultimately we query the ethic brought into play in the collective action of constituting a Common. Specifically, individuals must contribute to a collective action underpinned by principles of self‐governance, or commoning, the rock on which the Common rests. A key finding of our study is to demonstrate that a Common can only be successfully created if the constituent processes are consistent with the overall goal. In other words the manner in which we travel is inseparable from our final destination; otherwise we shall surely lose our way.     

Preference aggregation and atoms in measures

This paper examines the aggregation of preferences with a finitely additive measure space of agents. We consider three types of non-dictatorship axioms: non-dictatorship, coalitional non-dictatorship, and atomic non-dictatorship. First, we show that the existence of an atom is a necessary and sufficient condition for the existence of a social welfare function that satisfies weak Pareto, independence of irrelevant alternatives, and coalitional non-dictatorship. Second, we simultaneously impose non-dictatorship and coalitional non-dictatorship, and specify a necessary and sufficient condition for the finitely additive measure that guarantees the compatibility among the axioms. Third, we impose all non-dictatorship axioms and show that the corresponding measure is extremely restricted.