Overconfidence,risk perception and the risk-taking behavior of finance professionals

This paper highlights the role played by overconfidence and risk perception in the risk-taking behaviors of finance professionals. We interviewed 64 high-level professionals and demonstrate that they are overconfident in both the general and the financial domains. Using a recent measure proposed by Glaser et al. (2013), we indicate that respondents are overconfident in forecasting future stock prices. We demonstrate that the risk they are willing to assume is positively influenced by overconfidence and optimism and negatively influenced by risk perception. However, the stock return volatility anticipated is, in most cases, an insignificant determinant of the risk that professionals are ready to assume.     

Effects of message framing on food allergy communication: A cross-sectional study of restaurant customers with food allergies

The prevention of allergy reactions to food requires communication between individuals with food allergies and restaurant employees. This study investigated the effectiveness of framed messages (gain-framed versus loss-framed) in encouraging food allergy communication and explored factors that influenced customers’ intentions to communicate with restaurant staff about their food allergies. A total of 291 valid survey responses were collected. Approximately 70% of the participants had experienced food allergy reactions in restaurants, but less than 15% of them could always communicate with restaurant employees before placing food orders. Overall, participants perceived dining out as somehow risky. Gain-framed messages were more persuasive than loss-framed messages in encouraging food allergy communication. Fear, attitudes toward the messages, the perceived effectiveness of the messages, and the severity of one’s food allergies were significant predictors of customers’ intentions to communicate. Customers’ attitudes toward the messages mediated the relationship between message format and the behavioral intention to communicate.     

Mergers and acquisitions in the hotel industry: A comprehensive review

This study aims to evaluate the current status of merger and acquisition (M&A) studies in the hotel industry and propose directions for future research. Forty-six articles were identified from ScienceDirect, Scopus, and EBSCOhost including 31 empirical and 15 conceptual articles. We review these articles from five perspectives, namely, journal/year distribution, methodology, research context, theoretical foundation and major topics. Findings reveal most studies on M&As in the hotel industry (hotel M&As) focus on performance, motivation and objectives. Developed economies (DEs) are the major research contexts and quantitative approach is the dominant research method. To this end, we propose seven research directions that cover outstanding themes as follows: 1) exploring M&A process, 2) M&A performance assessment, 3) identifying M&A impacts on stakeholders, 4) examining cross-border M&As, 5) examining emerging economies (EE)-based M&As, 6) investigating macro environment impacts, and 7) premium determinants and their impacts on hotel M&As.     

How Do Entry Motives and Institutions Influence the Acquisition Strategies of Multinationals in Foreign Markets? Lessons from Acquisitions of Finnish Multinationals in Global Markets

When acquiring foreign targets, multinationals have an option for partial acquisition, staged acquisition, and full acquisition. This study seeks to understand how the motives of market entry and institutions influence these acquisition strategies in foreign markets. By integrating OLI paradigm and institutional theory with an empirical case study of seven acquisitions of Finnish multinationals in global markets, the study finds that the motives of market entry (i.e., market-seeking, efficiency-seeking, strategic-asset-seeking motives) interact with host country institutions in influencing the choice of partial, staged, and full acquisitions. The study also develops six propositions and recommends areas for future research.     

创业导向、外部知识获取与创业机会识别

创业活动是创新、就业和经济增长的重要来源。企业家通过持续探索创造新业务，促进社会和经济的发展和繁荣。本文基于资源基础理论和知识基础理论，以大众创业浪潮为研究背景，深入揭示创业导向、外部知识获取与创业机会识别之间的关系，并以中国246份创业新企业为样本进行了实证研究。研究结果表明：创业导向对新企业的机会识别和外部知识获取均具有积极影响；外部知识获取在创业导向和新企业的机会识别之间起到部分中介作用；此外，市场知识获取比技术知识获取对创业机会识别的影响更为突出。     

集体建设用地市场化进程：现实选择与理论思考

研究目的:现有文献对集体建设用地市场化改革的现实模式选择和路径演化归纳还相对薄弱。本文旨在基于观察不同类型集体建设用地(包括宅基地、经营性建设用地、公共基础设施用地以及征地)的市场化改革典型路径的基础上,探索不同模式在提升建设用地经济效率上殊途同归的共性规律,为城乡统一建设用地市场提供理论支撑。研究方法:案例分析与比较研究。研究结果:总结了本轮集体建用地市场化改革起点,刻画了宅基地、征地、统筹和入市4类市场化的典型模式或特殊现象,并对集体建设用地市场化规律做了初步探索。研究结论:集体建设用地市场化的现实路径是渐进式的"由点及面"的改革,现阶段改革创新需要关注三类收益分配问题,政府的规划和收益调节政策是地方探索市场化亟需的基础性规则,政府还应尽快对市场化中的各项权利开展立法工作。     

中小企业被并购过程中的价值综合评估

并购是企业为了扩大生产规模、提高经营效益所做出的重大战略调整。本文运用账面价值法,将企业各种因素赋予不同的权重,结合账面价值倍数参数(支付者愿意支付的净资产价值的倍数)评估企业的价值,得到了更为客观的企业价值参数,为并购决策提供了可靠的参考依据。     

Long term effects of an intervention in the outdoor environment—a comparison of older people’s perception in two residential areas,in one of which accessibility improvements were introduced

Walking and participating in activities outdoors in old age can be restricted both by the physical capacity of the individual and by the maintenance and/or the design of the outdoor environment. The purpose of this paper is to compare frequency of walking and frequency of activity outside the home, reported environmental barriers and valuation of the outdoor environment between two areas, in one of which there was an intervention in the outdoor environment 5–8 years prior to this study. The paper is based on a questionnaire sent out in 2011, to all residents 65 years and older in two different areas, the Study Area, an area with an intervention, and the Reference Area. The results show that reports on functional limitations, use of mobility devices and walking difficulties were similar in both areas. Despite that, respondents in the Study Area had a significantly higher frequency of walking and they also participated to a higher degree in activities than respondents in the Reference Area, even though they reported more environmental barriers. The valuation of the outdoor environment was, however, similar in both areas. The results indicate that older people benefit from interventions in the outdoor environment. However, the results also emphasize the importance of good maintenance of the environment.     

品牌标识的隐性设计线索对消费者品牌创造性感知的影响

从品牌标识的隐性设计线索特征视角切入，基于图底反转原理和溢出效用，本文研究旨在探究品牌标识的隐性设计线索对消费者品牌创造性感知的作用机理。三个实验研究结果表明：品牌标识的隐性设计线索比显性设计线索更能够增加消费者品牌创造性感知，且此效用成立的条件为：消费者自主发现隐性设计线索。同时，消费者的感知有趣性中介了此效用。此外，产品视觉审美集中度正向强化了品牌标识的隐性设计线索对品牌创造性感知的影响作用。     

Landslide risk perception survey in Angra dos Reis (Rio de Janeiro,southeastern Brazil): A contribution to support planning of non structural measures

The increasing magnitude and frequency of landslide-related disasters exposes weaknesses in disaster risk reduction (DRR) policy. One of the underlying reasons is that DRR policies tend to focus only on the physical aspects of the problem (i.e. mass movement processes) while neglecting the level of vulnerability of exposed populations to landslide threats, which affects the types and magnitude of adverse consequences. This neglect is a typical symptom of the remoteness that can exist between public administrators and local communities and undermines the implementation of participatory risk management. Certain dimensions of vulnerability depend on how communities relate to the issue of disasters based on their intuitive or rational judgment, i.e. their perception of risk. This paper seeks to shed light on the need for an understanding of risk perception based on the findings from a survey of residents in the city of Angra dos Reis, Rio de Janeiro, Brazil, to be taken into account in aiming at a more efficient landslide risk management policy. The survey was carried out through semi-structured face-to-face interviews with residents of three typical hillside communities in this municipality. In general, the study found that residents will often weigh landslide risks against other threats and opportunities existing where they live. It also found that community members find it difficult to see themselves as agents of change in the environment where they live and in mitigating landslide risks, and that better communication is needed between the government agencies involved in risk management and local residents.