Depletion of psychological,financial, and social resources in the hospitality sector during the pandemic

This study details how psychological, financial, and social factors shape employee deviant interpersonal behaviors during a pandemic. Data were collected with a survey of 372 front-line employees of hotels and analyzed with PLS-SEM. The findings showed social disconnectedness and perceived risk of unemployment leads to perceived isolation, which further creates depression in employees. The findings also showed that depression is positively related to employee deviance. Financial strain is a major cause of perceived isolation, depression, and deviant behaviors among front-line employees. Results also proved that social support reduces fear of isolation, depression, and employee deviance. This study provides guidelines that hotels need to understand the psychological stance of employees and design policies to overcome employee perceived fears and psychological disorders.     

Determining factors and impacts of the intention to adopt mobile banking app in Cameroon: Case of SARA by afriland First Bank

This study aims to know what are the factors determining the adoption of M-Banking app among customers in Cameroon. In other words, what are the factors that influence users in their decisions to adopt and use a system or technology such as the MBanking app, and indirectly, what is the impact of this use on both the customers and financial inclusion? The research model developed relying on a combination of Technology Acceptance Model (TAM ), Unified Theory of Acceptance and Use of Technology ( UTAUT2 ), Information System Success Model ( ISSM ), and Protection Motivation Theory ( PMT ) and other constructs; it was then tested with a sample of 223 users of the “ SARA” M-Banking app of the financial institution called “ Afriland First Bank” . Findings revealed that: (1) utilitarian expectation, hedonic motivation, and status gain, habit, and perceived privacy concern have a significant influence on the intention to adopt M-Banking apps; and (2) the exploitative/explorative use of this technology has an impact on user’s loyalty and satisfaction but also contributes strongly to fostering financial inclusion in Cameroon. Also, the Multi-group analysis was performed on the sample using 2 gender-based groups (males, n=121; females, n=102).     

There is no smoke without a fire: The effect of government interventions in less advanced economies

The lack of liquidity in the interbank market during the crisis of 2007–2011 led governments to impose different policies to rescue their countries’ banking sectors. While in advanced countries interventions in the banking sector were mostly related to a lack of liquidity and significant asymmetric information regarding counterparty risk, in many less advanced countries they had a precautionary motive. In our article, we investigate the effectiveness of policy interventions on healthy banking markets, with possible negative spill-over effects from other countries. To this extent, we use an event study methodology to test the effect of liquidity and financial sector policy announcements on interbank spread changes in six Central and Eastern European (CEE) countries over the period between 2007 and 2011. We find that standard liquidity interventions did not provide effective stabilization. In fact, our evidence suggests that the spread widened after their announcement, probably as a result of the negative signal and consequently increased risk aversion of banks. In such situations, regulators should consider policy instruments that aim to decrease uncertainty in the market.     

The role of financial development on the underground economy in regards to Europe’s 2020 strategy

This paper attempts to investigate the relationships between development in the financial sector and the size of the underground economy in European Union countries. Our aim is to investigate the role of financial sector development when it comes to the size of the underground economy, as well as how financial development aids in meeting the growth objectives of the ‘Europe 2020 Strategy’. Panel data analysis will be conducted for the period 2004–2017 in order to examine the effects of financial sector development on the size of the underground economy. The main findings of this paper suggest that financial development has a significantly reducing effect on the size of the underground economy. In conclusion, development within the financial sector significantly lessens underground economic activity in the European Union. With further development of the financial sector, underground economies will not be an obstacle for the fulfilment of the cohesion and growth objectives of the Europe 2020 strategy.     

Risk spillover between Bitcoin and conventional financial markets: An expectile-based approach

In order to challenge the existing literature that points to the detachment of Bitcoin from the global financial system, we use daily data from August 17, 2011–February 14, 2020 and apply a risk spillover approach based on expectiles. Results show reasonable evidence to imply the existence of downside risk spillover between Bitcoin and four assets (equities, bonds, currencies, and commodities), which seems to be time dependent. Our main findings have implications for participants in both the Bitcoin and traditional financial markets for the sake of asset allocation, and risk management. For policy makers, the findings suggest that Bitcoin should be monitored carefully for the sake of financial stability.     

Are REITs more resilient than non-REITs? Evidence from natural experiments

REITs draw attention from investors around the world, yet our understanding of the various risks associated with such securities is limited. Using the introduction of Arrowhead, a low-latency high-frequency trading platform, to the Tokyo Stock Exchange and the financial crisis of 2008 as natural experiments, we compare the resilience of REITs and equities in terms of liquidity and volatility. The results indicate that the introduction of Arrowhead improved the quality of the Japanese REIT market but also increased the probability of flash crashes. We also find that although the financial crisis significantly deteriorated overall equity market quality, the Japanese REIT market was resilient. Finally, using a difference-in-differences regression model, we show that the higher transparency and better price discovery of REITs, compared to non-REITS, protected them from the negative effects of the financial crisis and the introduction of Arrowhead. Overall, our analysis shows that REITs are more resilient than non-REITs.     

金融服务开放与制造业企业出口产品质量:影响机制与经验证据

文章从理论上分析了金融服务开放影响制造业企业出口产品质量提升的动态演变过程，并利用2004-2013年中国金融服务进出口和中国工业企业数据对理论推演进行验证。结果表明：金融服务开放显著促进了制造业出口产品质量升级，且金融服务引进来对制造业企业出口产品质量提升的作用略大于金融服务走出去所产生的作用；从不同贸易方式、不同衡量指标、不同企业所有制等方面对此进行检验均证实了金融服务开放对制造业出口产品质量升级的正向作用；影响机制检验和扩展分析显示，创新效应、金融服务"引进来"对"走出去"的推动、垂直专业化效应和本地吸收效应影响着金融开放对企业出口产品质量升级的作用。文章的研究发现有助于为进一步扩大金融服务开放来推动制造业高质量发展提供有价值的政策依据。     

改革开放以来金融风险的本质特征及防控启示——兼论中国共产党领导下的防控金融风险探索与实践

改革开放以来，立足于"新兴+转轨"的基本经济特征，中国的金融风险既表现出转轨经济条件下特有的风险特征，又表现出新兴市场经济的典型风险特征。中国防范化解金融风险始终与自身经济增长、金融发展之间进行统筹兼顾，先后经历了社会主义市场经济培育探索、快速成长、加速开放以及高质量发展四个阶段。历史地看，各个阶段的防控实践留下重要启示：（1）坚守底线、理性务实的风险思维是防控金融风险的重要法宝；（2）维护中央金融集权主导与地方适当分权的辩证统一；（3）尊重实体经济以及金融业的客观发展规律，严防脱实向虚；（4）金融监管体系须在平衡金融创新与金融风险之间与时俱进；（5）坚持中国共产党的全面领导，不断推进马克思主义的中国化时代化，是实现上述四点的根本政治保障。     

高速铁路安全文化理论体系研究

高速铁路安全文化建设是实现高速铁路系统安全的必由之路。为了进一步明确安全文化在高速铁路运营安全保障中的作用,厘清高速铁路安全文化建设的思路与途径,在深入剖析安全文化建设的必要性的基础上,研究安全文化建设的发展阶段,明确每个阶段的划分依据与特点,探讨高速铁路安全文化体系与技术体系、管理体系的关系,对高速铁路安全文化建设要点进行探究,并从高速铁路安全文化基础理论、高速铁路安全文化专业理论、高速铁路安全文化应用理论3个层面对高速铁路安全文化理论体系进行分析,为高速铁路安全文化建设和水平测度提供理论基础。     

Rethinking the bottom of the pyramid: Towards a new marketing mix

The purpose of this study is to re-conceptualize the conventional marketing mix for Bottom of the Pyramid (BoP) markets and propose a revised framework by reorganizing the elements based on the customer perspective while retaining the principles of services marketing. Primary data was collected through a questionnaire with a sample size of 400 people from both urban and rural markets in the BoP. Findings indicate that the needs and perspective of the BoP members is distinct from the Middle of the Pyramid (MoP). Managers should consider this point while formulating marketing mix strategies for BoP markets. The present study is the first of its kind to present a revised marketing mix framework for customers in the BoP markets. The framework comprises five Ps, including personalization, product, place, the process of service delivery and price. Thus, a theoretical contribution is made in the context of service marketing and the BoP.