Positive Feedback Trading and Investor Sentiment

This article examines how investor sentiment affects positive feedback trading behavior. By analyzing the daily closing total return of CSI 300 index and its individual returns of stocks, we find that relatively high or low sentiment induces active positive feedback trading. With a specific indicator of sentiment, we explain the microstructure setting of the relationship between positive feedback trading and sentiment. We adopt the classical feedback model from Sentana and Wadhwani (1992) to measure positive feedback trading behavior. By adding sentiment factor to the model, we successfully explain how sentiment influences the behavior of both feedback traders and rational investors. The empirical findings suggest that positive feedback traders are more likely to trade when the prices of most securities move forward together. When the sentiment of feedback traders is at an intermediate level, the feedback trading behavior is insignificant.     

Tourists’ hotel event experience and satisfaction: an integrative approach

ABSTRACT

Tourists’ hotel event experiences have received little attention in tourism research. By proposing an integrated model of expectation–confirmation theory (ECT) and the experience economy concept, this research explores the relationship between tourists’ event experience and their satisfaction regarding the hotel event setting. The hypothesized model was empirically validated using a sample of 663 tourists who experienced a holiday event at a resort hotel. Results confirmed that the integration of the experience economy and ECT provided a better understanding of tourists’ post-satisfaction in a pleasure-driven setting. This affective–cognitive approach advances the knowledge of tourists’ experiences and satisfaction at hotel events.     

Financial development,economic growth and convergence clubs

To study the role of financial development in economic growth, we apply an array of convergence tests designed to capture nonlinear transitional dynamics to real outputs per capita. Strong evidence of multiple convergence clubs is observed, implying that the clubs are formed based on the initial level of real output per capita and average growth rate. Our empirical results show that the stage of economic growth of each country plays an important role for the composition of the convergence clubs. Furthermore, financial development emerges to be a significant determinant, albeit plays differently in the economic growth of each convergence club.     

Aggregate insider trading and market returns: The role of transparency

Using a sample of countries that require timely disclosures of insider trades, I investigate the effect of country‐level institutions that promote transparency on the extent to which aggregate insider trades predict market returns. I find that financial information transparency mitigates the predictive content of aggregate insider trades when markets are more likely to deviate from fundamentals (i.e., during market fads), and when there is greater co‐movement in stock prices. In contrast, there is some evidence that governance and investor protection mitigate the association between aggregate insider trades and future earnings surprises. Hence, holding constant the timely disclosures of insider trades, other capital market institutions play complementary roles in mitigating the informational frictions that give rise to the predictive content of aggregate insider trades.     

What is happening in Paris? Airbnb,hotels, and the Parisian market: A case study

Airbnb has been the subject of heated discussions among tourism and hospitality scholars. In order to understand the true impact of P2Psharing on the tourism and hospitality landscape, it is important to understand that market in detail first. Therefore, in this paper, we explore the development of the Airbnb market over the last seven years in Paris, the most popular destination for Airbnb guests with more than 40,000 accommodation rentals. This research note is a summary of our findings on the Paris market. Our study shows different growth and seasonality patterns for Airbnb and hotels and dissimilarities in the geographical location of the offers. The findings indicate that the two products are not in direct competition and that their relationship might be more complex than previously thought. We trust that exploring the nature of the competitive relationship would be a valuable avenue for further investigation.     

湖南省农业生态与农业经济耦合性测度

[目的]考察湖南省近9年来农业生态与农业经济系统耦合发展现状,探究二者发展过程中的规律,以期找出二者协调发展模式,并为湖南省农业生态环境保护、农业经济发展提供决策依据。[方法]运用耦合协调度模型,基于熵权法为各指标进行客观确定权重,结合2007~2015年湖南省农业生态与农业经济发展的相关数据,确定农业生态与农业经济的耦合匹配分析模型,采用熵值赋权法确定各项指标的权重,构建农业生态—农业经济耦合协调评价指标体系。[结果]研究结果表明,2007~2015年湖南省农业生态与农业经济的耦合协调发展基本稳定,耦合度值均在0.9以上,二者呈协调发展趋势。其中,2014年和2015年二者的耦合度较高,分别为0.975 3和0.984 3,说明湖南省在这两年的农业生态与农业经济的协调性好,农业经济与农业生态能够相互有效促进彼此的发展。同时,仍需时刻关注生态环境的承载力,降低对自然资源的无序攫取,实现经济的可持续发展。     

Financial constraints on export market exit of domestic firms versus foreign multinational corporation subsidiaries in South Korea

Using a Korean manufacturing firm-level data set covering a range of years from 2006 to 2013, this study investigates how the financial condition of firms, such as liquidity, leverage, and cash flow ratio, affects exit from export markets. It also analyses whether the financial status of foreign multinational corporation (MNC) subsidiaries differs from that of domestic firms with respect to the hazard of export market exit, especially during a global financial crisis. The empirical results confirm that, for domestic firms, the hazard of export market exit is affected by the firms’ financial condition only during a financial crisis. In other words, the financial vulnerability of domestic firms increases during the crisis, resulting in the hazard of export market exit. However, financial situations for foreign MNC subsidiaries do not affect exits from export markets, indicating a ‘finance-factor comparative advantage’.     

Situating the Asian Infrastructure Investment Bank in the context of global economic governance

The creation of the Asian Infrastructure Investment Bank (AIIB)was welcomed by the World Bank but opposed by the Obamaadministration. The paper explains China’s positive relationshipwith the Bank and the Organization for Economic Cooperation andDevelopment (OECD) in terms of the mission of the Bank, sharedby the OECD, to develop and deepen the global economy. The AIIBand the related Belt and Road initiative promise to do this throughinvestment in infrastructure and connectivity in and around thepoorly integrated Eurasian landmass. But while the current Chineseleadership has supported an inclusive global economy based uponfree trade and supported by multilateral institutions, China’s controlof resources outside the multilateral framework and adherence topractices that challenge liberal principles prompt suspicions thatthese commitments are either disingenuous or anyway subjectto reversal. In itself, therefore, the AIIB provides no conclusiveevidence either way on China’s future course.     

农民宅基地退出差异性受偿意愿及其影响因素分析

研究目的:宅基地退出工作能否顺利推进与退地补偿息息相关,研究宅基地退出中农民差异性受偿意愿及其影响因素,以服务决策。研究方法:基于重庆市890份农民实地调查数据,应用多元离散选择模型(Logit)进行定量研究。研究结果:(1)传统农区的农民更愿意选择货币补偿;城乡结合部(街道办)的农民更愿意选择安置补偿;农民修建补偿选择率总体偏低,区位差异并不明显;(2)农民货币受偿意愿影响因素主要包括受教育程度、家庭主要成员是否定居城镇、非农务工收入、新居住地适应性;(3)农民安置受偿意愿影响因素主要包括年龄、农房是否自住、退地补偿是否有截留、村基础设施状况;(4)农民修建受偿意愿影响因素主要包括农房造价、农房是否新建、退地补偿是否有截留;(5)影响农民受偿意愿的因素存在较大差异,同一因素可能对农民选择受偿意愿产生不同的影响,但没有一个自变量同时对三个因变量产生显著影响。研究结论:应针对农民受偿意愿差异及其影响因素,实行产异化的补偿措施,在经济发展相对滞后的传统地区,强化村落基础设施建设的同时,加大现金补偿力度。对于经济较为发达、区位条件较好的城乡结合部地区,应加大安置补偿力度,以保障退地农民的居住权。     

What is driving increases in dietary quality in the United States?

Over 1994–2010, adult dietary quality in the United States increased by 10 percent. We find a shift in consumption between at-home and away-from-home food played a relatively minor role as compared to changes in demographics and educational attainment. The two largest contributors we identify include an increased usage of nutritional information and a shift away from relying heavily on price, taste, storability and ease of preparation when shopping for food. Our findings suggest nutrition policy discussions could focus on further shifting attitudes/preferences towards healthier diets while allowing consumers to better extract nutrition information when making food choices.