Epistemological foundations of international entrepreneurship

International entrepreneurship emerged in recent years as a promising research stream focusing on how firms explore and exploit opportunities across borders, creating customer value and anticipating competitors’ moves. This study addresses international entrepreneurship literature challenges by analyzing more than seventy studies from the last twenty-four years that deal with the international new venture’s phenomenon. Particularly this study discusses five literature challenges: the increased amount of international entrepreneurship content among different journals; the different types of research conducted in the international entrepreneurship field; international new ventures and high-tech industry; the controversy in the definition and the different labels given to the firms with international presence right from their birth or shortly after; and, the factors that characterize successful firm internationalization. The study findings offer a comprehensive review, synthesis, and organization in the field.     

The role of social identification and hedonism in affecting tourist re-patronizing behaviours: The case of an Italian festival

Since the 1990s Europe and other continents have been organising a significantly larger number of festivals with the objective of stimulating tourism and exploiting potential economic opportunities. The prominence of these events has led to intense competition between festivals in attracting visitors and it has become important to analyse factors which might influence attendees’ retention. Drawing on existing literature on retail and service sectors, this study aims to identify the role played by emotions, hedonism, satisfaction, and social identification in mediating the effects of environmental factors on attendees’ re-patronizing intention. This study includes an on-site survey of 449 visitors attending an Italian festival gaining in popularity, and analyses data using a structural equations model. Results suggest that hedonism and social identification are key-facilitators between environmental cues and attendees’ re-patronizing intention.     

Identification and Estimation of Club Convergence Models with Spatial Dependence

This article deals with heterogeneity and spatial dependence in economic growth analysis by developing a two‐stage strategy that identifies clubs by a mapping analysis and estimates a club convergence model with spatial dependence. Since estimation of this class of convergence models in the presence of regional heterogeneity poses both identification and collinearity problems, we develop an entropy‐based estimation procedure that simultaneously takes account of ill‐posed and ill‐conditioned inference problems. The two‐step strategy is applied to assess the existence of club convergence and to estimate a two‐club spatial convergence model across Italian regions over the period 1970 to 2000.     

The impact of a study abroad programme on learning abilities and personality traits: evidence from a randomization

Personality traits are increasingly considered as a powerful predictor of socio-economic success as academic achievement. In this article, we exploit the random assignment of applicants to a programme in order to retrieve unbiased estimates of the impact of studying abroad on both cognitive and noncognitive abilities. Our findings suggest that secondary school students, especially those considered ‘more able’, benefited from a 1-month experience abroad, as it enhanced both personality traits and language proficiency.     

THE DEPENDENCE STRUCTURE OF RUNNING MAXIMA AND MINIMA: RESULTS AND OPTION PRICING APPLICATIONS

We provide general results for the dependence structure of running maxima (minima) of sets of variables in a model based on (i) Markov dynamics; (ii) no Granger causality; (iii) cross-section dependence. At the time series level, we derive recursive formulas for running minima and maxima. These formulas enable to use a "bootstrapping" technique to recursively recover the pricing kernels of barrier options from those of the corresponding European options. We also show that the dependence formulas for running maxima (minima) are completely defined from the copula function representing dependence among levels at the terminal date. The result is applied to multivariate discrete barrier digital products. Barrier Altiplanos are simply priced by (i) bootstrapping the price of univariate barrier products; (ii) evaluating a European Altiplano with these values.     

Relative Intragenerational Economic Mobility: A Cross-Period Analysis from 1968 to 2009

Recent debate about income inequality has occurred with good reason, as changes in income inequality are critically important for long-term economic prosperity, business profitability, and particularly for the quality and accessibility of labor in the market today. However, what is equally important and less discussed is economic mobility, or the capacity of an individual or a family to improve their financial standing, specifically as it relates to income and wealth. In this paper, we examine statistics on economic mobility in the United States. Our findings suggest that while economic mobility still exists, the likelihood of a household making a large jump out of poverty and into wealth declined from 1999 to 2009. The message of our findings to policymakers is that, rather than a redistribution of wealth from the top of the income distribution to the bottom, what is really needed is broader access to affordable education, better essential nutrition, more stable early childhood development experiences, and basic financial literacy training for all income groups.     

Regional growth and unemployment in the medium run: asymmetric cointegrated Okun’s Law for UK regions

This article tests for the presence of a medium-run asymmetric Okun’s Law relationship between regional output and regional unemployment rate in UK regions. The test is performed with a panel data version of the hidden cointegration technique suggested by Granger and Yoon. A novelty of the article is to combine the method of hidden cointegration with a panel data method of removing cross-sectional dependence. The medium-run Okun relationship for regions in the UK appears to confirm results found elsewhere in the literature on countries as a whole, although the coefficients tend to be smaller.     

Werbeanzeigen von Versicherungsunternehmen zur Aufklärung über Gesundheitsrisiken

Insurers offering health-related services as accident insurance, health insurance coverage or nursing insurance for instance have a legitimate interest in reducing costs of ill insured. Information about health-conscious behavior and health risks provided by advertisement may contribute this impact. In an experimental study, we analyze the effect of credibility of advertisement and independent third-party trustmark on health risk perception and health behavior intentions. Results demonstrate significant influence of credibility of advertisement on health risk perception and higher credibility for advertisement with independent trustmark. Furthermore, higher health risk perception conducts to healthier behavior intentions.     

East–West European Integration: A General-Equilibrium Analysis of Alternative Agricultural Policies

This paper studies the budgetary and trade implications of European Union (EU) membership of Eastern European countries under various agricultural policy scenarios. The author uses a six-region, 13-sector general-equilibrium model with many explicitly modeled agricultural and trade policies. It is found that EU membership of Eastern European countries, including their adoption of the EU's Common Agricultural Policy (CAP), leads to a surge in Eastern Europe's agricultural exports. Moreover, the EU's agricultural expenditure increases by 26%. A reform of the CAP following the Agenda 2000 proposal does not reduce the cost of enlargement if Eastern European farmers receive compensation payments.     

Policy Strategy Cooperation in the 2030 Climate and Energy Policy Framework

Atlantic Economic Journal -