The Investment Performance of Art in Mainland China

This article investigates price determinants and investment performance for paintings from mainland China using hedonic regression analysis applied to a new dataset from over 190,000 auction transactions. The price index obtained indicates that from 2000 to 2015, the average annual appreciation in value of Chinese art was 8.42% in real USD. Compared with American artwork, global artwork, and traditional financial assets, Chinese art possesses a comparatively better risk and return profile and a low correlation with other assets. Finally, regarding the masterpiece effect, the conclusion is that highly priced Chinese art does not underperform the market.     

A Framework for the Simultaneous Measurement of Spatial Variation and Temporal Movement in Prices in a Heterogeneous Country: The Dynamic Household Regional Product Dummy Model

This paper contributes to the growing literature on spatial prices in large heterogeneous countries. While the literatures on spatial variation and temporal movement in prices have grown in parallel, this study marks a departure by providing a unified treatment and proposing a comprehensive framework that allows both approaches. The proposed model is based on twin extensions of the household version of the “country product dummy model” by allowing for a dynamic stochastic specification and interdependence of spatial prices of geographically adjacent regions. Tests of temporal stability and regional independence of the estimated spatial prices are proposed and applied in this paper. The paper shows that the introduction of an autoregressive error process of order one, AR(1), improves the efficiency of the estimates of parameters, urban‐rural and temporal price indices under certain conditions. The Indian application points to a rich potential for using the proposed framework in cross country comparisons such as the International Comparison Program (ICP) exercises.     

基于社区参与的乡村全域旅游开发实证研究——以南昌南矶乡为例

[目的]全域旅游发展理念的提出进一步丰富和提升了社区参与旅游发展的内涵,文章从全域旅游视角研究社区参与式乡村旅游的开发模式,以期为乡村全域旅游的发展提供参考与借鉴。[方法]通过实地考察和资料查阅法,了解南矶旅游开发及社区参与的现状,结合实证分析法,构建基于社区参与的南矶乡村全域旅游开发模式。[结果](1)目前南矶乡村旅游尚处于发展初期,当地居民对参与旅游发展的意愿比较强烈,但参与的水平与能力都较低,湿地资源作为当地社区福祉的根本同时也是主要的旅游吸引物,当地旅游开发应将社区作为核心利益群体;(2)提出政府、保护区、旅游发展协会、旅游企业和当地社区“五位一体”的社区参与式乡村全域旅游开发模式,并从旅游功能分区、旅游开发经营、产品开发、收益分配和环境保护等5个方面重点论述了该模式的实施途径,以形成以股份合作制为主、社区居民自发旅游和乡村旅游创客等多种旅游开发经营形式共同发展的格局,推出融湿地生态旅游和乡村旅游的产品体系。[结论]该文所构建的乡村全域旅游开发模式将社区参与作为一个实质性要素,强调区域资源有机整合、产业融合发展和社会共建共享,并兼顾旅游开发和生态保护,这将有利于全方位盘活社区资源和带动当地居民就业增收,实现旅游业与社区共生发展,因此这种开发模式比较适合于那些经济基础比较薄弱而旅游业尚处于发展初期且位于自然保护区及其周边的乡村地区进行旅游发展。     

The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

We analyze whether product market advertising has a spillover effect on stock price synchronicity by transmitting firm-specific information to the capital market and attracting more investor attention. Using a sample of Chinese listed firms from 2009 to 2017, we find that firms with greater advertising expenditures have lower stock price synchronicity. The results are robust after we address endogeneity concerns. In accord with our hypothesis that product market advertising increases the amount of firm-level information capitalized into stock prices through the information channel, we find that the impact of advertising on synchronicity is more pronounced for firms with a higher degree of information asymmetry and firms in the consumer-product industry. Further tests show that product market advertising enhances the ability of current period returns to reflect future earnings, and thus rules out that the negative relationship between advertising and synchronicity is driven by noise trading. Our results imply that product market advertising plays an informative role and improves information efficiency in a capital market.     

苏北地区农业完全成本水价农户承受力调查——基于水源地生态补偿的视角

南水北调东线一期工程江苏段的主要目标是向苏北供水,缓解该地区的农业用水短缺问题。但现行农业水价未考虑水源区的机会成本损失,不利于调动水源区环境保护积极性。论文设计单边界CVM引导技术,估算了苏北农户以提高农业水价的方式对水源区生态补偿的支付意愿。研究发现,苏北农户生态补偿支付意愿为7.63元/亩,但在不同作物种植结构和不同城市存在较大异质性。未来3年内,苏北农业用水每年所提供的生态补偿资金总额在1.526~1.679亿元之间。在发达地区探索构建绿色导向的农业水价体系有利于为其他地区提供先行示范效应。     

Understanding the drivers of organic foods purchasing of millennials: Evidence from Brazil and Spain

This paper examines the antecedents of millennials' organic food purchasing. A conceptual framework, based on product characteristics, and consumers' concerns and consciousness, is proposed. Data collection was conducted through a survey in two culturally and socioeconomically distinct countries (Brazil vs. Spain) to increase the robustness and generalizability of the results. The results show that product characteristics and consumer concerns improve millennials’ health consciousness and increase their social consciousness, which, in turn, increase their willingness to pay a price premium and their purchase frequency of organic foods. The findings show that the proposed model has high validity, with only one significant difference between the two countries. Theoretical contributions and managerial implications are discussed.     

Is showrooming really so terrible? start understanding showroomers

The customer journey is more omni-channel than ever. In this scenario, so-called showrooming behavior emerges as a growing trend that is usually considered by retailers as a threat. The purpose of this research is to analyze whether showrooming, when compared with online buying behavior in which the customer does not visit the store prior to the purchase, has a positive effect on the price paid online by the customer. The empirical research is based on the database compiled by GfK, which contains detailed information about the shopping journey of 4067 customers who purchased products from different retail sectors. The results, derived from the estimation of several regression models, reveal that showroomers who use their smartphones in store are more likely to purchase products at a higher price, which explains why these customers can be of special interest to retailers.     

The effect of specific discount pattern in terms of price promotions on perceived price attractiveness and purchase intention: An experimental research

This study aims to investigate consumer perceptions and reactions in terms of specific discount patterns (fixed price, 40% discount, discount from 500 TL to 300 TL and 20% + 25% discount) in price promotion. According to the results, specific discount patterns in price promotion have a significant effect on perceived price attractiveness and purchase intention. When the specific discount patterns in price promotion and gender interaction were analyzed in terms of perceived price attractiveness, the scenario of the “discount from TL 500 to TL 300” significantly differentiated from both the control scenario (fixed price) and experimental scenarios for female. For males, no significant difference was found between the control and experimental scenarios. In terms of purchase intention, a significant difference was found between the fixed price scenario and the discount scenario from 500 TL to 300 TL and between the fixed price and 20% + 25% discount scenario. The theoretical managerial implications of the study were discussed, and future research suggestions were presented.     

数字偏好、尾数定价与线上非对称价格黏性

文章基于京东、苏宁、国美、天猫四家电商经营的六大类家电的价格数据，分析了数字偏好、尾数定价对中国线上市场价格黏性的非对称性的影响效应。研究发现，中国线上市场确实存在明显的数字偏好现象，具体有数字“0”“8”“9”，其中数字“9”为最受欢迎的尾数。基于Logit模型进一步发现：数字“0”“8”“9”对于产品价格变化存在非对称的影响作用；随着数字“0”“8”“9”结尾的位数越多，其阻碍价格变化的能力越强，非对称的影响作用也越加明显；若产品价格提高，以偏好数字结尾会显著降低价格变化的可能性；节日效应会显著削弱由偏好尾数给价格变化带来的负向阻碍作用，甚至成为加快价格上涨的一个重要因素。