Good news, bad news and rating announcements: An empirical investigation

In this paper we employ a new approach to test the contribution of information in rating announcements. This is the first study to test and corroborate how the CDS market responds to rating actions after controlling for the presence of concurrent public and private information. We show that since the clustering of rating announcements characterizes economically significant developments, the common practice of using “uncontaminated” samples underestimates market response. As in previous studies, we find that the market response to bad news is stronger than to good news. Nevertheless, bad news and negative rating announcements tend to cluster. Therefore, the residual contribution of negative rating announcements is small and in some cases insignificant. Positive rating announcements are less frequent and less clustered, though their residual contribution is still significant.     

P-star in times of crisis – Forecasting inflation for the euro area

In this paper we present three empirically testable versions of the common p-star model and evaluate their forecasting performance using conventional techniques. We try to answer the question if the p-star approach is preferable to achieve a reliable short-run inflation forecast and with regard to the latter we incur the need for a stable demand for money function. Our findings indicate the recurrence of the relevance of the monetary pillar of the ECB's two-pillar framework. In addition, we check for the effects of the current financial and economic crisis that started in 2007 on the forecasting performance, using two sub-sample periods, one excluding and one including the latter, and analyze the impact of the applied filter technique to compute the required equilibrium values.     

Do optimal diversification strategies outperform the 1/N strategy in U.K. stock returns?

This paper examines whether optimal diversification strategies outperform the 1/N strategy in U.K. stock returns. The study focuses on the performance of recent strategies developed by Tu and Zhou (2011) and Kirby and Ostdiek (2010). I find that a number of optimal asset allocation strategies can significantly outperform the 1/N strategy even after adjusting for trading costs. The strategies developed by Kirby and Ostdiek outperform the 1/N strategy, even at higher trading costs, due to the low turnover of these strategies. The strategies of Tu and Zhou have mixed performance after adjusting for trading costs due to the high turnover of these strategies. The results of the paper provide support for the use of optimal diversification strategies.     

Gold and the US dollar: Hedge or haven?

Using a model of dynamic conditional correlations covering 23 years of weekly data for 16 major dollar-paired exchange rates, this paper addresses a practical investment question: Does gold act as a hedge against the US dollar, as a safe haven, or neither? Key findings are as follows. (i) During the past 23 years gold has behaved as a hedge against the US dollar. (ii) Gold has been a poor safe haven. (iii) In recent years gold has acted, increasingly, as an effective hedge against currency risk associated with the US dollar.     

Development of a service continance model with IT service antecedents

This study make provides service marketers, particularly those delivering information technology (IT) related service, with insight to the factors that consumers use when evaluating IT services. We develop a service continuance model that includes the antecedents of the consumer׳s decision to continue using information technology (IT) related services in a B2C service environment. Using data from the smart phone service consumers, a covariance-based structural equation modeling analysis is used to test the research model. Results from our empirical study suggest that the association between service usefulness and service continuation intention is fully mediated by service satisfaction. Though both system-service quality and customer-service quality are positively associated with service satisfaction, consumers of IT related services attach greater importance to system-service quality than to custom service quality. Likewise, the indirect path to service continuation intention is stronger in system-service quality than in customer-service quality. Our findings have practical implication for growing market share in IT related services by recognizing the importance of system-service quality in technology service delivery.     

Exchange rate regime choice and currency crises

Exchange rate regime choice is not exogenous, but it depends on the structural, political and financial features of countries. However, it is often the case that the regime actually pursued and the one that is imposed by country features do not match one to one. The existing empirical crisis models do not take fully into account the regime in which the crisis unfolded. The aim of this paper is to incorporate the appropriateness of the regime choice into the standard currency crisis model. The results show that the odds of crisis increase significantly in countries which have chosen regimes inconsistently.     

“主体-技术”协同视角下的战略性新兴产业创新网络分类研究——以新能源汽车产业为例

本文以“主体-技术”协同视角来分析战略性新兴产业创新网络形成的内在机理和分类模式。在结合2-模网络理论基础上，从核心技术和创新主体两个维度出发，将战略性新兴产业创新网络分为单核心实验室型、单核心产业链型、单核心辅助型、单核心复合型、多核心实验室型、多核心产业链型、多核心辅助型和多核心复合型。同时，以中国新能源汽车产业为例，通过实证分析发现：除了单核心辅助型和多核心辅助型之外，其它6种模式均存在，并进一步对其创新网络的分类模式及相关特征进行了全面分析。     

E-loyalty driven by website quality: The case of destination marketing organization websites

The capability of website quality management to drive tourism customer e-loyalty is the key factor to achieve superior performance of destination marketing organization (DMO) website operations. The quality management approaches that revolve around website design quality and online relationship quality have drawn intensive attention from e-loyalty researchers in recent years. Thorough empirical investigation, however, still lacks in incorporating the integrative impact generated by the two approaches into DMO website quality management. The current study introduces and validates a theoretical framework based on such impact. As the research result reveals, six facets predict tourism customer e-loyalty directly: informational usefulness, navigational effectiveness, aesthetic appeal, entertainment, social presence, and self-concept congruity embedded in the functional, emotional, and symbolic dimensions of website design quality. Online relationship quality, comprised of relationship satisfaction and relationship trust, plays a partial mediator role in amplifying the e-loyalty driving effect of website design quality in the DMO website context.     

Customer engagement with tourism social media brands

In tourism, customer engagement has been found to boost loyalty, trust and brand evaluations. Customer engagement is facilitated by social media, but neither of these phenomena is well-researched in tourism. This research contributes in two ways. First, we validate the Customer Engagement with Tourism Brands (CETB) 25-item scale proposed by So, King & Sparks (2014) in a social media context, and offer an alternative three-factor 11-item version of the scale. Second, we replicate their proposed structural model, and test our alternative model, to predict the behavioural intention of loyalty from engagement, and to test customer involvement as an antecedent to engagement. Ultimately, we propose a customer engagement scale and a nomological framework for customer engagement, both of which can be applied in both tourism and non-tourism contexts. Managers of tourism brands on social to better assess the nature of customer engagement with the parsimonious 11-item scale.