The Importance of Tax Adjustments When Evaluating Wage Expectations*

Using elicited expectations of future gross salaries, we evaluate characteristics causing German students to make larger or smaller estimation errors. While students seem to underestimate actual salaries by 18 percent, we show that these errors are highly attributable to misconceptions of the progressive income tax. Developing a suitable adjustment procedure, we correct students’ estimates and find that errors decline by 12 percentage points. Conducting regression analyses, we reveal strong connections with students’ age, gender, work experience, secondary school track, and knowledge about student loans. These results change notably if not controlling for students’ misconceptions of the tax system.     

The influence of customer-to-customer interactions on elderly consumers’ satisfaction and social well-being

This study highlights the valuable role the hospitality industry can play in addressing a societal problem by studying how social interactions between elderly consumers and other customers influence the satisfaction and social well-being of the former. The data were collected from 268 elderly consumers in local coffee shops in the United Kingdom using a self-administrated questionnaire. The findings reveal that elderly customers’ interactions with other customers have a direct effect both on customer satisfaction and social well-being. They also show that social interactions with other customers have both direct and indirect effects on the social well-being of elderly customers. The study provides good evidence for how commercial hospitality settings can serve as a space for social exchange that helps to alleviate social isolation.     

How psychological and contextual factors contribute to travelers’ propensity to choose green hotels?

Despite the growing popularity of green hotels, there remains a dearth of research examining travelers’ intentions to choose green hotels. The study addresses this research gap by developing and testing an integrated model of green hotel behavior in an emerging market of India. We use a sequential approach of SEM and fuzzy set qualitative comparative analysis on 347 responses collected from Indian travelers to gain a more in-depth understanding of the role of biospheric value, green trust, willingness to pay premium, attitude, subjective norms, and perceived behavioral control in determining green hotel intentions. The findings show that presence of green trust is a significant and necessary condition for green hotel choice. Additionally, absence of willingness to pay premium, biospheric value, attitude, and subjective norm were found to deter travelers from choosing green hotels. These findings offer unique insights for managers in developing marketing strategies to enhance travelers’ green hotel adoption.     

Fiscal Subsidy Policy on Home Appliances: Its Effects on Domestic Consumption and Exports in China

This paper evaluates the effects of the Home Appliances Going to the Countryside (HAGC) policy, a fiscal subsidy program implemented in China to boost private consumption of home appliances in rural areas from 2007 to 2012. Using the policy as a natural experiment and employing the difference‐in‐difference estimator, we find that the policy did not increase domestic sales of relevant goods as expected; instead, it actually reduced domestic sales and significantly promoted exports. These surprising results are robust across regressions of alternative datasets, more controls, and different regions. We further provide detailed information of undisclosed audit data for a county in Zhejiang province to shed light on the underlying mechanism of such unexpected results, suggesting loopholes in the HAGC and changes in export tax rebate rates.     

The cost of firms’ debt financing and the global financial crisis

We provide an assessment of the determinants of the risk premium paid by non-financial corporations on long-term bonds. By looking at 5500 issues over the period 2005–2012, we find that in recent years the sovereign debt market turbulence has been a major driver of corporate risk. Compared with the three-year period 2005–2007 before the global financial crisis, in the years 2010–2012 Italian, Spanish and Portuguese firms paid on average between 70 and 120 basis points of additional premium due to the negative spillovers from the sovereign debt crisis, while German firms received a discount of 40 basis points.     

Is default risk the hidden factor in momentum returns? Some empirical results

This paper analyzes the role of default risk in the momentum effect focusing on data from four developed European stock markets (France, Germany, Spain and the United Kingdom). Using a market‐based measure of default risk, we show that it is not the hidden factor behind this effect. While the loser portfolio is characterized by high default risk, small size, high book‐to‐market and illiquidity, characterization of the winner portfolio is somewhat more complex. Given that the momentum strategy is the return differential between the winners and the losers, factors such as the stock market cycle or the evolution of momentum portfolios against their reference point make momentum profits difficult to forecast.     

广州废纸回收网络探讨

文中根据广州废纸回收物流的实际状况，在前人的理论研究的基础上，通过对广州废纸回收物流的现状、存在问题分析研究，探讨符合广州实际情况的，针对性、实施性强的废纸回收网络措施。     

物流学导论课程教学方法探讨

依据当前本科院校的《物流学导论》课程教学现状以及目前存在的问题,分别从理论教学和实践教学两方面进行教学方法的探讨和研究,最后给出了本课程的教学特色,为课程的教学、专业建设和人才培养提供重要的借鉴作用。     

优化生产环节和劳动组织管理提高掘进单进水平

本文介绍了双马煤矿的建设情况,对矿井建设过程中制约掘进单进水平的原因进行了分析,提出优化生产环节、改进施工工艺和优化劳动组织管理、提高劳动工效的具体措施。     

工程造价专业教学改革的探索

总结比赛经验,充实教学内容,深化教学改革,使培养出的学生成为企业的首选。对于高职院校人才培养,要求工程造价专业的学生通过学习,具备建筑预算行业人才要求,成为造价师的储备人才。