Measuring the liquidity part of volume

Based on the concept that the presence of liquidity frictions can increase the daily traded volume, we develop an extended version of the mixture of distribution hypothesis model (MDH) along the lines of Tauchen and Pitts (1983) to measure the liquidity portion of volume. Our approach relies on a structural definition of liquidity frictions arising from the theoretical framework of Grossman and Miller (1988), which explains how liquidity shocks affect the way in which information is incorporated into daily trading characteristics. In addition, we propose an econometric setup exploiting the volatility–volume relationship to filter the liquidity portion of volume and infer the presence of liquidity frictions using daily data. Finally, based on FTSE 100 stocks, we show that the extended MDH model proposed here outperforms that of Andersen (1996) and that the liquidity frictions are priced in the cross-section of stock returns.     

广东省农村基础设施建设与农业经济增长的关系探究

作为提高农业生产效率、改善农民生活质量及促进农村经济增长的重要物质基础,农村基础设施建设对扩大农村地区内需增长点,解决农村剩余劳动力就业问题以及全面推进城乡统筹发展具有至关重要的意义。广东省作为我国南部地区经济发达省份,具有丰富的农业生产自然资源,但其农村基础设施发展程度相对来说却比较低,其成为农村经济发展的"瓶颈",不利于农村经济结构优化升级。为了保障农村基础设施的供给与农村经济发展水平保持协调一致,文章以广东地区农村为例,采用多元非线性回归分析的方法,在论证农村基础设施建设对农村经济增长的作用机制的基础上,从农村基础设施建设与农业生产、非农生产和农民人均纯收入3方面的内在关系进行计量分析,结果表明,首先农村基础设施对影响农业经济增长的3方面因素都发挥了显著的规模经济效益;其次农村基础设施建设中的教育变量对农业经济增长的作用最为显著;再次,农业机械设施在农业生产中的作用相对于其他影响因素而言不太显著;最后,道路、通讯设施对非农生产和农民人均收入收入的贡献率相对其他变量数值较低。并提出健全农村基础设施建设投融资机制、加大农村基础设施的资金投入力度、提高农村基础设施建设和利用水平、全面推进农村基础设施建设进程等优化策略。     

You follow fitness influencers on YouTube. But do you actually exercise? How parasocial relationships,and watching fitness influencers,relate to intentions to exercise

Digital celebrities found on social media platforms are found to be successful in endorsing brands and products, and influencing purchase intentions of their followers. However, influencers also promote values and lifestyles on their channels, such as healthy behavior and fitness. In this article, we investigate the motivations of users who follow fitness influencers on YouTube and how parasocial interaction and intentions to watch fitness are related to intentions to exercise. Watching fitness videos and social interaction seems only to motivate followers that are already physically active. Non-exercising users are attracted to YouTube by entertainment and a parasocial relationship with an influencer that has no impact on their intentions to exercise.     

治理机制对顾客参与价值共创行为的影响——虚拟品牌社区的实证研究

虚拟品牌社区是企业与顾客进行价值共创的重要平台,顾客参与价值共创行为对企业长远发展具有十分重要的作用。现有研究多是基于不同的理论从顾客视角出发探索顾客参与价值共创行为受到的心理动机和个人特征等因素的影响,鲜有从企业视角出发,探索治理机制对虚拟品牌社区中顾客参与价值共创行为的影响。本文立足交易成本理论与社会交换理论,从企业视角切入,引入关系质量作为中介变量,构建虚拟品牌社区治理机制、关系质量与顾客参与价值共创行为的关系整合模型。采用问卷调查法对模型进行验证,研究结果显示:(1)契约治理机制只对知识贡献行为产生显著正向影响,对顾客公民行为的影响不显著,而关系治理机制对知识贡献行为与顾客公民行为均具有显著正向影响。(2)关系质量在契约治理机制与顾客公民行为的关系中起完全中介作用,在契约治理机制与知识贡献行为、关系治理机制与知识贡献行为以及关系治理机制与顾客公民行为的关系中起部分中介作用。由研究结论可知,虚拟品牌社区一方面应综合运用契约治理机制与关系治理机制来有效地促进顾客参与价值共创行为,以弥补单独运用某一种治理机制存在的不足;另一方面也应注重关系质量在虚拟品牌社区中促进顾客参与价值共创行为的重要作用。这些研究发现为促进虚拟品牌社区的可持续发展提供了有价值的启示。     

论房地产业与国民经济发展的关系——以辽宁省为例

本文以房地产业为研究对象,以辽宁省为例,结合房地产业与国民经济及其它相关产业的关联度分析研究,阐述辽宁省房地产业与经济发展的关系。     

浅析北京四合院与中华文化之联系

北京四合院是中国民居的代表,同时也蕴含中华文化的博大精深,本文从多个方面阐述四合院的文化价值以及对四合院与中华文化互相影响进行探讨。     

Internet-Based Relationship Marketing: A Sub-Saharan African Perspective

Establishing, maintaining, and enhancing relationships over the Internet have progressively gained global attention. Nevertheless, the dawn of this modernization draws many theoretical debates and practical concerns, some of which have received little research attention, especially within the Sub-Saharan region of Africa. On this premise, we explored the contemporary practice, challenges, and benefits of Internet-based relationship marketing (RM) within the Ghanaian telecommunication industry. Expert interviews with 12 employees from four telecommunication firms elicited a wealth of experiential data analyzed thematically to understand the practice, challenges, and emerging benefits of Internet-based RM. Our findings suggest that issues of privacy concerns, erosion of face-to-face communication, and the tendency of unsolicited communication do not necessarily militate Internet-based RM within the Ghanaian telecommunication industry. We also identified emerging benefits, including online “virality,” a discovery environment, and improved firm reputation. We suggest enhancing online personalization through empathy, creating value with analytic information and managerial openness, and supporting enhanced knowledge development within the area. Directions for future studies include the possibility of comparative studies across service industries and examining the role of content marketing in Internet-based relationships. The challenge of exploring Internet-based RM was similar to hitting a moving target, as the use of the Internet for relationship marketing activities is constantly evolving. Additionally, our findings and conclusion are confined to the knowledge contribution of the experts interviewed. As one of the few studies within the Sub-Saharan region, we expand contributions from the Sub-Saharan domain. The findings of this study also bring to light new insights for establishing, maintaining, and enhancing Internet-based relationships.     

基于知识产权的组织间关系网络的演化特征

分析了基于知识产权的组织间关系网络的基本内涵和构成要素,将基于知识产权的组织间关系网络的生命周期划分为5个阶段——创立阶段、成长阶段、成熟阶段、衰退阶段和解散阶段,具体论述了各阶段的组织间关系网络的演化特征。以对450家企业的深度访谈和问卷调查为基础,通过描述性统计分析、因子分析以及多元方差分析来实证研究目标一致性、信息沟通以及信任等关系属性在各阶段的传递规律。研究结果表明,基于知识产权的组织间关系属性的顶峰阶段并非都出现在关系生命周期的成熟阶段。     

Credit lender–borrower relationship in the credit card market – Implications for credit risk management strategy and relationship marketing

Lehman Brothers filed for bankruptcy in 2008, precipitating the international financial crisis. Many questioned the banks’ risk-taking credit system. Understanding credit risk and how the credit system functions may provide knowledge on managing credit, to avoid another such international crisis. We study the credit card field and present a pricing decision model for managing credit risk. Recent credit lenders’ portfolio re-pricing practices call for immediate attention to the credit lender–borrower relationship and relationship marketing. A literature review and recent phenomena in the credit card industry reveal that the lenders’ re-pricing strategy negatively affects the credit lender–borrower relationship and relationship marketing. Thus, we introduce a pricing decision model incorporating the lenders’ re-pricing strategy and the credit lender–borrower relationship. Further, we discuss the implications of, and the role of marketing in, credit risk management and the implications of relationship marketing for credit lenders in foreign markets, including the US market.     

Assessing Value Co-Creation and New Product Success from Cultural Orientations and Relationship Marketing Perspectives

This study's main objective was to assess value co-creation and new product success among small and medium enterprises (SMEs) in Indonesia by incorporating cultural orientations and relationship marketing perspectives. The samples were purposely selected in two sectors: handcraft and food and drink. They were approached through a door-to-door distribution of the questionnaires. The findings indicated that relationship quality can enhance value co-creation and new product success when SMEs have a favorable combination of learning, market, and entrepreneurial orientations. However, this study suggests that SMEs do not utilize their relationships as arenas for learning and learning orientation can affect relationship quality only when it is supported by the other orientations.