Weekday seasonality of stock returns: The contrary case of China

We document that Chinese stock returns exhibit early-in-the-week effects opposite-signed to those observed worldwide. The period of analysis is 2001–2016. Dominated by individual investors, Chinese stock markets offer unique out-of-sample insight regarding the source of weekday seasonality, ascribed elsewhere to institutional investors’ trading patterns. High returns to the market and to small, speculative stocks early-in-the-week pose a refuter to the mood explanation for the conventional (negative) Monday effect. A battery of tests suggests that the patterns in the Market, SMB, and RMW factors are jointly associated with Chinese individual investors whose demand is tilted towards small, speculative stocks. Our findings point to a potential role of dominant investor type in driving weekday patterns and the RMW premium.     

一种机载三维音频技术的快速计算方法

针对机载三维音频应用的实时性需求，提出了一种基于单耳相对头相关传递函数和改进型混响模型的机载三维音频快速实现方法，在较传统实现方式性能无明显下降的情况下降低了80%的计算量。对提出的算法在F-16战斗机模拟强噪声环境下进行相关主观试听实验，同时在某型飞机音频系统中实验验证。实验结果表明,所提方法在实时处理3路三维音频时，三维音频方位分辨精度在5°以内，可满足实际机载平台使用需求。     

Influence of livelihoods on climate change adaptation for smallholder farmers in the Mekong Delta Vietnam

Farmers in the Vietnamese Mekong Delta face a wide range of climate-related and hydrological factors which threaten rice production. Smallholder farmers must adapt to climate change to sustain rice production as their central and most important livelihood activity. A sample was stratified across agro-ecological areas in the Delta affected by flooding, alluvial soils, acid sulphate soils, and saline water intrusion and by derived farmer typologies. A rural livelihoods approach was used in focus group discussions and in-depth interviews to identify and enumerate enabling and constraining adaptation factors. Smallholders experienced diverse natural hazards such as floods, abnormal rains, high temperatures, water scarcity, and salinity intrusion specific to the agro-ecological areas. Adaptation was constrained by labour shortages, water quality, topography, access to combine harvesters, transportation infrastructure, dryers and household savings. Adaptation was enabled by farming techniques and experience, cooperative groups, water quantity, access to information, and ability to purchase agro-chemicals through credit. Small farmers (< 1?ha) were more constrained than large farmers (> 1?ha) who had an expanded livelihood asset base. A range of policy implications are discussed, but adaptation is not just about technological fixes but requires overall improvements in a range of human, social and financial components.     

The effect of exposure to sexual appeals in advertisements on memory,attitude, and purchase intention: a meta-analytic review

Researchers have often attempted to answer the question, ‘Does sex sell?’ In this article, we present a meta-analysis of studies that used an experiment to test the effect of sexual appeals in ads on memory, attitude, and purchase intention. Our analysis revealed a significant positive effect for sexual appeals on ad recognition and recall (weighted Cohen's d = .38, p < .001), but the effect on brand recognition and recall was not significant (d = .09, p = .30). We also found that the effect of sexual appeals on attitude towards the ad was not significant (d = ?0.07, p = .26); however, additional analysis showed that males (d = .27, p < .01) evaluate ads with sexual appeals significantly more positively than females (d = ?.38, p < .001). Finally, we found a small significant negative effect on brand attitude (d = ?.22, p < .05), but no effect on purchase intention (d = .01, p = .94).     

Sustainability and the authentic experience. Harnessing brand heritage – a study from Japan

This paper explores the influence of the formative brand heritage construct on perceived authenticity at repaired/reconstructed heritage sites, understood in relation to the Japanese practice of kintsugi (金継ぎ), thereby extending Kolar and Zabkar's consumer-based model of authenticity. It notes that variations of kintsugi occur in architectural heritage conservation worldwide. We establish relationships between brand heritage, cultural motivations, perceptions of authenticity, relational value, and consumer commitment, based on questioning 768 visitors to repaired and reconstructed Japanese heritage sites. Analysis using partial least squares found consumer preconceptions of brand heritage stimulating increased perceptions of authenticity at sites of limited historical provenance, thereby increasing visitor commitment to visiting. Heritage managers should use marketing strategies that effectively communicate a site's brand heritage prior to, during, and after the tourist experience. Even where the material components of the site are entirely reconstructed, this can lead to relational value, and improved consumer commitment. In sustainability terms, holistic brand marketing can increase site revenue, help conservation maintenance and, by increasing repeat visits, reduce footfall damage at other “unreconstructed” sites. Practical implications include better artefact and information presentation, ensuring synergy between site experiences and its purported values, especially through tour guide narratives and interpretation.     

Tourism experiences,visitability and heritage resources in Saint Louis,Senegal

This paper studies heritage tourism experiences in the postcolonial World Heritage Site of Saint Louis, Senegal. Based on fieldwork and archival research, it shows the complexity and discrepancy linked with heritage presentation and design from the experiential realities encountered on the ground. The argument put forward is that colonial heritage, although it is simplified and controlled to meet specific tourist expectations by official authorities, appears to be dynamic, performative and subject to multiple interpretations from visitors, tourist guides and local residents. It further suggests that social and economic conditions of the communities living in the site affect the heritage space and shape vicariously or directly tourists’ experiences, despite professionals’ efforts of keeping the heritage visible in certain ways. The article extends its discussion to adjacent topics of power and gender issues, demonstrating how heritage tourism in postcolonial African context is intimately intertwined with the changing everyday realities of the communities.     

Towards a Smart Tourism Business Ecosystem based on Industrial Heritage: research perspectives from the mining region of Rio Tinto,Spain

The implications of the study provide suggestions for future improvements relating to the development of industrial tourism destinations. The possibility of ‘re-using’ the old industrial and mining heritage could favour the development of an economic opportunity to the recession that affected most industrial regions after the 1960s. This paper is focused on the field of industrial heritage tourism management (IHTM) to deepen the knowledge about its business ecosystem. The IHTM is chosen because a number of evidences highlight the interconnections that exist between this field and the business ecosystem concept. To explore these interconnections, the purpose of this article is to define a frame of analysis based also on the emergent initiative of smart tourism and to set up a theoretical framework not only used to the case study of the region of Rio Tinto mine in Spain, but also used as a policy instrument to suggest propositions for recommending new paths for future studies.     

科研组织应该控制其衍生企业吗——基于中国上市科研组织衍生企业的研究

创办衍生企业是科研组织实现科技成果转化的重要途径之一。在衍生企业创办之初，科研组织作为“家长”，在衍生企业成长过程中扮演着不可或缺的角色，但随着衍生企业逐渐发展壮大，科研组织作为学术机构参与企业经营管理的弊端也逐步显现。同时，伴随着衍生企业不断成长，对外来资本的需求增加，母体科研组织面临股权被稀释，甚至失去控制权的问题。那么，当衍生企业发展到一定规模，母体科研组织作为衍生企业实际控制人是利大于弊还是弊大于利？以中国境内上市科研组织衍生企业为样本，分析科研组织衍生企业母体控制权对企业绩效的影响，结果发现，科研组织作为衍生企业实际控制人时，企业绩效更优。     

Increasing pay transparency: A guide for change

The gender pay gap is an important issue today in the U.S. The lack of transparency surrounding pay in businesses is viewed as one cause of this gap. The first section of this article explores the origins of the gender pay gap and presents a brief history of pay transparency. Then, I propose a framework built from three continua that breaks the concept of pay transparency into types and levels. Using this framework, I offer guidance to organizations that want to increase pay transparency. The article concludes with a discussion of the risks associated with increased pay transparency and suggestions for future research.