Institutional dynamics and access to non-farm employment in rural China, 1950–1996

This article examines non-farm employment in the context of Chinese rural institutional change, based on evidence from discrete-time logistic models for event history analysis using the Life History and Social Change survey. We find the transition to non-farm sector rose rapidly during the Great Leap Forward and market reform, while the Cultural Revolution saw it reach the lowest ebb. While male advantage prevailed exclusively during the Cultural Revolution and early marketization, education possessed a stable positive effect in all historical periods. Although the returns to different kinds of political capital vary along with institutional dynamics, intergenerational reproduction was greatly reduced after the Cultural Revolution.     

Stock market reactions to monetary policy surprises under uncertainty

This article investigates how uncertainty impacts the effect of monetary policy surprises on stock returns. Using high-frequency US data, we demonstrate that stock markets respond more aggressively to monetary policy surprises during periods of high uncertainty. We also show that uncertainty asymmetrically influences the transmission of positive and negative monetary policy surprises to stock market prices. The amplifying effect of uncertainty is found to be stronger for expansionary shocks than for contractionary shocks. Our robustness analysis confirms that financial uncertainty has a significant role in shaping the influence of monetary policy on the stock market.     

The Effects of Search-Related and Purchase-Related Mobile App Additions on Retailers’ Shareholder Wealth: The Roles of Firm Size,Product Category,and Customer Segment

Mobile channel additions have been shown to increase consumer-brand relationships, brand satisfaction towards and overall purchasing from a retailer, but what is less apparent is whether shareholders are fully rewarded for retailers’ mobile channel additions. Results from an event study on 115 announcements relating to mobile app additions of publicly traded U.S. retail firms between 2009 and 2016 indicate that the stock market responds generally positively to mobile app additions, but specifically to the two mobile app addition types. Stock market responses to search-related and purchase-related app additions are moderated by firm size, product category, and target customer age. For announcements of search-related apps, the market responds more positively to product retailers than to service retailers, and to small firms than large ones. For announcements of purchase-related apps, the market responds less positively to firms that target younger customers than firms who do not especially target them.     

The emotions of top managers and key persons in cross-border M&As: Evidence from a longitudinal case study

Building on prior research on emotions in M&A, this paper analyses the post-M&A emotions of top managers and key persons from the acquired company by examining what triggers emotions during the post-acquisition integration stage, and what the consequences of those emotions are. This study applies cognitive appraisal and affective event theories with empirical evidence based on a longitudinal, single case study of an Indian–Finnish acquisition. The main findings imply that M&As are very emotional for top managers and key persons. Our findings reveal that they experience a wide range of positive and negative emotions triggered by individual and company-level triggers. Interestingly various triggers can have different and opposite appraisal outcomes in the short and long-term. In addition, top managers and key persons are often restricted in the range of behavioural outcomes caused by emotions.     

Incorporating a Short-Term Study Abroad Service Trip for Educating International Entrepreneurship in the BOP Market

ABSTRACT

The bottom of the pyramid (BOP) market has gained importance in international entrepreneurship due to its large market potential. Drawing on the literature of international business education, as well as social entrepreneurship and international entrepreneurship education, we propose a course to educate students how to develop business intimacy with the BOP community. We employ the experiential-learning pedagogical framework and design elements including a short-term study abroad service trip, an entrepreneurship project, and structured reflections. Using both qualitative and quantitative data, we demonstrate that the course facilitates students’ learning in the key areas of international and social entrepreneurship, including the economic and social value of community embeddedness for BOP ventures, the emotional intelligence in interacting with BOP communities, and the attitude toward social entrepreneurship.     

Tourists’ hotel event experience and satisfaction: an integrative approach

ABSTRACT

Tourists’ hotel event experiences have received little attention in tourism research. By proposing an integrated model of expectation–confirmation theory (ECT) and the experience economy concept, this research explores the relationship between tourists’ event experience and their satisfaction regarding the hotel event setting. The hypothesized model was empirically validated using a sample of 663 tourists who experienced a holiday event at a resort hotel. Results confirmed that the integration of the experience economy and ECT provided a better understanding of tourists’ post-satisfaction in a pleasure-driven setting. This affective–cognitive approach advances the knowledge of tourists’ experiences and satisfaction at hotel events.     

Economic policy uncertainty and mergers and acquisitions: Evidence from China

This study examines the relationship between economic policy uncertainty and mergers and acquisitions (M&As) in China. Using all listed Chinese companies on the Shanghai and Shenzhen Stock Exchanges as well as 4188 ​M&A deals from the period of 2001–2018, we show that Chinese firms are more likely to make acquisitions during periods of high economic policy uncertainty, which contradicts the behavior of US firms. We further show that state-owned enterprises (SOEs) are less likely than non-SOEs to make acquisitions during periods of high economic policy uncertainty. SOEs are less likely to use only cash for their acquisitions during periods of high economic policy uncertainty. These results indicate the prudence of SOEs regarding acquisitions relative to non-SOEs during periods of high economic policy uncertainty. Moreover, acquisitions during periods of high economic policy uncertainty are associated with an increase in shareholder wealth for acquirers, and this wealth effect is more pronounced for SOEs.     

The Brexit effect: the case of UK ADR performance one year later

In an unexpected outcome, UK voters decided that it was time to exit the European Union based on the results of a vote held on 23 June 2016. Studies of the affects and implication of Brexit include a study showing that the vote was met with a negative short-term wealth effect for UK American depository receipts (ADRs). This study examines the one-year anniversary holding period returns of these ADRs along with the British Pound and the FTSE 100 to discover any lingering effects from the historical vote. Results indicate that the one-year holding period returns for the ADRs averaged 5.8% for the year while the FTSE gained 4.8%, the S&P 500 gained 15.4% and the Pound lost 13.2% of its value.     

Case study competitions and perceptions of learning among undergraduate students in the United Arab Emirates

Higher education institutions are increasingly employing competitive formats such as case study competitions in business education to enhance students’ learning experience. The authors explore students’ perceptions and experiences regarding affective, cognitive, and skills development factors and whether these perceptions and experiences determine students’ participation in case study competitions in the United Arab Emirates. The authors attempt to contribute to the rather nascent body of literature on case study competitions. The results highlight statistically significant differences between perceived and actual learning with respect to cognitive and affective benefits. Furthermore, a significant positive association is found between participation in case study competitions and respondents’ perceptions and real experiences about various aspects of learning.