Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

西餐牛肉类初加工与食品安全控制分析

牛肉是西餐主要的食材之一。本文通过对牛肉的初加工技术进行分析,探究对西餐牛肉类进行食品安全控制的措施,以提高牛肉类产品的整体质量,使西餐牛肉类产品能够达到我国食品安全的标准。     

Consumer Quality Perception in Traditional Food: Parmigiano Reggiano Cheese

Abstract

The paper aims to classify the quality cues and attributes of grated Parmigiano Reggiano cheese, an Italian traditional food cheese, exploring if they affect consumers’ quality perceptions and expectations. Analysis is based on a questionnaire administered in hypermarkets where grated Parmigiano Reggiano is sold. A factor analysis, using varimax rotation, and a cluster analysis, were performed, using the Stata 12 software package. The clusters used were: geographical origin and packaging (cluster 1); price, brand and quality certification (cluster 2); all sensory attributes (cluster 3); and a combination of sensory attributes with price, brand, and quality certification (cluster 4). This is the first study to examine the quality cues and attributes affecting quality perception and expectations of cheese for grated Parmigiano Reggiano from a consumer perspective. It is also the first to classify cheese attributes following a quality approach, encompassing previously studied sensory and other attributes.     

‘I'm like you,and I like what you like’ sustainable food purchase influenced by vloggers: A moderated serial-mediation model

Internationally, researchers have shown an increased interest in customer decision-making regarding sustainable food choices that could be changed through tailored interventions. This study examines how vloggers influence customer purchase intention toward sustainable food. Based on the similarity-attraction theory, we undertook a serial mediation model in which health-related Homophily between vloggers and viewers was related to higher purchase intention of sustainable food via audience participation and parasocial interaction (P.S.I.). In addition, we tested whether these potential relationships were more substantial for young people from higher product-vlogger congruence and lower advertising recognition in the celebrity endorsement context. A statistical analysis of 382 youth questionnaire data from the steaming media platform was tested through the partial least squares structural equation model. The results show that (1) health-related homophily was related to greater audience participation and P.S.I., which, in turn, were related to higher purchase intention of sustainable food; (2) the positive indirect effects of health-related Homophily on purchase intention through audience participation and P.S.I. decrease as the advertising recognition increase, while increase as the product-vlogger congruence increase. These findings highlight the effectiveness of digital celebrity endorsement in young people's choices for sustainable food.     

进口贸易视域下国际粮价对国内粮价的传导路径--来自玉米和大豆的证据

基于玉米和大豆等粮食国际、国内价格历史数据,运用协整及误差修正模型、脉冲响应函数等方法,揭示国际粮价对国内粮价的传导作用及影响路径。理论分析表明,国际粮价通过进口直接路径、进口产品成本路径和进口替代路径等三个子路径传导至国内粮价。实证检验发现,国际大豆价格进口直接路径和进口产品成本路径传导均比较充分,即国际大豆价格会影响大豆进口价格,进而影响国内大豆价格,最终影响国内豆油价格;国际玉米价格进口直接路径和进口产品成本路径传导则不充分,国际玉米价格会影响玉米进口价格,但是对国内玉米价格和国内玉米淀粉价格影响程度较低;而在进口替代路径中,玉米和大豆的国际价格传导均不充分。我国应继续推进以提质增效为目标的农业供给侧结构性改革,加大粮食生产科技投入力度,调动农民种粮积极性,集中力量提高粮食供给质量和效率;坚持粮食进口仅为调剂国内供求余缺的方针,把握粮食安全的主动权;建立健全粮食市场的价格调控体系及风险防控体系,规避国际粮食市场剧烈波动对国内粮食市场的影响。     

Covid-19-tested food labels

While the transmission of virus SARS-CoV-2 via food is rare, some Chinese food retailers are considering a Covid-19-tested food label. However, how consumers may support such a label is unknown. We quantify Chinese consumers’ willingness to pay (WTP) for food carrying a Covid-19-tested label using an online choice experiment. We find that the WTPs for such a label are always positive for all food products considered. The amount of WTP depends on the entities authenticating the labels, country of origin of the food, and consumers’ socio-demographic status. Contrary to expectation, the knowledge on Covid-19 does not affect consumer preferences for the Covid-19-tested food labels. Our benefit and cost analysis suggests a possible large benefit of creating and administering a Covid-19-tested food label. This study provides insights for policymakers, global food manufacturers, and retailers to create marketing strategies to alleviate consumer food safety concerns associated with Covid-19.     

When do sell-side analysts switch industries they follow?

Between 1984 and 2014 over 3400 sell-side analysts changed the primary industry they followed. This article documents that analysts are more likely to change their industries when their absolute and relative forecasting accuracy in that industry is low and when the accuracy in the new industry is high. Analysts are more likely to switch industries at the beginning of their careers, after a recent change of an employing brokerage house, and if they have a history of switching industries before. Analysts are less likely to make a switch when their forecasting activity in the industry is high, when the industry is followed by many analysts and when they are employed by a top brokerage house.     

闽侯县闲置农地生态安全评价研究

[目的]根据闽侯县农用地闲置情况,结合当地社会经济及生态环境发展情况,深入分析闽侯县闲置农地的生态安全发展水平。[方法]建立闽侯县闲置农地生态安全评价指标体系,分别从农村垃圾处理点数量、财政支农资金、外部进入农村投资、农业生产总值、种粮补贴、自然灾害、农业技术水平、农村生物的多样性程度、农村家庭收入结构、农村生态补偿金额、农地的整理规模及环保支出占GDP比重共确定12个指标进行深入研究,运用普通最小二乘法对设计的多元线性回归模型进行回归,进一步对闽侯县闲置农地的生态安全水平进行评价。[结果]农村垃圾处理点数量、财政支农资金、种粮补贴、环保支出占GDP比重、生态补偿金额、生物多样性程度对闽侯县闲置农地生态安全水平起到促进作用,呈正相关趋势;自然灾害则与闲置农地生态安全水平呈负相关趋势。[结论]整体看来,闽侯县闲置农地的生态安全水平主要受到当地经济、环境及生态基础三大因素的影响。     

Estimating state-industry employment,with an application to industrial localization

We describe a method to construct an industry-by-state repeated cross-section of employment at the most disaggregated level publicly available, covering 1963–2012. Nondisclosed data are estimated with a procedure using the hierarchical information structure. To illustrate the usefulness of the procedure, the resulting estimated data are tested to determine if industrial localization of the processed food sector has changed over the last 50 years in the United States. Our findings suggest it has not changed systemically despite variation in levels of localization within industries.     

Consumer Preferences for ‘Localness’ and Organic Food Production

While organic food is based on well-defined production criteria, the criteria for ‘local’ food are less clear. This study investigates the preferences and trade-offs of distinct consumer segments relative to organic production and several dimensions of local food (sales channel, size of company, and geographical location of animals used in the production). The analysis is based on a quantitative survey of 505 Danish consumers and a choice experiment involving beef salami. Data were analyzed in a principal component and a latent class analysis. We identify five consumer segments whose preferences for organic and local product attributes differed substantially. Most respondents considered geographical proximity in the raising of cattle to be the most important attribute and a third of the consumers were willing to pay a premium for organic salami. The segmentation provides more detailed information about stated consumer behavior than what is typically elicited when considering only average consumer behavior.