Is the Retail Gasoline Market Local or National?

This paper studies the effect of station density on prices in the retail gasoline market in the Czech Republic. We estimate the impact of the number of competing stations in various driving-distance ranges around each station on prices. We find that station density has a negative effect on prices; the effect decreases with distance and is statistically significant up to six kilometers. This suggests that the retail gasoline market is local rather than national.     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

Multigroup validation of the service quality,customer satisfaction and performance links in higher education

The notion of ‘students as customers’ continues to be prominent, yet is insufficiently explored, especially from the standpoint of various stakeholders. To address this inadequacy, the present study employs a multigroup analysis of the service profit chain (SPC) model in higher education (HE). Its purpose is to examine the complete SPC model regarding stakeholder perceptions in order to inform its validation and implementation. A cross-sectional survey was employed in order to enable multigroup comparison of a comprehensive research model on subsamples of employees and students by means of structural equation modeling (SEM). Results provide support for the proposed SPC model within the sample of vocational colleges. Besides strongly linked constructs (quality–satisfaction–loyalty), some notable weaknesses (cracked ‘satisfaction mirror’) are found. Multigroup analysis also indicates some important differences between employees and students. Implications are provided for strategic service management in HE, which should acknowledge the differences among stakeholder perceptions.     

Stock market volatility forecasting: Do we need high-frequency data?

The general consensus in the volatility forecasting literature is that high-frequency volatility models outperform low-frequency volatility models. However, such a conclusion is reached when low-frequency volatility models are estimated from daily returns. Instead, we study this question considering daily, low-frequency volatility estimators based on open, high, low, and close daily prices. Our data sample consists of 18 stock market indices. We find that high-frequency volatility models tend to outperform low-frequency volatility models only for short-term forecasts. As the forecast horizon increases (up to one month), the difference in forecast accuracy becomes statistically indistinguishable for most market indices. To evaluate the practical implications of our results, we study a simple asset allocation problem. The results reveal that asset allocation based on high-frequency volatility model forecasts does not outperform asset allocation based on low-frequency volatility model forecasts.     

New methods of evaluating physical demand at work areas

The manufacturer's requirement of increasing productivity results in the need to design work stations that are increasingly more effective and specialized. However, this procedure can bring about an overloading of the worker, a lack of motivation, and, consequently, a reduction in productivity.Ergonomics adapts the work station to the worker with the object of improving his welfare and satisfaction at his post. One aspect that this science concerns itself with is the evaluation of physical demands connected to productive tasks. Mechanical movements are also studied in order to perform tasks efficiently.We here propose a new method of physical demand analysis that determines the risk factor for muscular skeletal lesion. This method uses, as a base, the system of predetermined times, MTM-UAS. It includes a computer system that allows us to easily analyse the operations at a work station and generates charts similar to those of UAS, but, instead of times, it measures the quantity of mechanical work necessary for each movement.The information that the method provides can be used by different divisions within companies in making decisions about improvements at work stations.     

Determining factors in entry choice for international expansion. The case of the Spanish hotel industry

The hotel sector, as a service industry where it is possible to separate capital investment from management skills, is a clear example of how internationalisation can be modelled without shareholding involvement through foreign direct investment. This paper is an empirical examination of the key factors influencing the decision process carried out by Spanish hotel companies in choosing an entry mode for international expansion. The main objective is to verify whether the concepts derived from the transaction-cost, agency and the strategic theories of organisational capability and knowledge in companies can really explain the mode of foreign expansion employed by the Spanish hotel sector. This study will allow comparison of findings on holiday resort hotel chains with other analyses on the international hotel industry.     

Moore's Law and the Semiconductor Industry: A Vintage Model*

In this paper we develop a vintage model to gain a better understanding of the semiconductor industry and its role in recent U.S. productivity gains. Unlike previous work, in our model the observed price declines of individual chips are driven by the introduction of better vintages rather than by learning economies. Dominated chips, nonetheless, continue to be produced, for a time, due to sunk investments in chip‐specific production equipment. The model lends partial support to Jorgenson's hypothesis that an exogenous increase in Moore's Law could have generated the more rapid price declines, and faster productivity growth, seen after 1995.     

基于消费者运动的社会营销学研究综述

20世纪美国消费者运动风起云涌。推动了政府的立法活动和营销学研究。本文回顾美国消费者运动的进程，评述基于消费者运动的社会营销学研究，并对中国的消费者权益保护及其社会营销学研究提出建议。     

The economic effects of reducing and reorganizing working time

This article goes beyond the often ideological debate for and against a reduction in working time and analyses the effects of shorter working time at company and country levels. Logic and experience dictate that such reductions must be accompanied by a process of work reorganization and include financial compensation for those working shorter hours. However, while these three ingredients are indissoluble, not all firms can proceed at the same pace and in the same ways. Nevertheless, the article shows that, as long as implementation proceeds in a decentralized and selective manner and is accompanied by a judicious reorganization of these hours, it could be extremely beneficial to all parties—companies, the state and individuals, both workers and producers.