Myopic loss aversion and the equity premium puzzle reconsidered

Benartzi and Thaler [The Quarterly Journal of Economics 110 (1995) 73–92] offer a quasi-rational explanation for the equity premium puzzle. We reconsider their methodology and, making a simple modification to it, find that their analysis is not robust.     

Purchasing power parity in ASEAN-5 countries: revisit with cross-sectional dependence and structural breaks

This paper re-examines the purchasing power parity (PPP) hypothesis for a panel of ASEAN-5 countries. The panel unit root and cointegration tests, which incorporate cross-sectional dependence and multiple structural breaks, are innovatively used for testing the PPP hypothesis. We could not find evidence that supports the existence of a long-run equilibrium between the relative price ratio and the nominal exchange rate for the whole period. Nevertheless, there is evidence of a cointegrating relationship for the post-crisis period. Our finding implies that a flexible exchange rate regime is suitable for the individual ASEAN countries.     

Short life-cycle deteriorating product remanufacturing in a green supply chain inventory control system

Due to global warming, environmental consciousness and shortening product life-cycles, more attentions have been paid to ecological protection and resource utilization. Green products and production process designs significantly influence the environment and resource re-usage. The relevant EU regulations, such as WEEE and EuP, have reduced negative effects by controlling the disposals and the resource re-usage. In this study, green product designs and remanufacturing efforts are investigated when we develop an integrated production inventory model with short life-cycles. A numerical example is provided to illustrate the theory. We have shown that new technology evolution, remanufacturing ratios and system’s holding costs are critical factors affecting decision making in a green supply chain inventory control system.     

To blow or not to blow the whistle: the effects of potential harm,social pressure and organisational commitment on whistleblowing intention and behaviour

This study uses a rational ethical decision‐making framework to examine the influence of moral intensity (potential harm and social pressure) on whistleblowing intention and behaviour using organisational commitment as a moderator. A scenario was developed, and an online questionnaire was used to conduct an empirical analysis on the responses of 533 participants. The mean age and years of work experience of the respondents were 31 and 8.2 years, respectively. The results show, first, that while moral intensity is correlated with whistleblowing intention, only the potential harm is positively correlated with such intention. Second, potential harm and social pressure differentially affect whistleblower choice of using an internal or external channel. Third, organisational commitment has a moderated mediation effect among moral intensity, whistleblowing intention and behaviour. Fourth, whistleblowers may be grouped into four conceptual types: indifferent, rebel, mature and spoil. Finally, theoretical and managerial implications of the findings are discussed.     

An Empirical Analysis of Synthesizing the Effects of Festival Quality,Emotion, Festival Image and Festival Satisfaction on Festival Loyalty: A Case Study of Macau Food Festival

This study aims to examine the interrelationships among the festival quality dimensions, festival quality, emotion, festival image, festival satisfaction and festival loyalty. Analysis of data from 454 attendees in the 12^th Macau Food Festival indicates that the proposed model fits the data. The result of this study will assist festival management in developing and implementing market‐orientated service strategies to increase quality and image, and enhance the emotion and satisfaction of attendees in order to attain their loyalty toward food festivals. Copyright © 2014 John Wiley & Sons, Ltd.     

Celebrity Attachment and Behavioral Intentions: The Mediating Role of Place Attachment

Film‐induced tourism has recently gained increased attention in academic research. Although previous literature has identified the existence of consumer–celebrity attachment, scant empirical studies have examined whether celebrity attachment influences behavioral intentions in a film tourism context. The purpose of this study is to examine the relationship between celebrity attachment and behavioral intentions as well as to clarify the role of place attachment. Survey data from 312 tourists in Taiwan indicate that celebrity attachment is positively related to behavioral intentions. Moreover, place attachment partially mediates the relationship between celebrity attachment and behavioral intentions. Implications of these findings for managing marketing strategies as well as future research directions are subsequently discussed. Copyright © 2013 John Wiley & Sons, Ltd.     

Dory & Nemo Early Learning Center

The case requires students to evaluate the current situation and growth options of a small business, Dory & Nemo Early Learning Center (D&N), which provides intergenerational programming to preschool children at a retirement home. The learning center was opened in September 2014, and it was able to make a small profit each year. However, it is projected that there would be a 75 percent decrease in net income from $8,072 in Fiscal 2016 to $1,819 in Fiscal 2017. Davis and Nathans, business partners of D&N, met to discuss the following growth options: (i) Mosaic Retirement Residences' proposal to set up two learning centers at their retirement homes each year for a total of six in three years and (ii) Harmony Retirement Residences' proposal for leasing space to set up learning centers at their retirement homes, one new learning center a year for a total of three in three years. Furthermore, Davis and Nathans had decided to increase the program fee from $320 to $350 per week for the 2017–18 academic session in September. They would also like to reduce their workload from 50 to 40 hours per week, increase their vacation time from two to three weeks, and increase their salaries and bonuses. Students must consider personal objectives of business partners and mission of D&N in the analysis. They learn to identify relevant information for decision making, apply appropriate analytical tools for quantitative analysis, integrate qualitative and quantitative factors in decision making, and make recommendations consistent with analysis.     

Supply Chain Performance Based on the Lean–Agile Operations and Supplier–Firm Partnership: An Empirical Study on the Garment Industry in Indonesia

The purpose of this study is to explore how lean–agile operations and supplier–firm partnership can improve garment small and medium enterprise (SME) supply chain performance. This study is based on cross‐sectional survey research that provides longitudinal evidence to show how lean–agile operations and partnership strategy influence supply chain and garment SME performance. To clarify the relationships among these constructs, structural equation model (SEM) is conducted to examine the model fit and the five hypotheses. The result shows that agile supply chain and partnership strategy are critical for garment SMEs because these strategies influence their supply chain performance. However, the leanness strategy does not necessarily influence their supply chain performance. The supply chain performance and partnership strategy have a positive influence on the SME performance.     

Going to the movies: cinema development in Singapore

Using readings of Foucault's heterotropia and Friedberg's imaginary mobility, this paper analyses movie-going as leisure practice. In highlighting the paucity of research in this area, the paper argues that such practice should be understood as a symbolic interaction between people's behaviour and the spaces that they occupy. This theorization is applied to Singapore, where per capita movie-going is amongst the highest in the world. The paper illustrates how, in Singapore, the development of cinemas has been used to underpin land use policies associated with the relocation of residential areas and social policies related to the growth in consumerism. While effectively alienating older audiences, the paper argues that the spatial and cultural metonymy of the cinema with other primary consumption sites – the mall and the fast food outlet – offers young people reassurance about the growing centrality of consumerism to contemporary social life in Singapore. We argue that the cinema offers a temporary escape from the regulation of social life – access to ‘deviant’ space. However, this same consumerism that facilitates such access simultaneously denotes conformity with the dominant ideology: acceptance of the heterotropic possibilities – and limitations – of cinema and movie-going as leisure practice.