The effects of power on consumers’ evaluation of a luxury brand's corporate social responsibility

This paper examines how power affects consumers’ responses to corporate social responsibility (CSR) initiatives of luxury brands. The results of three studies show that high‐power individuals evaluated a luxury brand's CSR campaign more positively than low‐power individuals. High‐power individuals viewed CSR activities as being more fluent than low‐power individuals. This study further demonstrates that power influences consumers’ responses to nonluxury brand's CSR activities. Low‐power individuals, who are more receptive to warmth, evaluated nonluxury brand's CSR more favorably rather than high‐power individuals.     

韩中金融合作的现况与今后课题

韩国与中国之间的金融合作是具有很大发展空间的一个领域。但是近年来两国一直比较重视产业合作而忽视了金融合作。特别是在1997年韩国金融危机之前,韩中两国之间的金融合作一直没有引起关注。以亚洲金融危机为契机,无论是直接受到危机影响的韩国,还是间接受到危机影响的中国,都开始认识到了防止危机再次爆发以及合作的必要性。由于中国的金融市场处于不完全开放状态,因此虽然可以很容易地阻止传染途径,但是依然不能够完全摆脱金融危机的影响。韩国与中国的金融合作可以说是在克服亚洲金融危机的过程中,在多边合作的框架内进行的,而ASEAN+…     

The Volatility and Price Sensitivities of Managerial Stock Option Portfolios and Corporate Hedging

We use estimates of the Black–Scholes sensitivity of managers' stock option portfolios to stock return volatility and the sensitivity of managers' stock and stock option portfolios to stock price to test the relationship between managers' risk preferences and hedging activities. We find that as the sensitivity of managers' stock and stock option portfolios to stock price increases, firms tend to hedge more. However, as the sensitivity of managers' stock option portfolios to stock return volatility increases, firms tend to hedge less.     

Floor-level premiums in private housing: the case of condominiums in Singapore

Using a sample consists of 3367 actual condominium sales transacted in resale market from May 2012 to April 2015 from the Singapore Urban and Redevelopment Authority, a hedonic pricing model is used to investigate for the presence of floor-level premiums in the private housing market, condominium, in District 23 of Singapore. Unit size, types of land tenure and the distance to the nearest mass rapid transit (MRT) station are also used as other independent variables. The estimated coefficient of each of these independent variables is statistically significant. Each of these independent variables also has positive estimated coefficient, suggesting that they have positive effects on condominium resale prices. Main findings are (a) there is a presence of floor-level premium; (b) the condominiums with a distance more than 400 m to the MRT station get higher resale prices; and (c) there is an increasing effect of floor level on condominium price.     

A technical note on “Optimizing inventory decisions in a multi-stage multi-customer supply chain”

We first generalize Khouja [Khouja, M., 2003. Optimizing inventory decisions in a multi-stage multi-customer supply chain. Transportation Research Part E: Logistics and Transportation Review 39 (3), 193–208] integrated model considering the integer multipliers mechanism and next individually derive the optimal solution to the three- and four-stage model using the perfect squares method, which is a simple algebraic approach so that ordinary readers unfamiliar with differential calculus can understand the optimal solution procedure with ease. We subsequently deduce the optimal expressions for Khouja (2003) and Cárdenas-Barrón [Cárdenas-Barrón, L.E., 2007. Optimal inventory decisions in a multi-stage multi-customer supply chain: a note. Transportation Research Part E: Logistics and Transportation Review 43 (5), 647–654] model, and identify the associated errors in Khouja (2003). We present two numerical examples for illustrative purposes. We finally shed light on some future research by extending or modifying the generalized model.     

A Note on a Conversation with Geoff Harcourt

In this note Geoff Harcourt offers his views, via a face to face interview, on a wide range of issues relating to the discipline of economics. He recalls his time as a student at University of Melbourne, his choice of doctoral study and experiences at University of Cambridge, his original intellectual influences and affiliation, and his contributions to economics. He also discusses how economics have evolved over the years, comments on the current status of economic teaching, research and policy advice in Australia, and makes some recommendations to early career researchers. The note also includes a brief bio sketch of Professor Harcourt.     

International diversification of the emerging-market enterprises: A multi-level examination

This study develops a cross-level research model based on insights from the capabilities view and institutional theory. We examine the drivers of international diversification for firms from emerging economies, specifically how top managers’ prior experiences and a favorable institutional environment for human capital affects the international diversification of emerging-market enterprises (EMEs). This research demonstrates that firm- and country-level factors collectively influence the international diversification of EMEs. We find that an EME whose top managers have global managerial and technological experiences is more likely to venture into international markets when a favorable institutional environment provides globally competitive, highly skilled human capital. This study demonstrates that for a multidimensional phenomenon such as EMEs’ international diversification, a more complete picture emerges given a theoretical framework that builds on diverse perspectives which are empirically tested across levels.     

A generalized algebraic model for optimizing inventory decisions in a centralized or decentralized multi-stage multi-firm supply chain

First of all, a number of integrated models with/without lot streaming under the integer multiplier coordination mechanism is generalized by allowing lot streaming and three types of inspection for some/all upstream firms. Secondly, the optimal solutions to the three- and four-stage models are individually derived, both using the perfect squares method, which is a simple algebraic approach so that ordinary readers unfamiliar with differential calculus can easily understand how to obtain the optimal solution procedures. Thirdly, optimal expressions for some well-known models are deduced. Fourthly, expressions for sharing the coordination benefits based on Goyal’s (1976) scheme are derived, and a further sharing scheme is introduced. Fifthly, two numerical examples for illustrative purposes are presented. Finally, some future research works involving extension or modification of the generalized model are suggested.     

HOW FIRMS MANAGE RISK: THE OPTIMAL MIX OF LINEAR AND NON-LINEAR DERIVATIVES

This paper provides guidance on how corporations should choose the optimal mix of "linear" and "non-linear" derivatives. Linear derivatives are products such as futures, forwards, and swaps, whose payoffs vary in linear fashion with changes in the un-derlying asset price or reference rate. Non-linear derivatives are contracts with option-like payoffs, including caps, floors, and swaptions.
A company's optimal hedging position should generally consist of linear contracts because of their effective-ness in smoothing corporate cash flows. But as the firm's business (quantity) risk increases, its use of linear contracts will decline due to costs associated with overhedging. At the same time, there will be a shift towards the use of non-linear contracts. The degree of substitution of non-linear for linear in-struments will depend on the relation-ship between the quantities to be hedged and market prices. A negative relationship will tend to exacerbate the substitution effect while a positive re-lationship will dampen the effect. An empirical examination of corporate derivative holdings provides support for all of the major hypotheses.