Habits,Motivations, and Barriers by Users and Non-Users of Quebec Public Markets

Users and non-users of Quebec public markets were asked questions about their habits and motivations for shopping at markets and the barriers that keep them from going. Eight discussion groups (n = 52) were held in Montreal and an online survey completed data collection in two other regions in the province (n = 923). Primary results are presented and then analyzed based on seven aspects: ambiance and social interactions, freshness, variety, price, managing quantity, buying local, and seasonality. Profile types of public market users and non-users are revealed. Concrete courses of action are identified to promote public markets and make them more convenient to use. Further research must be conducted to gain a better understanding of public markets, their potential, and those who use them.     

人民币国际化：一个研究述评

近年来,就人民币能否实现国际化的问题,国内外学者进行了众多讨论,争议不断。从人民币国际化的条件、效率以及实现路径等三方面对现有的文献进行比较分析,可知当前学界对该问题判断的分歧主要来自判断立场和判断方法的差异。未来还需要进一步深化国内金融市场,对路径理论进行实证分析,深入研究＂特里芬悖论＂,从而为人民币国际化奠定理论基础。     

Emerging Securities Exchanges in Africa

ABSTRACT

African securities markets have not received the academic attention of those in Latin America and Southeast Asia. Historically, capital markets have not played a significant role in financing the development of the African economy. Today, however, African governments are focusing on the importance of moving toward more market-oriented economies and developing the financial market infrastructure to mobilize funds from both the private and public sectors. This paper describes the institutional characteristics of a newly revitalized stock exchange in Nairobi, Kenya. The study concludes that historical and cultural factors play a significant role in the characteristics of the Nairobi Stock Exchange.     

Making theory and practice in subsistence markets: An analytic autoethnography of MASAZI in Accra, Ghana

This paper responds to the need for greater research in subsistence markets that engage new and innovative approaches to scholarship, in particular those that involve initiatives based on interactions between scholars and communities. On the basis of an analytic autoethnography conducted at a social venture in Accra, Ghana, the author empirically explores third space, or third space at work. Third space is defined as a momentary space between one's day-to-day world and other worlds. Building on recent literature that argues for a conception of third space that is less temporary and that allows one to be both here and there, this study uses blending, resistance, and negotiation to demonstrate the on-going making of theory and practice. The study also reveals that third space at work may occur on a continuum of in-betweenness and may be shared. The findings are relevant to scholars, practitioners, and global citizens.     

Intra and inter-country comparative effects of symbolic motivations on luxury purchase intentions in emerging markets

Emerging markets, and especially lower-tier cities within these markets, are seen as the future growth engines for luxury brands. However, extant literature on the drivers of luxury consumption has predominantly focused on Tier-1 cities. Grounded in the theory of network effects, this study offers first such intra and inter-country comparison of the symbolic motivations (i.e. snob, bandwagon and Veblen motivations) underpinning luxury purchases between and within Tier-1 and lower-tier cities in two prominent emerging markets, China and India. The findings offer first account of similarities and differences in consumer motivations that drive luxury consumption within and between these markets. While most luxury brands have ubiquitous strategies for emerging markets, the results will assist managers in developing distinctive brand strategies catering to the intra and inter-country differences.     

Does franchising pay? Evidence from the restaurant industry

Franchising has taken a prominent position in service industries for several decades, but little is known about how franchising affects financial performance. Thus, we addressed the question of whether chains that franchise to some extent outperform those that are wholly owned. Then, among chains that franchise, we also addressed the question of whether more franchising is better – that is, whether the proportion of a chain's units that are franchised is associated with superior financial performance. To answer these questions, our study first compares the risk-adjusted performance of franchising vs. non-franchising restaurant firms. Second, it investigates the relationship between franchising propensity and firm financial performance. We considered five different measures of firm financial performance: the Sharpe ratio, the Treynor ratio, the Jensen index, the Sortino ratio, and the upside potential ratio. On comparison of franchising and wholly owned firms, all five measures indicated that franchising firms outperformed their non-franchising counterparts. When we focussed on just the franchising firms, however, the results were less clear. Among firms that franchise, the franchising–performance relationship was positive and significant only with respect to the Jensen index. Thus, we provide very robust evidence that franchising pays – that is, that some franchising is good – but among firms that franchise, it is unclear whether more franchising is better.