A double-edged sword? The antipodal effects of institutional distance on partner selection in cross-border alliances

Careful partner selection is a prerequisite for successful alliances. I posit that institutional distance will influence partner selection in international technological alliances negatively for exploitation, and positively for exploration alliances. A longitudinal dataset of firms in the global tire industry confirms firms’ preference for similar cognitive, normative, and regulatory partners in exploitation alliances, and a preference for dissimilar partners in exploration alliances. However, the latter is true for differences across the regulative and cognitive pillars rather than for normative differences. These findings attest to the antipodal role of institutional differences in the selection of prospective partners for cross-border technological alliances.     

Error analysis of finite difference and Markov chain approximations for option pricing

Mijatovi? and Pistorius proposed an efficient Markov chain approximation method for pricing European and barrier options in general one‐dimensional Markovian models. However, sharp convergence rates of this method for realistic financial payoffs, which are nonsmooth, are rarely available. In this paper, we solve this problem for general one‐dimensional diffusion models, which play a fundamental role in financial applications. For such models, the Markov chain approximation method is equivalent to the method of lines using the central difference. Our analysis is based on the spectral representation of the exact solution and the approximate solution. By establishing the convergence rate for the eigenvalues and the eigenfunctions, we obtain sharp convergence rates for the transition density and the price of options with nonsmooth payoffs. In particular, we show that for call‐/put‐type payoffs, convergence is second order, while for digital‐type payoffs, convergence is generally only first order. Furthermore, we provide theoretical justification for two well‐known smoothing techniques that can restore second‐order convergence for digital‐type payoffs and explain oscillations observed in the convergence for options with nonsmooth payoffs. As an extension, we also establish sharp convergence rates for European options for a rich class of Markovian jump models constructed from diffusions via subordination. The theoretical estimates are confirmed using numerical examples.     

A NOTE ON TRADE ELASTICITIES IN ASIAN COUNTRIES

This article estimates the price and income elasticities of import and export demands for India, Japan, the Philippines, Sri Lanka, and Thailand using annual time series data. Both price and income elasticities of import demand are found to be in the inelastic range for all five countries. Export demand is found to be price elastic for Japan, the Philippines, and Thailand and price inelastic for India and Sri Lanka. Export demand is found to be income elastic for Japan but not for the other four countries. The Marshall-Lerner-Robinson condition states that a devaluation improves the balance of trade position only if the sum of the absolute values of price elasticity of import demand and the price elasticity of export demand is greater than one. This condition is met for India, Japan, the Philippines, and Thailand but not for Sri Lanka.     

基于企业组织视角的老年服务产业供给分析

随着我国人口老龄化进程的不断加快,发展老年服务产业迫在眉睫。基于企业组织视角从市场需求、服务内容、政策扶持、风险管理方面对老年服务产业的供给所进行的分析显示:目前我国老年服务产业远没有达到应有的水平,老年服务市场资源匮乏、种类稀少,产业竞争力小;老年服务项目主要有上门服务和组织活动;政府可从对老年服务企业的税收、补贴以及志愿者政策三方面入手,建立老年服务型产业链;应注意规避使用志愿者风险和企业经营风险,从而进一步推进老年服务产业的快速健康发展。     

推进我国产业结构转换与升级问题研究

目前,我国产业结构转换与升级存在着农业基础不稳,第二产业内部结构不合理,第三产业发展总量不足,产业组织结构不合理,自主创新能力差,资源消耗偏高等问题,造成这种状况的原因包括产业转换缺乏强有力的需求和资金支持,资源短缺和产业发展之间存在着矛盾,产业转换和升级的动力不足等。为此,要加强产业发展规划,提高自主创新能力,加快基础产业和基础设施建设,用高科技改装传统产业,加快第三产业的发展。     

The effects of demographic characteristics on consumer information periodical readership and financial knowledge

A telephone survey of French- and English-speaking households in Quebec was conducted to obtain information about money management practices, of use information sources and knowledge of personal finance terminology. Correlations and regressions were performed on data from 234 interviews. An index of consumer periodical readership was related positively to variables for female respondent, English-speaking, urban residence, income and education in the correlations. A financial knowledge index was related positively to variables for income, education, and the periodical index in the correlations. The knowledge index peaked for the 41–55 years of age category. A two-equation recursive model for periodical readership and financial knowledge was tested. A regression on the periodical index had positive effects for income, education and variables for age 56–64 and 65 and over, and a negative effect for rural location. A regression on the knowledge index had positive effects for the periodical index, income, French-speaking and the variable for age 41–55, and a negative effect for female respondent. The needs of lower income consumers may not be met well by consumer periodicals. In terms of financial knowledge, English-speaking consumers in Quebec may be at a disadvantage relative to French-speaking consumers with similar income levels.     

Real-Time Forecasting Revisited: Letting the Data Decide

Real-time GDP forecasting, also often known as “nowcasting,” produces estimates for current-quarter real GDP growth, typically based on a centered value from a set of estimates from incoming indicators. These real-time measures are usually intended to be data-based and to not be based on forecaster judgment or add factors. Even so, estimation methodologies in this research area—and prior versions of the system we use—typically have been constrained by using various “fixed” relationships, such as a fixed historical sample horizon and fixed empirical specifications for the indicator variables. This paper describes the methodology, estimation, and software code for a more flexible real-time GDP system that allows the data to decide the best real-time GDP forecast for varying sample horizons and varying specifications for each indicator variable through time. Our system uses data on key indicators as they become available (accounting for the “jagged-edge” nature of the data in the current quarter) to generate an estimate of current-quarter real GDP growth, with weights for combining the indicator-specific estimates as determined by the strength of the indicators’ historical relationships to GDP growth. The improved system searches across a variety of specifications and across sample horizons to choose the best specification as determined by a minimum Schwarz criterion test while also searching for the best sample horizon for minimizing the mean absolute error for a recent prediction period. We illustrate the operation of the system for real-time estimates of real GDP growth over a specific quarter, and examine the properties of the estimates and the implications for predictions. We also discuss potential additional applications and demonstrate a specific application for real-time predictions of the monthly change in payroll jobs.     

The currency denomination of exports — A questionnaire study

We report survey results on the currency choice of a random sample of Swedish exporters. We find that for an overwhelming share of exports, the price, invoice and settlement currency is the same. The currency of the customer is the most used, with Swedish kronor and vehicle currencies accounting for approximately equal shares. Currency choice is similar for intra-firm and between-firm trade. We also find that negotiations are important for both the price and for the currency choice. A minority of firms use posted prices for their main exports — the median price adjustment for those firms is once per year.     

Service provider responses to anxious and angry customers: different challenges, different payoffs

Anxiety and anger, two frequently experienced emotions during service consumption, arise from different appraisals of the eliciting event, i.e., attribution to uncontrollable circumstances and low coping potential for anxiety versus attribution to providers and high coping potential for anger. These appraisal differences were hypothesized to impact the occurrence of supportive provider responses (higher for anxiety than for anger), and the value given to supportive responses by anxious versus angry customers (higher evaluation for anxiety than for anger). It was also hypothesized that, although evaluation of provider response would mediate the relationship between the intensity of both anger and anxiety and satisfaction with the service encounter as a whole, the power of this mediating effect would be stronger for anxiety than for anger. Hypotheses were confirmed in a survey of air travel passengers reporting episodes of anxiety and anger. Implications of these results for challenges and payoffs involved in the development of adaptive response strategies to anxious and angry customers are discussed.     

中式餐饮企业新型核心竞争力发展模式研究

通过对近年来获得资本市场投资的中式餐饮企业进行分析,本文梳理了中式餐饮企业核心竞争力的发展变化,指出产品与管理标准化的缺失是目前中式餐饮企业发展面临的主要瓶颈;对核心竞争力的培养不能局限于传统的对品质、服务、清洁、价值的追求,及对企业传统文化、地域文化的保护,资本化、工业化和信息化是解决中式餐饮企业发展瓶颈的有力保证;通过整合上下游资源,建立中央厨房,使用智能化工业设备,利用信息化技术改变企业外部沟通模式和内部管理模式等,中式餐饮企业将建立起自己的新型核心竞争力。     

人口老龄化背景下回归家庭养老的路径选择

随着我国人口老龄化进程的加快,养老模式与路径选择问题日益成为社会关注的主要问题。当前,家庭养老功能弱化,社会养老保障体系尚未完全形成,养老问题面临着新的困境。虽然养老模式开始逐渐趋于社会化和多元化,但家庭养老在我国有着很深的根基和不可替代的优势,在应对老龄化的过程中仍有着重要的支撑作用。家庭养老不仅有利于家庭关系的稳定和人力资本的投资,还能节约公共财政和社会资源。家庭养老的困难和危机不仅源于自身,还产生于社会和国家,政府应加大对家庭养老的支持力度,完善家庭养老保障的相关制度,强化家庭养老的社会关系网络,加大"孝"文化的宣传和教育。     

Gender,fashion consumer group,need for touch and Korean apparel consumers' shopping channel preference

Shopping preferences are affected by the culture in which an individual grows up as well as by individual differences in consumers such as differences in gender, fashion leadership and need for touch. The current study examined the influence of consumers' need for touch and fashion leadership on preference for shopping outlets (e.g. touch and non‐touch shopping channels) between genders and within a particular culture. The purpose of this study was to examine gender, fashion consumer group, need for touch and Korean apparel consumers' shopping channel preference. Participants were a convenience sample of 262 Korean college students who were recruited in Changwon, South Korea. A questionnaire was compiled that included a request for demographic information, the Need For Touch scale, the Measure of Fashion Innovativeness and Opinion Leadership, and items assessing preference for touch and non‐touch shopping channels for clothing. Women and men did not differ in overall need for touch or instrumental need for touch. Fashion change agents and fashion followers did not differ in their preference for touch and non‐touch shopping channels. Preference for touch shopping channels was more greatly affected by variables such as need for touch, gender, and fashion innovativeness and opinion leadership than preference for non‐touch shopping channels. Preference for non‐touch shopping channels was virtually unaffected by the variables examined in the current study. Implications for theory and research are provided.     

Information direction, website reputation and eWOM effect: A moderating role of product type

This article examines how the electronic word of mouth (eWOM) information direction (positive vs. negative) and a website's reputation (established vs. unestablished) contribute to the eWOM effect. The article describes a study focusing on the moderating role of the product type (search vs. experience). The results of the experiment show that the eWOM effect is greater for negative eWOM than for positive eWOM, greater for established websites than for unestablished websites, and greater for experience goods than for search goods. The results support the moderating effects of product type on the eWOM information direction-website reputation-eWOM effect relationship. The impact of negative eWOM on the eWOM effect is greater for experience goods than for search goods. Similarly, the impact of website reputation on the eWOM effect is greater for experience goods than for search goods. The findings provide managerial implications for an Internet marketing strategy.     

The Competitiveness of the Maritime Clusters in the Baltic Sea Region: Key Challenges from the Finnish Perspective

This article examines the Finnish maritime cluster by identifying the key challenges hindering its competitiveness. The main bottlenecks for the future are concluded to comprise rising cost levels in relation to customer demand, the need for human and capital resources, the need for financial and scientific support for innovation activities, and the lack of contacts and resources when competing for large-scale international projects. These issues are relevant also for the other maritime clusters in the Baltic Sea Region. Thus, joint policies and cooperation in tackling these issues could support the competitiveness of the maritime sector in the whole region.     

Involvement,Tolerance for Ambiguity,and Type of Service Moderate the Effectiveness of Probability Marker Usage in Service Advertising

Results of two experiments reveal that the use of probability markers in advertisements affects brand attitude and purchase intentions, and that this is moderated by the type of service, customers’ involvement, and their level of tolerance for ambiguity. Services in the study were classified as more or less hedonic/utilitarian, and more or less involving. Probability markers affect consumers’ brand attitude and purchase intentions for less-involving services, while this effect is not significant for more-involving services. In addition, higher tolerance for ambiguity results in preference of hedges over pledges or no probability markers, while for consumers with lower tolerance for ambiguity the opposite holds. With regards to service type, for more-hedonic, less-involving services the use of hedges in advertising copy increases brand attitude and purchase intentions, while for more-utilitarian, less-involving services pledges result in highest levels of brand attitude and purchase intentions.     

Advertising weak and strong brands: Who gains?

The authors present an empirical study that compares advertising for a weak brand and advertising for a strong brand. The results indicate that brand attitude and purchase intention for the weak brand are higher when subjects cannot recall the ad. The opposite is found for the strong brand. Comparisons between single‐brand ads and a joint ad reveal that ad‐evoked brand recall increases for the weak brand in the joint ad and decreases for the strong brand. Furthermore, brand attitude and purchase intention are lower in the joint ad for the weak brand and higher for the strong brand. The study adds new insights to the literature on brand exposure without recall and the literature on joint advertising. © 2005 Wiley Periodicals, Inc.     

市场准出与多边货物贸易体制关系研究——兼评“限制出口案”的抗辩思路

长期以来,人们对于多边货物贸易体制的理解往往停留在市场准入这一层面,即降低进口产品关税、向进口产品开放市场。形成这种片面理解的原因固然是多方面的,其中最主要的还是与世贸组织的前身——关贸总协定创设期间的国际贸易环境有关。经过第二次世界大战的浩劫,各国政府都面临外汇短缺,都想通过扩大出口以增加财政收入。因此,人们习惯把关注的目光聚焦在关贸总协定各缔约方是否有效消除针对进口的关税壁垒和非关税壁垒。事实上,多边货物贸易体制规制的对象是双重的,即在要求世贸组织成员对其它成员开放本国(地区)市场的同时,也要求其降低本国(地区)产品出口的门槛。最近发生在中国与其它世贸组织成员之间有关中国限制部分产品出口的贸易纠纷使人们对于市场准出与多边贸易体制之间的关系有了新的认识。     

Support for the Use of Deception Within the Work Environment: A Comparison of Israeli and United States Employee Attitudes

As businesses become more global, the opportunities for employees to work with individuals from different cultures increase. Research in cross-cultural interactions has increased in response to such changes. This research study considers employee attitudes and perceived organizational support for the use of deception within the work environment. In this study, two types of deception have been considered; deception for personal gain and deception for the organization's benefit. The reported likelihood for committing these two types of deception for United States and Israeli employees was gathered. The results indicate that United States employees are more likely to deceive others for personal gain than the Israeli employees. In addition, the results indicate that United States employees were more likely to perceive organizational support for the use of deception for personal gain than were the Israeli employees. No differences between the two samples were found for personal or organizational support for deception for the organization's benefit. Differences are explained using Hofstede's (1991) theory of international cultures.     

进出口商品质量指数在进口棉花上的应用

为了评价进出口商品的综合质量水平,研究构建了进出口商品质量指数测评模型。统计历年来棉花检验检疫、通报退运、不合格货值等数据,通过对各相关指标的权重设置,选定一个基期,测算出进口棉花质量指数。再通过一个时期不间断的数据采集及分析,可以得知该时间周期内进口棉花质量水平的变化情况,并对不合格情况提出警示。研究结果可以提高检验检疫监管效能,有利于各级监管部门进行有效监管。