Use of two-limit probit regression model : An analysis of lender response to loan requests

Research problems where the observed dependent variable is restricted to lie within an interval with massing of some of the observations at the limiting values of the interval are frequent in business research studies. This paper analyzes one such problem—that of lender response to a business loan application. The unique features of a regression model with a doubly limited dependent variable are explained and interpreted. Parameter estimation for such models is undertaken by maximum-likelihood techniques. In this paper maximum likelihood estimates are obtained for an empirical problem and compared with ordinary least-squares estimators. Results show substantial differences between least-squares and maximum-likelihood estimates, indicating a possibility for serious errors by using least-squares methods on models with a doubly limited dependent variable.     

Price structure as a marketing variable: An experimental investigation

This study examines the relative impact on preferences of price level and price-structure variables. A pair of four-factor experimental designs were developed to investigate the preferences of students for automobile price structures and recent homebuyers for various price arrangements in buying a house. The findings indicate that, for a majority of the subjects, the structural variables of down payment, interest rate, and monthly payment are more important than price level in determining overall preferences.     

Consumer confidence and green purchase intention: An application of the stimulus-organism-response model

Environmental commentators have speculated, but not empirically validated, that consumers’ positive (negative) evaluation of the economy will lead to more (less) green consumption. The purposes of this study were to (1) ascertain whether consumer confidence affects green consumption and (2) uncover the psychological mechanisms of this relationship, in a non-recession context. Drawing upon the stimulus-organism-response model, we developed a conceptual model, which we tested via mediation analysis, using data from a sample of Chinese consumers (n = 1,184). Results show that there is a positive relationship between consumer confidence and green purchase intention. Environmental and status consciousness partially mediates the positive relationship between consumer confidence and green purchase intention. We contribute to the literature on antecedents of green consumption by being the first to empirically establish the salience of consumer confidence in this domain. Investigating green purchase intention, which differs depending on consumer confidence level, has the potential to assist retailers in developing better marketing tactics. Our study also benefits economists and environmentalists by helping them better understand how consumer confidence fluctuations play critical roles in addressing economic growth-driven major environmental challenges.     

Bayesian estimation of a simultaneous probit model using error augmentation: An application to multi-buying and churning behavior

Researchers in marketing are often interested in analyzing how an agent’s discrete choice decision affects a subsequent or concurrent discrete choice decision by the same or different agent. This analysis may necessitate the use of a simultaneous equations model with discrete and continuous endogenous variables as explanatory variables. In this paper, we offer an error augmentation approach to Hierarchical Bayesian estimation of a simultaneous bivariate probit model containing both discrete and continuous endogenous variables. We accomplish the error augmentation in our MCMC algorithm using a Metropolis-Hastings step that generates the error components of the latent variables in our model. Using simulated data, we demonstrate that our error augmentation algorithm recovers closely the true parameters of the simultaneous bivariate probit model. We then apply our algorithm to customer churn data from a wireless service provider. We formulate a simultaneous bivariate probit model to study the impact of a customer’s multiple product relationships with a firm (multi-buying) on the likelihood of churn by that customer. The empirical results show that the act of multi-buying significantly reduces churn even though the customers who are more predisposed to multi-buy have an inherently higher predisposition to churn.     

Optimal futures hedging for energy commodities: An application of the GAS model

This paper applies generalized autoregressive score-driven (GAS) models to futures hedging of crude oil and natural gas. For both commodities, the GAS framework captures the marginal distributions of spot and futures returns and corresponding dynamic copula correlations. We compare within-sample and out-of-sample hedging effectiveness of GAS models against constant ordinary least square (OLS) strategy and time-varying copula-based GARCH models in terms of volatility reduction and Value at Risk reduction. We show that the constant OLS hedge ratio is not inherently inferior to the time-varying alternatives. Nonetheless, GAS models tend to exhibit better hedging effectiveness than other strategies, particularly for natural gas.     

白炭黑的市场应用及生产技术发展趋势

本文通过对白炭黑产品的市场应用情况及生产、技术发展的分析、报道,提出白炭黑产品的发展应改进工艺以提高其物理理化指标,如无凝胶、纳米白炭黑来满足其补强性能.     

China's segmented stock market: An application of the conditional international capital asset pricing model

China's segmented stock market provides an opportunity to study conditional international asset pricing from multiple viewpoints—domestic and foreign. We use the multivariate GARCH-M framework of De Santis and Gérard [De Santis, G., and Gérard, B., 1998. How big is the premium for currency risk? Journal of Financial Economics 49, pp. 375–412.], but add conditional local specific risk and find global, local, and currency risk to be priced and time-varying in Chinese markets, suggesting mild segmentation for developing country markets. The time-varying price of currency risk indicates that the strict currency restrictions in China do not sufficiently reduce currency risk to stabilize the price of currency risk. We also find that the price of local risk in the Chinese A stock market is non-time-varying relative to the developed market, but time-varying relative to the emerging market. This finding implies that the Chinese A stock market is more comparable to a developed market than an emerging market. However, results on Chinese B shares show the opposite relationship: from a foreign investor's perspective, Chinese B shares are better categorized as being emerging than developed. This is further supported by an Engle–Granger cointegration test.     

Prospects for the tourism and hotel industry in Singapore: A regression model

An analysis of economic data forecasts continued strong growth in Singapore's tourism arrivals—based on the boom in neighboring nations.     

Effect of WeChat interaction on brand evaluation: A moderated mediation model of para-social interaction and affiliative tendency

As an indispensable platform for the interaction and relationship marketing in China, the systematic discussion about the impact of WeChat interaction on brand evaluation is still not well understood. Based on para-social interaction theory, this study examined the relationships between WeChat interaction, para-social interaction, brand evaluation and affiliative tendency, utilizing valid survey data of 216 Chinese users of WeChat. The findings of this study revealed that there is a positive relationship between WeChat interaction and brand evaluation, and para-social interaction plays a mediation role for its virtual intimacy. Compared to the high affiliative tendency, low affiliative tendency enhances the positive effect of para-social interaction on brand evaluation and the mediating path. Through detailed analyses, the conclusions identified para-social interaction as a mediator and affiliative tendency as a moderator in the relationship between WeChat interaction and brand evaluation. On the basis of these results, the practical implications for enterprises are discussed.     

The impact of monetary policy on oil price persistence: An application of the smooth regime-switching model

This paper employs the smooth transition autoregressive model to evaluate the persistence of oil price changes, and chooses monetary policy variables as transition variables of the model to assess their roles in the persistence effects. The empirical results show that oil price changes displayed asymmetric adjustments within different regimes and were more sensitive to the movement of interest rates than inflation rate. In addition, high inflation rate would give rise to low oil price persistence, and expansionary monetary policy would bring about higher oil price persistence. Moreover, when the short- and long-term interest rates were over their threshold values, the persistence effects of oil price changes were opposite. In the present relatively low US interest rates, adopting either an inflation-targeting policy or/and a debt-financing policy to stimulate economic growth, the timing is appropriate and the effect will be positive and expected because of low persistence of oil price changes.     

An empirical comparison of neural network and logistic regression models

The purpose of this paper is to critically compare a neural network technique with the established statistical technique of logistic regression for modeling decisions for several marketing situations. In our study, these two modeling techniques were compared using data collected on the decisions by supermarket buyers whether to add a new product to their shelves or not. Our analysis shows that although neural networks offer a possible alternative approach, they have both strengths and weaknesses that must be clearly understood.     

Applying multiple regression analysis to the forecasting of grocery store sales: an application and critical appraisal

Multiple regression analysis is applied to an analysis of the trading performance of a chain of grocery stores in the north-east of England. The performance of stores outside the conurbations is shown to be related to characteristics of the OPCS ‘urban-areas’ in which the stores are located, and a way is presented of modelling the effect of competition from within and outside these centres.

A high degree of statistical explanation is achieved, and the methodology used is defended against criticisms that can be levelled at many of other multiple regression analyses of store performance. Caution is nevertheless advised against the application of the model to forecasting the performance of new stores, although a range of applications are suggested whereby the implications of changes in the trading circumstances of existing stores might be examined.     

A comparative study of production efficiency in coastal region and non-coastal region in Mainland China: An application of metafrontier model

This paper examines production efficiency of coastal region and non-coastal region in Mainland China between 2000 and 2010 using one-step stochastic frontier analysis and two-step metafrontier model. Unlike previous studies, this study not only discusses production efficiencies but also considers differences in production patterns. The empirical results indicate that coastal region has better production performance in metafrontier technology efficiency (MTE) and technology gap ratio (TGR). In addition, this study finds that the gap of MTE and TGR between coastal region and non-coastal region is increasing for the past years.     

Towards a code of conduct for the tourism industry: An ethics model

There are four areas of concern in the ethical pursuit of tourism. Too often, tourism development is planned without consideration of the local environment's or community's needs and characteristics. An ethical treatment of the environment and community should involve consideration and participation in the planning and decision-making process, as well as implementing effective guidelines to assure fairness in employing both traditional and non-traditional employees. Finally, the industry must pay special attention to the target market: tourists. Dinah Payne is an Associate Professor of Management at the University of New Orleans. Her teaching and research interests include business ethics, the legal environment of business, international business and international management. She has published articles in the Journal of Business Ethics,the Labor Law Journal,the Journal of Managerial Issuesand Management Accounting.She is the current Vice President/Program Chair of the Southern Academy of Legal Studies in Business. Frédéric Dimanche is an Assistant Professor of the School of Hotel, Restaurant and Tourism at the University of New Orleans. His teaching and research interests include tourist behavior and tourism marketing. He has published articles in the Journal of Travel and Tourism Marketing,the Journal of Leisure Research,and Leisure Sciences.He is the President of the Travel and Tourism Research Association, South Central Chapter.     

Networks and small business growth: An explanatory model

To date, there has been limited empirical research related to network theory. With this article, we have tried to fill this gap by testing an explanatory model of the impact of networks on small business growth. To analyze this causal relationship, the log-linear technique was used. The results suggest that networks have an influence on the growth of a small business, especially through contacts with national and international entrepreneurs.     

International franchising decision-making: An application of stakeholder theory

Stakeholder theory is used to provide a frame of reference to examine the decision-making process involved in international franchising agreements. An international hotel group was selected as a case. Previous studies focus on investigations of the franchising process after the decision to engage has been taken and contracts duly exchanged. The analysis presented here focuses on the pre-contracting level: on selection and recruitment. The findings emphasise the importance of managing business cultural incompatibility between potential partners and the franchisor and within the franchising company itself.     

Assessing the impact of sales-force contents: An application

Sales force contests are an important component of many business firms' marketing programs. However, reports on research measuring the effect of contests have been sparse in the marketing literature. This paper reports on measuring the effect of two sales-force contests conducted by a regional investments brokerage firm. The research employes an ex-post-facto approach using historical data analyzed with multiple regression analysis using dummy variables. Results indicate a net positive effect of the contents on sales and profits. The study represents an application of problem-oriented research [9] and illustrates a measurement approach which is uncomplicated and easy to apply, but applicable to many situations.