Risky short positions and investor sentiment: Evidence from the weekend effect in futures markets

This paper examines the weekend effect in futures markets and presents rational and behavioral reasons for its existence. Specifically, we document a weekend effect (Friday's return minus the following Monday's return) in futures markets. The weekend effect occurs partly because of asymmetric risk between long and short positions around weekends; the weekend effect increases when short positions are relatively more risky. In addition, we find that both lagged and contemporaneous changes in investor sentiment are related to the weekend effect. These results are consistent with the investor sentiment literature that finds that mood improves on Fridays but deteriorates on Mondays.     

Impact of safe community program on motorcyclists' safety with focus on helmet usage in 14 cities of IR Iran

The aim of this study was to evaluate the effectiveness of safe community interventions on motorcyclists' safety. Two cross sectional observations were conducted in 14 cities (five safe community practicing and nine safe community non-practicing cities) independently on 2005 and 2007. Ten percent of registered motorcycles were observed and interviewed (n=1114 in each observation). 87.9% used motorcycle for commercial purposes. All motorcyclists were male and mostly aged 18–29 years old. Death rate significantly rose from 122 to 254 per 100000 motorcyclists in Fars province since the first observation (p < 0.0001). Helmet usage rate was constant (13%). Recorded crashes increased from 16.4% to 23.1% in safe community setting (p < 0.0001). 11% carried more than one pillion. Heat disturbances, embarrassment, hearing blockage, and negligence were the most mentioned excuses for not using helmet. Law enforcement, public education, accessibility to helmets on discount rate, new legislation and, finally, access to new designed helmet were the most suggestions made by motorcyclists to promote helmet usage. No significant effect was noticed between two settings except in injury registration system in safe community. Community involvement in the safety programs could ensure sustainability of initiatives and continuity of interventions in safe communities.     

Ethical ideologies,perceived gambling value,and gambling commitment: An Asian perspective

This study evaluates the relationship between ethical ideology and gambling commitment, and the moderating effect of perceived gambling value. Through a field survey of patrons of a leading Asia's gambling establishment, 382 usable responses were received. Data were analyzed using factor analysis and hierarchical multiple regression. The results show that ethical ideologies and perceived gambling value predict a significant amount of variance in gambling commitment. Specifically, idealism has a negative relationship with number of years of gambling and amount gambled. Relativism associates positively with number of years of gambling and amount gambled. Customer value negatively moderates the relationship between idealism and the two dimensions of commitment, and positively moderates the relationship between relativism and the commitment dimensions. Furthermore, idealism has a negative effect on perceived gambling value, and relativism has a positive effect on perceived gambling value.     

Urban design and tenant variety influences on consumers' emotions and approach behavior

This paper extends Mehrabian and Russell's Stimulus-Organism-Response framework to investigate the influence of two selected environmental variables – esthetic design and tenant variety – relating to an urban shopping area on consumers' emotional states and actual shopping responses. Results of a survey conducted in an Italian town center show that the variety of tenant-mix positively affects both pleasure and arousal while esthetic design has a significant influence only on pleasure. Moreover, emotional states induced by the urban environment exert a different influence on shopping outcomes, with pleasure increasing the amount of money and time spent, and arousal positively influencing unplanned shopping and negatively affecting time and money. The paper concludes by discussing managerial and research implications for both retailing and urban marketing.     

商业银行理财产品对广义货币供应量统计的影响

商业银行理财产品规模的变化导致存款余额的相应变动,使得针对现金和存款进行统计的广义货币供应量受到影响,但并非是"理财增加=广义货币供应量减少"或者"理财减少=广义货币供应量增加"的简单关系。表内理财产品对现行广义货币供应量统计并不产生影响,而表外理财产品是否影响广义货币供应量,则取决于其资金运用方向,影响主要体现在理财资金可能滞留在金融体系内部(体现为同业存款),从而导致广义货币供应量统计失真。受商业银行理财产品的影响,现行广义货币供应量明显低估,通过资金运用方向的估算方法,可以较为准确地测算出货币供应量的实际变动趋势。     

Husbands' and wives' household work: moving towards egalitarianism?

Whether husbands are increasing their time in household tasks, especially when their wives are employed, has been a topic of debate in recent years. Several studies have found that husbands are participating in more child care now than in the past. But are husbands also doing other tasks now? Is there any relationship between the amounts of time that husbands and wives allocate to various household tasks? Are there any weekday versus weekend differences? A small sample of husbands and wives recorded their time spent in various activities for 7 consecutive days. The findings reveal that wives spent more time in general doing household tasks than did their husbands. Employed wives and their husbands both decreased their total time in household work, compared with full-time homemakers and their husbands. At weekends, however, both employed wives and homemakers decreased their overall time in household work while the husbands increased theirs. The t-test revealed that at weekends there were no significant differences in the times allocated to various household tasks by employed wives and their husbands, and significant differences only in time spent in child care and food preparation/clean-up by homemakers and their spouses. There appears to be a more egalitarian approach by husbands and wives to household tasks at weekends than on weekdays, even when the wives are not employed. Although these findings should not be generalized to the population, they indicate an intriguing possible trend which deserves further investigation.     

Are American homeowners more satisfied with their lives than renters?

Researchers often find that homeownership is not associated with life satisfaction in the United States. Using the 2009–2010 Behavioural Risk Factor Surveillance System Survey, this study examines whether homeowners are more satisfied with their lives than renters in the following eight states: Alabama, Delaware, Hawaii, Illinois, Louisiana, Nebraska, South Carolina and Wisconsin. A positive relationship between homeownership and life satisfaction (approximately 0.06 points on a 4‐point scale; p < .01) is found, even when whether respondents are worried about having enough money to pay their rent or mortgage is controlled for. However, the positive effect of homeownership declines as the local house prices increase, indicating that homeowners in expensive areas tend to be less satisfied with their lives than homeowners in more affordable areas.     

Crowdfunding: Tapping the right crowd

With crowdfunding, an entrepreneur raises external financing from a large audience (the “crowd”), in which each individual provides a very small amount, instead of soliciting a small group of sophisticated investors. This article compares two forms of crowdfunding: entrepreneurs solicit individuals either to pre-order the product or to advance a fixed amount of money in exchange for a share of future profits (or equity). In either case, we assume that “crowdfunders” enjoy “community benefits” that increase their utility. Using a unified model, we show that the entrepreneur prefers pre-ordering if the initial capital requirement is relatively small compared with market size and prefers profit sharing otherwise. Our conclusions have implications for managerial decisions in the early development stage of firms, when the entrepreneur needs to build a community of individuals with whom he or she must interact. We also offer extensions on the impact of quality uncertainty and information asymmetry.     

A social learning perspective of gambling behaviour among college students at Iowa State University,USA

This study assesses the proportion of college students who gamble and the level of their gambling involvement (i.e. frequency, scope, expenditure). In addition, a better understanding is sought of why students gamble and the factors that contribute to their gambling behaviour. The data were collected in the autumn of 1996 from 797 undergraduate students. The main outcome measures included the students' gambling status, scope, frequency and expenditure. The predictor variables were gender, age, employment status, grade point average and gambling expenditure of the mother, father and best friend of the respondents. Frequency and cross‐tabulation analyses were used to develop the respondents' demographic profile and to describe differences between characteristics of gamblers and non‐gamblers. Gamma‐statistics were used to test the strength of the relationship between predictors and outcome variables. Over half of the students gambled, and the two most frequently identified gambling activities were lottery and non‐casino cards. The majority indicated that they gambled for entertainment. On average, the students gambled three times and staked an average of 33 per month on their gambling. However, about 19% of them gambled 3–6 times and staked over 66 a month on gambling. Student gambling was found to be positively related to the gambling of their parents and the gambling of their best friend.     

The suitability of computer‐based training for workers with limited formal education: a case study from the US agricultural sector

The suitability of computer‐based instruction (CBI) for workers with limited education was evaluated in an Hispanic orchard workforce that reported little computer experience and 5.6 mean years of formal education. Ladder safety training was completed by employees who rated the training highly (effect size [d_gain] = 5.68), and their knowledge of ladder safety improved (d_gain = 1.45). There was a significant increase (p < 0.01) in safe work practices immediately after training (d_gain = 0.70), at 40 days post training (d_gain = 0.87) and at 60 days (d_gain = 1.40), indicating durability. As in mainstream populations, reaction or affective ratings correlated well with utility ratings, but not with behavior change. This demonstrates that an agricultural workforce with limited formal education can learn job safety from CBI and translate the knowledge to work practice changes, and those changes are durable.     

The impact of pedestrian countdown signals on single and two vehicle motor vehicle collisions: a quasi-experimental study

The objective of this study was to examine the impact of pedestrian countdown signals (PCS) on the rate of motor vehicle collisions (MVCs) in Toronto, Canada. A quasi-experimental design was used to compare rates of single and two vehicle MVCs before and after installation of PCS in Toronto, Canada between January 2005 and December 2009. Collision incidence rates were compared using Poisson regression analyses with adjustment for relevant cofounders and reported as incidence rate ratios (IRR) with 95% confidence intervals (CI). Secondary analyses were performed on subsets of collisions by collision type and injury severity. A total of 94,175 MVCs occurred at or near 1965 intersections at which PCS were installed over the five-year study period. Overall, the MVC incidence rate increased 7.5% (IRR = 1.075; 95% CI: 1.042–1.109; p < 0.0001) after installation of PCS. The installation of PCS led to an increase in MVCs. PCS may have an unintended consequence of increasing the rate of MVCs.     

The war on pollution: Economic and financial impacts

Viewed over the long run, expenditures for environmental control may be the most productive for society, but they do not fit into the traditional concept of investment. They do not increase our capacity to produce consumer goods in the future. The authors describe the possible impact on the economy of pollution expenditures over the next ten years, using the figure of $7–8 billion annually for capital costs as a supportable estimate. If we invest in environmental control systems, the growth rate of GNP will be slower; the effect will depend first on the amount involved and on the underlying conditions of the economy. The authors discuss financing alternatives on the federal, local, and industrial levels and project the impact on the money market.     

技术性贸易壁垒及应对

技术性壁垒已经成为我国出口企业面临的第一大非关税壁垒。我国遇到的技术性贸易壁垒的特点是涉及金额大、影响范围广、受损地区广,许多国家针对我国产品刻意设置特定的技术性壁垒等。技术性贸易壁垒使我国出口企业增加了出口的难度,削弱了优势产品在国际上的竞争力,使出口企业很不适应。在充分发挥政府的积极作用的同时,企业要熟悉掌握Ⅵ呵。的游戏规则、提升出口产品的技术含量、实现国际市场多元化、积极开展质量体系认证工作、加强预警和应对意识,使我国产品出口成功跨越技术贸易壁垒。     

Entrepreneurial spirit among East Asian Chinese

This research showed that entrepreneurial spirit among East Asian Chinese youths is predicted by personality characteristics such as risk‐taking propensity, persistence, and internal locus of control, as well as by motivational factors such as love for money and desire for security. Generally, these characteristics are not prevalent in an East Asian culture. The underlying predictors, however, differed for Hong Kong and Singapore. Risk taking was a common predictor for both groups, while persistence was a predictor for Hong Kong, and internal locus of control and love for money were significant for Singapore. Entrepreneurial spirit was associated with beliefs in ethics and self‐indulgence for oneself, but not philanthropy. © 2000 John Wiley & Sons, Inc.     

Utilitarian and Hedonic Motivators of Shoppers’ Decision to Consult with Salespeople

Many retailers face the questions of whether providing consultation services would enhance store performance and, if so, what the retailers could do to increase the number of shoppers seeking salesperson consultation. Despite its importance, prior research has not answered the question of what influences retail shoppers to consult with salespeople. We use motivation theory and recent theorizing on behavioral decision-making to develop a model of four utilitarian and hedonic motivators of shopper consultation with salespeople. This model, which includes the relationship between consultation and amount of money spent by shoppers, was tested with data from 425 shoppers. Our results demonstrate situational and individual influences, both utilitarian (i.e., shoppers’ purchase uncertainty and efficiency orientation) and hedonic (i.e., shoppers’ situation-related affect toward salespeople and shopping enjoyment), that prompt retail shoppers to consult with salespeople. As well, we find that salesperson consultation is positively related to the amount of money spent by shoppers and completely mediates the spending effects of the four motivators of consultation. This research shows that motivation theory is useful for better understanding salesperson consultation and can assist retailers that compete on service to better implement consultation-oriented strategies.     

Deceiving Our Minds: A Qualitative Exploration of the Money Illusion in Post-redenomination Ghana

The current study is a qualitative exploration of the presence of the money illusion in the lived experiences of Ghanaian adult consumers after a currency redenomination. The results indicated that a switch from the old currency to the new currency had implications for self-worth determination, trivialization of price increases, changes in spending behaviour, and changes in the extent of benevolence. All these changes were related to the tendency to make judgments based on the nominal value of an amount of money, rather than its real value; the judgment bias is known as the money illusion.     

Choices and using of washing machines in Chinese households

Rapid urbanization and improvement in living standard skyrocket the demand for washing machines in Chinese households, especially in urban households. This paper discusses the owning rate of different types of washing machines, using frequency, load capacity, factors affect choices of washing machines, etc. in Chinese households and suggest possible strategies in choosing washing machines considering economic expenditure. Quantitative information relates to choice and use of household washing machines was collected through in‐depth interview of the key person who carried out household laundering. A total of 993 households that were randomly selected in eight provinces and a municipality were successfully interviewed. Impeller washing machine is still in a dominate place whereas drum washing machine increasing steadily. Households with higher income tend to buy drum washing machines for their better performances in detergency and superior quality. Load capacity between 4 and 6 kg is very common at present. Larger load capacity is a trend of washing machine choices in Chinese households. Washing machine with better energy efficiency is more popular for its lower expenditure in use. This is more obvious for drum washing machine. Washing machines are often used once every 1 or 2 days in summer, whereas one wash per week and two washes per week are very common in winter. Consumer will expend much more money with the choice of a drum washing machine, not only for paying for the machine, but also for the consumed electricity and water and wastewater discharges in every use.     

Money is Power: Monetary Intelligence—Love of Money and Temptation of Materialism Among Czech University Students

In this study, we develop a theoretical model of monetary intelligence (MI), explore the extent to which individuals’ meaning of money is related to the pursuit of materialistic purposes, and test our model using the whole sample and across college major and gender. We select the 15-item love of money (LOM) construct—Factors Good, Evil (Affective), Budget (Behavioral), Achievement, and Power (Cognitive)—from the Money Ethic Scale and Factors Success and Centrality and two indicators—from the Materialism Scale. Based on our data collected from 330 university students in Czech Republic, we provide the following findings. First, our formative models are superior to our reflective models. Second, for the reflective model, money represents Power, Good, Achievement, and not Evil, in the context of materialism. Our formative model suggests that those who pursuit materialism cherish Achievement (vanity) but Budget their money poorly. Third, multi-group analyses illustrate that humanities students (62.4 % female) consider money as Evil and Budget their money poorly, while those in natural sciences (37.6 % female) do not. Further, men are obsessed with Achievement, whereas women do not Budget their money properly, suggesting reflective temptation for males and impulsive temptation for females. Our novel discoveries shed new lights on the relationships between LOM and materialism and offer practical implications to the field of consumer behavior and business ethics.     

The long and short of money and prices: a market equilibrium approach

The paper examines the exogeneity of money and prices within a money demand function. Two modifications to traditional money demand vector error correction modeling are made. The first modification is to introduce a money supply function, while the second is to estimate the behavior of the money sector and real sector simultaneously. Incorporating the additional information removes many of the possible biases and, therefore, allows for more efficient estimation of money and price behavior. Overall, significantly more support is found for the existence of ‘buffer stock’ relationships than has been found in the previous research.     

Narrow money and transaction technology: New disaggregated evidence

This paper analyses the effect of transaction technology innovation on narrow money using Italian data disaggregated at provincial level. In particular, this study assesses the impact of the diffusion of ATMs (automated teller machines) and of POS (points of sale), on the demand for currency and on the demand for M1 using a unique data set. We find that transaction technology innovation has a negative effect on the demand for currency in circulation, while its effect on M1 is positive; additionally, heterogeneity in the use of cash within Italy is detected.