A New Look at Old Coefficients

For more than 50 years, numerous studies have shown low price–quality correlation coefficients, mostly close to 0.2. That prices fail to function as valid indicators of product quality has been interpreted as informational market failure. This article, however, argues, that, according to the economic theory of price formation, prices are not an indicator of quality, but an indicator of scarcity. This allows the conclusion that workable consumer goods markets, at least as seen from the consumer’s point of view, should be characterized by low or even negative correlation coefficients rather than by strong positive coefficients.     

A New Look at Constructed Choice Processes

Normative models of choice assert axiomatically that preferences are consistent, coherent, and determined only by relevant alternatives. In contrast to this classical economic perspective, behavioral models derived from research in psychology and consumer behavior assert that preferences are not guided by an internal, stable utility function but are constructed during the choice process. The current paper is based on a session on constructed choice processes (CCP) at the 2004 Choice Symposium that focused on how the standard CCP model can be enriched by bringing theories and tools from modern research in social cognition to bear on choice phenomenon. The richer conceptual framework presented by new, currently unpublished empirical work provides a novel perspective on choice construction by integrating the roles of subjective construal, experiential information, attribution, goals, and satisfaction in understanding preference construction processes in choice.     

A New Look at the Longitudinal Relationship Between Motor Carrier Financial Performance and Safety

Motor carrier safety impacts the well‐being of the traveling public and the economic well‐being of the shippers who entrust motor carriers with safely transporting freight. Shippers are affected by motor carrier safety due to accidents damaging their cargo and disrupting their customers’ operations. One characteristic frequently theorized to predict motor carrier safety is motor carriers financial performance. However, the literature offers mixed evidence linking motor carrier financial performance to safety. This does not help practitioners or policy makers and necessitates research to resolve these inconsistent findings, which we undertake in this research. We extend previous work by developing a theoretical framework based on strain theory to explain why both absolute (static) financial performance and year‐to‐year change in financial performance should uniquely affect carrier safety. We test our hypotheses by fitting mixed‐effects models to a repeated‐measure, longitudinal database of publically traded motor carrier financial performance and safety measures. Results indicate that financial performance measures uniquely affect carrier safety. These findings attempt to resolve the inconsistencies in the past literature and, carry important implications for researchers studying motor carrier safety, motor carrier managers, shippers, and policy makers.     

中国古代"物流"一瞥

本文认为,中国古代的“物流”含义虽然与今天的物流概念不同,但物的流动确实存在,而且具有相当大的规模,物流的管理世代相传,延续几千年,值得一察。文章从物流需求、物流载体和物流管理等三个方面评介了中国古代的物流活动特征,认为农副产品和经济作物的大范围流动,是古代占主要地位的物流活动;中国古代物流载体首推漕运,仓储也是古代物流的重要载体;中国古代的物流管理主要体现在三个方面:一是市场的管理,政府设官员进行管理,其职责在于保护交易,执行法令,平抑物价。二是运输管理,最典型的例子是历代的漕运管理,具有较高的运输管理水平。三是仓储管理,政府设专门机构和官员管理仓库,其特点是仓储以粮食为主,仓储分储备和消费两种,仓库专业化明显,不同种类的物品分库保管,历代朝廷都设官员对仓库进行专业化管理。     

A Three-Pronged Look at Family Saving*

Are the economic choices of families in part a reflection of attitudes and knowledge? What is the relationship between attitudes and knowledge? This study posed these questions with regard to family savings behavior in an attempt to add to understanding in this important area of economic activity.     

A Closer Look at Barrier Exchange Options

A barrier exchange option is an exchange option that is knocked out the first time the prices of two underlying assets become equal. Lindset, S., & Persson, S.‐A. (2006) present a simple dynamic replication argument to show that, in the absence of arbitrage, the current value of the barrier exchange option is equal to the difference in the current prices of the underlying assets and that this pricing formula applies irrespective of whether the option is European or American. In this study, we take a closer look at barrier exchange options and show, despite the simplicity of the pricing formula presented by Lindset, S., & Persson, S.‐A. (2006), that the barrier exchange option in fact involves a surprising array of key concepts associated with the pricing of derivative securities including: put–call parity, barrier in–out parity, static vs. dynamic replication, martingale pricing, continuous vs. discontinuous price processes, and numeraires. We provide valuable intuition behind the pricing formula which explains its apparent simplicity. © 2011 Wiley Periodicals, Inc. Jrl Fut Mark 33:29–43, 2013     

A First Look at Hallmark Event Audiences

No abstract available for this article.     

Trade and Standards: A Look at Central America

The relationship between standards, economic development, and trade is at the forefront of policy debate. Standards can accelerate economic efficiency and trade and also act as discriminatory barriers. This paper examines standards in the context of development in Central America. Key aspects of disputes over standards at the World Trade Organization are discussed, along with the reasons why standards matter to development and trade prospects for Central America. The paper recommends ways to leverage shared infrastructure in standards and assist these countries to implement their WTO obligations.     

A New Look at the Antecedents and Consequences of Relationship Quality in the Hotel Service Environment

Abstract

As economic conditions improve, hotels are investing in new ways to improve service quality and perceived value that hopefully will lead to better customer satisfaction and loyalty. This study took a new look, with newly developed scales, at the antecedents and consequences of relationship quality in the hotel service environment to shed new light on the factors hotels have to deal with to achieve their objective of satisfied and loyal customers. Using a structural equation model, it was determined that the tangible and intangible factors of perceived value, timeliness, and hotel facilities are antecedents of hotel quality. Hotel quality, subsequently, is a determinant of both customer satisfaction and loyalty. However, consistent with previous research, customer satisfaction is not a guarantee of customer loyalty.     

中国广告回头看——我们仍需理论

广告人不能没有科学、系统的理论滋养，然而中国多数广告人普遍缺乏。其原因加以概括，姑且归结为以下两条：第一，高校广告专业课程体系的不规范，导致了新生代广告人在知识结构上存在一定差异。国内一些高校广告专业的归口五花八门，在课程设置上缺少科学、权威的统一指导，造成他们的专业素养参次不齐，所谓“科班出身”也就显得苍白。第二，广告是“英雄成名不问出处”的行业，“非科班”出身的从业人员占相当一部分，有时候凭借一句广告语、     

看CCTV,更高更远——解析央视广告经营的“品质路线”

彰显国家媒体的广告品质9月10日,国家广电总局出台了《广播电视广告播出管理办法》（后文简称《办法》）。《办法》明确要求自明年1月1日起,播出机构每套节目每小时商业广告播出时长不得超过12分钟,公益广告播出时长不得少于商业广告时长的3％。     

A Longitudinal Look at Latitudinal Influence on Advertising in China

A north-south comparison of newspaper advertisements reveals that northern advertisements emphasize public and social service products targeted at the general public, while those in the south advertise more consumer and industrial products. Southern advertisements also employ a wider variety of execution styles and use visual illustrations more often.     

改进外贸企业内部控制面面观

<正>一、优化企业控制环境加强和完善企业内部控制,首先应注重企业内部控制环境的建设。控制环境是指对建立、加强或削弱特定政策、程序的各种因素。它直接影响到企业内部控制的贯彻和执行以及企业经营目标及整体战略的实现。在优化控制环境方面,可从以下方面着手:(一)明确职责权限,划分责任中心     

2001年的世界贸易:回顾与展望

2001年是世界经济和贸易发生重大转折的一年。回顾2001年的世界贸易,可以看到三个重要的变化:(1)世界贸易由高速增长急转直下,其增幅还不及过去十年平均增幅的一半;(2)从商品结构和价格趋势看,发展中国家的处境十分不利;(3)南北之间贸易自由化的进程不平衡。展望2002年的世界贸易,由于“9.11”事件在投资和消费方面对人们信心的打击,前景不容乐观。     

Time Allocation and Performance: The Case of Chinese Entrepreneurs

This paper analyses the effect of time allocation on the financial performance of entrepreneurial firms. We apply the Lewbel estimator to a pooled data set of Chinese private manufacturing firms that are managed by their owners. Time is allocated between management, networking, and study activities. After accounting for endogeneity, we find an inverted U-shaped relationship between management hours and firm performance and between networking and firm performance. However, no relationship between time spent studying and firm performance is observed. We also find that the managing hours–performance relationship is particularly strong for companies managed by entrepreneurs who own more than 75% of share, for companies that are managed by owners with previous experience, for male entrepreneurs, and for smaller-sized firms.     

从多米诺效应看中国网站

记得,去年10月美国国会批准向外国高科技工作者提供更多的入境签证,使 H-IB 签证最高发放量达19.5万。德国也不甘落后,将为来自亚洲和东欧的专业人才按照荚国模式大批发绿卡,且下一个目标就是锁定中国的中关村。而英国在去年的财政预算中提出,对 IT 人才放宽发放劳动许可证限制,芬兰则对掌握先进技术的高收入外国人税率减到当地人的58%……然而刚刚还争得烫手的 IT 人才,却突然之间被裁员飓风刮得七零八落。     

Homeownership among Young Americans: A Look at Student Loan Debt and Behavioral Factors

This study uses the National Longitudinal Survey of Youth (1997) to examine the factors that impact homeownership among young adults, with an emphasis on student loan debt. Three key findings arise from the research. First, life cycle and demographic characteristics, such as marital status, education, and income, continue to be strong predictors of homeownership. Married households with a college degree and children are among the most likely to own a home. Second, young adults with student loan debt are no more or less likely to own a home than someone without debt after controlling for a number of factors; however, students who have already paid off their loans are more likely to own a home. Finally, respondents who express a willingness to take risks in finances are more likely to own a home while those who are more conscientious are less likely to own a home.     

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.