Emotional contagion triggered by online consumer reviews: Evidence from a neuroscience study

People tend to align with the emotional state of the person that is talking to them (the observed). Similarly, while processing information consumers can also experience this emotional contagion. Emotional contagion can activate in those who process information (the observer) similar responses in the autonomic nervous system and the neural responses as in those who create such information (the observed), triggering a certain level of arousal. Neuroscience enables researchers to study emotional contagion by monitoring the activation of neural structures and physiological responses. This study draws on the theory of arousal to investigate how different combinations of online consumer review (OCR) valence can trigger different emotions and customer experiences in the observer (the one who reads the OCRs). This study conducts a consumer neuroscience experiment to monitor emotional arousal. The physiological analyses (through skin conductance response) confirm that the emotional arousal of the observer aligns with that of the observed. The neural analyses (through electroencephalography) show the valence of the arousal, which indicates that negative OCRs activate arousal and pleasure in the observer, while positive OCRs are associated with arousal deactivation and displeasure.     

利用时频域稀疏性的LFM信号盲源分离方法

信号分离是雷达电子对抗的重要环节。考虑到雷达信号在时频域具有稀疏性的特点,在独立分量分析的基础上,提出了一种基于时频域稀疏性的线性调频雷达信号盲源分离方法。首先对混合信号进行短时傅里叶变换,在每个频点利用自然梯度算法分离信号,由分离信号幅度的比值作为对源信号后验概率的估计;然后根据相邻频点后验概率序列的相关性进行排序,确保各个频点的分离信号属于同一个源信号;最后设计时频掩码分离信号。进行了线性调频雷达信号卷积混合的盲分离实验,所提方法分离结果明显优于传统独立分量分析方法的分离结果,验证了该方法的有效性。     

Market integration and contagion: Evidence from Asian emerging stock and foreign exchange markets

This paper examines whether Asian emerging stock markets (India, Korea, Malaysia, Philippines, Taiwan, and Thailand) have become integrated into world capital markets since their official liberalization dates by estimating and testing a dynamic integrated international capital asset pricing model (ICAPM) in the absence of purchasing power parity (PPP) using an asymmetric multivariate GARCH(1,1)-in-Mean approach. Also examined in this paper is whether there are pure contagion effects between stock and foreign exchange markets for each Asian country during the 1997 Asian crisis. The empirical results show that first, both currency and world market risks are priced and time-varying, suggesting that an international asset pricing model under PPP and constant price of risk might give rise to model misspecification. Second, the stock markets for India, Korea, Malaysia, Philippines, and Thailand were segmented from the world capital markets before their liberalization dates, but all six markets have become fully integrated since then. Third, the market liberalization has reduced the cost of capital and price volatility for most of the countries. Finally, as for the contagion effects, strong positive impact of return shocks originating from the domestic stock market to its foreign exchange market during the crisis is found. This dynamic relationship between stock market and foreign exchange market is consistent with stock-oriented exchange rate models.     

Tail systemic risk and contagion: Evidence from the Brazilian and Latin America banking network

In this study the tail systemic risk of the Brazilian banking system is examined, using the conditional quantile as the risk measure. Multivariate conditional dependence between Brazilian banks is modelled with a vine copula hierarchical structure. The results demonstrate that Brazilian financial systemic risk increased drastically during the global financial crisis period. Our empirical findings show that Bradesco and Itaú are the origin of the larger systemic shocks from the banking system to the financial system network, the real economy, and the region. The results have implications for the capital regulation of financial institutions and for risk managers' decisions.     

双星时差频差定位体制在频域混叠电磁环境下的应用

现代战场电磁环境复杂,不同类型电磁信号在时频域碰撞混叠,现有常规侦察手段对此类信号的定位应用受到严重制约。双星时差频差定位体制通过互模糊函数求解信号到达时差和频差,分离频域混叠信号并获得高达公里量级的定位精度,非常适合于复杂电磁环境下的应用。通过求解模糊函数的方法分析了时差频差体制对频域混叠信号的分离和定位能力,然后结合美航母编队及其电磁环境构成,探讨了这一能力在监视航母编队,尤其是跟踪识别编队个体成员的具体应用。仿真与分析结果证明了双星时差频差定位体制的优势,对于天基侦察系统的建设具有重要意义。     

一种并行传输的时频域扩频多载波DS-CDMA系统性能分析

提出了一种并行传输的时频域扩频多载波DS-CDMA系统,它先将传输数据进行串并转 换而后经过时域和频域两次扩频。在不改变传输数据速率和扩频增益的情况下,并行传输可 以增大符号时间和降低码片速率,从而提高信号的抗频率选择性衰落的能力和实现低速率信 号处理。采用码片匹配滤波的方式对信号进行接收,分析了高斯信道下的单用户检测性能并 推导了误比特率表达式。研究表明,在此系统中串并转换比与码片速率的降低和子载波个 数成正比,而与误比特率无关;不存在比特间干扰;多用户干扰只存在于同一子载波传输的 不同用户的数据比特之间,且可通过采用正交时域扩频码来消除;误比特率随用户数量的增 加而增加,而随每比特信噪比和扩频增益的增加而降低;在带宽受限的情况下,可通过合理 设置串并装换比、时域和频域扩频增益参数来简化系统实现,满足误比特率的性能需求。     

组合幂调频信号的时频移估计

为了准确估计接收信号的时频移参数和降低估计复杂度,设计了一种组合幂调频（CPFM）信号,该信号由具有时间间隔的正负幂调频（PFM）信号构成,并提出了基于CPFM信号的时频移估计算法。在算法中首先将CPFM信号降阶,然后独立地估计时延和频移,即采用三次相位函数（CPF）估计时延,通过正负PFM相位相消后再估计频移。相比于分数阶傅里叶变换（FRFT）时频移估计算法,所提算法避免了时延估计对频移估计的影响,而且仅需两次一维搜索,降低了计算量。仿真结果表明,该算法能准确地估计CPFM信号的时延和频移,并且频移估计均方误差（MSE）接近克拉美劳下界（CRLB）。     

Financial crises and contagion vulnerability of MENA stock markets

This paper examines contagion vulnerability and the international and regional financial linkages of the MENA stock markets. The degree of vulnerability of those markets to global and regional financial crises will have important bearings on the respective economies' growth rate, and on their ability to diversify international and regional portfolios. Granger causality tests and impulse response functions reveal that while the GCC equity markets still offer international investors portfolio diversification potentials, those markets are relatively less vulnerable to global and regional financial crises. Moreover, even though the remaining MENA stock markets of Egypt, Morocco, and Tunisia have matured and are now financially integrated with the world stock markets, they tend to exhibit more vulnerability to regional and international financial crises. Their vulnerability to international financial crises is due, on the one hand, to weak regional integration, and to greater economic and financial integration with the more advanced economies on the other.     

Conceptualization of enterprise systems education using an experiential learning framework

The use of enterprise systems to facilitate cross-functional integration within an organization's functional areas is becoming increasingly important. Business schools around the globe have realized the importance of using enterprise systems to facilitate the teaching of business processes and business processes transformation. The authors adopt an experiential learning pedagogical framework for enterprise systems education to conceptualize the results of the experience obtained by using experiential learning in one enterprise systems course.     

Exploring consumer purchase intentions and behavior of buying ayurveda products using SOBC framework

The research intended to study the consumer's buying behaviour of Ayurveda products by examining factors that influence consumer's buying decision. Stimuli-Organism-Behaviour-Consequence (SOBC) framework was deployed to test 1316 responses collected using a structured questionnaire. Analysis was performed using CB-SEM method while demographic variables were used as moderator. The four dimensions used in the study, including Stimuli (Health consciousness, Product attribute); Organism (Product availability. Ethnocentrism and Environmental and Sustainability Orientation); Behaviour (Customer beliefs and Purchase intention) and Consequence (Buying behaviour) were found to hold positive association as hypothesized. House-hold income and educational qualification moderated the relationship between organisms and behaviour as well as behaviour and consequence. SOBC model is unique in context of traditional/culture oriented products. The constructs incorporated in the SOBC model provides novelty to the study. Inclusion of Ethnocentrism and Product Availability as Organism have not been examined in the previous studies. The study adds to current literature on consumer behaviour specifically in the context of traditional products. Identifying Health Consciousness in the context of generic Ayurveda products with a unique set of variables contributes to the literature.The identification of stimuli causing behaviour such as health consciousness and product attribute and organisms that influence behavioural response including product availability ethnocentrism as well as environmental and sustainability orientation provide consumer insights to marketers and firms dealing in traditional products. The perspective on consumer beliefs provide directions of policy formulation to governments.     

Understanding the sequential interdependence of mobile app adoption within and across categories

This research examines the interdependencies in users’ sequential app adoptions within and across diverse app categories. We employ a Zero-inflated Negative Binomial (ZINB) model to analyze a unique, granular, and individual-level mobile app adoption dataset, revealing three main findings. First, users’ app adoption decisions are highly history-dependent and category-specific in a nonlinear fashion. Early adoption can enhance subsequent downloads within the same category for app categories with high needs evolvement and horizontal differentiation (e.g., Game and Education apps). However, it may crowd out subsequent downloads in other categories with low needs evolvement and horizontal differentiation (e.g., Communication and Social media apps). Second, these effects are further moderated by users’ individual characteristics such as app usage tenure and phone price. Third, there exist nontrivial app adoption spillovers across app categories. For example, users’ adoptions of apps with relatively high hedonic values (e.g., Game and Music apps) can suppress their subsequent need for apps with relatively high utilitarian values (e.g., Education and Online banking apps), and vice versa. Together, these results offer novel managerial implications for app developers and platforms to promote apps in different categories based on users’ adoption histories.     

利用精密单点定位技术评估晶振频率稳定度

在评估晶振频率稳定度时,目前常用一个频率稳定度比待测晶振高3倍以上的时钟作为参考,造成测试成本高昂。在分析精密单点定位（Precise Point Positioning,PPP）技术原理的基础上,提出了一种基于PPP技术的频率稳定度评估方法,并利用该方法对一款秒稳达到10-12的高稳定度恒温晶振（Oven Controlled Crystal Oscillator,OCXO）进行了评估,评估结果与利用氢原子钟为参考的传统频率稳定度评估方法基本吻合。最后给出了该方法对不同等级晶振的评估能力。该方法结构简单,测试方便且成本低廉,能满足常用时频设备（如通信设备、卫星导航接收机）的晶振评估需求。     

Antecedents of patent value using exchange option models: Evidence from a panel data analysis

This paper examines the patent impact factor by an empirical study using panel data. To investigate the impact factor of patent value, this study conducts a sensitivity analysis of a patent evaluation model within the framework of a real option, while considering the uncertainties associated with both patent counts and the amount of R&D per patent, and develops an empirical analysis method for examining the impact factor of a patent using an unbalanced two-way fixed effects model. The empirical results indicate that the increase of patent value accords with the increase in the patent counts, volatility and patent lifetime. Although patent value declines with the amount of R&D per patent, the impact is not significant. However, reducing cost, raising patent counts and enhancing innovation efficiency offer a feasible method for a firm to increase patent value.     

Time and frequency domain causality Testing: The causal linkage between FDI and economic risk for the case of Turkey

This study aims to explore the causal relationship between economic risk and foreign direct investment (FDI) inflows for the case of Turkey. With the aim of establishing robust findings for the research in mind, both traditional and modern causality techniques are utilized; time domain Granger (1969, “Investigating Causal Relations by Econometric Models and Cross-Spectral Methods.” Econometrica 37: 424–438.), Toda and Yamamoto (1995, “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes.” Journal of Econometrics 66 (1–2): 225–250.), Fourier Toda-Yamamoto and frequency domain Breitung and Candelon (2006, “Testing for short- and long-run causality: A frequency-domain approach.” Journal of Econometrics 132 (2): 363–378.) spectral causality test. Our empirical findings reveal that; economic risk changes in Turkey significantly lead to changes in FDI inflows. However, there is no evidence of causality running from FDI to economic risk. The findings imply that economic risk is an essential determinant of FDI inflows in Turkey. Our findings are compatible with historical macroeconomic developments in Turkey and imply important policy implications. The results of this study can be generalized for other emerging economies that have similar macroeconomic environments, in order to create useful policy implications regarding FDI inflow.     

Exploring the effects of using consumer culture as a unifying pedagogical framework on the ethical perceptions of MBA students

Although ethics education within the business curriculum has been receiving attention, much is unknown about the effectiveness of such education, particularly when it is integrated into the curriculum. This study looks at selected short‐term effects produced by one form of integrated ethics instruction in an introductory marketing course in a graduate business MBA program in the United States. Specifically, students were introduced to an examination of consumer culture as a unifying framework to explore the ethics of decision making. As a consequence of taking the course, students are hypothesized to hold less favorable attitudes toward consumer culture (love of money, materialism, possession satisfaction index, prestige sensitivity) relative to the attitudes held at the start of the course. Interestingly, few attitudinal changes are observed. Where changes in attitudes are observed, the relationships are in the opposite direction to that hypothesized.     

Currency substitution,money growth rules,and the interdependence of monetary policy

This paper examines the interdependence of national monetary policies under flexible exchange rates when national currencies are seen as substitutes for one another. It is shown that the efficacy of a constant monetary growth rule as a means of controlling a country's price level depends on the policies of foreign central banks. These results are in contrast to those found under flexible exchange rates and no currency substitution. The role of monetary growth rules in a world of currency substitution is discussed.     

Network-based estimation of systematic and idiosyncratic contagion: The case of Chinese financial institutions

To distinguish systematic and idiosyncratic contagion during financial crises has attracted increasing attention because it can shed light on the potential drivers of contagion. However, the existing methods for distinguishing the two types of contagion cannot work with a large number of institutions. Therefore, this paper innovatively proposes a network-based framework which is able to distinguish the two types of contagion among numerous institutions. By applying the framework to the publicly listed Chinese financial institutions, we've figured out the main drivers of contagion during three financial crises, beneficial for understanding financial stability in China better.     

Board-management relations in small firms: The paradox of simultaneous independence and interdependence

The author introduces constructs based on neo-classical and socio-economic assumptions, and argues that board-management relations should be characterized by both independence and interdependence. Interdependence is especially important in small firms. The article presents a model of directorates from research about directorates based on agency theory assumptions. This model is supplemented with constructs from the theory of contractual relations. Whilst traditional literature tends to focus upon independence from an agency theory perspective, this article argues that it is necessary to use more than one dimension of attributes regarding the board-management relations in order to understand the board's contribution to company performance, and that trust and solidarity is especially important in small firms. Board-management relations described by simultaneous independence and interdependence are proposed to give the highest contribution to company performance. The theoretical propositions are exemplified and supported by results of a field survey of directorates in small firms.