Looking Ahead: Opportunities and Challenges for U.S. Manufacturers

Manufacturing has received increased attention in recent years, as it has enhanced its importance in the economy with output and employment gains and as a driving force of U.S. exports. Nonetheless, the sector faces serious challenges as well as opportunities. The challenges are weak global economic growth, burdensome taxes and regulation, and a labor force that is unprepared to meet twenty-first century needs. Opportunities, however, are likely to more than offset the challenges. These are an improving energy environment, an improved climate for international trade, strong productivity growth, and continued strength in innovation.     

Dissemination of Consumer Law and Policy in Brazil: The Impact of EU Law

Journal of Consumer Policy - This paper analyses the influence of European Law on Brazilian Consumer Law. It starts by describing the general features of Brazilian Consumer Protection law,...     

Domain-Specific Consumer Involvement in the U.S. Wine Market

An 18-item multidimensional scale was developed to measure wine consumer involvement level impact on behavior and consumption dynamics. Data were collected at wine tasting events in Portland, Oregon, U.S., yielding a final sample size of 101 respondents. Male wine consumers do not display a higher level of involvement with wine as a product than females, and neither do consumers 45 years and older in comparison with younger consumers. Consumers with high education and income levels do not use these as a basis of their involvement level with wine. Price is not more frequently used by low involvement wine drinkers in the wine purchasing decision.     

‘Consumer Ethics: The Role of Acculturation in U.S. Immigrant Populations’

This study examines the role of acculturation in shaping consumers’ views of ethics. Specifically, it examines the relationships between the desire to keep one’s original culture, the desire to adopt the host culture, and the four dimensions of the Muncy and Vitell (Journal of Business Research Ethics 24(4), 297, 1992) consumer ethics scale. Using two separate immigrant populations – one of former Middle-Eastern residents now living in the U.S. and the other of Asian immigrants in the U.S. – results indicate that those who want to keep their original culture are less tolerant of unethical consumer activities, while those who are more willing to adopt the host culture are more tolerant of these same consumer activities. Furthermore, the immigrants in both studies who are more tolerant of unethical consumer activities are those who are generally somewhat younger and with less formal education. The relationship between gender and consumer ethics was not significant.     

A Survey of Governance Disclosures Among U.S. Firms

Recent years have featured a spate of regulatory action pertaining to the development and/or disclosure of corporate governance structures in response to financial scandals resulting in part from governance failures. During the same period, corporate governance activists and institutional investors increasingly have called for increased voluntary governance disclosure. Despite this attention, there have been relatively few comprehensive studies of governance disclosure practices and response to the regulation. In this study, we examine a sample of 50 U.S. firms and their public disclosure packages from 2004. We find a high degree of variability in the presentation and reporting format choices for many elements of the governance structure. This variability includes several items for which disclosure is mandated by regulators or legislative action. In particular, smaller firms offer fewer disclosures pertaining to independence, board selection procedures, and oversight of management (including whistleblowing procedures). There are also trends associated with board characteristics: boards that are less independent offer fewer disclosures of independence and management oversight matters. Moreover, large firms provide more disclosures of independence standards, board selection procedures, audit committee matters, management control systems, other committee matters, and whistleblowing procedures but do not appear to have a strictly superior information environment when compared to smaller firms. The findings raise questions about compliance with regulatory requirements and the degree to which conflicts of interest between managers and directors are being controlled. While there have been notable improvements in the information environment of governance disclosures, there remain structural issues that may possess negative ramifications for stakeholders.     

中国消费品市场中“漂绿”的治理分析:基于信任的视角

基于中国经济社会处于转型期的背景,运用不完全信息漂绿博弈模型,讨论绿色消费品市场中信任对交易和规制政策效果的影响,发现信任的高低对漂绿现象出现的概率大小和漂绿治理政策的效果起到了关键作用。应通过参与和透明的方式,提高消费者对绿色产品的信任度、消费者和生产者对绿色产品相关规制政策的信任度,最终达到增强漂绿治理政策效果。     

Consumer complaint behaviour in the children's wear market in the U.S.

The purpose of this study is to gain a better understanding of consumer complaint behaviour in the children's wear market. Based upon an economic framework of complaint behaviour, the relationship between selected consumer and product characteristics and complaint behaviour for children's wear was examined by estimating separate logistic regression equations for private and public complaint actions. Variables found to be associated with complaint actions included the price of the item, income, level of dissatisfaction, garment type, family size and age of the youngest child. The results have specific implications for apparel marketers and provide an application of the complaint model to a product category that has not been investigated previously.     

The U.S. Multinational Advertising Agency and Public Policy

The overseas activities of U.S. multinational advertising agencies raise several important public policy issues. Host governments are likely to watch U.S. advertising agencies for unwanted signs of domination over local firms. They will also be sensitive to undesirable cultural influence along with several other real or imagined evils.

The U.S. government is unlikely to have significant interest in the specific activities of multinational advertising agencies. But. advertising agencies should be very wary of the impact of indirect regulation. Agency operation is going to be caught up in the increasing web of legislation designed for general regulation of multinational businesses.     

EU data protection reform: Opportunities and concerns

Last year, the European Commission proposed a comprehensive reform of the EU’s data protection rules. The proposed regulation has been surrounded by fi erce controversy and has been the subject of frenzied lobbying by global corporations, industry groups, research centres and privacy campaigners on both sides of the Atlantic. This Forum applies cool economic reasoning to this heated issue. What are the potential economic benefi ts of EU harmonisation? Will the proposed regulation negatively impact the competitiveness and innovation of European fi rms in the global marketplace? Or could it jeopardise attempts to protect privacy as a fundamental right in civil societies?     

美国和欧盟反倾销法实体规则的比较

美国和欧盟的反倾销法规分属于普通法系和大陆法系两个不同的架构体系,两套反倾销法规在实体规则中关于倾销行为的认定、产业损害的确认、倾销行为与产业损害因果关系的认定以及价格承诺制度、反规避规则、反吸收规则等方面既有极大的相同之处,又存在明显的差异.     

美国和欧盟对华反倾销的比较

近年来,反倾销常常被发达国家在国际贸易中滥用,以限制发展中国家商品进入其国内市场。20世纪90年代初,我国就已经成为世界反倾销控诉的头号受害国,反倾销给我国对外贸易造成了巨大的损失。美国和欧盟作为全球最发达的经济体和我国最重要的贸易伙伴,在我国对外经贸发展中发挥着重要作用。同时,也是对华实施反倾销措施最多的两大经济体。在分别对美国和欧盟对华反倾销的相同点和不同点加以分析后,针对美国和欧盟对华反倾销,我国应从宏观方面和微观方面进行防范。     

Forecasting U.S. Recessions with Probit Stepwise Regression Models

Yield spreads have been repeatedly used in the literature as the top candidates in predicting future recessions. In this paper, we show that existing model specifications are good but fall short of the performance of more complete models. Applying a probit stepwise regression procedure to a large number of economic indicators, we find models that dramatically outperform those used in the literature. Due to a time series that only began in 1964Q1 and very few historical recessions, any model specification may capture only a few of the economy’s many aspects and thus can potentially be biased. Nevertheless, models with better statistical properties should have a better chance to capture the occurrence of recession. Our chosen models are not immune to statistical limitations but should forecast better than the existing models in the literature.     

欧美国家边境地区的一体化效应及其启示

本文根据边境地区的一体化效应理论,比较了美国-墨西哥边境地区和欧洲部分地区在一体化进程中不同的发展效应,分析了效应差异的原因和形成机制,指出一体化对边境地区发展的促进作用是不确定的,影响一体化效应的因素十分复杂.并以云南边境地区存在的各种贸易障碍为例,指出只有采取多层次的系统整合措施才能消除众多的发展障碍,发挥一体化对边境地区的促进作用.     

An Examination of Dividend Policy in the U.S. Restaurant Industry

Abstract

We examine the potential role that agency costs have on dividend payout policy in the restaurant industry. Specifically, we hypothesize that dividends serve to constrain the actions of management. Interest payments also have the same effect, and in a sense, may act as an effective substitute for dividend payments. Furthermore, the larger number of firm owners, the greater the need for dividends to control agency costs. Our findings show significant differences in debt ratios and the number of shareholders between restaurant firms that pay dividends and those that do not.     

An Exploration of U.S. Consumer Perceptions and Affect: Two Forms of a Soy-Based Food Product

ABSTRACT

This article focuses on a consumer comparison of fresh tofu and frozen tofu, and the investigation of consumer perceptions of and responses to, both products. A literature review of consumer perceptions and attitudes toward soy products was carried out. Consumer perceptions and affect were then qualitatively investigated using separate focus groups composed of “soy-users” and “health conscious” consumers. Extensive taste tests of the product, using five different recipes, comparing and contrasting frozen versus fresh forms of tofu were conducted to obtain sensory evaluations. The results indicate that many consumers are unfamiliar with the product, yet tofu is perceived to be an acceptable food for those inclined to use soy-based products, as well as those who are otherwise healthy eating conscious. In taste tests, it was found that the recipes in which tofu was disguised were preferred. In addition, frozen tofu was generally found not to be perceived as markedly different from the fresh product. Implications of the findings for marketing fresh and frozen forms of tofu are discussed.     

Consumer boycotts: The impact of the Iraq war on French wine sales in the U.S.

The French opposition to the war in Iraq in early 2003 prompted calls for a boycott of French wine in the US. We measure the magnitude of consumers’ participation in the boycott, and look at basic evidence of who participates. Conservative estimates indicate that the boycott resulted in 26% lower weekly sales at its peak, and 13% lower sales over the 6 months period that we estimate the boycott lasted. Although theory suggests consumers would not participate in boycotts due to a free-rider problem, these findings indicate that businesses should be concerned that consumers may boycott their products. We also find that neither political preferences nor media attention are important determinants of boycott participation.

美欧暗示对农业补贴让步 欧洲商界呼吁多哈回合不能半途而废

美国和欧盟的贸易谈判代表4月底暗示,有可能在农业补贴问题上做出进一步让步,这为陷入停滞的WTO新一轮多边贸易谈判带来了转机.     

警惕反规避调查成为新贸易壁垒——国内企业“走出去”遭遇新障碍

反规避调查条款是1980年代初，由欧美从反倾销实践中发展起来的，是反倾销规则的一部分，虽至今未成为WTO《反倾销协议》的内容，但欧美却频繁使用之。因为反规避调查条款的使用，往往不需要进行调查就可以征收高额的反倾销税，达到“屏蔽”他国商品的目的，我们应警惕和防范其成为新的国际贸易壁垒。