Dynamic tariffs with asymmetric information

Recent developments in dynamic game theory are applied to determine when two countries can sustain freer trade given that they determine trade policies non-cooperatively. Countries know their own level of protection, but not the other country's level of protection. Using import trigger strategies, cooperation (in the form of low tariffs) can be supported, although there are periodic reversionary (high tariff) episodes. However, if terms of trade trigger strategies are used, cooperation does not occur.     

Online shoppers in Australia: dealing with problems

Although the Internet is a convenient platform to conduct commercial transactions, consumers are disadvantaged in the online marketplace due to insufficient information about goods and services as well as business and transaction process, lack of access to redress and several other problems. The number of complaints regarding online transactions increased in Australia from 2001 to 2005, and the number of Internet‐fraud related complaints reported to Consumer Sentinel (USA ) also increased from 2003 to 2006. This, in turn, has undermined consumer trust and impeded the growth of e‐retailing as well as added to the fear among e‐consumers of falling prey to online fraud. In spite of this, the nature and effectiveness of e‐consumer protection has not been adequately studied, notwithstanding extensive research into other aspects of e‐retailing. This article examines (i) the level of awareness of the respondents in the survey in Australia of the current policy framework for addressing consumer protection about online shopping in terms of redress; and (ii) the behaviour of the two groups of respondents in this survey who have and have not encountered problems with online purchases. The findings suggest that most respondents are not aware of the following issues, namely (i) which organizations are involved in e‐consumer protection; (ii) government regulations and guidelines; (iii) industry codes of conduct; (iv) self‐regulatory approaches adopted by business; and (v) the activities of consumer associations to protect consumers in the online marketplace. The findings also show that most respondents would seek redress if they were unhappy with their online purchases and if they knew how to proceed, and that most of them would settle disputes directly with e‐retailers. Also, online shoppers who had encountered problems were more likely to continue purchasing via the Internet than online shoppers who had not encountered any problems. This suggests that respondents find that the benefits offered by e‐retailing outweigh the risks associated with it.     

Using the Capital Assets Pricing Model for risk management—A tool for multinational corporation managers

In this article, using a theoretical model and empirical analysis, we show how multinational corporations (MNCs) can utilize the fundamentals of the Capital Assets Pricing Model (CAPM) to formulate a strategic risk management in a global economy. We show that MNCs with branches all over the world, specifically those that specialize in nontradable goods (e.g., McDonald's), should consider each country's beta as the appropriate measure of the relevant risk attached to the location in the country. Finally, using data from the most recent world economic crisis (the subprime crisis), we show that during a world economic crisis the loss of growth will be significantly higher in countries with higher betas, and lower in those with lower betas. © 2011 Wiley Periodicals, Inc.     

Roles of a preselling strategy under asymmetric information

Marketing Letters - In many product markets, one firm may provide an option to buy ahead of time. In this circumstance, customers inevitably make a purchase decision under uncertainty on the future...     

Entrepreneurial alertness and asymmetric information in a spin-glass model

The purpose of this article is to investigate the relative role played by alertness and asymmetric information on entrepreneurial decisions. The article presents a model in which an individual decides whether to become an entrepreneur based on her alertness and on the information available in her environment. Spin-glass simulations are used to illustrate the dynamics of the decisional process. According to the results, more alert agents have higher probabilities of exhibiting entrepreneurial behavior. However, if information is evenly distributed, the number of entrepreneurs is shown to remain low even when agents are highly alert. If, on the other hand, information is not evenly distributed, entrepreneurship is shown to increase and concentrate geographically. These results are consistent with observed clustering of entrepreneurial activity. In addition, entrepreneurship is identified as a path-dependent phenomenon. As a result, the model suggests that certain political and institutional settings are more conducive to entrepreneurship than others and implies that short-term policies aimed at increasing the prevalence of entrepreneurship are likely to be ineffective.     

Pricing Eurodollar Futures Options with the Heath—Jarrow—Morton Model

This article uses the algorithm developed by Ritchken and Sankarasubramanian (1995) to make comparisons among the Heath—Jarrow—Morton (HJM) models (Heath, Jarrow, & Morton, 1992) with different volatility structures in pricing the Eurodollar futures options. We show that the differences among the HJM models as well as the difference between the HJM models and Black's model can be insignificant when the volatility of the forward rate is relatively small. Moreover, our findings imply that the difference between the American‐style and European‐style options is insignificant for options with a life of less than 1 year. However, the difference can be significant for options with a 1‐year maturity, the difference depending on the exercise price. Finally, our tests indicate that the difference between the forward price and the futures price is insignificant if the volatility parameter is low enough and when the volatility of the spot rate is proportional to the spot rate. A higher volatility parameter can lead to a significant difference between the forward price and the futures price, although its impact on the price of the options will still be trivial. © 2001 John Wiley & Sons, Inc. Jrl Fut Mark 21: 655–680, 2001     

Tariff and quota equivalence in the presence of asymmetric information

This paper investigates the equivalence of optimal import tariffs and quotas in a Cournot duopoly model when firms have more information about demand than the domestic government. I consider a screening model in which the government offers the domestic firm different contracts from which to choose. I show that the availability and cost of obtaining correct information from the firm depends upon the choice of trade policy instrument. Asymmetric information thus destroys the equivalence of tariffs and quotas, which prevails under complete information, and has a profound impact on how government, firms, and consumers rank different trade policy instruments.     

中国民营企业如何应对反倾销

加入WTO后，中国已经成为出口产品遭受反倾销调查最多的国家之一，从相关数据看，截止到2003年10月我国遭到外国反倾销调查已达502起，但对外反倾销调查只有21起。为此，有关部门出台了反倾销、反补贴和保障措施的相关条例，企业领导、政府官员开始加快补充经济和法律知识，了解国际贸易规则的步伐，以应对越来越多的经济纠纷：反倾销，作为加入WTO后中国企业开拓国际市场所面临的重要障碍，应诉反倾销的能力将是检验一个企业能否立足国际市场的重要标准。     

Social responsibility in the marketplace: asymmetric information in food labelling

This paper takes as its focus the adoption by the Co-operative Wholesale Society of what appears to be a socially responsible stance on food labelling practice and policy through the publication of a public report and a proposed code of practice. The central issue in the debate surrounding labelling is the question of ‘asymmetric information’ (when one party knows more about a product than the other). In order to function, markets need perfect information. The existence of asymmetric information gives rise to ‘market failure’ which prevents the ‘free market’ from functioning according to the laissez faire model. It can be argued that regulation will overcome this problem. However, this paper counters this argument on several grounds. In the first part of the paper labelling is examined as a textual construction, and ethical dimensions are revealed through an awareness of discourse and signification, which gives rise to a view of packaging as a version of reality partially built through connotation and association. The second part of the paper examines political and regulatory concerns. Marketing and economic theories are discussed in terms of their impact upon ethical issues in food labelling. Sense is made of various arguments about the policy and practice of food regulation – particularly in the wake of the James Report calling for the establishment of a Food Standards Agency. Tactics for resisting regulation are also examined. The paper analyses the role and motivation of the CWS in taking these steps. Consideration is given to the issue of where responsibility for information giving and public health education might lie, and what phenomena act as barriers to increased public awareness and action on dietary matters. Finally the debate over food labelling is used as an example of why it is problematic (and possibly unethical) to promote the free market model as the only sensible alternative to other modes of economic organisation.     

Crisis management in information system projects: lessons of a case study

This case study is reflective of the action‐research perspective documents applied in an intervention to manage a crisis during an information technology development project. The aim was to better understand how tools used to solve unstructured problems might help resolve such crises. The development and implementation of an intervention utilizing multiple tools is described. As a result of the intervention, a shared meaning of the crisis emerged among the major stakeholders along with a consensus as to appropriate solutions and action steps. Work on the project resumed to the satisfaction of management. Recommendations for future research are offered. Copyright © 2010 ASAC. Published by John Wiley & Sons, Ltd.     

探讨企业会计信息质量问题

会计信息是把企业财务状况、经营成果和现金流量等信息,传递给同该企业有着利害关系的人们,让他们了解企业的过去、现在和未来,通过决策来调节该企业的经营活动和对该企业的投资、信贷等活动,以使企业管理当局能采取最有效的措施,降低成本、提高盈利,实现有利的现金流量.全文希望通过对当前会计信息质量存在的问题进行分析,找出解决策,希望提高企业会计信息质量水平有积极的借鉴意义.     

会计信息化实施中的问题与对策

本文介绍了会计信息化的特点及其涵义,针对实施中存在的问题与如何应对进行了分析与探讨。     

Why some are more equal: Family firm heterogeneity and the effect on management’s attention to CSR

Research at the family firm–Corporate Social Responsibility (CSR) nexus lacks agreement about whether family firms are more or less socially responsible than their non‐family counterparts, which leads discussion relating to the bright and dark side of socioemotional wealth (SEW). We add to this ongoing debate in two different ways. First, we build on family firm heterogeneity and argue for a gray side to SEW, located between the bright and dark sides that is dependent upon the kind of family firm ownership. Second, we assume that prior research on a diverse set of CSR behaviors may, to some extent, explain the contradicting results; thus, we propose going back a step and focusing on management’s attention to CSR as an important antecedent of CSR behavior. By analyzing the letters to the shareholders of German HDAX firms from 2003 to 2012, this study finds that family ownership positively affects management’s attention to CSR, mainly driven by founders and family foundations. The research adds to our understanding of the family firm–CSR nexus by scrutinizing the role SEW plays in management’s attention to CSR when it comes to family firm heterogeneity.     

Sequential technology adoption with asymmetric firms

Abstract

We analyse the incentives and welfare implications of costly technology adoption in a two-period duopoly model where firms have different amounts of capital. We also extend our framework to an open economy set-up and examine the relationship between trade and technology adoption. Our findings are as follows. First, no monotone relationship exists between the threshold cost of adoption and capital shares. Second, an unequal distribution of capital, despite lessening competition, can increase total surplus. Third, trade generally encourages adoption of modern technology unless the share of capital for the adopters is too low.     

对吗啉残液处理方法的研究

本文介绍了吗啉残液处理的现状及对新方法的研究。