Dynamic Volume-Return Relation of Individual Stocks

We examine the dynamic relation between return and volume ofindividual stocks. Using a simple model in which investors tradeto share risk or speculate on private information, we show thatreturns generated by risk-sharing trades tend to reverse themselves,while returns generated by speculative trades tend to continuethemselves. We test this theoretical prediction by analyzingthe relation between daily volume and first-order return autocorrelationfor individual stocks listed on the NYSE and AMEX. We find thatthe cross-sectional variation in the relation between volumeand return autocorrelation is related to the extent of informedtrading in a manner consistent with the theoretical prediction.     

Group diversity and decision quality: Amplification and attenuation of the framing effect

Do groups make better judgments and decisions than individuals? We tested the hypothesis that the advantage of groups over individuals in decision-making depends on the group composition. Our study used susceptibility to the framing effect as a measure of decision quality. Individuals were assigned to one of two perspectives on a choice problem. The individuals were asked to indicate their individual preference between a risky option and a risk-free option. Next, they were asked to consider the same (or a related) choice problem as a group. Homogeneous groups were composed of similarly framed individuals, while the heterogeneous ones were composed of differently framed individuals. In comparison to individual preferences, the homogeneous groups’ preferences were polarized, and thus the framing effect was amplified; in contrast, the heterogeneous groups’ preferences converged, and thus the framing effect was reduced to zero. The findings are discussed with regard to group polarization, the effects of heterogeneity on group performance, and the Delphi forecasting method.     

The (non)equivalence of optimal tariffs and quotas under uncertainty

Tariffs and quotas are compared as instruments for restricting imports to improve the terms of trade in a world in which domestic and/or foreign supply and demand conditions are stochastic. The two instruments are not generally equivalent in their welfare effects, and furthermore there is no general presumption in favour of one instrument over the other. In a particular model, characterized by linear supply and demand curves for imports, quotas are more likely to be superior when the predominant source of uncertainty is with respect to foreign supply conditions and when the supply of imports is inelastic.     

Tourism,faith and politics in the Holy Land: an ideological analysis of evangelical pilgrimage

This article aims to enhance the discussion of the role of ideology in the development of tourism practices through a closer examination of the case of Christian pilgrimage. The analysis focuses on the theo-political ideology of Christian Zionism and its roles and manifestations in the context of evangelical pilgrimages to Israel. Findings suggest that ideological dynamics within the development of these tours can be discussed by distinguishing between four tourism actors, namely, ideological organizations, tour organizers, Israeli officials, and the tourists. We suggest that these actors can be differentiated from each other in accordance with their ideological roles and orientations. Additionally, by demonstrating the similar utilization of pilgrimage by theo-political opponents of Christian Zionism, such as Sabeel and FOSNA, this article illustrates how pilgrimage to the Holy Land has become an arena for competition between these two rival ideologies within the Evangelical movement. The article concludes with a discussion on the role of pilgrimages to Israel as a platform through which theo-political ideologies are manifested, distributed, utilized, and consumed.     

Factor market rivalry and interindustry competitive dynamics

We study competitive dynamics by using 10 years of data from the biotech industry on patent infringement lawsuits because they capture offensive actions and defensive responses. Results suggest that larger patent portfolios, long‐term partnerships, and short‐term agreements lead to factor market rivalry. Specifically, long‐term research partnerships are associated with lower proclivity and vulnerability to attack, while short‐term licensing and marketing agreements with increased proclivity and vulnerability to attack. Lastly, although nonbiotech companies attack biotech firms, the proclivity of the latter to launch cross‐industry attacks is not significant. We discuss how the results contribute to competitive dynamics research and theory.     

Changing Food Consumption of Households in Developing Countries: A Bangladesh Case

Increasing incomes, urbanization, and population growth are transforming developing countries. This structural transformation is changing lifestyles and consequently food consumption and agri-food systems. The present study uses Bangladesh as a case study, a rapidly growing developing economy in South Asia to examine the changing food consumption pattern. Using information from more than 29,000 households, the present study demonstrates that, with the increase in income and urbanization, this traditional rice-consuming country is increasingly consuming more wheat. The changes in the relative consumption in Bangladesh are prominent both in rural and urban areas. The literature often is based on the premise that with increasing income, households switch from staple cereals to high food-value items. The present study highlights the need to also consider within-staple substitution.     

Cannabis Usage in Tourism: sA Sociological Perspective

Abstract

The present study aims to investigate the social forces that shape tourists’ motives in consuming cannabis while on vacation. The underlying premise of this paper is that cannabis consumption in tourism is driven and influenced by the wider process of the normalization of cannabis use in Western societies and, therefore, should be examined in this context. Using a grounded theory approach, this study suggests four umbrella groups of motivations to consume cannabis while traveling: experimentation, pleasure and diversion‐seeking, quest for authenticity, and accessible purchasing. Each category is illuminated and discussed, respectively, in the light of four theoretical explanations: loosening of social control, the leisure behavioral continuum, shaping and manifestation of social identity, and smuggling as a deviant career. Given the lack of previous research, it is suggested that these explanations can be viewed as an initial framework for further investigation of this under‐explored topic. The paper concludes by examining several theoretical and epistemological issues revolving around the relationships between cannabis use, tourism and everyday life.     

Stock Returns and Exchange Rate Nexus in Ghana: A Bayesian Quantile Regression Approach

This paper presents analysis of the relationship and dependence structure between stock returns and exchange rates in Ghana using data of daily periodicity from January 4, 2011 to July 31, 2014. Analyses are conducted by means of Bayesian quantile regression (QR) technique and multiple causality tests. Our findings suggest high dependence of the equity market on the foreign exchange market in Ghana, and that the link between the two markets follows the international trade‐oriented model more than the portfolio balance theory. We report that among the six exchange rates used, only the cedi–dollar registers instantaneous effect on the equity market.     

Strategies for sustainable intensification in East African highlands: labor use and input efficiency

Strategies for poverty alleviation and sustainable natural resource management usually focus on land use options for improving yields. Increasing the returns to critical factors requires possibilities for input substitution. Inadequate timing of input applications or nonavailability of complementary factors can seriously hinder this substitution. Such constraints particularly apply in less‐favored areas where soil organic matter content is too low for enabling efficient nutrient uptake and soil structure limits water infiltration and moisture retention. This article focuses attention on the importance of labor for crop management activities and input applications that enhance input efficiency in highland area cropping systems of Northern Ethiopia. Given the inherent complementarities between labor and nutrient supply during critical phases of the plant growth process, input efficiency strongly depends on labor use. We present a semiparametric bioeconomic modeling approach to analyze the available options for improving input efficiency in agricultural production. Input response equations are used that consider the returns per unit of land and labor as a function of specific combinations of material inputs and management practices. Critical trade‐offs may arise when opportunity costs for labor are considered or when complementary factors appear as binding constraints. The model enables assessment of feasible pathways for enhancing sustainable intensification and poverty alleviation in typical settings of the East African highland region.