Travel behavior within Canada’s older population: a cohort analysis

The unprecedented demographic change of the aging Canadian society has raised numerous questions, including the provision of health care and the national pension plan to an increasingly large older population. Surprisingly, however, there is little Canadian literature regarding the travel behavior of its older population, an oversight that this paper addresses. Using the 1986, 1992, and 1998 General Social Surveys and pseudo-cohort methods, this paper addresses changing driving behavior among older Canadians, and compares the ‘old’ and ‘transitional old’ to younger-aged cohorts. Results indicate that while older Canadians undertake fewer trips, and travel for different reasons than those in the labor force, their reliance upon the private automobile for transportation is no less significant. Specifically, we demonstrate that the number of trips by car with older drivers increase over the study period as the population ages.     

Portfolio construction incorporating asymmetric dependence structures: a user's guide

We outline a method of portfolio selection incorporating asymmetric dependency structures using copula functions. Assuming normally distributed marginal returns, we illustrate how asymmetric return correlations affect the efficient frontier and subsequent portfolio performance under a dynamic rebalancing framework. Implementing this methodology within the context of tactically allocating a small set of market indices, we demonstrate several key findings. First, we establish the manner by which the efficient frontier constructed under asymmetric dependence differs from a mean‐variance frontier. By establishing a paper portfolio based on these differences, we find that asymmetric correlation structures do have real economic value. The primary source of this economic value is the ability to better protect portfolio value and reduce the size of any erosion in return relative to the normal portfolio when asymmetric return correlations are accounted for.     

Audit Qualifications of Income‐Decreasing Accounting Choices*

In this study we conduct an experiment to examine how qualifying an income‐decreasing accounting change in years of strong financial performance affects financial report users' assessments of strategic reporting, current financial performance, and future financial performance (performance over the next three years). We find that without the qualification, users viewed the income‐decreasing accounting change as relatively nonstrategic and that user assessments of current and future performance were not different. In the presence of the qualification, users believed that the accounting change was relatively strategic, and they discounted the income effect of the accounting change. We find further that their assessments of future performance were below their assessments of current performance but no different from the assessments of future performance in the absence of the qualification. Although our findings suggest that audit qualifications encourage users to be skeptical of income‐decreasing accounting changes, we find no evidence that they impose negative consequences on management in terms of lower assessments of financial performance.     

一个美国学者眼中的中国政府信息公开制度

一个全国性的政府信息公开条例,将对中国的政治改革起到重要的推动作用耶鲁大学中国法律研究中心一直在关注中国的政府信息公开进程,包括对上海的相关规定起草提供了意见。在有了三年多的地方经验后,中国国务院可能将会公布中国第一个全国性的政府信息公开条例。这将对中国的政治改革很有意义。     

Research on information technology in the hospitality industry

This paper reviews recent research on information technology in the hospitality industry. The analysis revealed three broad research areas: the Internet's effects on distribution; on pricing; and on consumer interactions. Similar to aftermath of the dot com boom, the hospitality industry is realising that the information technology has unintended effects and prognosticators are often wrong. While the reviewed articles provide sound advice for hospitality operators and a rich stream of future research for academics, poor rigor and a lack of relevance throughout the reviewed journals underscore a worrying trend in hospitality research.     

Unemployment and labor force participation in the United States

This paper uses historical data from the United States to investigate the relationship between unemployment and labor force participation. Cointegration analysis supports a long-run relationship between these two variables, which leads us to question the empirical relevance of the unemployment invariance hypothesis for the United States.     

Time use, travel behavior, and the rural-urban continuum: results from the Halifax STAR project

This paper considers variations in time-related aspects of travel behavior along the urban-rural continuum, using the four categories of inner city, suburbs, inner commuter belt (ICB), and outer commuter belt (OCB). It employs geo-coded and GPS-validated data from the STAR survey conducted in the county-sized regional municipality of Halifax, Nova Scotia. Many significant inter-zonal differences are identified, and most travel variables are characterized by progressive urban-to-rural gradients, with large differences between inner-city and outer-commuter values. A clear break between city and country is seldom evident, however. Inner-city residents make most trips, but have trips of shortest duration, and spend least time in travel. Residents of the commuter belts spend most time in travel, and have trips of longest duration. While long trips and much driving were expected in commuter zones, there are significantly fewer trips in the OCB, which we attribute to lack of need, lack of opportunities, and adjustments in discretionary behavior.     

Seven Management Lessons from Microsoft

The software giant Microsoft is a mere corporate stripling. Yet around its formidable success lies an equally indomitable mystique. It is phenomenally successful. Few are bold enough to analyse how and why Bill Gates' and Paul Allen's bright idea turned into the corporate titan of our times. Until now.     

Bayesian inference for nonlinear structural time series models

We consider efficient methods for likelihood inference applied to structural models. In particular, we introduce a particle filter method which concentrates upon disturbances in the Markov state of the approximating solution to the structural model. A particular feature of such models is that the conditional distribution of interest for the disturbances is often multimodal. We provide a fast and effective method for approximating such distributions. We estimate a neoclassical growth model using this approach. An asset pricing model with persistent habits is also considered. The methodology we employ allows many fewer particles to be used than alternative procedures for a given precision.