Inoculation theory and resistance to persuasion in marketing

Marketing has benefitted tremendously by psychological theories of persuasion. Unfortunately marketers have not taken full advantage of the psychological perspectives upon instilling resistance to persuasion. The purpose of this paper is to provide a review and analysis of the extant research in psychology and marketing pertaining to resistance to persuasion. Directions for future research are also discussed.     

Gold loans in the Australian gold mining industry: Do gold loans allow gold producers to increase leverage?

This paper tests the hypothesis that gold producers exhibit greater leverage where gold loans are used. As the choice of gold producers and the study period essentially avoids debt tax shield effects, the paper focuses on information asymmetry and agency costs explanations for leverage. Theory suggests hedging can reduce the cost of debt but it has little impact if management is not committed to adopting the promised hedging policy. The implicit hedge in gold loans commits management to hedging and so greater leverage is expected for producers adopting gold loans. Results from the analysis are consistent with this hypothesis.     

Small firms and local economic development in South London

A growing body of literature has identified a number of potential constraints on small firm growth. Arguably, the severity of these constraints is closely related to the differing fortunes of industries and firms and the extent of localised external economies or diseconomies. This paper looks at the constraints facing manufacturing and business service firms in a large urban area. The paper draws on findings from a survey of small firms in Croydon. Data from the survey reveal some differences between small manufacturing and service firms in their experience of the urban environment. Physical constraints on expansion and labour shortages appear to be hindering small manufacturing firms in Croydon. Deficiencies in specific niches of the local business service sector may be preventing small business service firms from complementing and enhancing their internal capabilities. The problems facing small firms in Croydon and the sorts of local policy initiatives being developed are likely to be applicable to other large urban areas.     

Estimation of fixed effect models for time series of cross-sections with arbitrary intertemporal covariance

Models for time series of cross-sections with fixed effects and with intertemporal correlation are considered. The regression coefficients, and their standard errors, can be estimated by generalized least squares applied to a transformed model. The procedure is given a conditional likelihood interpretation.     

Federally subsidized occupational training and the employment and earnings of male trainees

The impact of MDTA training on the earnings and employment probabilities of male trainees are studied on the basis of a longitudinal data set on trainees and non-trainees. Econometric techniques which eliminate many of the ambiguities in interpreting previous estimates are used. It is found that the program had little or no effect on employment or earnings of trainees in the late sixties (relative to continued normal employment). It is suggested that the program be interpreted as a pure income-maintenance program rather than a subsidized skill-acquisition program.     

Identifying restrictions in limited information analysis of the schooling coefficient in a wage equation

Identifying restrictions underlying limited information estimates of the coefficients of a wage equation are considered from a Bayesian point of view. Within this framework ‘exclusion’ restrictions need not be imposed exactly, and it becomes possible to consider the marginal densities of interesting coefficients as functions of the tightness of these restrictions. In the application considered here the posterior mean for the schooling and test-score coefficients in a wage equation are examined as identifying restrictions are relaxed. The paper also serves as an example of the feasibility of Bayesian limited information analysis of a current economic issue.