Robust anomalies? A close look at accrual‐based trading strategy returns

The last 40 years have seen an extensive literature documenting so‐called anomalies in major capital markets. Evidence of ‘abnormal’ returns associated with trading strategies based on readily observable phenomena such as accounting‐based data involves experimental design choices that can be expected to influence the results. We show how evidence of an accrual anomaly in Australia is sensitive to research design specifications such as the choice of proxy for total accruals; the definition of abnormal returns (i.e. the return generating model); the impact of data trimming as a response to exceptionally large returns; and the choice between value and equal weighting of returns. We show that research design choices do matter and help reconcile conflicting prior evidence of any accrual anomaly in Australia. More broadly, our results suggest the need for caution in drawing inferences from trading strategy tests which claim to identify anomalies.     

中国人民银行绩效审计的现状与思考

绩效审计已经成为现代政府审计发展的一种主流趋势。人民银行内审部门近年来积极探索转型,发挥咨询与增加组织价值的作用,探索开展绩效审计无疑是一个很好的突破口。本文分析了当前人民银行绩效审计现状与不足,并提出了人民银行内审部门如何推进绩效审计的思路。     

The Impact of Regret on Exports

We examine optimal production and export decisions of a firm facing exchange rate uncertainty, where the firm's management is not only risk averse but also regret averse, i.e., is characterized by a utility function that includes disutility from having chosen ex post suboptimal alternatives. Experimental and empirical results support the view that managers tend to be regret averse. Under regret aversion a negative risk premium need not preclude the firm from exporting which would be the case if the firm were only risk averse. Exporting creates an implicit hedge against the possibility of regret when the realized spot exchange rate turns out to be high. The regret‐averse firm as such has a greater ex ante incentive to export than the purely risk averse firm. Finally, we use a two‐state example to illustrate that the firm optimally exports more (less) to the foreign country than in the case of pure risk aversion if the low (high) spot exchange rate is more likely to prevail. Regret aversion as such plays a crucial role in determining the firm's optimal allocation between domestic sales and foreign exports.     

Build Coalitions to Fit: Autonomy Expectations,Competence Mobilization,and Job Crafting

Job crafting offers several beneficial organizational outcomes, yet little is known about what makes employees engage in it. In particular, the role of leaders in influencing their subordinates to engage in job crafting has been insufficiently studied. Drawing on role theory, we suggest that the congruence of leader‐subordinate autonomy expectations nurtures subordinates’ experiences of having their competences adequately utilized in their jobs. This experience, which involves the competence mobilization of their work roles, subsequently fosters subordinates’ engagement in job‐crafting behavior. A two‐stage field study of 145 leader‐subordinate dyads using cross‐level polynomial regression and response surface analysis supported the (in)congruence hypotheses. The results also demonstrated that subordinates’ perceived competence mobilization mediates the relationship between autonomy expectation (in)congruence and job crafting. In addition, leader coalition as a moderator strengthens the effect of perceived competence mobilization as a psychological condition for job crafting. Implications for practice and future research are discussed. © 2016 Wiley Periodicals, Inc.     

An Empirical Analysis of Synthesizing the Effects of Festival Quality,Emotion, Festival Image and Festival Satisfaction on Festival Loyalty: A Case Study of Macau Food Festival

This study aims to examine the interrelationships among the festival quality dimensions, festival quality, emotion, festival image, festival satisfaction and festival loyalty. Analysis of data from 454 attendees in the 12^th Macau Food Festival indicates that the proposed model fits the data. The result of this study will assist festival management in developing and implementing market‐orientated service strategies to increase quality and image, and enhance the emotion and satisfaction of attendees in order to attain their loyalty toward food festivals. Copyright © 2014 John Wiley & Sons, Ltd.     

Celebrity Attachment and Behavioral Intentions: The Mediating Role of Place Attachment

Film‐induced tourism has recently gained increased attention in academic research. Although previous literature has identified the existence of consumer–celebrity attachment, scant empirical studies have examined whether celebrity attachment influences behavioral intentions in a film tourism context. The purpose of this study is to examine the relationship between celebrity attachment and behavioral intentions as well as to clarify the role of place attachment. Survey data from 312 tourists in Taiwan indicate that celebrity attachment is positively related to behavioral intentions. Moreover, place attachment partially mediates the relationship between celebrity attachment and behavioral intentions. Implications of these findings for managing marketing strategies as well as future research directions are subsequently discussed. Copyright © 2013 John Wiley & Sons, Ltd.     

The Benefit Function Approach to Modeling Price-Dependent Demand Systems: An Application of Duality Theory

In this article, we advocate more extensive use of the benefit function in specifying price-dependent or inverse demand models. We demonstrate how duality theory may be used to establish the interrelationships between the Marshallian (or Hicksian) inverse demands and Luenberger's adjusted price functions, allowing estimable inverse demands to be derived directly from a benefit function. We estimate two systems of inverse demands for Japanese quarterly fish consumption. Results indicate that the procedures and methods employed here appear promising, and may prove beneficial for quantity and welfare analysis when modeling systems of inverse demand functions.     

Understanding organizational citizenship behavior from a cultural perspective: An empirical study within the context of hotels in Mainland China

Scholarly concerns in organizational citizenship behaviors (OCBs) have increased dramatically over the past two decades. Nevertheless, there are significant issues yet to be addressed and resolved, one of which relates to the influences of cultural values on such voluntary behaviors. In view of the importance of OCB in meliorating hotel service and cultivating customer loyalty, the current study seeks to investigate a possible mechanism through which Chinese values (CVs) may function on employee citizenship behaviors within the hotels in Mainland China. The research questions focus on whether CVs have a direct impact on OCB and its verified antecedents, leader–member exchange (LMX) and employee organizational commitment (OC). Eventually, the research findings have verified the conceptual model and confirmed all the postulated linkages among the constructs under study.     

Policy Environment for the Tourism Sector's Adaptation to Climate Change in the South Pacific – The Case of Samoa

Samoa and its neighbouring Pacific Island Countries are highly vulnerable to climate change risks because their population and infrastructure are mostly located on low-lying coastal areas. Impacts of climate change are potentially disastrous to tourism, the major economic sector in the region. This research examines the conduciveness of the policy environment in Samoa for the tourism sector to adapt to climate change along three dimensions: stakeholders’ will and commitment, resources available, and policy-making mechanisms [Wong, E.P.Y., Mistilis, N., & Dwyer, L. (2011). A framework for analyzing intergovernmental collaboration – the case of ASEAN tourism. Tourism Management, 32, 367–376]. Samoa is used as an exemplar case study to understand how the Pacific island tourism sector can best adapt to climate change. It was found that the policy environment in Samoa is generally conducive. However, there is a strong need for closer public–private cooperation.     

Understanding the leadership perceptions of staff in China's hotel industry: Integrating the macro- and micro-aspects of leadership contexts

The objective of this paper is to understand the leadership perceptions of staff in China's hotel industry. This study integrates the macro- and micro-aspects of leadership contexts by identifying the contextual variables that affect leadership perceptions. In leadership research, industry setting, the hierarchical levels of an organization, and national culture are recognized as the contextual constraints that affect leadership perceptions, and these constraints were used in this empirical study. Four factors emerged from the factor analysis of a survey study: professionalism; integrity; masculinity or yang; and femininity or yin. A key finding indicates that both the industry setting and the hierarchical levels of an organization affect professionalism. Implications for the training and development of future international hospitality leaders and local staff are considered.