Multi-regime nonlinear capital asset pricing models

A multiple-regime threshold generalized autoregressive conditionally heteroskedastic capital asset pricing model is introduced. The model captures asymmetric risk through allowing market beta to change discretely between regimes that are driven by market information. Asymmetric volatility and mean equation dynamics are also captured. We confirm the time-varying nature of market risk, in response to changes in the market, and that this discrete time variation can differ across assets. These findings could have important implications for optimizing investment decisions: e.g. in risk assessment, portfolio selection and hedging decisions.     

The dimensions of assortment: A proposed hierarchy of assortment decision making

Abstract

The merchandise assortment plays a fundamental role in retailing; it conveys the positioning of the retailer, and is a key determinant of image and patronage. However, existing literature covering a 50-year period is somewhat fragmented. A key problem with the literature is that it does not distinguish between different levels and dimensions of assortment, causing potential ambiguity in their interpretation in the modern retailing context. The lack of standardised terminology could potentially inhibit future assortment research in, for example, assortment measurement. In reviewing the literature, the critical dimensions of assortment are clarified with conceptual definitions and a hierarchical classification of assortment being proposed. Further, the assortment research is examined, identifying an imbalance between operational and strategic assortment research. As retail assortments expand and saturate, the need for assortment measurement research is argued with associated implications for retail management.     

CHINESE URBAN MATURE TRAVELERS' MOTIVATION AND CONSTRAINTS BY DECISION AUTONOMY

This study investigated trip motivation of 800 Chinese mature travelers residing in metropolitan areas based on travelers' decision autonomy in planning domestic trips. A two‐step cluster analysis was conducted to segment respondents into mutually exclusive groups according to their autonomy on destination selection, financial source, and trip arrangement. An ANOVA was conducted to examine differences on motivation factors among emergent clusters. Moreover, the resultant clusters were differentiated by travel constraints (i.e., health related and socio‐demographic characteristics) using a logistic regression analysis. Significant relationships among mature travelers' trip autonomy, motivation, and constraints contributed to the understanding of urban mature travelers in China.     

Mainland Chinese residents' perceptions and motivations of visiting Hong Kong: Evidence from focus group interviews

Focus groups were employed to identify Mainland Chinese residents' perceptions, motivations and perceived behavioral inhibitors of visiting Hong Kong. Three group discussions were conducted in Beijing and two groups in Guangzhou, with a total of 36 participants. Results showed that Mainland Chinese residents perceived Hong Kong mainly as a shopping destination. Accordingly, their most prominent visitation motivation to Hong Kong was shopping. Other motivations identified from the group interviews were knowledge enhancement, curiosity, family togetherness and kinship enhancement, sightseeing, experiencing different culture and lifestyle, and visiting friends and relatives. In addition to time and money as the most salient perceived behavioral inhibitors, language, complexity of getting travel documents, and improper accommodation supplies were perceived as inhibiting factors for Mainland Chinese residents to visit Hong Kong. Based on the results, implications on destination management and marketing were discussed.     

Exploring the power dimensions of the human resource function

While a large body of literature has investigated the content of human resource management (HRM) practices, this research explores the process through which the HRM function impacts on organisational performance. Specifically, the research explores the reasons for the success or failure of HRM initiatives that have been associated with organisational outcomes and classifies the reasons as dimensions of HRM power. Based on 26 interviews conducted in Australia with senior HRM executives, top management team (TMT) executives and two management consultants, we found that, in order to contribute to organisational performance, HRM professionals can effectively utilise three dimensions of power, namely power of resources, power of processes and power of meaning. The findings offer new insights to the relationship between dimensions of HRM power and organisational performance.     

Understanding the town centre customer experience (TCCE)

This research enhances the understanding of consumer behaviour and customer experience in the context of town centres. First, it defines town centre customer experience (TCCE) as a multifaceted journey that combines interactions with a diverse range of public and private organisations, including retailers and social and community elements; this results in a unique experience co-created with the consumer across a series of functional and experiential touchpoints. Second, combining qualitative and quantitative insights, this research reveals a series of specific functional and experiential TCCE touchpoints, which underpin the consumer internal response (motivation to visit) and outward behaviour (desire to stay and revisit intentions) in the town centre. In addition to enhancing town centre and customer experience knowledge, these findings offer important new insights to those managing town centres and seeking to retain customer loyalty in the high street. Above all, these findings can help identify the touchpoints that need to be reinforced and/or improved to differentiate a town from its competing centres and to create tailored marketing strategies. Taken together, such initiatives have the potential to positively impact the revitalisation of the high street and the town centre economy.     

Gender and conservation agriculture in East and Southern Africa: towards a research agenda

It is remarkable that despite wide-ranging, in-depth studies over many years, almost no conservation agriculture (CA) studies consider gender and gender relations as a potential explanatory factor for (low) adoption rates. This is important because CA demands new ways of working with the farm system. Implementation will inevitably involve a reallocation of men's and women's resources as well as having an impact upon their ability to realize their gender interests. With respect to intra-household decision-making and the distribution of benefits, CA interventions have implications for labour requirements and labour allocation, investment decisions with respect to mechanization and herbicide use, crop choice, and residue management. CA practice may impact upon the ability of households to source a wide variety of crops, wild plants, and insects and small animals for household nutrition. Gender biases in extension service design can sideline women. This paper examines the limited research to date on the interactions between CA interventions and gender in East and Southern Africa, and, based on the gaps observed, sets out a research agenda. It argues that attention to gender in CA is particularly timely given the increasing interest in CA as a means of adapting to climate change.     

Gender and inorganic nitrogen: what are the implications of moving towards a more balanced use of nitrogen fertilizer in the tropics?

For agriculture to play a role in climate change mitigation strategies to reduce emissions from inorganic nitrogen (N) fertilizer through a more balanced and efficient use are necessary. Such strategies should align with the overarching principle of sustainable intensification and will need to consider the economic, environmental and social trade-offs of reduced fertilizer-related emissions. However, the gender equity dimensions of such strategies are rarely considered. The case studies cited in this paper, from India, Lake Victoria in East Africa and more broadly from sub-Saharan Africa (SSA), show that the negative externalities of imbalanced inorganic N use in high- and low-use scenarios impact more strongly on women and children. We examine, through a literature review of recent work in SSA, the relative jointness of intra-household bargaining processes in low N use scenarios to assess the degree to which they impact upon N use. We suggest that gender-equitable strategies for achieving more balanced use of N will increase the likelihood of attaining macro-level reductions in GHG emissions provided that they secure equity in intra-household decision-making and address food security. Gender-equitable N use efficiency strategies will help to integrate and assure gender and social equity co-benefits at local scales.     

A real-world,multi-site,observational study of infusion time and treatment satisfaction with rheumatoid arthritis patients treated with intravenous golimumab or infliximab

Objectives: To assess real-world infusion times for golimumab (GLM-IV) and infliximab (IFX) for rheumatoid arthritis (RA) patients and factors associated with treatment satisfaction.

Methods: An observational study assessed infusion time including: clinic visit duration, RA medication preparation and infusion time, and infusion process time. Satisfaction was assessed by a modified Treatment Satisfaction Questionnaire for Medication (patient) and study-specific questionnaires (patient and clinic personnel). Comparative statistical testing for patient data utilized analysis of variance for continuous measures, and Fisher’s exact or Chi-square test for categorical measures. Multivariate analysis was performed for the primary time endpoints and patient satisfaction.

Results: One hundred and fifty patients were enrolled from six US sites (72 GLM-IV, 78 IFX). The majority of patients were female (80.0%) and Caucasian (88.7%). GLM-IV required fewer vials per infusion (3.7) compared to IFX (4.9; p?=?.0001). Clinic visit duration (minutes) was shorter for GLM-IV (65.1) compared to IFX (153.1; p?<?.0001), as was total infusion time for RA medication (32.8 GLM-IV, 119.5 IFX; p?<?.0001) and infusion process times (45.8 GLM-IV, 134.1 IFX; p?<?.0001). Patients treated with GLM-IV reported higher satisfaction ratings with infusion time (p?<?.0001) and total visit time (p?=?.0003). Clinic personnel reported higher satisfaction with GLM-IV than IFX specific to medication preparation time, ease of mixing RA medication, frequency of patients requiring pre-medication, and infusion time.

Limitations: Findings may not be representative of care delivery for all RA infusion practices or RA patients.

Conclusions: Shorter overall clinic visit duration, infusion process, and RA medication infusion times were observed for GLM-IV compared to IFX. A shorter duration in infusion time was associated with higher patient and clinic personnel satisfaction ratings.     

Corporate diversification and seasoned equity offering performance

Review of Quantitative Finance and Accounting - We document that diversified firms experience less negative seasoned equity offering (SEO) announcement returns than focused firms. The relatively...