Enterprise Web Accessibility Levels Amongst the Forbes 250: Where Art Thou O Virtuous Leader?

The research team measured the enterprise web accessibility levels of the Forbes 250 largest enterprises using the fully automatic accessibility evaluation tool Sortsite, and presented the compliance of the evaluated websites to WCAG 1.0, WCAG 2.0 and Section 508 accessibility levels. Given the recent attention to organizational leaders having ethical duties towards their dedicated employees, we propose that ‘societal citizenship behaviour’ concerns ethical duties of organizational leaders towards society in general and in particular to those who have less means to assert their needs. In effect, we found enterprise website accessibility levels to be in need of significant improvement. An interpretation of a positive path forward to better enterprise website accessibility levels is put forth based on a focus-group interaction and using BNML—a novel Business Narrative Modelling Language.     

Testing the compounding structure of the CP-INARCH model

A statistical test to distinguish between a Poisson INARCH model and a Compound Poisson INARCH model is proposed, based on the form of the probability generating function of the compounding distribution of the conditional law of the model. For first-order autoregression, the normality of the test statistics’ asymptotic distribution is established, either in the case where the model parameters are specified, or when such parameters are consistently estimated. As the test statistics’ law involves the moments of inverse conditional means of the Compound Poisson INARCH process, the analysis of their existence and calculation is performed by two approaches. For higher-order autoregressions, we use a bootstrap implementation of the test. A simulation study illustrating the finite-sample performance of this test methodology in what concerns its size and power concludes the paper.     

Effect of Restaurant Patrons' Regret and Disappointment on Dissatisfaction and Behavioral Intention

The objective of this study is to investigate the relationship among regret/disappointment, dissatisfaction, and behavioral intention in service failure situations at a restaurant. Even though there is a consensus regarding the positive relationship between regret/disappointment and customer dissatisfaction, unclear results still exist regarding the relationship between regret/disappointment and different types of behavioral intention. Thus, the present study attempts to clarify these fuzzy relationships. Specifically, this study aims to enhance understanding of the influence of regret and disappointment on behavioral intention (switching/negative WOM). The findings suggest that both regret and disappointment are significant determinants of customer dissatisfaction and switching/negative WOM. Further, the study results indicate that regret is an important predictor of switching intention, whereas disappointment is an important determinant of negative WOM. Finally, based on these findings, managerial implications for restaurant managers are discussed.     

A cross country explanation of performance of heath care systems: The consumer point of view using the Euro Health Consumer Index

This paper performs an empirical analysis based on a published assessment of several health care systems. This assessment, performed by the think tank Health Consumer Powerhouse, reports outcomes, and ranks accordingly several countries. In turn, this paper explores the ability of national data at explaining the differences observed in that ranking.The innovative features of this paper are mainly two. First, it shows how the Euro Health Consumer Index – which is comprised from 6 indicators – can be used as a single-outcome latent variable. This feature expands the possibilities of incorporating EHCI in future research. Secondly, this paper also serves as an example of the use of Partial Least Squares (PLS) and its characteristics.The analytical technique is PLS. The empirical analysis uses a set of 22 European countries (20 from European Union plus Norway and Switzerland) and departs from a model that relates four latent constructs, one representing National Performance (the aggregated measure of the EHCI) and the others representing financial investment in health care and human and physical resources.The final estimates provide very interesting results. The main result, or a judgment from the point of view of political implications of this research, is that a successful health care system needs mainly financial investment. Secondly, it also benefits – to a lesser extent – from physical capabilities. Finally, the way resources – namely human resources – are organized is possibly critical to the overall performance, measured from a consumer point of view.     

Does distance matter? Examining the distance effect on tourists’ multi-attraction travel behaviors

The purpose of this study was to examine the difference in the multi-attraction travel behavior patterns of short-haul and long-haul tourists in Incheon, South Korea. A network t-test analysis and normalized centrality analysis were employed to achieve the purpose. The finding confirmed significant differences between the multi-attraction travel patterns of short-haul and long-haul tourists. Geographic distance played an important role in determining the order of the top-ranking attractions within a multi-destssssination travel network. Since attractions with high centrality scores are comparatively more influential, they are important and competitive in attraction development and marketing. Implications for future studies were also suggested.     

Time compression (dis)economies: An empirical analysis

Research Summary: To investigate time compression diseconomies (TCD), this study estimated time–cost elasticities using 459 oil and gas global investment projects (1997–2010). Results show that the average cost of accelerating investments is negative: a firm could cut $6.3 million in costs of a single project by accumulating asset stocks 1 month faster. About 88% of the projects exhibit negative time–cost elasticities with over 39% of unrealized economies of time compression. Only 12% of the projects are subject to TCD. These time inefficiencies or frictions do not negate the existence of TCD, but suggest they are less prevalent than assumed in the literature. Management experience, R&D investment, firm size, economic development, and political stability are shown to be associated with greater time compression efficiency. Managerial Summary: How fast should firms invest? The conventional view is that acceleration increases market revenues but also inflates costs. However, there is no recent empirical evidence of this tradeoff. Our article systematically investigates the costs of compressing time in investment projects. Results show that most firms in the oil and gas industry are significantly time inefficient in their operations. Specifically, by accelerating investments, firms would also substantially decrease costs. We estimate the magnitude of these time inefficiencies for specific oil and gas industries and firms and study which strategies might mitigate this problem. This fine‐grained analysis should help firms assess their financial incentives to accelerate projects and prove informative to stock market analysts’ valuations of firm investment timing.     

EVA,refined EVA,MVA, or traditional performance measures for the hospitality industry?

Stewart (1991) proposed economic value added (EVA) as a true measurement of a firm's performance and an executive's evaluation tool because EVA reflects only incremental values added to a firm after considering cost of capital. Kim [Kim, W.G., 2006. EVA and traditional accounting measures: which metric is a better predictor of market value of hospitality companies? Journal of Hospitality & Tourism Research 30(1), 34–39] examined EVA in the hospitality setting and concluded that EVA is not superior to other available measurements for accounting. However, this study contributes several improvements to Kim's (2006) study and compares the incremental explanatory power of six firm performance measures including EVA, refined EVA (REVA), market value added (MVA), and three traditional accounting performance measures for market adjusted returns. According to the findings, REVA and MVA are, apparently, valuable performance measures for evaluating hospitality firms.     

A model of historical development and future trends of Italian cuisine in America

This study investigated both the historical development and future trends of restaurant cuisine in America. Italian cuisine is used as the basis of a prediction model. The study identifies the historical factors in menu trends in Italian–American cuisine; the factors that will influence culinary trends in the future, and whether the results can be applied to the development of a prediction model that will predict how restaurant cuisine in America may develop. This study used both qualitative (focus groups) and quantitative (online survey) methods. The growing popularity of Italian cuisine in the United States will continue to shape the evolution of America's restaurant cuisine.     

The right speed and its value

Slow investments cause substantial revenue losses, yet acceleration increases costs. This tradeoff implies that an optimal investment speed usually exists; it is faster the higher a firm's intrinsic speed capability. We hypothesize that it is a firm's intrinsic speed capability, rather than its speed relative to industry competitors per se, that boosts firm value. Using data on oil and gas facilities (1996–2005), we find that intrinsic speed capabilities augment firm value in a varied way: their value is larger with better corporate governance, lower cost of capital, and higher ability to draw value from R&D investment. Our work elevates the discussion of speed from a project‐level consideration to a firm‐level competitive advantage issue and raises the need to further explore its strategic value. Copyright © 2013 John Wiley & Sons, Ltd.     

A closed-form solution for options with ambiguity about stochastic volatility

We derive a closed-form solution for the price of a European call option in the presence of ambiguity about the stochastic process that determines the variance of the underlying asset’s return. The option pricing formula of Heston (Rev Financ Stud 6(2):327–343, 1993) is a particular case of ours, corresponding to the case in which there is no ambiguity (uncertainty is exclusively risk). In the presence of ambiguity, the variance uncertainty price becomes either a convex or a concave function of the instantaneous variance, depending on whether the variance ambiguity price is negative or positive. We find that if the variance ambiguity price is positive, the option price is decreasing in the level of ambiguity (across all moneyness levels). The opposite happens if the variance ambiguity price is negative. This option pricing model can be used to address various empirical research topics in the future.