Trends in Approval Times for Genetically Engineered Crops in the United States and the European Union

Genetically engineered (GE) crops are subject to regulatory oversight to ensure their safety for humans and the environment. Their approval in the European Union (EU) starts with an application in a given Member State followed by a scientific risk assessment, and ends with a political decision‐making step (risk management). In the United States (US) approval begins with a scientific (field trial) step and ends with a ‘bureaucratic’ decision‐making step. We investigate trends for the time taken for these steps and the overall time taken for approving GE crops in the US and the EU. Our results show that from 1996–2015 the overall time trend for approval in the EU decreased and then flattened off, with an overall mean completion‐time of 1,763 days. In the US in 1998 there was a break in the trend of the overall approval time. Initially, from 1988 until 1997 the trend decreased with a mean approval time of 1,321 days; from 1998–2015, the trend almost stagnated with a mean approval time of 2,467 days.     

Consuming dark tourism: A Thanatological Perspective

Despite increasing academic attention paid to dark tourism, understanding of the concept remains limited, particularly from a consumption perspective. That is, the literature focuses primarily on the supply of dark tourism; less attention, however, has been paid to the demand for ‘dark’ touristic experiences. This theoretical paper seeks to address this gap in the literature. Drawing upon the contemporary sociology of death, it explores the relationship between socio-cultural perspectives on mortality and the potential of dark tourism as a means of confronting death in modern societies. In so doing, it proposes a model of dark tourism consumption within a thanatological framework as a basis for further theoretical and empirical analysis of dark tourism.     

The impact of advertising content on movie revenues

We analyze the contents of print ads in the motion picture industry (e.g., number of reviews quoted in the ad, the presence of a top reviewer, size of the ad, star, director, etc.). We find that external validation (a recommendation by a top reviewer) is more important to revenues than the informative content of the ad.     

Do the physical facilities in restaurants match older Americans’ preferences?

This study investigated restaurants’ response to the aging population’s preferences. Gaps between previously identified preferences and current restaurant design were examined. The observational survey assessed: parking and outside accessibility, comfort and inside accessibility, menu readability, and restrooms. Occasional gaps were found even though restaurants were generally well-designed. Casual dining restaurants were more likely to meet consumer preferences as to the exterior, seating, and service. Limited-service restaurants better met preferences for the bathrooms, lighting, and sound. This information may be helpful when building or remodeling restaurants and may help restaurants to attract older customers.     

E-Shopping Patterns of Chinese and US Millennials

A conceptually based taxonomy of 22 distinct forms of e-shopping vehicles is proposed. A modification of the UTAUT and UTAUT2 models is introduced to explain how vehicles are interrelated in regard to consumer reliance upon them for their e-purchasing. A survey of over 1,000 millennial university students, 697 Chinese and 306 US, revealed strong support in both samples for the hypothesized six dimensional pattern underlying consumer vehicular reliance. Further, differences between Chinese and US samples lay not in the nature of the dimensions, but rather in the strength of reliance upon each dimension. Thus, the study demonstrates the utility of the concept/measure of shopper vehicular reliance, VPR (Vehicle Purchasing Reliance) for both practitioners and scientists. In cross-national comparisons, observed differences between samples in strength of reliance supported four of five hypotheses predicated on previously established national distinctions a) in trust and b) in the cultural value of individualism-collectivism.     

Earnings Management through Specific Accruals and Discretionary Expenses: Evidence from U.S. Agribusiness Firms

This study examines both accruals based earnings management (AEM) and real earnings management (REM) in U.S. agribusinesses. In particular, the focus is on agribusinesses that report low earnings quality, defined as firms with extreme level of accruals compared to their peers. The cross‐sectional modified Jones model (Jones 1991; Dechow et al 1995) is used to test for AEM. To capture REM practices, we implement the discretionary expenses model by Roychowdhury (2006). We find evidence of AEM and find no evidence of REM in agribusinesses. In addition, our results show that managers might be managing earnings through specific accruals doubtful accounts receivable provisions and special items.     

Is Non-discrimination Really Dead?

‘The most-favored-nation clause in American commercial treaties, as conditionally interpreted and applied by the United States, has probably been the cause in the last century of more diplomatic controversy, more variations in construction, more international ill-feeling, more conflict between international obligations and municipal law and between judicial interpretation and executive practice. more confusion and uncertainty of operation, than have developed under all the unconditional most-favored-nation pledges of all other countries combined’— Jacob Viner, in the Journal of Political Economy (February 1924)     

Identifying Key Customers for Novel Industrial Products

Managers responsible for novel industrial products seek to identify their most productive customers promptly, as a basis for deployment of marketing and development resources. Using a trial-and-adoption model, based upon invoice data from sales of novel industrial products over a five-year period, Richard Cardozo, David Smith and Madhubalan Viswanathan show that initial interpurchase interval (the time from initial purchase to first repeat purchase) identifies high-volume customers, no matter when they first purchased. In addition to demonstrating the usefulness of a trial-and-adoption model in analyzing purchases of novel industrial products, this study also describes for the first time four distinct purchase patterns for novel industrial products.     

Licensing and innovation with imperfect contract enforcement

Licensing promotes technology transfer and innovation, but enforcement of licensing contracts is often imperfect. We model contract enforcement as a game with perfect information but probabilistic enforcement and explore the implications of weak enforcement on the design of licensing contracts, the conduct of firms, and market performance. An upstream firm develops a technology that it can license to downstream firms using a fixed fee and a per‐unit royalty. Strictly positive per‐unit royalties maximize the licensor's profit if competition among licensees limits joint profits. With imperfect enforcement, the licensor lowers variable royalties to avoid cheating. Although imperfect contract enforcement reduces the profits of the licensor, weak enforcement lowers prices, increases downstream innovation, and in some circumstances can increase total economic welfare.     

What do professional forecasters actually predict?

This paper studies what professional forecasters predict. We use spectral analysis and state space modeling to decompose economic time series into trend, business cycle, and irregular components. We examine which components are captured by professional forecasters by regressing their forecasts on the estimated components extracted from both the spectral analysis and the state space model. For both decomposition methods, we find that, in the short run, the Survey of Professional Forecasters can predict almost all of the variation in the time series due to the trend and the business cycle, but that the forecasts contain little or no significant information about the variation in the irregular component.