THE SQUARED ORNSTEIN-UHLENBECK MARKET

We study a complete market containing J assets, each asset contributing to the production of a single commodity at a rate that is a solution to the squared Ornstein-Uhlenbeck (Cox-Ingersoll-Ross) SDE. The assets are owned by K agents with CRRA utility functions, who follow feasible consumption/investment regimes so as to maximize their expected time-additive utility from consumption. We compute the equilibrium for this economy and determine the state-price density process from market clearing. Reducing to a single (representative) agent, and exploiting the relation between the squared-OU and squared-Bessel SDEs, we obtain closed-form expressions for the values of bonds, assets, and options on the total asset value. Typical model parameters are estimated by fitting bond price data, and we use these parameters to price the assets and options numerically. Implications for the total asset price itself as a diffusion are discussed. We also estimate implied volatility surfaces for options and bond yields.     

How Does Brand-related User-generated Content Differ across YouTube,Facebook, and Twitter?

This study tests hypotheses regarding differences in brand-related user-generated content (UGC) between Twitter (a microblogging site), Facebook (a social network) and YouTube (a content community). It tests them using data from a content analysis of 600 UGC posts for two retail-apparel brands (Lululemon and American Apparel), which differ in the extent to which they manage social media proactively. Comparisons are drawn across six dimensions of UGC; the dimensions were drawn from a priori reading and an inductive analysis of brand-related UGC. This research provides a general framework for comparing brand-related UGC, and helps us to better understand how particular social media channels and marketing strategies may influence consumer-produced brand communications.     

China's one belt one road initiative: The impact of trade facilitation versus physical infrastructure on exports

The One Belt One Road (OBOR) project is perhaps China's most significant international relations initiative in recent times. It is based on openness, harmony, inclusivity, mutual benefit and market operations and aims to connect the economically vibrant East Asia and the developed Europe by land and by sea, and in the process, it brings growth and development to tens of countries along the modern Silk routes. In this paper, we compare the impact of the main initiatives of OBOR, namely enhancements in physical infrastructure and improvements in border administration, on the trade of countries that have signed on to this project, especially countries along the six economic corridors. We find overwhelming evidence that shows improvements in border administration has the greatest impact on exports of corridor countries. Although physical infrastructure is important for trade, the Chinese government should place equal attention to improvements in trade facilitation to ensure trade routes operate seamlessly across the various corridors.     

美国消费者眼中的企业社会责任

美国消费者最关注员工问题 消费者眼中认为的最重要的企业社会责任领域或许有别于那些社会责任投资者们所关注的领域。尽管社会责任投资者们在评估方法上远未达成一致,但运用更加广泛的评估方式已经逐渐成为一种趋势。美国著名的企业社会责任研究及咨询公司KLD,创建了一个名为“苏格拉底”的在线社会研究数据库,旨在帮助那些投资专业人士将环境、社会及管理因素纳入其投资决策中去。     

Learned helplessness as an explanation of elderly consumer complaint behavior

Studies of consumer complaint behavior have shown that many elderly consumers are very reluctant to pursue their rights through the complaint process when they encounter problems with products or services. This passive complaint behavior may be very costly to the elderly, who often live on fixed incomes. This paper presents a theory developed in experimental psychology that may help explain why clderly consumers are more likely than other consumers to incur losses rather than engage in complaint activity. The theory, known as learned helplessness (LH), refers to a process whereby noncontingent reinforcement produces the expectation that events are uncontrollable.The theory of learned helplessness is presented and related to specific behaviors of dissatisfied elderly consumers that have been reported in the literature. Strategy implications of the theory are discussed for counselors, consumer affairs practitioners, and others interested in helping elderly consumers exercise their rights.Mary C. LaForge is currently Associate Professor of Marketing at Clemson University. She received her Ph.D. in Marketing from the University of Georgia. Her current research interest focuses on the behavior of the elderly as consumers.     

On the shape of the single-country and world commodity-substitution and factor-substitution surfaces under conditions of joint production

In recent years trade theorists have completed the task of specifying necessary and sufficient conditions for the single-country and world transformation surfaces to be locally of any assigned degree of flatness. However those conditions are relevant only if the technology is of the no-joint-products type. In the present note we derive necessary and sufficient conditions for the single-country and world transformation surfaces to be of any assigned degree of flatness under conditions of joint production; and we also obtain, as a by-product, necessary and sufficient conditions for the single-country and world equal-product surfaces to be of any assigned degree of flatness.     

Value Congruence and Charismatic Leadership in CEO–Top Manager Relationships: An Empirical Investigation

Although charismatic leadership theorists have long argued that leader–follower value congruence plays a central role in the development of charismatic relationships, few studies have tested this proposition. Using data from two studies involving a total of 329 CEOs and 1807 members of their top management teams, we tested the hypothesis that value congruence between leaders and their followers is empirically linked to follower perceptions of the charisma of their leader. Consistent with a relational perspective on charismatic leadership, strong support was found for the hypothesis that perceived value congruence between leaders (CEOs) and their followers (members of their top management teams) is positively related to follower perceptions of the degree of charisma possessed by the leader. Conversely, only limited support was found for the hypothesis that actual value congruence is linked to perceptions of charismatic leadership. Implications of these findings for research and practice are discussed.