The Influence of Sense of Community on the Perceived Value of Physical Activity: A Cross-Context Analysis

As the physical activity marketplace becomes increasingly diversified, strategies for recruiting and maintaining participants have become especially salient. Accordingly, the current study examined the use of a commonly reported outcome of fitness participation, sense of community (SOC), as an antecedent in generating both value and the perception of progress for participants. Three fitness contexts, CrossFit, traditional group fitness activities, and individual gym goers, were chosen based on varying levels of explicit commitment to community building. SOC was first measured in three contexts to explore differences among settings. After establishing differences between groups, multiple regression analysis was employed to understand the ways in which SOC affected dimensions of value. Results indicated that an explicit commitment to community building was positively associated with higher value of the fitness product and perceptions of individual progress. Strategy and benefits for encouraging the development of SOC in a fitness context are discussed.     

Is pharmaceutical detailing informative? Evidence from contraindicated drug prescriptions

Quantitative Marketing and Economics - Crestor, an important but controversial cholesterol-lowering drug, is contraindicated for use by senior and Asian patients. In this paper, we exploit this...     

DotCom Mania: The Rise and Fall of Internet Stock Prices

This paper explores a model based on agents with heterogenous beliefs facing short sales restrictions, and its explanation for the rise, persistence, and eventual fall of Internet stock prices. First, we document substantial short sale restrictions for Internet stocks. Second, using data on Internet holdings and block trades, we show a link between heterogeneity and price effects for Internet stocks. Third, arguing that lockup expirations are a loosening of the short sale constraint, we document average, long‐run excess returns as low as ?33 percent for Internet stocks postlockup. We link the Internet bubble burst to the unprecedented level of lockup expirations and insider selling.     

Prior‐free Bayes Factors Based on Data Splitting

Bayes factors that do not require prior distributions are proposed for testing one parametric model versus another. These Bayes factors are relatively simple to compute, relying only on maximum likelihood estimates, and are Bayes consistent at an exponential rate for nested models even when the smaller model is true. These desirable properties derive from the use of data splitting. Large sample properties, including consistency, of the Bayes factors are derived, and a simulation study explores practical concerns. The methodology is illustrated with civil engineering data involving compressive strength of concrete.     

Leverage and firm value

Three highly cited studies with over 6000 citations collectively report a negative relationship between the market value of the firm and leverage. Such empirical findings clearly contradict the hypothesis of leverage adding value to the firm and an optimal capital structure that maximizes firm value—these findings have yet to be resolved. Employing a sample of 3,768 firms consisting of 39,015 observations, a stochastic frontier analysis was used to assess the relationship of leverage among other capital structure factors with firm value. It was found that in general the use of leverage promotes firm value, consistent with the trade-off theory and that the inverse relationship between leverage and firm value was a temporary occurrence and is likely attributable to firms employing tax loss carrybacks in response to the 1986 Tax Reform Act. The estimates of technical efficiency indicate that many firms can do more to increase their value, the sample as a whole improves efficiency (value) over the sample period. The findings reconcile the reports of leverage decreasing firm value as reported in Baker and Wurgler, Fama and French, and Habib and Ljungqvist. The empirical findings suggest prior observation was a due to a decline in the value of the tax shield generated by leverage after the Tax Reform Act of 1986. Specifically, tax carrybacks extended the pre-Tax Reform Act of 1986 tax shield value to 1991 and after 1991 the tax shield value declined.     

Something in the water: contaminated drinking water and infant health

This paper provides estimates of the effects of in utero exposure to contaminated drinking water on fetal health. To do this, we examine the universe of birth records and drinking water testing results for the state of New Jersey from 1997 to 2007. Our data enable us to compare outcomes across siblings who were potentially exposed to differing levels of harmful contaminants from drinking water while in utero. We find small effects of drinking water contamination on all children, but large and statistically significant effects on birth weight and gestation of infants born to less educated mothers. We also show that those mothers who were most affected by contamination were the least likely to move between births in response to contamination.     

基于平衡记分卡的企业绩效实证研究

企业绩效评价的研究对于企业实际运作和学术理论具有重要的意义．而平衡记分卡的盛行也验证了评价之重要性。文章以平衡记分卡作为研究的起点和重心，并通过对中国超过百家中小型企业进行实证研究分析，了解该框架在学术研究和实际操作中的适应性。通过因子分析，结果发现该框架对于中国企业来说有一定的参考价值，同时制造性企业与服务性企业绩效评价之间也存在比较显著的差异。