How Chinese Children's Commercials Differ from Those of the United States: A Content Analysis

Abstract

A content analysis was conducted of children's television commercials from China and the United States that were recorded over a period of eighteen months. We describe how the content of the two sets of commercials differs and the underlying reasons for the differences, including cultural, economic, and social conditions. The results suggest that, for the most part, Chinese children's commercials reflect China's traditional cultural values and its social and economic development level. However, the analysis was able to detect a shifting in power in Chinese society from the elderly to the young, resulting mainly from its one-child policy implemented during the past two decades. We also found some evidence of Western values creeping into Chinese children's commercials. Limitations are noted, and suggestions are offered for additional research that will corroborate these findings.     

Linear Accounting Valuation When Abnormal Earnings Are AR(2)

The Ohlson (1995) model assumes that abnormal earnings follow an AR(1) process primarily for reasons of mathematical tractability. However, the empirical literature on the Garman and Ohlson (1980) model finds that the data support an AR(2) lag structure for earnings, book values and dividends. Moreover, the AR(2) process encompasses a far richer variety of time series patterns than does the AR(1) process and includes the AR(1) process as a special case. This paper solves the Ohlson model directly for an AR(2) abnormal earnings dynamic. The model is estimated on a time series firm-level basis following the approach used by Myers (1999). It is found that, like the Ohlson AR(1) model, the Ohlson AR(2) model severely underestimates market prices even relative to book values. These results further bring into question the empirical validity of the Ohlson model.     

The social‐economic and educational implications of establishing casinos in Penghu,Taiwan

Toward opening casinos in Penghu, Taiwan, it still remains a controversial issue today. Proponents regard a casino as an excellent economic booming tool that quickly generates revenue for local communities and residents. Many government officials consider that casinos pave the way in a seemingly painless and effective fashion for collecting tax revenue and providing job openings against decreasing local unemployment. However, opponents lay emphasis on the social costs associated with casinos, such as crime, compulsive gaming, and decadence of the work ethics.     

Predicting loss given default (LGD) for residential mortgage loans: A two-stage model and empirical evidence for UK bank data

With the implementation of the Basel II regulatory framework, it became increasingly important for financial institutions to develop accurate loss models. This work investigates the loss given default (LGD) of mortgage loans using a large set of recovery data of residential mortgage defaults from a major UK bank. A Probability of Repossession Model and a Haircut Model are developed and then combined to give an expected loss percentage. We find that the Probability of Repossession Model should consist of more than just the commonly used loan-to-value ratio, and that the estimation of LGD benefits from the Haircut Model, which predicts the discount which the sale price of a repossessed property may undergo. This two-stage LGD model is shown to perform better than a single-stage LGD model (which models LGD directly from loan and collateral characteristics), as it achieves a better R² value and matches the distribution of the observed LGD more accurately.     

Endogenous Parameter Time Series Estimation of the Ohlson Model: Linear and Nonlinear Analyses

This paper tests the empirical validity of the Ohlson (1995) model on a firm-level time series basis. The coefficients of the earnings dynamic and valuation equations are first estimated by OLS. Next, recognizing the nonlinear relationships among the parameters, each equation is estimated by nonlinear Least Squares. Lastly, the model is estimated as a restricted system by nonlinear Least Squares and nonlinear SUR. In all cases, parameters are endogenously estimated. Irrespective of the estimation method, the Ohlson model often yields inconsistent or insignificant parameter estimates. Nevertheless, point estimates of equity risk premia are similar to those obtained from alternative methodologies.     

An empirical study of world market influences on price formation in West Germany

In this paper price and wage determination is analyzed for 35 industries in West-Germany. Tests are made to classify industries as being competitive, discriminatory or sheltered. The chosen approach is related to the “Scandinavian” model. It is shown that about a third of the industries in the sample are not price takers in spite of international trade. Wages are strongly influenced by world market and exchange rate developments. As to the effectiveness of revaluations the results imply that, first, revaluations do provide a protection against imported inflation. Second, revaluations can be expected to produce real effects since they affect the relative price between competitively and non-competitively produced commodities and the terms of trade.     

Hard and Soft Densification Policies in the Paris City‐Region

This essay is concerned with the planning and densification of suburbs, which present a huge challenge insofar as they form a large area of urbanized land that remains underexploited due to low residential density. Drawing on current research in the Paris city‐region, the essay focuses specifically on the difficulty in implementing densification policies in low‐rise suburban areas. It examines the varying degrees of densification fostered by these policies, and builds upon recent urban studies literature on suburban change to trace how suburban areas are being transformed through regulations, instruments and market dynamics associated with densification processes. What kinds of densification policy are being implemented and what are the socio‐economic, political and cultural determinants of each type of regulatory approach? This essay will attempt to answer this question via an analysis of the densification policies being put in place in the municipalities of the Paris city‐region. It will offer in turn a typology of these different policies. It shows that densification is an instrument that can be used to address local political concerns which vary greatly depending on the economic, social and geographical position of municipalities within larger urban areas.     

The Labor‐Market Effects of Occupational Licensing Laws in Nursing

We study the labor‐market impacts of occupational licensing laws on nursing, an economically important occupation. States adopted licensing of registered and practical nurses at different times, which allows us to estimate the effects of licensing on wages and participation for each nursing profession. We find that licensure raised wages by 5 to 10 percent but there is no evidence that it reduced overall participation. Additionally, we show that licensure equalizes wages within the occupation with minority wages rising faster than nonminority wages; however, licensing had a negative but not statistically significant impact on the participation of minorities in nursing.