Interconnections Between Eurozone and US Booms and Busts Using a Bayesian Panel Markov‐Switching VAR Model

The proposed panel Markov‐switching VAR model accommodates changes in low and high data frequencies and incorporates endogenous time‐varying transition matrices of country‐specific Markov chains, allowing for interconnections. An efficient multi‐move sampling algorithm draws time‐varying Markov‐switching chains. Using industrial production growth and credit spread data, several important data features are obtained. Three regimes appear, with slow growth becoming persistent in the eurozone. Turning point analysis indicates the USA leading the eurozone cycle. Amplification effects influence recession probabilities for Eurozone countries. A credit shock results in temporary negative industrial production growth in Germany, Spain and the USA. Core and peripheral countries exist in the eurozone. Copyright © 2016 John Wiley & Sons, Ltd.     

Staying in “the works of living”: How older adults employ marketplace resources to age successfully

Despite being a large and rapidly growing consumer population, limited marketing research examines how older adult consumers pursue marketplace well-being in the face of the challenges posed by aging. Using depth interviews and drawing on literatures from both marketing and gerontology, we develop a model that bridges disparate perspectives of older adults in the marketing literature, exploring how older consumers navigate the tensions between successful aging and vulnerability as they seek to maximize their quality of life in the marketplace. From this analysis, we present a more nuanced portrait of how older adults pursue well-being across consumption domains to fulfill their aspirations and maintain their independence, as well as identify ways that marketers and public policymakers can assist in those pursuits.     

Sponsorship portfolio as a brand-image creation strategy

The meanings held by events are sometimes transferable to a brand through sponsorship. The perceived sponsor-property fit affects brand evaluations. This research hypothesizes that in the case of a sponsorship portfolio, the source of image transfer can be composite, and brand image association may depend on the perceived fit between sponsorships. Building on theories of social cognition and categorization, this research proposes two dimensions of fit: sponsorship category relatedness and event personality fit. Two experiments show that categorical relatedness between sponsorships not only leads to the creation of a unified brand personality for the sponsor, but also enhances brand meaning consistency and clarity. Central category-related traits cue a category membership framework that integrates sponsorships in the portfolio. Under conditions of category ambiguity, the impact of event personality fit emerges. Interestingly, the findings suggest that sponsored properties having a “spiky” brand personality (having both high and low performance on dimensions) may communicate most clearly in a portfolio.     

Population Problems of the Countries of Asia

Abstract

This study seeks to explain the variation in U.S. foreign direct investment (FDI) in Latin America and Asia. The analysis focuses on 19 Latin American and Asian countries for the period of 1979–1999. The results show that the variation in the U.S. FDI can largely be attributed to the differences in fundamental economic and social factors such as market size, gross domestic product (GDP) growth, macro-economic stability, the degree of trade openness, and both school enrollment and infrastructure availability. Separating the data into two time periods reveals interesting results about the location decisions for U.S. investors. In addition, the results from the comparison between the two regions show that Latin American countries clearly attract U.S. FDI for different reasons than Asian countries.     

Household,community, and policy determinants of food insecurity in rural Malawi

This study examines how socio-economic characteristics of households, local conditions, and public programmes are associated with the probability that a farm household in rural Malawi is food insecure. The statistical analysis uses nationally representative data for 8350 randomly-selected households interviewed during 2004/05 for the second Malawi Integrated Household Survey. Regressions are estimated separately for households in the north, centre, and south of Malawi to account for spatial heterogeneity. Results of a multilevel logit model reveal that households are less likely to be food insecure if they have larger cultivated land per capita, receive agricultural field assistance, reside in a community with an agricultural cooperative and relatively high annual rainfall, and are headed by an individual with a high school degree. Factors that positively correlate with household food insecurity are price of maize, price of fertiliser, number of household members, and distance to markets. Implications of these findings for policy are discussed.     

Designing and implementing global staffing systems: Part I—Leaders in global staffing

The creation of global HR systems remains a real challenge. This article provides an indepth look at six organizations—Agilent Technologies, Dow Chemical Company, IBM, Motorola, Procter and Gamble, and Shell Oil—that have instituted globally standardized staffing tools and systems. The systems they have created and the challenges they have faced are described. © 2003 Wiley Periodicals, Inc.     

The origins of formal collusion in Australian fire insurance 1870–1920

The market for insurance has become increasingly competitive in recent years. However, it has not always been so. At the end of the nineteenth century, it was characterized by a highly concentrated and tightly controlled oligopolistic market structure. As such, the history of the fire insurance industry provides an interesting case study in the development of collusive behaviour amongst firms. Up to 1897, pricing agreements among firms were generally short-lived, and were followed by periods of intense competition. After this point, an agreement was forged, which proved very resilient to market pressures and formed the basis of premium rate setting until the 1970s. This paper investigates the difference between this agreement and previous efforts to set premium rates, and points to some of the common features of the later compact, which explain its longevity.     

Does Saying ‘Yes’ to Capital Inflows Necessarily Mean Good Business? the Effect of Antimoney Laundering Regulations in the Latin American and the Caribbean Economies

This study explores the level of compliance and the subsequent economic performance of states in the context of anti‐money laundering (AML) regulations. Following Holmstrom and Tirole (1997) and Obstfeld and Rogoff (1998), we examine why countries admit illicit flows of money and the economic costs of these transactions. Analyzing 36 Latin American and Caribbean jurisdictions between 1960 and 2010, we find that poor institutional performance by a jurisdiction (AML ratings, blacklists with non‐cooperator countries, and corruption indicators) affects negatively the investment ratio to GDP, the FDI ratio to GDP, and financial development (ratio of credit markets to GDP). These findings are novel in the literature, offering an important contribution to the debate on financial regulatory convergence.