Application of primitive sets to multi-criteria optimization problems

In this paper we generalize the concept of efficiency in multi-criteria problems from being the property of a point to that of a set of points. This generalization permits a variety of solution concepts to these problems. The uniqueness of solution distinguishes this approach from the usual concept of efficiency.     

Overreaction after Controlling for Size and Book-to-Market Effects and its Mimicking Portfolio in Japan

In this paper we observe that firm size (SZ) and book-to-market (BM) cannot fully explain stock returns on prior-return- (PR-) based portfolios in the Japanese stock market. The overreaction effect after controlling for the SZ and BM effects is significant and persistent, and accounts for a large part of the zero-investment returns on the loser to the winner. We therefore propose a new mimicking portfolio whose returns mimic the common factor in returns related to overreaction. Our evidence shows that the proposed four-factor model captures common variation in returns on portfolios, based on stocks SZ, BM, and PR, better than the well-known three-factor model does.     

Competition with asymmetric regulation of mobile termination charges

The aim of this paper is to explore the effectiveness of asymmetric regulation, which allows a new mobile network operator to set higher termination rates than the incumbent operator. We assume that there are two market segments: one in which operators compete on equal terms, with a new technology, and the other in which the entrant is at a disadvantage since the technology it offers is inferior to the incumbent??s. Results show that asymmetric regulation can create favorable conditions that allow the entrant to strengthen its market positioning, and enhance consumer net utilities and social welfare. This highlights the importance of the degree of network asymmetry and the ways in which consumers are split between the two market segments. Lastly, we show that asymmetric regulation can create greater investment incentives for the entrant which could effectively enhance social welfare. These findings can provide useful insights for regulatory policy.     

How Can We Better Understand Current and Future Workforce Values in the Global Business Environment?

Our study tested the predictive power of socioeconomic development theory and age differences theory to explain work values across cultures and across age groups. We compared the values orientations of future managers, business students under the age of 25, with those of current managers and professionals, who we split into three decade groups (30 to 39, 40 to 49, and 50 to 59). Our respondents (n = 1,518) come from six diverse societies: Brazil, Germany, Indonesia, Russia, the United States, and Vietnam. Our findings indicate that both theories contribute to our understanding of work values and behaviors. One implication is that while socioeconomic development theory makes an important contribution, it is clearly not sufficient by itself to explain work values/behavior differences in the global context. The study findings and the discussion of them will hopefully provide multinational managers with a clearer assessment of current and future workforce values/behavior. © 2012 Wiley Periodicals, Inc.     

Who Are the Potential Smokers of Smuggled Cigarettes?

Although smuggled cigarettes have been a prevalent problem and a severe challenge to public health and welfare around the world, little is known about the behavior associated with smoking smuggled cigarettes and the issue is difficult to study due to data limitations. By means of a population‐based tobacco survey conducted in Taiwan, the present paper applies a latent class model to identify potential smokers who are either currently or will at some point in the future be consuming smuggled cigarettes. This methodology, in contrast to the traditional discrete models, allows potential smokers who are more inclined to smoke smuggled cigarettes to be endogenously classified. The empirical results indicate that socio‐demographic factors do increase the inclination to smoke smuggled cigarettes after unobserved heterogeneity has been accounted for.     

Tourist behavioural intentions in relation to service quality and customer satisfaction in Kinmen National Park,Taiwan

This study assesses tourist satisfaction and its links with service quality using a hierarchical model that combines four primary determinants and eight corresponding sub‐dimensions. A sample of 616 tourists departing from Kinmen Airport was surveyed with a structured questionnaire after they had just visited Kinmen National Park. A series of analyses was performed to explore tourist satisfaction with the four main service quality attributes as well as their willingness of repeat visits and recommendation. As a result, it was consistently found that service quality has positive significant relationship with tourist satisfaction. It is thus suggested that national park managers have to satisfy tourists with a high level of service quality, based on the concept that service quality may have a significant influence on long‐term behavioural intentions through high levels of customer satisfaction. Copyright © 2010 John Wiley & Sons, Ltd.     

The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China

We examine how mandatory disclosure of corporate social responsibility (CSR) impacts firm performance and social externalities. Our analysis exploits China's 2008 mandate requiring firms to disclose CSR activities, using a difference-in-differences design. Although the mandate does not require firms to spend on CSR, we find that mandatory CSR reporting firms experience a decrease in profitability subsequent to the mandate. In addition, the cities most impacted by the disclosure mandate experience a decrease in their industrial wastewater and SO₂ emission levels. These findings suggest that mandatory CSR disclosure alters firm behavior and generates positive externalities at the expense of shareholders.     

Industrial upgrading efficiency and free markets in emerging economies: A two-stage meta-frontier approach

This paper establishes an industrial upgrading model by dividing the industrial upgrading process into two: the foundation–construction and industrial upgrading stages. Eighty-one sample countries, from 2006 to 2012, were divided into two groups according to their degree of market freedom. The meta-frontier method was employed to explore technology gaps in the groups caused by the different markets. It was found that emerging economies with a free market have a better upgrading performance than those with a restricted market, and the efficiency gap between the two groups was seen to be continually increasing.     

Determining the optimal process means under mixture normal distributions

In this paper, we consider that the working environment has certain states, and in every state, the parameters of quality characteristics are different. Thus, if we set the characteristics parameters in a specified state, these parameters will change to another state. To describe this situation, we use a mixture of normal distributions, which comprise a flexible and powerful statistical-based modeling tool in practice. Under the step loss function and the piecewise linear loss function, we select the optimal means for the proposed manufacturing process.