Advertising Strategies and Information Content in American and Swedish Advertising

Technological developments make it easier and easier for marketers to standardize their marketing programmes worldwide. There are, however, also strong forces against such a development in advertising, and a standardized advertising approach across countries could hardly be recommended at this point. This article explores the differences between American and Swedish advertising in terms of advertising strategies used, as well as of how informative they are. The result shows that there are fairly large differences between American and Swedish advertising.     

Closed-loop supply chains: a guide to theory and practice

During the last decades, attention to the environment has grown substantially. A remarkable and significant trend has been the recognition of the strategic importance of reverse logistics and closed-loop supply chain (CLSC) as a consequence of the Directive on Waste of Electrical and Electronic Equipment. In this paper, we analyse the transformation from an ‘open-loop supply chain’ to a ‘closed-loop supply chain’. Our aim is to guide the reader through the main aspects of both theory and practice in CLSCs: starting from the existing literature, we adopt a broader approach and define the guidelines for managers to follow in the supply chain decision process. Assuming a producer responsibility perspective, we pay a special attention to some of the most important sustainable strategic decisions that a company has to face in order to implement and effectively manage the CLSC: (i) location–allocation, (ii) returns collection, (iii) inventory control of returns, (iv) returns grading and (v) performance management of CLSC. We describe each typology of problems, their mathematical formulations and the implications through both an environment and business perspective. We highlight the managerial implication and then underline the limits of the current literature, and define future directions for research to explore.     

European Pension Funds and Sustainable Development: Trade‐Offs between Finance and Responsibility

Pension funds try to account for sustainable development in their operations. This mainly translates in responsible investing. We investigate how this interacts with the financial objectives. We use a survey of more than 250 pension funds based in 15 European countries. Multinomial logistic regression is used to find out how pension funds trade off sustainable development and financial objectives. Our findings suggest that pension funds that have not included responsibility in their strategy and investments have a clear priority regarding their financial performance. Pension funds who integrate sustainable development in their strategy can bring balance between finance and responsibility. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

这日子没法过了

去年一年,在北京、香港几个投资会议上,每每碰到投行的兄弟姐妹,打招呼的方式不再是诸如“你那个deal（交易）怎私样了？上没上？”而是“有没有要privatize的？介绍一下”。     

USING WEB 2.0 TO SHARE KNOWLEDGE OF CONSTRUCTION SAFETY: THE FABLE OF ECONOMIC ANIMALS

Gone are the days when knowledge sharing depended solely on face‐to‐face meetings. With the help of Web 2.0, rapid and dynamic cross‐border knowledge sharing among construction safety researchers has become possible. Nevertheless, empirical observation has shown that researchers are falling behind the curve. Generally speaking, there are two major types of motivations: intrinsic and extrinsic. Introducing extrinsic motivators on top of intrinsic motivators can produce better results than relying solely on intrinsic motivation.     

Penalized likelihood smoothing in robust state space models

In likelihood-based approaches to robustify state space models, Gaussian error distributions are replaced by non-normal alternatives with heavier tails. Robustified observation models are appropriate for time series with additive outliers, while state or transition equations with heavy-tailed error distributions lead to filters and smoothers that can cope with structural changes in trend or slope caused by innovations outliers. As a consequence, however, conditional filtering and smoothing densities become analytically intractable. Various attempts have been made to deal with this problem, reaching from approximate conditional mean type estimation to fully Bayesian analysis using MCMC simulation. In this article we consider penalized likelihood smoothers, this means estimators which maximize penalized likelihoods or, equivalently, posterior densities. Filtering and smoothing for additive and innovations outlier models can be carried out by computationally efficient Fisher scoring steps or iterative Kalman-type filters. Special emphasis is on the Student family, for which EM-type algorithms to estimate unknown hyperparameters are developed. Operational behaviour is illustrated by simulation experiments and by real data applications. Received: March 1998     

The dialectics of human resource management in Cuba

Dialectical theory is applied to the examination of how institutional and organizational level changes are leading to a new human resource management (HRM) paradigm in Cuba. The paper starts with a general overview of economy and enterprise in Cuba, which serves to expose the nature of the pressures and contradictions facing managers and organizations in this country. Based on a focus group study, an analysis of the process of change in the HRM paradigm as perceived by a sample of Cuban managers is presented. The emerging dialectical paradigm is to a great extent influenced by the institutional context, namely by the control of the state. The state's role in the protection of the communist principles, combined with the need to open the economy to the logic of the market, is constituting a singular case in the world of management in general and of HRM in particular: that of a communist country with an increasingly market-based economy, where the socialist cadre is simultaneously becoming a market-oriented HR manager.     

Explaining local manufacturing growth in Chile: the advantages of sectoral diversity

This article investigates whether the agglomeration of economic activity in regional clusters affects long-run manufacturing Total Factor Productivity (TFP) growth in an emerging market context. We explore a large firm-level panel dataset for Chile during a period characterized by high growth rates and rising regional income inequality (1992–2004). Our findings are clear-cut. Locations with greater concentration of a particular sector have not experienced faster TFP growth during this period. Rather, local sector diversity was associated with higher long-run TFP growth. However, there is no evidence that the diversity effect was driven by the local interaction with a set of suppliers and/or clients. We interpret this as evidence that agglomeration economies are driven by other factors such as the sharing of access to specialized inputs not provided solely by a single sector, e.g. skills or financing.     

Determinants of the income velocity of money in Portugal: 1891–1998

This paper performs a long-run time series analysis of the behaviour of the income velocity of money in Portugal between 1891 and 1998 by assessing the importance of both macroeconomic and institutional factors and looking for particularities in the Portuguese case. We estimate two cointegration vectors for the income velocity of money, macroeconomic variables and institutional variables. It is apparent that one of these vectors reflects the relationship between income velocity and macroeconomic variables, while the other reflects the relationship between income velocity and institutional variables. Moreover, a regression analysis reveals that the usual U-shaped pattern is displayed with a relatively late inflection point located around 1970, which is consistent with the Spanish case. It is further noted that this is a feature of countries with a late economic and institutional development process.     

The dynamic effects of shocks to wages and prices in the United States and the Euro Area

This article investigates the dynamics of aggregate wages and prices in the United States (US) and the Euro Area (EA) with a special focus on persistence of real wages, wage and price inflation. The analysis is conducted within a structural vector error-correction model, where the structural shocks are identified using the long-run properties of the theoretical model, as well as the cointegrating properties of the estimated system. Overall, in the long run, wage and price inflation emerge as more persistent in the EA than in the US in the face of import price, unemployment, or permanent technology shocks. This finding is robust to the changes in the sample period and in the models’ specifications entertained in the article.