Willpower in children and adults: a survey of results and economic implications

This paper reviews key contributions to the psychology and economics literature on willpower. Understanding how willpower develops can shed important light on time-inconsistent economic decision making, a topic that has received substantial attention over recent decades. In particular, we argue that measures of willpower for the child provide useful insights into the nature of willpower and are reliable predictors of economic outcomes in the adult. The implication is that one might, for example, be able to strengthen a “weak” child’s ability to resist temptation, and in so doing offer welfare enhancements not only to the child but also to the ultimate adult decision maker. Finally, we list a set of open questions that could be profitably addressed by the future research.     

Forecasting a long memory process subject to structural breaks

We develop an easy-to-implement method for forecasting a stationary autoregressive fractionally integrated moving average (ARFIMA) process subject to structural breaks with unknown break dates. We show that an ARFIMA process subject to a mean shift and a change in the long memory parameter can be well approximated by an autoregressive (AR) model and suggest using an information criterion (AIC or Mallows’ _Cp$C_p$) to choose the order of the approximate AR model. Our method avoids the issue of estimation inaccuracy of the long memory parameter and the issue of spurious breaks in finite sample. Insights from our theoretical analysis are confirmed by Monte Carlo experiments, through which we also find that our method provides a substantial improvement over existing prediction methods. An empirical application to the realized volatility of three exchange rates illustrates the usefulness of our forecasting procedure. The empirical success of the HAR-RV model can be explained, from an econometric perspective, by our theoretical and simulation results.     

Assessment of TV Drama/Film Production Towns as a Rural Tourism Growth Engine

Television (TV) drama/film production towns have been mushrooming in Korea to cater for the increasing popularity of film tourism. Most of these towns have been constructed by local governments to stimulate economic development, enhance the image and awareness of the region, and to fulfill the political desires of the local government officials. However, in the last 15 years, 34 towns have been established, which has led to heavy competition for film tourists and in attracting subsequent TV drama and film productions. Consequently, most of the towns are currently experiencing financial difficulties and are exploring effective measures to maintain their popularity. In this study, film tourists' perceptions of TV drama/film production towns were analyzed using a structured survey method. The survey data were analyzed using paired t-tests and importance–performance (I–P) analyses. The results reveal that the film tourists' had different perceptions of the I–P of the products and services provided by the towns. In particular, their perceptions of I–P displayed distinct gap patterns in relation to various socio-demographic and travel-related variables.     

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One vision of academic nursing centers

Reconciling vision, mission, and financial realities into a successful socially responsive endeavor is a challenge for academic nursing centers. A financially viable faculty practice enterprise is a response to this challenge. Entrepreneurial management and strategy assist in establishing financial sustainability.     

Constitutional Origins of Dictatorship and Democracy

Many emerging democracies across the globe are scrambling to craft new constitutions. The modal constitution being chosen in this most recent wave of democratization is a rather unknown, and under-theorized, type: semi-presidentialism. This article brings semi-presidentialism back to comparative constitutional theory, distinguishing it from presidentialism and parliamentarism, and guarding against its hasty export to new democracies. This article details when, and why, semi-presidentialism can be problematic from the standpoints of democracy, constitutionalism, and the protection of fundamental rights; and the conditions under which it can be supportive of them. After establishing the analytical framework, this article compares developments in two important historical cases of regime change under semi-presidentialism, cases which have also been among the most influential countries for European politics in the twentieth century: the French Fifth Republic and Weimar Germany. The concluding section draws the evidence together.     

Market Reactions to Corporate Restructurings

This article examines the stock price reactions to restructuring announcements by the DJIA 30 corporations over the period 1988–1995 by employing the event study methodology and cross-sectional regression analyses. Corporate restructurings, historically regarded as highly unusual accounting events, became increasingly common after 1987. One probable cause is the discretionary power managers enjoy due to the flexibility allowed by the Accounting Principles and Financial Accounting Standards Boards. Our general findings are that, contrary to contemporary press comments, restructurings, especially those impose a charge against the firm's earnings, are typically associated with negative excess returns. This evidence seems to be consistent with the notion that restructurings reveal unfavorable information of the firm's future performance. Furthermore, the larger the size of the restructuring amount announced in the Wall Street Journal, the more negative the stock price reaction is.     

Choosing health care online: a 7-Eleven case study

This article describes 7-Eleven's success in offering Web-based health care enrollment to its diverse workforce, which made the introduction of such service delivery strategy unusually challenging. Through its efforts, 7-Eleven was able to meet several important objectives, including helping employees better appreciate the value of their benefits, providing employees with increased services and convenience, and encouraging employees to make more cost-effective choices in their health care coverage.     

Supply chain variability,organizational structure,and performance: The moderating effect of demand unpredictability

Supply chain process variability is the level of inconsistency, or volatility, in the flow of goods into, through, and out of a firm. The research investigates the links among organizational structure (formalization and integration), supply chain process variability, and performance as moderated by environmental uncertainty. We found that in a predictable demand environment, only formal control affects supply chain process variability, leading to improved financial results; but in an unpredictable demand environment, only cross-functional integration affects supply chain process variability, leading to improved financial performance. We also examined whether supply chain process variability is a complete or partial mediator of the relationship between organizational structure and performance, and found that: (1) in a predictable demand environment, supply chain process variability completely mediates the relationship between formal control and performance and (2) in an unpredictable demand environment, supply chain process variability partially mediates the relationship between integration and performance. Supply chain process variability has an inverse relationship with financial performance, regardless of the demand environment; and organizational structure provides managers with the mechanisms to mitigate this variability's detrimental impact on financial performance.     

Reputation in Auctions: Theory, and Evidence from eBay

Employing a procedure suggested by a simple theoretical model of auctions in which bidders and sellers have observable and heterogenous reputations for default, we examine the effect of reputation on price in a data set drawn from the online auction site eBay. Our main empirical result is that seller's, but not bidder's, reputation has an economically and statistically significant effect on price.