Past price ‘memory’ in the housing market: testing the performance of different spatio-temporal specifications

Recent methodological developments provide a way to incorporate the temporal dimension when accounting for spatial effects in hedonic pricing. Weight matrices should decompose the spatial effects into two distinct components: bidirectional contemporaneous spatial connections; and unidirectional spatio-temporal effects from past transactions. Our iterative estimation approach explicitly analyses the role of time in price determination. The results show that both spatio-temporal components should be included in model specification; past transaction information stops contributing to price determination after eight months; and limited temporal friction is exhibited within this period. These findings highlight the decidedly non-linear temporal patterns of such information effects.     

Gender,family ties,and international mobility: Cultural distance matters

This study empirically tests a model of associations between family-domain variables and willingness to accept an international assignment, and applies the general model to sub-samples of men and women to examine gender differences in the pattern of relationships. We further explore these patterns in culturally similar and culturally distant country destinations. Analyses conducted with a sample of 148 men and 79 women employed MBA graduates from dual-earner couples revealed that perceived spouse willingness to relocate, beliefs regarding spouse and couple mobility, relative income, and the presence of children are associated with willingness to accept an international assignment. Moreover, consistent with social role theory, significant gender differences in willingness were found across low and high cultural distance country destinations.     

Cross-Border Shopping: A Survey

The aim of this paper is to undertake a review of the most important literature on the phenomenon of fiscally induced cross-border shopping. Following the presentation of the principal theoretical models, the study concentrates on applied literature. Firstly, the elements common to the diverse applications are described, and then, a detailed analysis of the research undertaken into cross-border shopping for alcoholic drinks, tobacco, fuel, and lotteries is provided, concluding with a reference to the interaction between cross-border purchases and those effected over the internet. The results achieved by the empirical research coincide and support the principal result of the theoretical literature: the tax differentials between neighboring territories induce consumers to purchase in the territory where taxation is lower, on the condition that the tax saving compensates for the transport costs associated with the travel made by the purchaser in order to take advantage of the lower taxation.     

PROMOTING INNOVATION IN THE ELECTRICITY INDUSTRY

Smart metering can bring significant benefits to electricity markets by allowing customers to reduce demand or increase supply when generation capacity is temporarily scarce. To reap the full efficiency and environmental benefits of this technology, regulators must allow price volatility and free entry into the market. The efficiency gains are enormous as both demand and supply will be affected by both temporary and longer‐lasting price changes. Experiments have shown the value of this approach.     

A Matter of Principle: Recent Developments in Hungarian Accounting Thought and Regulation

This paper provides, against a review of prior literature on the problems faced by economies in transition from plan to market, an analysis of developments in Hungarian accounting regulation during the past 15 years. Significant legislative events are examined, as well as gradually shifting attitudes of the key players involved in the regulatory processes. We identify a number of obstacles to the development of a regulatory framework suitable to provide decision-useful accounting information, among which the roles and attitudes of the legislator and the accounting profession feature prominently, as well as the lingering influence of taxation on accounting, and of other Continental European, code-law regulatory and accounting features. We conclude that a reduction of the influence of government and legislation is required, as well as a more progressive approach in the education and training of accountants. This should focus on the teaching of a new way of thinking and move away from the traditional teaching of detailed accounting methods.     

Wealth and the capitalist spirit

The wealth distribution in the U.S. is more unequal than either the income or earnings distribution, a fact current models of saving behavior have difficulty explaining. Using Max Weber’s [Weber, M. (1905). The Protestant Ethic and the Spirit of Capitalism. Charles Scribners’ and Sons (1958 translated edition)] idea that individuals may have a ‘capitalist spirit’, I construct and simulate a model where individuals accumulate wealth for its own sake rather than as deferred consumption. Including capitalist spirit preferences in a simple life cycle model, with no other modifications, generates a skewness of wealth consistent with that observed in the U.S. economy. Furthermore, capitalist spirit preferences provide a way to generate decreasing risk aversion with increases in wealth without resorting to idiosyncratic rates of time preference.     

Travelling to the Ancestral Homelands: The Aspirations and Experiences of a UK Caribbean Community

This paper is based on an ethnographic study of the Caribbean community of Moss Side, Manchester (UK). Its aim is to reveal, interpret and analyse the personal meanings which members of the community attach to visiting the ancestral homeland in the Caribbean. This form of travel is defined in terms of 'ethnic reunion', which involves travelling for the purpose of visiting friends and relatives and/or searching for one's cultural roots. The study, which is based on an interpretive analysis of a range of ethnographic material, initially examines the reasons why first- and second-generation Caribbeans wish to participate in the 'homeland experience', and then illustrates ways in which they reconstruct an identity of themselves through their travel perceptions and experiences. The latter part of the paper discusses how people's travel encounters serve to illustrate how ethnic differences and boundaries between groups are constructed and/or reconstructed. It is argued that established perspectives of tourism motivation and behaviour do not fully account for the role of ethnicity as a significant variable in influencing specific forms of travel. The conclusion asserts that ethnic reunion should be conceptually viewed as a distinct form of 'travel', socioculturally dissimilar to conventional forms of 'tourism'.