Exchange Rate Arrangements Among Sticky and Flexible Price Countries: Implications for some Asia-Pacific Economies

The present paper examines a two-country model one with flexible wage and prices (which seems to characterize most high performance East Asian economies), and the other with sticky wage and prices. Wage and prices often "over-shoot" in the flexible wage economy. The impacts of fixed and floating exchange rage regime on the flexible wage economy is typically different. A fixed (floating) exchange rate regime is superior for financial (real or technological) shocks. [F31]     

Do firms with larger patent portfolios create more new plant varieties in the US agricultural biotechnology industry?

This article is an empirical analysis of the relationship between patent ownership and variety innovation for US agricultural biotechnology firms in the years 1976–1999. Counts of new varieties include corn, soybean, or wheat varieties protected by either patents or plant variety protection certificates, while patent portfolio size is defined as the count of a firm's gene and method patents. Negative binomial regression results indicate that firms with larger patent portfolios did not exhibit scale economies in variety creation nor did firms with wider technological diversity in their patent portfolios create significantly greater numbers of new varieties. However, firms experienced positive spillover effects from rival firms’ patent ownership, and patent ownership increases this effect. Sample firms that have merged in the past do not produce significantly greater numbers of new varieties after considering an increase in portfolio size and did not experience greater economies of scale in creating new varieties compared with firms that experienced no past mergers.     

Within trial cost-utility analysis of disease management program for patients hospitalized with atrial fibrillation: results from the SAFETY trial

Abstract

Background: The potential impact of disease management to optimize quality of care, health outcomes, and total healthcare costs across a range of cardiac disease states is unknown.

Methods: A trial-based cost-utility analysis was conducted alongside a randomized controlled trial of 335 patients with chronic, non-valvular AF (without heart failure; the SAFETY Trial) discharged to home from three tertiary referral hospitals in Australia. A home-based disease management intervention (the SAFETY intervention) that involved community-based AF care including home visits was compared to routine primary healthcare and hospital outpatient follow-up (standard management). Bootstrapped incremental cost-utility ratios were computed based on quality-adjusted life-years (QALYs) and total healthcare costs. Cost-effectiveness acceptability curves were constructed to explore the probability of the SAFETY intervention being cost-effective. Sub-group analyses were performed based on age and sex to determine differential cost-effectiveness.

Results: During median follow-up of 1.75?years, the SAFETY intervention was associated with a non-statistically significant increase in QALYs (0.02 per person) and lower total healthcare costs (–$4,375 per person). Although each of these findings were not statistically significant, the SAFETY intervention was found to be dominant (more effective and cost saving) in 58.8% of the bootstrapped iterations and cost-effective (more effective and gains in QALYs achieved at or below $50,000 per QALY gained) in 61.5% of the iterations. Males and those aged less than 78?years achieved greater gains in QALYs and savings in healthcare costs. The estimated value of perfect information in Australia (the monetized value of removing uncertainty in the cost-effectiveness results) was A$51 million, thus demonstrating the high potential gain from further research.

Conclusions: Compared with standard management, the SAFETY intervention is potentially a dominant strategy for those with chronic, non-valvular AF. However, there would be substantial value in reducing the uncertainty in these estimates from further research.

Trial registration: Australian New Zealand Clinical Trials Registry identifier: ACTRN12610000221055.     

A DYNAMIC MODEL OF HOUSING DEMAND: ESTIMATION AND POLICY IMPLICATIONS*

Using data from the PSID, we estimate a dynamic model of housing demand with nonconvex adjustment costs, credit constraints, and uncertainty about income and home prices. We simulate how consumer behavior responds to house price and income declines as well as tightening credit. In response to a negative home price shock, households early in the life cycle climb the housing ladder more quickly and invest more in housing assets due to the lower price. With a concurrent negative income shock, however, housing demand falls among young and middle aged households who stay in smaller homes rather than to trade up.     

The risk and cost of job loss in Canada, 1978–2008

We assess the risk and cost of worker displacement in Canada over the last three decades. We show that neither the risk of job loss nor the short‐term earnings losses of displaced workers trended upwards during that period. However, short‐term earnings losses of workers displaced from manufacturing increased in recent years, as a smaller proportion found a post‐displacement job in that sector. In line with Stevens ( 1997 ) and Couch and Placzek ( 2010 ), we find that high‐seniority workers and individuals with stable labour market attachment experienced, five years after displacement, earnings losses that ranged between 10% and 18%.     

Data Mining For Hotel Occupancy Rate: An Independent Component Analysis Approach

The recent global financial crisis and the threat of a worldwide H1N1 influenza epidemic have greatly affected the tourism and hospitality industries around the world. Both hospitality practitioners and researchers are interested in finding analytical methods that enable forecasts to be made of hotel room demand under the uncertain conditions likely to affect the industry. In this article, a novel data mining technique called independent component analysis (ICA) is proposed to establish the major factors determining the hotel occupancy rate in Hong Kong. Then, extension of the model is suggested, incorporating these factors to decompose hotel occupancy rates and examine the effect of each factor on the hotel occupancy rate. Empirical findings show that outbreaks of infectious diseases, economic performance, and service price were the major determinants of the hotel occupancy rate in Hong Kong over the period studied.     

A Holistic Approach to Understanding the Use of Travel Guidebooks: Pre-, During,and Post-Trip Behavior

This study proposed a holistic approach to understanding the usage of travel guidebooks. Guidebooks were revealed to outperform other travel information sources in the stages of “during” and “post-travel” but lost their competitiveness in the pre-trip planning to the Internet, especially on the search for information on destination and accommodation. A factor analysis on an 18-item instrument concluded that travelers possess six underlying need dimensions when using guidebooks: reflective, security, confirming, destination, itinerary, and functional needs. Therefore, recommendations were provided for practitioners to reconsider the positioning of travel guidebooks when formulating product development and marketing strategies.     

Motivation Factors of Ecotourists in Ecolodge Accommodation: The Push and Pull Factors

Tourist motivations are important factors in understanding tourist behaviour in relation to destination choice; and motivation relates to the needs, goals and preference of the tourists. Extensive research work on tourist motivation factors has been documented in the tourism literature. However, there seems to be a lack of empirical study on the accommodation sector, in particular ecolodge accommodation. Attention to tourists' motivational factors in the ecolodge accommodation is essential for determining the tourists' choices or needs and tourist behaviour in terms of choosing ecolodge accommodation. Previous studies determine that tourist motivations are influenced by both push and pull forces; and these forces describe how an individual is pushed by motivating variables into making travel decisions and how they are pulled or attracted by destination attributes. This paper reports an exploratory qualitative study on ecotourists' motivation factors in the ecolodge accommodation by adopting pull and push motivation theory. In-depth interviews were conducted with 29 ecotourists who stayed in the two ecolodges in Sukau. The findings reveal that ecotourists are primarily attracted by the destination attributes (natural attractions, wildlife, local lifestyle and eco-activities) where ecolodges are located, which we term pull factors. At the same time, they are also pushed by their social–psychological desire to escape from their routine of normal life (push factors) by visiting ecolodges. This suggests that there are two different motivational forces among the ecotourists; and that ecotourists' motivational factors can be explained by employing “seeking” and “escaping” as motivational dimensions of leisure behaviour (Ross & Iso-Ahola, 1991 Ross, E. L. D. and Iso-Ahola, S. E. 1991. Sightseeing tourists' motivation and satisfaction. Annals of Tourism Research, 18(2): 226–237. [Crossref], [Web of Science ®] , [Google Scholar], Annals of Tourism Research, 18(2) 226–237). The findings seem to inform that ecotourists' choices to stay in the ecolodges in Sukau are strongly influenced by the destination attributes or attractions around the ecolodges and not ecolodge accommodation attributes. The identification of motivational factors in this study provides a clearer account of what actually attracts the ecotourists to stay at ecolodges. It suggests that the marketing strategies for ecolodges should focus more on the destination attractions around the ecolodge accommodation. The ecolodge operators should position their ecolodges based on the unique destination attributes – wildlife and pristine environment – rather than the ecolodge attributes. Similarly, it is important for the ecolodge operators to conserve and protect their surrounding natural resources since these are the main motivational factors for tourists to patronize their ecolodges.     

International Business Research: Coauthorship Patterns and Quality

The authors investigate published international business research in four international business journals over a 10‐year period, 1995–2004: (a) patterns of coauthorship across regions, and (b) the relation between coauthorship patterns and the quality of international business (IB) articles. A cross‐region coauthorship enhances the quality of an article, suggesting that international collaboration creates synergy in IB research. The authors do not see any positive correlation between alphabetical ordering of coauthor names in multiauthored articles and article quality—a result that is contrary to some evidence in other disciplines. Finally, international management articles appear to be more frequently cited than articles in other IB research areas.     

Investor reactions to corporate environmental saints and sinners: an experimental analysis

Following Dierkes and Antal's (1985) model, this study examines the decision usefulness of narrative disclosures on firms' environmental performance by focusing on how investors allocate their investment funds. Using an experimental design, the study examines investors' reactions to two states of corporate environmental performance: one in which the company discloses it is performing badly with respect to the environment, and another in which the company discloses it is a leader in environmental management. The results indicate that investors, as expected, react strongly and negatively to the poor environmental performer, while somewhat less expected, there is no significant reaction to the better environmental performer. Sub-analyses, however, reveal ‘environmental clientele’ effects. For the poor environmental performer, investors who specifically mention environmental performance react even more strongly and negatively than those who make no mention of environmental performance. In the case of the better environmental performer, the reactions are more complex. For those investors who specifically mention the firm's environmental performance, two opposite reactions result. While one group positively invests in the company for its environmental leadership, the other group avoids investing in the company for what it appears to consider excessive and unnecessary expenditure. The results from this study are consistent with the widespread observation that firms will rarely disclose poor environmental performance unless required to do so. Moreover, the mixed reactions to the better environmental performer could also partly explain why firms appear willing to report their positive environmental achievements in only vague and general terms.