Market structure and the impact of imports on price cost margins

This paper provides a conceptual analysis of the impact of imports on domestic price-cost margins via the interaction of economies of scale, conjectural variations, and demand elasticities. Positive or negative impacts can be theoretically justified based on the relative strength of these factors.     

Long term spread option valuation and hedging

This paper investigates the valuation and hedging of spread options on two commodity prices which in the long run are in dynamic equilibrium (i.e., cointegrated). The spread exhibits properties different from its two underlying commodity prices and should therefore be modelled directly. This approach offers significant advantages relative to the traditional two price methods since the correlation between two asset returns is notoriously hard to model. In this paper, we propose a two factor model for the spot spread and develop pricing and hedging formulae for options on spot and futures spreads. Two examples of spreads in energy markets – the crack spread between heating oil and WTI crude oil and the location spread between Brent blend and WTI crude oil – are analyzed to illustrate the results.     

Ecological consumer behaviour: an empirical analysis

Increasingly, consumers choose ecological products when they do the shopping, not only because it is a healthier option but also because it helps to sustain the environment for future generations. They are prepared to switch products for ecological reasons and stop buying products from companies that cause pollution. Firms and other economic institutions are aware of the importance of reflecting these attitudes towards the environment in developing their products. This paper is focused on environmental attitudes as meaningful predictor of ecological behaviour. A three‐dimensional approach to this variable has been developed, which addresses its emotional, cognitive and conative components. A random sample survey of 573 individuals was used to verify the conceptual model and framework. This model was assessed initially by principal factor analysis and subsequently, by structural equation modelling. Findings of this study showed that environmental attitudes have a significant effect on ecological behaviour. This research improves our understanding of how consumers feel and what attitudes best define their way of behaving in relation to environmental problems.     

How Analysts Process Information: Technical and Financial Disclosures in the Microprocessor Industry

Abstract

Following Bradshaw (‘Analyst information processing, financial regulation, and academic research’ [2009], and Analysts' forecasts: What do we know after decades of work? [2011]), this paper examines how analysts process information, particularly in an information environment characterised by multiple and potentially complementary information sources. The setting is the microprocessor industry, one in which technical information is particularly significant and complex to digest. Based on 3837 analyst earnings-forecast revisions, issued by 134 analysts, we examine quantitatively the speed, magnitude, and information content of the reactions of individual analysts and subgroups of analysts to both periodic and timely technical disclosures, and as a complement to periodic financial disclosure. We find that analysts are much slower to react to timely technical disclosures than they are to periodic financial disclosures. We find also that technical and financial disclosures complement each other. Furthermore, we find that there is a ‘hierarchy’ of analysts in this particular industry, as evidenced through the strength of reaction to timely technical disclosures. Finally, we find that lower speed in reacting to timely technical disclosures and a higher intensity in the use of timely technical disclosure (in conjunction with periodic financial disclosure) result in greater accuracy, and that more experienced analysts tend to be less accurate. We suggest that the findings may have implications for other industries such as Bio-Tech Pharma.     

电化学氧化法处理垃圾渗滤液中氨氮实验研究

针对我国垃圾渗滤液成分复杂,处理技术不成熟等问题,采用电化学氧化的方法对含高氨氮的模拟垃圾渗滤液废水进行了实验研究。研究了不同的阳极材料,电流密度和氯离子质量浓度对氨氮的去除效果的影响。结果表明,在采用TiO2/SnO2阳极,电流密度20 mA/cm2,氯离子质量浓度10 g/L的条件下,氨氮的去除率可达到95％。在反应过程中,氨氮的去除符合准零级反应动力学。在最优条件下采用电化学氧化法处理实际的垃圾渗滤液,结果发现,反应240 min后,废水中的氨氮也可得到全部去除,色度的去除率可达82％。该方法用于成分复杂的垃圾渗滤液的脱氮处理具有较好的应用前景。     

Face to face and telephone surveys in terms of sampling representativeness: a multidimensional analysis

This paper analyzes sample structure in a survey-based research project using both face-to-face and telephone survey techniques, at a time when the telephone survey has completely ousted the face-to-face survey; particularly in electoral studies. Multiple Correspondence Analysis is applied to the data from a political poll conducted prior to regional elections held in Spain’s Autonomous Community of Galicia in which half of the questionnaires were administered by telephone and the other half via face-to-face interview. Unlike other studies—that use a partial approach based on bivariate analysis—this one examines all the sociodemographic variables simultaneously.     

Family firms’ investments, uncertainty and opacity

This paper contributes to the literature on family firms in two ways. First, it focuses on a largely neglected but important issue of family firms’ investment decisions. Second, it uses a novel and rich data set about Italian private firms; this complements the literature, which typically focuses on publicly traded companies, in an important way, given that most family firms are private and relatively little information is available on their behaviour. Our results suggest that family firms’ investments are significantly more sensitive to uncertainty than nonfamily firms. We find evidence that the greater sensitivity to uncertainty is basically due to the greater opacity of family firms and to their higher risk aversion, rather than to the degree of sunk fixed capital as is typical in the literature on investment decisions.