THE IDENTIFICATION AND ECONOMIC CONTENT OF ORDERED CHOICE MODELS WITH STOCHASTIC THRESHOLDS*

This article extends the widely used ordered choice model by introducing stochastic thresholds and interval‐specific outcomes. The model can be interpreted as a generalization of the GAFT (MPH) framework for discrete duration data that jointly models durations and outcomes associated with different stopping times. We establish conditions for nonparametric identification. We interpret the ordered choice model as a special case of a general discrete choice model and as a special case of a dynamic discrete choice model.     

An efficient binomial method for pricing¶American options

We present a new method for obtaining fast and accurate estimates of the price of an American put option by binomial trees. The method is based on the interpolation of suitable values obtained by modifying the contractual strike. A time-saving procedure allows us to derive all the interpolating data from a unique standard backward procedure. Received: 16 July 2001 / Accepted: 19 April 2002 {The authors would like to thank an anonymous referee for helpful comments. We also thank Antonino Zanette for his help in the refinements of the numerical procedures.     

Exploring the Attitudes of Bottled Wine Distributors Toward Wine Producers in the Portuguese Wine Sector

The wine sector has unique features that have not been deeply studied. This study aims to explore the attitudes of bottled wine distributors toward wine producers in the Portuguese wine sector. Eleven interviews (about 60 min each) were carried out with all major wine distributor managers. The transcribed interviews were analyzed using qualitative software. Content analysis shows that distributors develop six main attitudes toward producers: (a) Long-term Relationship, (b) Cooperation, (c) Interdependence, (d) Product Quality, (e) Trust, and (f) Brand Image. Findings may help managers of the wine sector and promote favorable relationships with the distributing customers.     

The cooperation strategies for the performance improvement in the cruise sea–land logistics: evidence from Italy

Quality & Quantity - This paper aims to measure the terminal’s performance in the cruise sea–land logistics using the methodology of stochastic frontier analysis. A 10-year study...     

Can sustainable investments outperform traditional benchmarks? Evidence from global stock markets

To contribute to overcoming global sustainability challenges, investors have been increasingly interested in making sustainable investments and incorporating environmental, social and governance (ESG) criteria into their portfolio selection decisions and managerial activities. However, these investors and other agents interested in sustainable investment need updated and robust information to support their decision making. We analyzed the performance of several Dow Jones Sustainability Indices (DJSIs) and compared them with their respective market benchmarks from 2013 to 2018. The indices comprise the following regions and countries: the world, the Asia‐Pacific, Europe, emerging markets and the US. The analysis was conducted based on both classic and modern portfolio metrics. The results suggest that sustainable investment performance is still heterogeneous worldwide, but there is a promising opportunity for investors to obtain superior risk‐adjusted returns in certain regions while incorporating sustainable investment practices. The findings are of utmost importance to financial market practitioners, business managers, academics and other stakeholders interested in promoting investments, corporate practices and scientific knowledge to achieve the Sustainable Development Goals (SDGs).     

Online users' attitudes toward fake news: Implications for brand management

This study examines brands' vulnerability to fake news. The rapid spread of online misinformation poses challenges to brand managers, whose brands are cocreated online, sometimes to the detriment of the brand. There is a need to identify the information sources that are likely to be trustworthy and to promote positive consumer attitudes toward brands. The data for this study were taken from a Flash Eurobarometer of 26,576 respondents across 28 European countries. Cluster analysis and partial least squares structural equation modeling were used to analyze the data and unveil users' attitudes toward fake news. The findings show that users' attitudes toward fake news differ among European countries. Younger and tech-savvy users are more likely to recognize fake news and are consequently able to evaluate digital information sources without relying on policy interventions to limit the impact of fake news. Brand managers can use the findings of this study to better understand different kinds of users' susceptibility to fake news and reshape their social media branding strategies accordingly. It is hoped that this paper will encourage further research on brand management in relation to fake news and promote the widespread adoption of best practices in social media communication.     

A High‐Growth Firm Contingency Test of the Formalization‐Performance Relationship

The effect of formalization in high‐growth firms' performance is still unclear. We propose that formal commitment‐based human resource practices contribute positively to the financial performance of established high‐growth firms but have little effect on emergent ones. Using a sample of 101 Portuguese high‐growth firms (2006–2009 period), we tested the effect of formal HR practices during the high‐growth period in their financial results two years later (2011). Our results suggest that adopting a formal performance appraisal and a formal R&D function contributed positively for the performance of only established firms, while adopting a formal training activity negatively affected the performance of only emergent firms.     

Joined-up Government of utilities: a meta-review on a public–public partnership and inter-municipal cooperation in the water and wastewater industries

Private-sector participation in public services delivery has been criticized due to unfulfilled expectations. In response, joined-up government is being introduced as an alternative approach to providing water and wastewater services. This approach involves the establishment of horizontal (i.e. inter-municipal cooperation) and vertical (i.e. public–public partnership) integration. Drawing on a meta-review focused on the water and wastewater industries, this study shows that both arrangements have positive aspects, such as cost savings. However, contractual schemes and inter-departmental coordination efforts must be carefully managed or they will fail. In addition, research on cooperation between public bodies is scarce and must be better coordinated concerning study aims and methods.     

Are Relationally Transparent Leaders More Receptive to the Relational Transparency of Others? An Authentic Dialog Perspective

Journal of Business Ethics - Using a sample of 114 leaders (described by 516 team members), we show empirically that the association between leader relational transparency and leader receptiveness...