Offshore CNY Trading - Where Next？

<正>Singapore and Australia could be the next places for offshore CNY trading CNY-KRW and CNY-TWD trading may take longer to occur due to offshore trading issues...     

Leisure and Active Lifestyles: Research Reflections

Leisure researchers have been studying active living for many years. The research, however, has focused more on individual factors than social and environmental determinants that enable physical activity and health. The focus of the introduction to this special issue on “leisure and active lifestyles” is to highlight leisure literature that can be directly tied to active living. These dimensions include outdoor recreation, community recreation areas and facilities, time usage, barriers and constraints, and social interdependence. We provide an overview of the significance of the papers in this special issue and offer some reflections regarding future research related to active living, physical activity, health, and leisure. We underline the value of the holistic approach evident in leisure research and call for broader methods and more collaborative transdisciplinary research.     

The Commodification of Race in Singapore: The Customer Service Implications of the Other-Race Effect on Tourism and Retailing

This paper examines the phenomenon known as the other-race effect, which is the ability to recognize the faces of those of one race, easier than the faces of those from another race. Typically, the race that is easier to recognize is the individual's own race, and most previous research has focused on this type of comparison. This study, though, analyzes the ability of Chinese Singaporeans to recognize the faces of people of color versus White faces in a customer service context, and compares those results with the ability of White subjects in the United States to recognize the same faces. This approach is particularly applicable to the Asia Pacific region. Tourism accounts for a significant part of the regional economies, and marketers are becoming more sensitive to the changing needs of the multicultural marketplace where inter-racial interactions between customers and service providers in retailing and tourism are on the rise. Results of the research indicate evidence of the other-race effect. Asians who were more exposed to people of color than to Whites, recognized Black faces better than White faces. The results are interpreted based on the theoretical premise that people are better at recognizing faces of races for which there is a higher level of interaction, exposure, and familiarity.     

Spatial organization of firms: the decision to split production and administration

A firm's production activities are often supported by nonproduction activities, such as administrative units including headquarters, which process information both within and between firms. Firms may physically separate such administrative units from their production activities and create stand‐alone central administrative offices (CAOs). However, activities in multiple locations may cause internal communication costs. What types of firms are more likely to separate such functions? If firms separate administration and production, where do they locate CAOs? This paper examines firms' spatial organization using microlevel data from the US Census Bureau.     

A Note on the Public Interest and Ethical Behaviour

The Joint Code of Professional Conduct of the Institute of Chartered Accountants in Australia has made the protection of the public interest the primary responsibility of chartered accountants. We argue that the traditional accounting practices to safeguard the interests of clients and employers are likely to be contrary to the public interest and represent unethical behaviour in terms of the code. We also argue that although there may be breaches of the code they are unlikely to result in disciplinary action as there is a low probability of complaints against members of the Institute.     

ANALYTICAL COMPARISONS OF OPTION PRICES IN STOCHASTIC VOLATILITY MODELS

This paper gives an ordering on option prices under various well-known martingale measures in an incomplete stochastic volatility model. Our central result is a comparison theorem that proves convex option prices are decreasing in the market price of volatility risk, the parameter governing the choice of pricing measure. The theorem is applied to order option prices under q -optimal pricing measures. In doing so, we correct orderings demonstrated numerically in Heath, Platen, and Schweizer ( Mathematical Finance , 11(4), 2001) in the special case of the Heston model.     

THE NATURE AND MEASUREMENT OF COST SAVINGS IN CURRENT VALUE ACCOUNTING SYSTEMS*

The paper considers the nature and measurement of cost savings in current value (cost) accounting systems. In general, current cost accounting proposals have interpreted cost savings in an unnecessarily restrictive way. For example, current cost accounting does not allow for the possibility that a company which borrows at a fixed rate of interest may derive significant cost savings if interest rates increase during the term of the loan. The measurement of cost savings on debt is considered in this paper. In addition, it draws attention to the concentration of current cost accounting proposals on cost savings at the expense of the analogous losses which may arise in relation to revenue.