Public Attitudes toward Agrobiotechnology: The Mediating Role of Risk Perceptions on the Impact of Trust, Awareness, and Outrage

Using Fishbein's multiattribute and mediation models as conceptual frameworks, we propose that the impact of trust, awareness, sense of outrage, and socio-demographic variables on attitudes toward agrobiotechnology are mediated by risk perceptions. The proposition was validated using large survey data collected in the United States and United Kingdom. Results show that trust, sense of outrage, and socio-demographic factors play an important role in shaping public attitudes about agrobitoechnology, largely via their links to risk perceptions. Moreover, risk perceptions exert a greater effect on public attitudes toward agrobiotechnology than benefit perceptions. Finally, the attitudes of U.K. consumers were more susceptible to negative attributes when compared with U.S. consumers.     

An estimation of the future demand for portable Internet service in Korea

Portable Internet service (PIS), which refers to wireless Internet service that can be accessed via a portable terminal at every time and at any place, is scheduled to be launched in Korea in early 2006. Thus, both the government and the industry need to obtain quantitative information on the future demand for the service. This study attempts to estimate future demand for the PIS, to analyze the determinants of the demand, and to conduct pre-test-market evaluation of the service. To this end, the dichotomous choice contingent valuation method is employed. On the whole, respondents accepted the contingent market and were willing to contribute a significant amount, on average. This willingness varies according to individual characteristics. Finally, the study discusses the importance of including valuation method in a pre-test-market evaluation of the PIS and presents the implications of the results, such as the mean willingness to pay (WTP) and the effects of individual characteristics and concerns about the service on the WTP.     

浅析泛珠三角旅游区域合作的结构优化

以核心——边缘理论为基础，以泛珠三角区域旅游合作为实证，从资源、经济发展、交通几个方面分析泛珠三角旅游区域结构实现优化的现实条件，认为泛珠三角区域旅游合作促进了区域旅游经济活动空间结构形态的优化，并对优化了的泛珠三角旅游区域结构进行描述。     

Rational Pricing of Internet Companies Revisited

In this article we expand and improve the Internet company valuation model of Schwartz and Moon (2000) in numerous ways. By using techniques from real options theory and modern capital budgeting, the earlier paper demonstrated that uncertainty about key variables plays a major role in the valuation of high growth Internet companies. Presently, we make the model more realistic by providing for stochastic costs and future financing, and also by including capital expenditures and depreciation in the analysis. Perhaps more importantly, we offer insights into the practical implementation the model. An important challenge to implementing the original model was estimating the various parameters of the model. Here, we improve the procedure by setting the speed of adjustment parameters equal to one another, by tying the implied half‐life of the revenue growth process to analyst forecasts, and by inferring the risk‐adjustment parameter from the observed beta of the company's stock price. We illustrate these extensions in a valuation of the company eBay.     

Audit Pricing of Shared Leadership

This study explores audit implications of shared leadership in client firms. Analyzing data from 2002 to 2013 of Korean listed companies, we find that auditors spend fewer audit hours and charge lower audit fees for clients with multiple CEOs. Additional tests reveal that the lower audit fees for co-CEO clients are likely attributable to reduced audit effort rather than to reduced hourly rates. We also document that firms with co-CEOs exhibit better-reporting quality than do firms with a solitary CEO. In sum, this article presents evidence that mutual monitoring via co-CEO appointments assures high-quality financial reporting of audit clients, and thus leads to reduced audit fees.     

A common factor analysis for the US and the German stock markets during overlapping trading hours

We employ a bivariate common factor model to establish a permanent-transitory decomposition of two major stock indices (the Deutsche Aktienindex (DAX) for Germany and the Dow Jones Industrial Average (DJIA) for the United States). Using high-frequency data, we (1) identify a common trend shared by both indices, (2) find that the DJIA contributes up to 95% to the total innovation of the common factor, (3) show that both markets adjust within minutes to a system-wide shock, and (4) verify by hypothesis testing that the DJIA is the driving force in the transatlantic system of stock indices.     

A Map of Markups: Why We Observe Mixed Behaviors of Markups

This paper proposes an explanation for mixed evidence on the behaviors of markups. The key mechanism consists of two complementary channels through which firms handle uninsurable business losses. One channel is based on cost‐compensating motive, by which firms raise prices to reflect higher losses stochastically associated with higher output levels. The other channel is based on loss‐balancing motive, by which firms lower prices to countervail higher losses stochastically associated with higher output levels. The relative responsiveness of the two channels to a shock depends on each firm's fundamental characteristics and leads to a sharp division of markup cyclicality across sectors.     

Information technology and firm performance: the role of supply chain integration

This study analyzes the correlation among integrative information technology (IT), supply chain integration (SCI), and firm performance. The results show that integrative IT is positively associated with firm performance through SCI. However, the results of this study show that integrative IT does not have a positive correlation directly with firm performance. It is considered that in the relationship between integrative IT and firm performance, a new approach such as business process-oriented view arguing that performance is yielded through the primary influence of IT is necessary rather than a traditional view that sets up their direct correlations. The findings have the following implications. First, this study presents an endeavor to investigate the consequences of integrative supply chain strategy. Second, this study provides implications in decision making so that supply chain managers can use IT in an effective way.     

Efficiency of U.S. hospitals between 2001 and 2011

This study focuses on finding the trend of efficiency in the healthcare industry in recent years. We applied stochastic frontier analysis and data envelopment analysis methods to capture the efficiency of 1,471 hospitals and found a sign of the Baumol effect, which is detected by the decreasing trend of hospital efficiency with increasing trend of labor costs. Furthermore, we compared the results of both approaches (stochastic frontier and data envelope analyses) in capturing efficiency scores and suggest the U‐shaped curve of the size effect may indicate the practice of “cream skimming” by some small hospitals.     

Residents' Perception of the 2008 Beijing Olympics: Comparison of Pre‐ and Post‐Impacts

The purpose of this study is to explore any significant differences in residents' perception of the impacts before and after the 2008 Beijing Olympics. The findings of this study revealed that residents' perception of the positive impacts (community investment and improvement of city infrastructure) varied over two points in time, while two negative factors (inflation and tax increase) demonstrated little perceptual change. Residents had high expectations of the benefits that the Olympics would bring to the community, yet those expectations were not met. In fact, the problems caused by the Olympics were neither greater nor lesser than they expected. Copyright © 2012 John Wiley & Sons, Ltd.