Relative accuracy and predictive ability of direct valuation methods, price to aggregate earnings method and a hybrid approach

In this paper, we assess the relative performance of the direct valuation method and industry multiplier models using 41 435 firm‐quarter Value Line observations over an 11 year (1990–2000) period. Results from both pricing‐error and return‐prediction analyses indicate that direct valuation yields lower percentage pricing errors and greater return prediction ability than the forward price to aggregated forecasted earnings multiplier model. However, a simple hybrid combination of these two methods leads to more accurate intrinsic value estimates, compared to either method used in isolation. It would appear that fundamental analysis could benefit from using one approach as a check on the other.     

New MII Circular on Telecom and Internet Firms

On July 13, 2006, the Min istry of Information Indus try of the People＇s Repub lic of China （＂MII＂） issued a new notice concerning foreign-invested telecom and internet companies in China. MII＇s ＂Notice on Strengthening Regulation of Foreign Investment in and Operations of Value-Added Telecom Services＂ （the ＂MII Circular＂）, further clarifies the existing regulatory framework governing foreign investment in internet and other value-added telecommunications （＂ VATS ＂） businesses in China.     

Empowering the new traveller: storytelling as a co-creative behaviour in tourism

The work proposes a theoretical and empirical model that investigates how storytelling is a powerful co-creative behaviour in tourism. The contribution takes a step forward from the classical theories on co-creation and develops the case where consumers act almost independently from traditional brands. The empirical study adopts an interpretive approach to analyse online travel reviews. Data are interpreted through Yi and Gong's model on consumer value co-creation behaviour [(2013). Customer value co-creation behavior: Scale development and validation. Journal of Business Research, 66, 127], the Phase dynamics theory of travel epiphany behaviour [Woodside, A. G., & Megehee, C. M. (2010). Advancing consumer behaviour theory in tourism via visual narrative art. International Journal of Tourism Research, 12(5), 418–431], and the Archetype theory [Woodside, A. G., Sood, S., & Miller, K. E. (2008). When consumers and brands talk: Storytelling theory and research. Psychology & Marketing, 25(2), 97–145]. The study indicates that storytelling behaviours in value co-creation activate a ‘customer delight' response, which is an affect-based construct.     

The intellectual ecology of mainstream marketing research: an inquiry into the place of marketing in the family of business disciplines

Many inside mainstream academic marketing judge the discipline’s influence within the family of business disciplines (as well as in practice) to be in decline. Despite great research productivity, methodologies as sophisticated as any in the social sciences, and a large and rich literature, opinion and evidence suggest that academic marketing is the least influential of the mainstream academic business disciplines. Nevertheless, marketing’s decline is not inexorable. The purpose of this paper is to evaluate this perplexing situation by: (1) assembling and evaluating a number of expert opinions from within marketing; (2) exploring relations and patterns of influence among the leading academic journals in accounting, finance, management, and marketing and evaluating the position and influence of each field; (3) attempting to understand marketing’s problems; and (4) exploring avenues to move marketing back to its once prominent position among the business disciplines.     

To push performance,check the leader’s power motive

The power motive, defined as the desire to impact the behavior and emotions of another person, has long been controversial. On one side, the exercise of power has been put forth as a fundamental human need greater in strength than the need to survive. On the other, it has been vilified for its potentially devastating consequences. We argue the latter view is distorted, and, by relying too heavily on it, we have come to misunderstand the essential nature of power and its use by leaders charged with driving performance. It is not the power motive that leads to corruption and tyranny, but rather how the power motive is channeled into behavior by other personality factors. Consequently, those charged with leader selection should place greater emphasis on how individuals with strong power motives differ in how they channel power. Doing so will support the selection of executives best equipped to deliver organizational performance.     

Some Variants of Constrained Estimation in Finite Population Sampling

This is a review article that unifies several important examples using constrained optimisation techniques. The basic tools are three simple mathematical optimisation results subject to certain constraints. Applications include calibration, benchmarking in small area estimation and imputation. A final illustration is constrained optimisation under a general divergence loss.     

I am who I am: Sharing photos on social media by older consumers and its influence on subjective well-being

We are faced with an aging population whose longer lives need to be lived well. Extant marketing scholarship has largely neglected older consumers' behavior in relation to the social media realm and its influence on well-being. This two-stage qualitative study investigates subjective well-being, exploring whether and how sharing photos on social media increases the dimensions of self-acceptance, positive relations with others, autonomy, environmental mastery, purpose in life, and personal growth. The findings indicate that photo-sharing is a powerful behavior in augmenting older consumers' well-being as it enables individual self-reflection, self-representation and transforms the individual experience into a collective one. Contributions include, that photo-sharing acts as a bridge in creating, reinforcing but also breaking bonds among older consumers, also a tension exists between the desire for autonomy and the need for relationships with others, and finally that the digital self is a component of subjective well-being in older consumers.