MARKET EFFICIENCY: EVIDENCE FROM A NO-BUBBLE ASSET MARKET EXPERIMENT

Abstract.  We report the results of an experiment that demonstrates that market experience is not necessary to eliminate bubbles in the type of asset markets studied in Smith et al . (1988) . We introduce a pre-market phase in which subjects experience a dividend flow themselves by literally observing and receiving dividends for 12 periods. The robust bubble–crash phenomenon never occurs in our experiment. Our results provide strong evidence that so long as a majority of the subjects have full understanding of the structure of the dividend, market efficiency can be ensured.     

A research agenda for improving national Ecological Footprint accounts

Nation-level Ecological Footprint accounts are currently produced for more than 150 nations, with multiple calculations available for some nations. The data sets that result from these national assessments typically serve as the basis for Footprint calculations at smaller scales, including those for regions, cities, businesses, and individuals. Global Footprint Network's National Footprint Accounts, supported and used by more than 70 major organizations worldwide, contain the most widely used national accounting methodology today. The National Footprint Accounts calculations are undergoing continuous improvement as better data becomes available and new methodologies are developed. In this paper, a community of active Ecological Footprint practitioners and users propose key research priorities for improving national Ecological Footprint accounting. For each of the proposed improvements, we briefly review relevant literature, summarize the current state of debate, and suggest approaches for further development. The research agenda will serve as a reference for a large scale, international research program devoted to furthering the development of national Ecological Footprint accounting methodology.     

The effect of a currency union on trade: Lessons from the Irish experience

This paper studies the introduction of an exchange rate between Ireland and the UK in 1979 to shed light on the effects of a common currency on the composition of international trade. No evidence is found from time series or panel regressions that the change of exchange rate regime had a significant effect on Anglo-Irish trade. This finding is consistent with previous studies of currency unions between larger, developed countries but conflicts with findings based on more heterogeneous country groupings. The reasons for this discrepancy are discussed.     

上海高龄体弱老人家庭亲属照顾者的生活满意度:照顾资源的作用

对上海城区697对75岁及以上的体弱老人及其家庭亲属照顾者作了抽样调查和统计分析。家庭亲属照顾者的照顾资源是影响高龄体弱老人生活满意度的显著因素。经济资源充分、家庭和朋友支持充足、健康自评相对好、运用积极应对策略的照顾者有较高的生活满意度。要提升家庭亲属照顾者的心理健康,首要的任务之-是增强照顾资源,包括经济的、健康的、心理的、社会的资源。     

The differing roles of success drivers across sequential channels: An application to the motion picture industry

In several product categories, it is typical to release products sequentially to different markets and customer segments. Conventional knowledge holds that the roles of various product success drivers do not differ significantly across these sequential channels of distribution. The authors examine sequential distribution channels within the motion picture industry and develop a model that proposes that such differences exist between a primary (short- and long-term theatrical box office) and a sequential (video rental) channel. The authors test their model with a sample of 331 motion pictures released in theaters and on video during 1999–2001 using partial least squares. Results reveal differences in the impact of success factors across channels. For example, cultural familiarity enhances box office success but relates negatively to video rental success, and distribution intensity and date of release enhance box office outcomes but have no impact on rental revenues. Thorsten Hennig-Thurau (tht@medien.uni-weimar.cie) is a professor of marketing and media research at Bauhaus-University of Weimar’s Media School and Honorary Visiting Professor of Movie Marketing in the Faculty of Management of Cass Business School, City University London. He has published articles in theJournal of Marketing, theJournal of Service Research, theInternational Journal of Electronic Commerce, theJournal of Interactive Marketing, Psychology & Marketing, and theJournal of Consumer Affairs, among others. He is author of the monograph Relationship Marketing, which has been translated into Chinese. He is member of the editorial board of three journals and serves as reviewer for theJournal of Marketing andMarketing Science. He has won eight Best Article and Best Paper Awards, including the Overall Best Paper Award of the 2005 American Marketing Association Summer Educators’ Conference and the 2002JSR Excellence in Service Research Award. Mark B. Houston (houstonmb@missouri.edu) (PhD, Arizona State University) is the David and Judy O’Neal MBA Professor at the University of Missouri-Columbia. His research on strategy, interfirm relationships, and innovation has been published in leading journals, including theJournal of Marketing, theJournal of Marketing Research, theJournal of Consumer Research, Marketing Science, theJournal of the Academy of Marketing Science, and theJournal of Financial and Quantitative Analysis. He cochaired the 2005 American Marketing Association (AMA) Summer Educators’ Conference and served for two terms as vice president of the AMA’s Technology and Marketing Special Interest Group. Gianfranco Walsh (g.walsh@strath.ac.uk) received his MPhil degree from UMIST (England) and PhD (2001) and Habilitation (2004) degrees from Hanover (Germany). His research focuses on consumer behavior, corporate reputation, and e-commerce. He has presented numerous papers at international conferences. His work has been published in, among others, theAcademy of Marketing Science Review, the International Journal of Electronic Commerce, theJournal of Consumer Affairs, theJournal of Interactive Marketing, theJournal of Macromarketing, and theJournal of Marketing Management. He is the Chair of Marketing and Electronic Retailing at the Institute for Management, University of Koblenz-Landau.     

Coping Strategies in Call Centres: Work Intensity and the Role of Co-workers and Supervisors

It has been observed that customer service workers often develop mutually supportive coping strategies to protect themselves from the emotional strain of overwork. These strategies can receive tacit support from supervisors, who may accept them as a means of getting the work done. The study explores the impact of a number of different forms of support on emotional exhaustion among a group of 480 call centre workers focusing, in particular, on the role of supportive behaviours relating to absence taking. The research shows that a supportive co-worker absence culture and team leader absence permissiveness can lessen the effects of job demands on emotional exhaustion and improve worker well-being. The implications of these findings are discussed.     

Multinational Management Strategy and Human Resource Decision Making In the Single European Market*

There has been considerable academic interest in the consequences of European integration for multinational companies and their subsidiaries, and the co-ordination and control of human resource decision making. Against the backdrop of this debate, this paper examines the impact of European integration on management organization and human resource decision making in 13 British multinational companies. Although there were partial moves towards the development of European managers, a European-wide approach to human resource matters was not yet a conspicuous feature of this sample of multinationals. the global preoccupations of the companies, as well as the persistence of national variations in consumer markets and modes of product regulation, were clearly major constraints on the emergence of European forms of corporate organization and underpinned the lack of enthusiasm for distinctively European approaches to employee management.     

The future of nanotechnologies

Nanotechnology is the first major worldwide research initiative of the 21st century. Nanotechnologies are applied to cross industrial problems and are a general purpose technology that acts as both a basis for technology solutions or at the convergence of other enabling technologies, like biotechnologies, computational sciences, physical sciences, communication technologies, cognitive sciences, social psychology and other social sciences. Nanotechnologies are pervasive solution vectors in our economic environment. It is necessary to develop new methods to assess nanotechnologies development to better understand nanotechnology based innovation. As general purpose and enabling technologies, nanotechnologies reveal commercialization processes, from start-ups to large firms in collaboration with public sector research, and which lead to changing patterns of industrial organization which influence public policy initiatives to foster their development.     

Can Banks Self‐Regulate? Voluntary Agreements,Intrinsic Motivation and Games

This article argues that lessons on how to achieve a sustainable financial system can be learnt from the work done on sustainable commons (on common‐pool resources – CPRs – where there is no ‘tragedy of the commons’). Existing approaches to financial regulation may not give proper attention to available solutions. The article proposes that innovative solutions could be tested using experimental methods commonly used in CPRs: repeat run, feedback driven games.