Ethical Structures and Processes of Corporations Operating in Australia,Canada, and Sweden: A Longitudinal and Cross-Cultural Study

Based on the ‘Partnership Model of Corporate Ethics’ (Wood, 2002), this study examines the ethical structures and processes that are put in place by organizations to enhance the ethical business behavior of staff. The study examines the use of these structures and processes amongst the top companies in the three countries of Australia, Canada, and Sweden over two time periods (2001–2002 and 2005–2006). Subsequently, a combined comparative and longitudinal approach is applied in the study, which we contend is a unique approach in the area of business ethics. The findings of the study indicate that corporations operating in Sweden have utilized ethical structures and processes differently than their Canadian and/or Australian counterparts, and that in each culture the way that companies fashion their approach to business ethics appears congruent with their national cultural values. There does, however, appear to be a convergence of views within the organizations of each culture, as the Swedish companies appear to have been more influenced in 2005–2006 by an Anglo-Saxon business paradigm than they have been in the past.     

Toward a solar city: Trade-offs between on-site solar energy potential and vehicle energy consumption in San Francisco,California

This study demonstrates the trade-offs between vehicle energy consumption and on-site solar energy potential in a city landscape. While higher urban density may curb many of the problems associated with sprawl mainly by reducing vehicle travels and associated energy use, it can also limit on-site rooftop solar energy utilization due to more shade on rooftops in dense urban settings and less available rooftop area per person. Using travel survey, Geographic Information System (GIS) and Light Detection and Ranging (LiDAR) data, we estimated vehicle energy use and rooftop solar potential in the City of San Francisco as a case study and calculated possible offsetting effects between vehicle energy consumption and rooftop solar potential. Given the prevalence of gasoline-based vehicles and today's solar photovoltaic (PV) panel efficiency, vehicle energy use per capita appears to exceed energy generated by rooftop solar PVs per capita across all density ranges, especially in lower density environments. At the point when electric cars and advanced, highly efficient solar PV panels penetrate the market, the results change based on the combination of different technological options. A significant reduction of energy consumption can be achieved through the immediate and rapid spread of energy efficient technologies in vehicles and solar PVs along with the long-term effect from gradual urban densification.     

Information asymmetry and monitoring in equity private placements

This paper systematically examines the factors that determine price discounts and announcement effects of equity private placements conducted by firms in Taiwan from 2002 to 2008. Different with most studies of private placements using available observations as a whole sample, our study separates the whole sample into subsamples by exchange-listed firms and OTC firms. The results for OTC firms corroborate the information hypothesis; the discounts serve as compensation for investor's costs of assessing firms, while abnormal returns reflect the information about firm quality. On the other hand, the empirical results show that some of our findings support an information explanation and some support a monitoring explanation in the case of exchange-listed firms. It seems that there are different motives behind the exchange-listed firms placing equity privately.     

Determinants of the Effectiveness of Corporate Codes of Ethics: An Empirical Study

Recent figures reported by KPMG confirm the growing prevalence of corporate codes of ethics globally. Svensson et al. (Bus Ethics 18:389–407, 2009) in surveys of the largest corporations in Australia, Canada, and Sweden found a similar trend. The increased prevalence of corporate codes of ethics has been accompanied by heightened research interest in various aspects of these documents, e.g., the contents and focus of the codes. However, there is a paucity of research examining the effectiveness of these documents and the organizational infrastructure that accompany them. This study, based on a survey of Canada’s largest corporations, sought to empirically assess the determinants of the effectiveness of corporate codes of ethics by regressing managers’ perceptions of code effectiveness against various elements of ethics programs. It was found that, in a statistically significant model, eighteen independent variables explain 58.5% of the variance in the perceived effectiveness of corporate codes of ethics.     

Generative Bayesian neural network model for risk-neutral pricing of American index options

Financial models with stochastic volatility or jumps play a critical role as alternative option pricing models for the classical Black–Scholes model, which have the ability to fit different market volatility structures. Recently, machine learning models have elicited considerable attention from researchers because of their improved prediction accuracy in pricing financial derivatives. We propose a generative Bayesian learning model that incorporates a prior reflecting a risk-neutral pricing structure to provide fair prices for the deep ITM and the deep OTM options that are rarely traded. We conduct a comprehensive empirical study to compare classical financial option models with machine learning models in terms of model estimation and prediction using S&P 100 American put options from 2003 to 2012. Results indicate that machine learning models demonstrate better prediction performance than the classical financial option models. Especially, we observe that the generative Bayesian neural network model demonstrates the best overall prediction performance.     

当代社会主义的历史方位与中国特色社会主义

本文认为 ,当代社会主义所处的历史方位 ,一方面在于它正处在与资本主义长期并存的时期 ;另一方面就其自身而言 ,则正处在“不发达”、“不完善”阶段。因此 ,中国特色社会主义 ,应当是一个既遵循马克思主义的基本原则 ,同时又立足中国国情 ,并把二者紧密结合起来的概念。     

The effects of dining atmospherics: An extended Mehrabian–Russell model

This study examined the relationships among dining atmospherics, emotional responses, perceived value, and behavioral intentions, using Chinese restaurants as its research setting. Results of the study revealed that dining atmospherics had significant effects on customers’ positive emotions, negative emotions, and perceived value. Further, both positive and negative emotions and perceived value also influenced customers’ post-dining behavioral intentions. Perceived value not only functioned as the greatest contributor to behavioral intentions but also mediated the relationship between emotional responses and behavioral intentions. Positive emotions and negative emotions had asymmetric effects on perceived value. Positive emotions showed a stronger capability in predicting perceived value. Chinese restaurant managers must utilize the effects of restaurant atmospherics to improve customers’ perceived value of the restaurant and their revisit intentions. Other practical implications are discussed as well.     

RESEARCH PUBLICATIONS,ECONOMIC GROWTH AND CAUSALITY: JAPAN'S EXPERIENCE

Based on page counts of articles published in 60 quality economics journals, the role of research publications was examined for Japan. Economic growth is found to have causal effects on research publications. Impulse responses further indicate that economic growth promotes research outputs. A unique socioeconomic characteristic in Japan explains the causal directions found here.     

Optimal retirement with unemployment risks

This paper investigates the optimal retirement of an individual in the presence of involuntary unemployment risks and borrowing constraints in a complete market with frictions. We use an intensity model and loading factors to illustrate the involuntary unemployment risks and frictions in unemployment insurance markets. Using reasonably calibrated parameters, we observe that high involuntary unemployment intensity and loading factors could be important explanations for the empirical findings emphasized in recent studies. We also find that an individual with high leisure demand after retirement reduces consumption during retirement and increases stockholdings as retirement time approaches.     

Dividend behavior of lodging firms: Heckman's two-step approach

This study examines lodging firms’ dividend behavior with a framework that clearly distinguishes between the two steps of dividend decisions: whether or not to pay and how much to pay. This study also investigates how firm characteristics influence the payment and amount decisions of dividends. Heckman's two-step approach is used for data analyses because it can differentiate between the two stages of dividend decisions, precluding potential sample selection bias. Results imply that the way in which firm characteristics affect the two steps of dividend decisions are indeed different. The payment of dividends is determined by many firm financial characteristics, the previous year's dividend amount, and some external year-specific events. The variation in the amount of dividends, by contrast, is not explained by such firm characteristics. Only the previous year's dividend amount and some year-specific events have a significant impact on the decision of dividend amount. Results also present some interesting findings, which may contribute to a better understanding of lodging firms’ unique dividend behavior.