First‐Price Sealed‐Bid Tender versus English Open Auction: Evidence from Land Auctions

This article compares whether the first‐price sealed‐bid tender or the ascending English open auction generates higher revenue for the seller. Using a unique set of data for land sales and accounting for the presence of an endogenous discrete mechanism choice variable, our results show that the first‐price sealed‐bid tender generates a lower land price, in the range of 1.2–9.6%, than the English open auction. Our results validate the theoretical prediction that open auctions result in higher prices because bidders can infer other bidders’ information by observing their bids in the common value auction paradigm.     

Group service recovery strategies effectiveness: The moderating effects of group size and relational distance

The extant service recovery literature focuses on consumers' responses to individual failures. However, group service failures are in fact common, but they have received insufficient research attention. This study contributes to theory and practice by applying social impact theory to explain the social nature of group failures. Findings from two studies show that group size and relational distance substantially affect consumers' response to group service recovery strategies. Specifically, private economic recovery creates less consumer satisfaction as group size increases, whereas consumers with a distant social relationship are more satisfied with public recovery for both economic recovery and social recovery. However, consumers with close relationships are more satisfied with public economic recovery and private social recovery. Apart from offering practical insights, this study expands the theoretical understanding of service failures, suggesting that they occur in a complex social ecology instead of relatively simple dyadic interactions between service providers and consumers.     

Foreign exchange market efficiency under recent crises: Asia-Pacific focus

The Asia-Pacific region’s currency markets are generally efficient within-country when tested using the 30 and 31 cointegration technique whereas market efficiency fails to hold when tested using Fama’s (1984) conventional regression. Using the Pilbeam and Olmo (2011) model, we reconcile these conflicting findings. The Pilbeam and Olmo (2011) model confirms within-country market efficiency. It further confirms that free-float currency markets are more resilient than managed-float currency markets among 12 Asia-Pacific economies. From the across-country perspective, the foreign exchange markets are mostly efficient and the results show that the 1997–1998 Asian financial crisis was a more disturbing event than the 2008–2009 global financial crisis in the region.     

DOES THE RIGHT TO CHOOSE MATTER FOR DEFINED CONTRIBUTION PLANS?

We find that sensitivity of fund flows and fund performance are both related to participants' right to choose their investments in defined contribution plans. Under the Mandatory Provident Fund system of Hong Kong, both employers and employees are required to contribute to a retirement account. Originally, employees' investment choices were restricted to a subset of funds chosen by their employers. The system was later modified so that employees are allowed to invest in any fund within the system. We present evidence that flows of fund have become more sensitive to past fund performance after this policy change, and that average fund performance in the system has also improved. Based on the improvement in fund performance, we estimate the accumulated cost of the lack of choice to be around 10% of the current total asset value of the system. (JEL G14, G18)     

Professional scepticism in two economies with cultural differences and the public interest: evidence from China and the United States

Auditors’ professional scepticism is a topical concern for the audit profession and public interest. This study examines professional scepticism among fraud auditors in the forensic accounting profession in China (CN) and the United States (US). Data are collected from 373 and 401 CN and US auditors, respectively, in two economies with cultural differences. The multinomial logistic regression results indicate that both CN and US fraud auditors have higher levels of professional scepticism than general auditors do. There are no significant differences in traits between CN and US fraud auditors. High-ranking fraud auditors have higher levels of professional scepticism than junior-ranking fraud auditors for both CN and US auditors. The results of our sensitivity analysis validate the main results and indicate the findings’ robustness. Results support the normative pillar of the institutional theory (Scott 1995) that asserts actors (fraud auditors) of institutions would share common norms and beliefs in a social system because they are rooted in professional affiliations (accounting bodies) (DiMaggio and Powell 1983). Our findings contribute to the literature in the arena of the interests of the public and the economy.     

Experiments in scientific computation on the PlayStation 3

The Sony PlayStation 3 (PS3) offers the computational power of a parallel processor at low cost, which makes it a great starter unit for development in parallel programming. To explore the capabilities of the unit, we took a simple ray tracing program and extended it to render triangulated height field data across the PS3’s 6 synergistic processing units (SPUs). We also implemented the heat averaging equation as a precursor to CFD analysis on the PS3. In our studies, we found the Cell engine in the PS3 to be a powerful machine, however great care must be taken while developing because its unique platform calls for many levels of optimization to ensure efficiency.     

Visualization of time-dependent dynamics of postglacial rebound

Postglacial rebound is a major geological process which plays an important role in many areas in the earth sciences. Up to now, most of the images derived from studies of the glacial isostatic adjustment phenomenon have been concerned with surface signatures, such as the uplift and gravity anomalies and not much attention has been paid on the dynamical responses in the mantle. We will make use of the 3D visualization package Amira to depict both the external and internal deformation histories of the transient viscoelastic flow inside the mantle induced by postglacial uplift. Of particularly great interest are the transient displacement fields and shear heating inside the mantle. This same visualization technology can be brought to bear in the future for visualizing tsunami waves in ocean basins excited by earthquakes, volcanic eruptions and InSAR images. We have also integrated the visualization results into the Google Earth virtual globe by combining this scheme with the Amira package to provide a better geographical and dynamical context.     

BIASES IN RESEARCH: THE CASE OF RUBBER GROWING IN MALAYSIA

This paper measures the impact of technological progress in Malaysian rubber growing and tests the hypothesis that past research has been biased in favour of raising the productivity of capital rather than labour. It also demonstrates the methodological usefulness, in relation to a long-lived perennial crop, of separating embodied from disembodied technical change. The analysis indicates that research leading to new embodied technology has not been biased since it has raised the productivity of all input factors at about the same rate over time. However, disembodied technological change has not shifted the production hypersurface in an unambiguously neutral fashion. These results are especially pertinent to the debate about the future direction of rubber growing research.     

农业可持续发展与环境保护的公众参与

本文在探讨公众参与环境保护及其在农业可持续发展中的重要意义的基础上,介绍了我国农村公众参与环境保护的现状,并提出了促进我国现阶段农村公众参与环境建设的几点思考。     

Inter-Organizational Knowledge Transfer: Current Themes and Future Prospects

abstract    Many papers have been published recently in the fields of strategy and international business research incorporating the role of organizational knowledge as a basis of firm competitive advantage. While such knowledge is normally developed within the firm, it is important that firms possess the ability to learn from others in order to meet the increasing pace of competition. Knowledge transfer, defined here as an event through which one organization learns from the experience of another, has thus become an important research area within the broader domain of organizational learning and knowledge management. This paper presents a theoretical framework, identifies key themes covered by the six articles included in the Special Issue on Inter-Organizational Knowledge Transfer, and then discusses priorities for future research.