Regional Financial Arrangements: A Survey of the Literature and Recent Developments

This article summarizes recent studies on regional financial arrangements (RFAs) and examines the role played by global multilaterals and RFAs in emerging crises. We also review the major RFAs with regard to their basic organizational structure, activities, legal framework, and lending facilities. Finally, we discuss the attributes needed for the sustainable development of RFAs and we look at how they can expand their role for economic cooperation in the associated regions.     

Strategies of effective low share businesses

Previous research has suggested that low share market businesses have dismal prospects. This study examines low share businesses which are effective. In particular, it examines the product-market choices and competitive strategies of effective low share businesses, comparing them with two control groups: effective high share and ineffective low share businesses. Data are drawn from PIMS data bases and hypotheses are tested using cluster analysis and discriminant analysis. Effective low share businesses are found to locate in stable rather than protected environments. Their competitive strategies are strongly characterized by selective focus on specific strengths.     

EVA,refined EVA,MVA, or traditional performance measures for the hospitality industry?

Stewart (1991) proposed economic value added (EVA) as a true measurement of a firm's performance and an executive's evaluation tool because EVA reflects only incremental values added to a firm after considering cost of capital. Kim [Kim, W.G., 2006. EVA and traditional accounting measures: which metric is a better predictor of market value of hospitality companies? Journal of Hospitality & Tourism Research 30(1), 34–39] examined EVA in the hospitality setting and concluded that EVA is not superior to other available measurements for accounting. However, this study contributes several improvements to Kim's (2006) study and compares the incremental explanatory power of six firm performance measures including EVA, refined EVA (REVA), market value added (MVA), and three traditional accounting performance measures for market adjusted returns. According to the findings, REVA and MVA are, apparently, valuable performance measures for evaluating hospitality firms.     

The influence of life satisfaction on nostalgic advertising and attitude toward a brand

Nostalgic advertising has become a popular means for advertisers to reach their consumers. A viewer's life satisfaction is an important factor that may influence the effect of nostalgic advertising. Positive life satisfaction is an important determinant of nostalgic advertising receptivity. Thus, the present study builds a model for the relationships among life satisfaction, nostalgic advertising, emotional response toward a brand, ad attitude and purchase intention. Life satisfaction was identified as an antecedent variable for evoked nostalgia. In addition, emotional response to the advertised brand was shown to be an important predictor of purchase intent. The findings provide insightful implications for marketers and advertisers by identifying meaningful relationships between life satisfaction and nostalgic advertising.     

Perceptions,attitudes, and behaviors toward sustainable fashion: Application of Q and Q‐R methodologies

While sustainability has increasingly attracted the attention of scholars and practitioners, consumer attitudes and behaviors toward sustainable consumption have not yet been elucidated. The decision‐making process around sustainable consumption involves diverse and complex considerations including some forms of compromise (tradeoff). In addition, sustainability is a broad and subjective concept, and is not a primary attribute of a product Impacting the choices of consumers. Therefore, it is necessary to apply new methods to overcome the limitations of conventional evidence‐based research. This research uses Q and Q‐R methodologies to identify consumers' subjective viewpoints toward sustainable fashion and to present socio‐demographic differences across segments of sustainable fashion consumers. Study 1 uses Q methodology to interview 26 consumers and to identify four types of decision makers: doubtful egoists, single‐minded bystanders, wavering intellects, and opinion leaders. Study 2 uses Q‐R methodology to verify the psychological and socio‐demographic variables among 328 consumers. The research provides useful suggestions for selecting and approaching target consumer segments in the sustainable fashion industry.     

A model of historical development and future trends of Italian cuisine in America

This study investigated both the historical development and future trends of restaurant cuisine in America. Italian cuisine is used as the basis of a prediction model. The study identifies the historical factors in menu trends in Italian–American cuisine; the factors that will influence culinary trends in the future, and whether the results can be applied to the development of a prediction model that will predict how restaurant cuisine in America may develop. This study used both qualitative (focus groups) and quantitative (online survey) methods. The growing popularity of Italian cuisine in the United States will continue to shape the evolution of America's restaurant cuisine.     

Factor supply interruption, welfare loss and shortage management

Factor supply shortage is a common problem faced by a firm. Solutions for allocating the limited supply include rationing, interruption and pricing. While previous research has examined the welfare losses generated by each solution, there is little evidence on their relative magnitudes within a common framework. The objective of this paper is to specify a model of firm behaviour under service interruption to estimate the welfare loss of service interruption. The same model is used to estimate the loss due to a price increase intended to resolve a supply shortage. Using water consumption data collected for Hong Kong, we find that relative to pricing, service interruption is inefficient for water shortage management.     

Assessing Regional Risks From Pandemic Influenza: A Scenario Analysis

We analyse the economic risks from two influenza pandemics that represent extremes along the virulence‐infectiousness continuum of possible pandemics: a high virulence–low infectiousness event and a low virulence–high infectiousness event. Our analysis involves linking an epidemiological model and a quarterly computable general equilibrium model. We find that global economic activity is more strongly affected by a pandemic with high infection rates rather than high virulence rates, all else being equal. Regions with a higher degree of economic integration with the world economy face greater risks of negative effects than less integrated regions.     

A note on deficit analysis in dependency models involving Coxian claim amounts

In this paper, we consider a fairly large class of dependent Sparre Andersen risk models where the claim sizes belong to the class of Coxian distributions. We analyze the Gerber–Shiu discounted penalty function when the penalty function depends on the deficit at ruin. We show that the system of equations needed to solve for this quantity is surprisingly simple. Various applications of this result are also considered.