Inequality and capitalism

By participation in lotteries, people reject the goals of equality of outcome or of opportunity - fortunately because both are infeasible.     

Capital Structure Dynamics in the UK and Continental Europe

Abstract

This paper investigates empirically the effects of institutions and market characteristics on corporate capital structure dynamics. Based on the fact that firms may temporarily deviate from their optimal capital structure due to the existence of adjustment costs, a partial adjustment model is used that links these transaction costs to country-specific characteristics such as the development of the financial markets, legal system, and macroeconomic environment. The sample comprises data from 873 firms in France, Germany, Italy and the UK over the period from 1982 to 2002. The results support the hypotheses that more developed financial markets, greater efficiency of the legal system and better protection of shareholders all have a positive effect on the speed at which firms adjust their capital structure towards the target. Similarly, higher economic growth and a higher inflation rate positively affect the speed of adjustment to the optimal capital structure as well.     

Memory for advertising and information content: Comparing the printed page to the computer screen

An experiment was used to test memory for two forms of information—ad copy (persuasive) and consumer information (nonpersuasive) presented in print and screen media. For both forms of information, print outperforms screen on recall but not on recognition. The results suggest that print information is easier to retrieve but also that screen information is available in memory. Differences between print and screen media are persistent and not readily explained by any of the obvious individual factors—comfort/familiarity, preference, and reading time. Other results with implications for marketing communication decisions show that brand name is poorly recalled from the screen relative to the printed page and that the nonpersuasive consumer information is better remembered than is persuasive ad information. © 2005 Wiley Periodicals, Inc.     

Do subsidized housing units depreciate faster than unsubsidized ones?

The economics literature provides considerable evidence on the performance of low-income housing programs. One issue that has not been adequately addressed by previous studies is the relative depreciation rates of subsidized and unsubsidized housing units. Simple economic theory suggests that subsidized projects should depreciate more quickly than unsubsidized units, as the rents received by owners of these projects do not depend directly on the condition of their units provided that they meet minimum housing standards. However, many government programs aimed at modernizing subsidized housing projects exist. Whether there is a difference between the depreciation rates of subsidized and unsubsidized housing units is therefore an empirical question. Using panel data from the American Housing Survey, I find that there is no significant difference in the depreciation rates of subsidized and unsubsidized housing units over the period from 1985 to 2005.     

信息技术对美国医疗卫生服务系统的影响兼Kaiser案例研究

美国拥有世界上最昂贵的医疗服务体系,同时还存在很多问题和矛盾的地方,包括治疗结果不理想和高成本问题.为了说明信息技术对医疗卫生体系的影响,分析了一个案例,从组织结构、战略和实践方面,研究了美国最大的封闭医疗组织-Kaiser在应用信息技术方面的实践及所取得的初步成就.Kaiser的HealthConnect系统一开始表现出美国健康维护组织的未来前景,更重要的是它对于美国医疗体系的改革提供了很好的借鉴.     

Toward a Model of New Product Preannouncement Timing

For products and services ranging from software to the latest motion picture, the use of new product preannouncements (NPPAs) has become commonplace. In the weeks and months (and perhaps years) before the release of a new product, a company may share information with various groups, including customers, competitors, and producers of complementary products. These prelaunch communications serve various purposes—for example, building interest for the new product, obtaining feedback from customers, or encouraging consumers to delay purchases until the new product becomes available. Despite the key role that NPPAs play in the successful release of new products, however, almost no research has been conducted to explore the proper timing for such communications. Bryan Lilly and Rockney Walters provide a starting point for these investigations, by describing the elements of an NPPA and presenting a model of the factors that influence NPPA timing. Drawing on existing research and interviews with managers from firms in a wide range of industries, they offer insights into the nature and the timing of NPPAs, and they provide recommendations for improving the effectiveness of NPPAs. Their conceptual model lists four sets of factors that affect NPPA timing: expected reactions of competitors; product-related factors, such as the product's complexity and innovativeness; buyer-related factors, such as the length of the buying process; and firm-related factors, including final determination of the product's feature set. The relative strength of these effects depends on the objectives and the audience for the NPPA. For example, a late NPPA—that is, one close to the product's release date—effectively shields a new product from rapid competitive responses. On the other hand, an early NPPA allows channel members and customers to gain familiarity with complex or innovative products. Their findings suggest that early NPPAs are most appropriate for complex or highly innovative products as well as those that carry high, but avoidable switching costs for buyers. Late NPPAs are recommended if the firm expects sales of the new product to cannibalize those of existing products. Late NPPAs are also appropriate if a product's feature set is not yet frozen. To improve the effectiveness of NPPAs, managers must clearly define their objectives and carefully match the timing and the content of the NPPA to the target audience.     

Current and potential methods for measuring emotion in tourism experiences: a review

This study provides an assessment of methods used in existing tourism research to measure emotion and discusses the potential for use of psychophysiological methods such as electro-dermal analysis, facial muscle activity, heart rate response, eye-tracking system and vascular measures. Psychophysiological measurement techniques have been reported in the marketing, advertising and media literature; however, to the best knowledge of the authors, no studies are reported in the tourism literature. Instead, studies of emotion in the tourism literature invariably employ self-report questionnaire methods which capture only tourists' high-order emotions and are subject to a variety of forms of bias. Unconscious emotional responses that can provide unbiased portrayal of individuals' initial emotional reactions when exposed to a stimulus have been largely ignored. The paper concludes that studies combining both self-report and psychophysiological measures are needed and areas for future research are discussed.