Explaining cross-racial differences in teenage labor force participation: Results from a two-sided matching model

White teenagers are substantially more likely to search for employment than black teenagers. This differential occurs despite the fact that, conditional on race, individuals from disadvantaged backgrounds are more likely to search. While the racial wage gap is small, the unemployment rate for black teenagers is substantially higher than that of white teenagers. We develop a two-sided search model where firms are partially able to search on demographics. Model estimates reveal that firms are more able to target their search on race than on age. Employment and wage outcome differences explain half of the racial gap in labor force participation rates.     

A content analysis of television food advertising to children: comparing low and general‐nutrition food

Television food advertisements targeted at children were content analysed. Data were collected on four major children's cable television channels in the United States aired during the hours of 3 p.m. to 7 p.m. over the period of 23 August to 5 September 2012. Based on the Elaboration Likelihood Model of persuasion, the study identified a variety of persuasive appeals with central and peripheral cues in the child‐targeted food commercials. Further, it investigated how the central and peripheral cues in the appeals were differently associated with low‐nutrition and general‐nutrition food commercials. Overall, the findings showed that general‐nutrition food commercials used persuasive appeals with central cues more frequently than low‐nutrition food commercials. Theoretical, practical and regulatory implications are discussed.     

Partial Adjustment or Stale Prices? Implications from Stock Index and Futures Return Autocorrelations

We investigate the relation between returns on stock indicesand their corresponding futures contracts to evaluate potentialexplanations for the pervasive yet anomalous evidence of positive,short-horizon portfolio autocorrelations. Using a simple theoreticalframework, we generate empirical implications for both microstructureand partial adjustment models. The major findings are (i) returnautocorrelations of indices are generally positive even thoughfutures contracts have autocorrelations close to zero, and (ii)these autocorrelation differences are maintained under conditionsfavorable for spot-futures arbitrage and are most prevalentduring low-volume periods. These results point toward microstructure-basedexplanations and away from explanations based on behavioralmodels.     

When the going gets tough,ads become straightforward but multi-appealed: The influence of the recession on financial services advertising appeals

Although many scholars and researchers have contributed to the sizeable literature on the relationship between advertising and society, few have examined economic circumstances as a meaningful force shaping advertising. This study provides the empirical evidence that changes in economic conditions, the recession in particular, can transform advertising appeals. The analysis of 1488 financial services ads placed in two popular US magazines showed that the patterns of appeals have turned to direct assertive styles in the wake of the economic crisis of the period 2008–2009. At the same time, however, ads during this recession period have used a far wider variety of strategic and tactical appeals than those in pre-recession era.     

Examining the Factors Affecting Perceived Enjoyment and Usage Intention of Ubiquitous Tour Information Services: A Service Quality Perspective

With the advances in mobile technologies, the ubiquitous tour information service has been emerging as a new solution for providing tour information. This study examined the effects of ubiquitous tour information service on perceived enjoyment and usage intention by tourists. The study begins with a preliminary survey of mobile device users’ motives and perceptions of usage, followed by a review of the related literature. The measurements were derived from this process. The demonstrative analysis results classify the quality of ubiquitous tour information service into four categories: system quality, information quality, interface design, and convenience. Before analyzing the data, an exploratory factor analysis for reliability and validity assessment was conducted. Whereas the factors of interface design and convenience did not have a significant impact, the remaining two factors, system quality and information quality, impacted users’ perceived enjoyment to a much greater extent. The four categories of ubiquitous tour information service were shown to affect usage intention. Of the four factors, system quality was found to have the highest impact on usage intention, followed by convenience, interface design, and information quality, in that order. The association between perceived enjoyment and usage intention was also supported. Based on the results, academic and managerial implications are discussed.     

Spillover, Competition and Better R&D Organization

This paper examines several types of R&D organization, including one noncooperative (independent R&D) form and three cooperative ones (R&D coordination, an R&D consortium and a research joint venture (RJV)). We consider the sharing of both research inputs and outputs in an R&D consortium and an RJV. We show that the superiority of a form of R&D organization cannot be determined uniquely, but should be judged by four parameters. In addition, it is shown that there exist possible mixes of these parameters in which an R&D consortium is superior to either R&D coordination or an RJV in terms of technological improvement and social welfare.
JEL Classification Numbers: L13, L41.     

Limit Orders, Depth, and Volatility: Evidence from the Stock Exchange of Hong Kong

We investigate the role of limit orders in the liquidity provision in a pure order-driven market. Results show that market depth rises subsequent to an increase in transitory volatility, and transitory volatility declines subsequent to an increase in market depth. We also examine how transitory volatility affects the mix between limit orders and market orders. When transitory volatility arises from the ask (bid) side, investors will submit more limit sell (buy) orders than market sell (buy) orders. This result is consistent with the existence of limit-order traders who enter the market and place orders when liquidity is needed.     

Risk Adjustment and Trading Strategies

We assess the profitability of momentum strategies using a stochasticdiscount factor approach. In unconditional tests, approximatelyhalf of the strategies' profitability is explained. In conditionaltests we see a further slight decline in profits. We argue thatthe risk of these strategies should be increasing in the marketrisk premium. Empirically, while their risk measures estimatedrelative to the stochastic discount factor behave as predicted,market betas do not; thus capital asset pricing model (CAPM)-likebenchmarks may lead to incorrect inferences. Given that ournonparametric risk adjustment explains roughly half of momentumstrategy profits, we cannot rule out the possibility of residualmispricing.     

Unemployment duration and workers' wage aspirations in Spain

This paper examines unemployed workers' declared willingness to work for wages lower than the one adequate for their qualification. We analyze which personal and economic characteristics determine this willingness and how it changes along the individuals' unemployment spells. The main results are: (i) Young workers, less educated and those living in regions or times of high unemployment are more willing to accept reduced wages while married women with a working husband are much less willing to do so; (ii) Once the individual fixed effect is controlled for, the willingness to work for reduced wages increases with the duration of unemployment; (iii) Not having access to unemployment benefits increases the probability that initially unwilling workers become willing to accept reduced wages.