The purpose of this study was to develop a model of leisure style and spiritual well-being relationships, and the processes (spiritual functions of leisure) by which leisure can influence spiritual well-being. Also, the role of leisure in ameliorating the effects of time pressure on spiritual well-being was examined. Structural equation modeling using AMOS was employed to test direct and indirect effects models of the relationships among components of leisure style (leisure activity participation, leisure motivation, and leisure time), spiritual functions of leisure (sacrilization, repression avoidance, sense of place) and spiritual well-being (both behavioral and subjective). The model developed suggests that some components of people's leisure styles lead to certain behaviors and experiences (spiritual functions of leisure) that maintain or enhance spiritual well-being. These spiritual functions of leisure may also serve as coping strategies to ameliorate the negative influence of time pressure on spiritual well-being. 相似文献
This paper explores three inter-related issues: globalisation; the role of small and medium sized enterprises (SMEs); and electronic commerce (e-commerce). A central question is whether e-commerce offers advantages to SMEs that may facilitate their access to global markets and help them overcome the disadvantages they face vis-à-vis large transnational corporations (TNCs)? The paper starts by briefly considering the extent of globalisation and its relationship to free trade. We then go on to consider recent developments in e-commerce, focusing on the key issue of e-payment systems. Differences in the requirements of large and smaller firms are identified, and we identify a number of key issues concerning access of smaller firms to e-payment systems and the (virtual) market place, and outline their implications for regulatory policy. Our analysis highlights the importance of network externalities, and institutional factors affecting trust and the relationships amongst different economic actors. This leads to a consideration of networking and public policies more broadly. One of the central conclusions of our analysis is that there are important synergies between e-commerce (virtual) networks and (real) production networks. This suggests that policy makers and smaller firms should think in terms of extending existing, and catalysing new, real production networks to incorporate e-payment systems for networks of firms in order to facilitate their access to virtual markets.
As genetically modified (GM) products approach the market stage, the UK government and agro-food industry have faced a suspicious or hostile public. Since 1998 many retail chains have undertaken to exclude any GM-derived ingredients from their own-brand lines. This commercial blockage has intensified pressures for greater precaution, even for a moratorium on cultivating GM crops. Political protest has led to strategies for precautionary commercialization. Government and industry have cooperated to plan a ‘managed development’ of GM crops. Across the agricultural supply chain, industry has devised voluntary guidelines to ensure segregation of GM crops and to limit the spread of GM herbicide-tolerance. In particular UK regulators seek to test the risk that broad-spectrum herbicide sprays could damage wildlife habitats; they have broadened the advisory expertise accordingly. These measures open up the precautionary content to further debate, at both national and EU levels. Market-stage precautions establish a means to test claims that GM crops are environmentally-friendly products. By translating public concerns into broader risk-assessment criteria, the UK procedure involves critics in potentially influencing standards of scientific evidence and environmental harm. This social process has become a prerequisite for legitimizing commercial use. 相似文献
Publicly-traded companies that are controlled by other publicly-traded companies provide a unique setting in which to test whether the market values of majority and minority ownership interests are proportionate to their ownership percentages. Test results indicate that the value of subsidiary net assets and net income are greater to majority shareholders than to minority shareholders. However, comparison of asset and income valuation with a sample of diffusely-held firms indicates that this valuation asymmetry is not due to a wealth transfer from the minority to the majority owners but to a discounting of the portion of the subsidiary owned by the minority shareholders. 相似文献
This paper studies the properties of bid and ask prices posted by a monopolistic market maker, without parametric assumptions about the utility function of the market maker or about the probability distribution of the return of the risky asset. We first prove that the two prices can be higher or lower than the expected value of the asset, and that the spread is decreasing in the initial wealth when the market maker exhibits decreasing absolute risk aversion. We conclude by some examples illustrating the fact that almost all shapes can be obtained for the bid–ask spread (as a function of the inventory) depending on the probability distribution of the payment of the risky asset. 相似文献
A three parameter stochastic process, termed the variance gamma process, that generalizes Brownian motion is developed as a model for the dynamics of log stock prices. The process is obtained by evaluating Brownian motion with drift at a random time given by a gamma process. The two additional parameters are the drift of the Brownian motion and the volatility of the time change. These additional parameters provide control over the skewness and kurtosis of the return distribution. Closed forms are obtained for the return density and the prices of European options. The statistical and risk neutral densities are estimated for data on the S & P500 Index and the prices of options on this Index. It is observed that the statistical density is symmetric with some kurtosis, while the risk neutral density is negatively skewed with a larger kurtosis. The additional parameters also correct for pricing biases of the Black Scholes model that is a parametric special case of the option pricing model developed here. 相似文献
Preannouncements are strategic marketing communications directed at market participants including investors, suppliers, distributors,
and buyers. Most empirical literature focuses on antecedents influencing a firm’s preannouncement behavior and on outcomes
related to deleterious responses by competitors. This study differs and follows the large body of extant research that examines
preannouncing behavior as a deliberate marketing communication process aimed at influencing market participants in the firm’s
favor. The authors develop and test a model of preannouncement behavior that affects the success of a new product launch through
market anticipation, competitive equity, and new product development resources. The findings indicate that preannouncement
behavior engenders new product success through its positive effect on market anticipation—a favorable industry-wide bias in
advance of new product introduction—and emphasizes the use of preannouncements as business-to-business marketing communications
aimed at influencing current and prospective supply chain partners in the firm’s favor.
Kim Schatzel (schatzel@umd.umich.edu) (PhD, Michigan State University) is an assistant professor of marketing at the University of Michigan,
Dearborn. Her business experience includes more than 20 years of corporate and new venture work including tenure as the founder
and CEO of a multinational $250 million automotive components firm and three start-up technology-based companies. She is interested
in the study of new product development, business-to-business marketing communications, and firm reputation issues. She has
published articles in theJournal of Marketing, theJournal of Business Research, and theJournal of Product Innovation Management. She is also highly committed to teaching excellence and has won several awards for undergraduate, graduate, and executive
teaching.
Roger Calantone (rogercal@msu.edu) holds the Eli Broad University Chair in Business at Michigan State University and is also the director
of the Broad Information Technology Management Program (ITMP). He is interested in the study of new product innovation and
technology decisions in industrial firms. Currently, his research is focused on new product decisions, industrial market segmentation,
global logistics, and the use of neural network and autonomous learning models to valuate product components. He is the author
of more than 200 refereed academic articles and proceedings and is coauthor of several books. His publications have appeared
in journals such as theJournal of Marketing, the Journal of Marketing Research, Marketing Science, Management Science, Decision Sciences, and theStrategic Management Journal. 相似文献