Firm orientation and strategy under regional market integration: A study of Canadian firms

Firms behave differently in free trade zones than in confined, domestic markets. To investigate this phenomenon, a taxonomy is developed of small- and medium-sized companies, which operate in the developing North American free trade area. The study describes each firm grouping and its associated performance attributes, and offers theoretical and normative implications. Among other findings, it appears that smaller companies which emphasize entrepreneurial orientation, product differentiation, and focus on specific market segments tend, under free trade, to enjoy superior performance.     

Cultural values in international advertising: An examination of familial norms and roles in Mexico

Past research suggests that the cultural value orientation, individualism-collectivism, should be considered when developing international advertising campaigns. The present study examines how (in)consistencies in collectivist values (e.g., familial norms and roles) may affect attitudes and behaviors toward advertised products within a collectivist culture, Mexico. The findings suggest advertisements that depict consistencies in local cultural norms and roles are viewed more favorably and purchase intention is higher than for advertisements that depict inconsistencies. The data provide no support for the moderating role of individual-level differences in value orientation (i.e., allocentric versus idiocentric tendencies) on persuasion measures. Interestingly, product category advertised appears to be the best moderator of the relative strength of role and norm effects on ad attitudes and purchase intention. © 1997 John Wiley & Sons, Inc.     

Economic Causes and Cures of Social Instability in China

China＇s leaders have often expressed concerns about social instability, viewed as a threat both to the political order and to continued rapid growth. Slower growth might, in turn, further undermine social stability. Using survey data, the present paper examines the economic determinants of social instability. Four main determinants are identified.＇past and expected growth of income, income inequality, economic insecurity and misgovernance. The paper then considers possible policies to reduce social instability, examining each of the determinants in turn.     

Can Empirical Demand Models Assist in CON Comparative Reviews? A Case Study in Florida

Certificate‐of‐Need (CON) programs for new hospital construction are intended to foster the best selection among competing hospital applications, given demands for hospital care in the community. Yet, the merits of CON depend in part on the quality of the comparative review process. This article examines a case study in Florida to illustrate the utility of empirical evaluations using patient choice models. I estimate such models to show how patients would respond to a change in hospital choices. By simulating the welfare effects of the proposed hospitals, I can further predict how prices of hospital care differ by applicant. Results suggest that empirical analysis using data on patient choice of hospitals may better inform the review process. At the same time, however, it may not give a unique ranking without additional analysis of the fixed costs of proposed services in the context of existing marketwide capacity.     

Relative Effects of IFRS Adoption and IFRS Convergence on Financial Statement Comparability

One of the primary objectives of both adoption of IFRS and convergence between IFRS and U.S. GAAP is to increase financial statement comparability. Using a unique setting in Germany, we compare the effectiveness of these two approaches in achieving this desired outcome. Our empirical tests show that both adoption and convergence lead to an increase in comparability after the new enforcement regulation in 2005. However, difference‐in‐differences tests show that adoption does not lead to a significant incremental increase in comparability beyond convergence. The findings of this study should be of interest to regulators and standard setters as they assess alternative methods of aligning domestic standards with IFRS.     

Does “skin in the game” reduce risk taking? Leverage,liability and the long-run consequences of new deal banking reforms

This essay examines how the Banking Acts of the 1933 and 1935 and related New Deal legislation influenced risk taking in the financial sector of the U.S. economy. The analysis focuses on contingent liability of bank owners for losses incurred by their firms and how the elimination of this liability influenced leverage and lending by commercial banks. Using a new panel data set, we find contingent liability reduced risk taking. In states with contingent liability, banks used less leverage and converted each dollar of capital into fewer loans, and thus could survive larger loan losses (as a fraction of their portfolio) than banks in limited liability states. In states with limited liability, banks took on more leverage and risk, particularly in states that required banks with limited liability to join the Federal Deposit Insurance Corporation. In the long run, the New Deal replaced a regime of contingent liability with deposit insurance, stricter balance sheet regulation, and increased capital requirements, shifting the onus of risk management from bankers to state and federal regulators.     

“五星酒店如雨后春笋 有压力更有动力”——访重庆洲际酒店总经理范纳伦先生

重庆洲际酒店总经理:Franck Naulleau,法国人,中文名:范纳伦。出生于1966年。他拥有超过20年的酒店管理经验,足迹遍及亚洲、非洲、欧洲、美洲和中东,丰富的阅历让他在工作中拥有独到的见解和创造力。2008年9月,范纳伦先生来到中国重庆,任重庆洲际酒店总经理。他有广泛的爱好,特别在运动方面。在闲暇时间,他喜欢参加网球、高尔夫、足球等运动,并都是高手。此外,他还喜欢研究国际文学和电影。范纳伦先生更是热心慈善的爱心人士。在他去过的诸多国家,都留下了他乐善好施的义举。范纳伦先生相信,爱心没有国界,每个人的一点慈善之举,都终能汇成强大的力量,将幸福和快乐带给需要帮助的人。     

Hypothesis testing based on goodness-of-fit in the moving average time series model

Small sample properties of t-tests are compared with those of tests based on relative goodness- of-fit in the context of the first order moving average time series model. Monte Carlo experiments reported in the paper suggest that the actual size of these t-tests greatly exceeds theoretical large sample significance levels, while conformity of goodness-of-fit statistics to the appropriate chi-square or F-distributions is much closer. The evidence presented suggests that practitioners are well advised to employ goodness-of-fit tests as a check on results of t-tests particularly when the latter indicate ‘significance’.