The economic value of volatility transmission between the stock and bond markets

This study has two main objectives. Firstly, volatility transmission between stocks and bonds in European markets is studied using the two most important financial assets in these fields: the DJ Euro Stoxx 50 index futures contract and the Euro Bund futures contract. Secondly, a trading rule for the major European futures contracts is designed. This rule can be applied to different markets and assets to analyze the economic significance of volatility spillovers observed between them. The results indicate that volatility spillovers take place in both directions and that the stock‐bond trading rule offers very profitable returns after transaction costs. These results have important implications for portfolio management and asset allocation. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:1066–1094, 2008     

Consumer reactions to crowded retail settings: Cross‐cultural differences between North America and the Middle East

Most of the research dealing with consumer–consumer interactions emphasizes the negative consequences of sharing the service experience with other consumers. Crowding, in particular, represents one of the important environmental factors affecting consumers' retail experience. However, recent studies in the context of hedonic services (e.g., amusement parks, concerts, etc.) have mentioned that crowds may potentially enhance consumers' service experience. The present study aims at demonstrating the presence of these positive consumer responses in a crowded hedonic situation, while investigating the influence of cultural differences in crowd‐related issues. With the use of consumers from different cultures (North America and the Middle East), reactions to similarly crowded situations in a hedonic situation are compared. Results suggest that Middle Eastern respondents perceive both a lower level of density and appreciate crowded situations more than their North American counterparts. Potential explanations are discussed. © 2006 Wiley Periodicals, Inc.     

Vertical specialization across the world: A relative measure

This article investigates the dynamics and the international distribution of vertical specialization (VS) - the use of imported inputs to produce goods that are afterwards exported. We propose a relative measure of VS-based trade that combines information from Input-Output matrices and international trade data, producing results for a large sample of countries with a detailed product breakdown. We illustrate this measure by showing the evolution of VS activities at the world level over the 1967-2005 period. The results are consistent with partial evidence existing in the literature, pointing to a substantial increase of VS in high-technology products and in East Asia.     

论发展循环消费的基本对策

循环消费既是循环经济系统的重要组成部分，又是具体实现循环经济发展的一个重要机制。因此，探讨循环消费的原则和作用及其发展对策，无疑具有重要的理论意义和现实意义。     

The Brazilian wage curve: new evidence from the National Household Survey

This paper reconsiders the Brazilian wage curve using individual data from the National Household Survey at 27 Federative Units over the period 2002–2009. We find evidence in favor of the Brazilian wage curve with an unemployment elasticity of ?0.08. We also find that males in Brazil are significantly more responsive to local unemployment rates (?0.13) than their female counterparts. In fact, we find that the unemployment elasticity for women is statistically insignificant. Applying gender-specific unemployment rates, the elasticity for men decreases to ?0.09, while the elasticity for women remains statistically insignificant. This paper also finds that the estimates for Brazilian wage curve are completely different for the case of formal and informal workers.     

Effects of fixed and continuously distributed delays in a monopoly model with constant price elasticity

In this paper, we analyze the dynamics of a monopoly model with constant elasticity in which the monopolist faces a form of bounded rationality due to limited accessibility to information. We assume the firm adopts a gradient mechanism to adjust the output level, and we investigate how the introduction of fixed and continuously distributed delays within the resulting continuous-time system may affect the long-run dynamics. We find that the stability of the equilibrium depends on the weighting function adopted to model continuously distributed delays, and the convergence of the realized output toward the steady state is crucially affected by the choice of the delay type which, in turn, reflects the availability and the weight assigned to information. Indeed, depending on the assumptions on modeling delays, the equilibrium point may undergo a Hopf bifurcation after which a limit cycle arises.     

Big data from dynamic pricing: A smart approach to tourism demand forecasting

Suppliers of tourist services continuously generate big data on ask prices. We suggest using this information, in the form of a price index, to forecast the occupation rates for virtually any time-space frame, provided that there are a sufficient number of decision makers “sharing” their pricing strategies on the web. Our approach guarantees great transparency and replicability, as big data from OTAs do not depend on search interfaces and can facilitate intelligent interactions between the territory and its inhabitants, thus providing a starting point for a smart decision-making process. We show that it is possible to obtain a noticeable increase in the forecasting performance by including the proposed leading indicator (price index) into the set of explanatory variables, even with very simple model specifications. Our findings offer a new research direction in the field of tourism demand forecasting leveraging on big data from the supply side.     

GLOBAL VALUE CHAINS: A SURVEY OF DRIVERS AND MEASURES

Global value chains (GVCs) emerged as the paradigm for the international organization of production. For most goods and services production is nowadays vertically fragmented across different countries and this reality gave rise to a significant new strand of research in international trade. This article starts by discussing the major driving forces of GVCs in recent decades. Next, it surveys the main measures of GVCs, accounting for their different scopes and required data sets. The article highlights the timing of the contributions to the literature, signalling their sequential nature and the trend toward more accurate and data‐demanding indicators.     

Service Offshoring and the Skill Composition of Labour Demand*

This article studies the effects of service offshoring on the skill composition of labour demand, using novel comparable data for nine Western European countries between 1990 and 2004. The results show that service offshoring raises the relative demand for high‐ and medium‐skilled workers. Its effects are qualitatively identical, and quantitatively similar, to those of material offshoring. Additional evidence suggests, however, that the two types of offshoring may work through different channels: complementarity between imported services and domestic skills in the case of service offshoring, substitution of low‐skilled labour in the case of material offshoring. Overall, the effects are not large in economic terms.     

A critical review of climate change risk for ski tourism

Ski tourism is a multi-billion dollar international market attracting between 300 and 350 million annual skier visits. With its strong reliance on specific climatic conditions, the ski industry is regarded as the tourism market most directly and immediately affected by climate change. A critical review of the 119 publications that have examined the climate change risk of ski tourism in 27 countries is provided. This growing and increasingly diverse literature has projected decreased reliability of slopes dependent on natural snow, increased snowmaking requirements, shortened and more variable ski seasons, a contraction in the number of operating ski areas, altered competitiveness among and within regional ski markets, and attendant implications for ski tourism employment and values of vacation property real estate values. The extent and timing of these consequences depend on the rate of climate change and the types of adaptive responses by skiers as well as ski tourism destinations and their competitors. The need to understanding differential climate risk grows as investors and financial regulators increasingly require climate risk disclosure at the destination and company scale. Key knowledge gaps to better assist ski tourism destinations to adapt to future climate risk are identified.