Jumps in intensity models: investigating the performance of Ornstein-Uhlenbeck processes in credit risk modeling

This work presents intensity-based credit risk models where the default intensity of the point process is modeled by an Ornstein-Uhlenbeck type process completely driven by jumps. Under this model we compute the default probability over time by linking it to the characteristic function of the integrated intensity process. In case of the Gamma and the Inverse Gaussian Ornstein-Uhlenbeck processes this leads to a closed-form expression for the default probability and to a straightforward estimate of credit default swaps prices. The model is calibrated to a series of real-market term structures and then used to price a digital default put option. Results are compared with the well known cases of Poisson and CIR dynamics. Possible extensions of the model to the multivariate setting are finally discussed.     

Perceptions and preference for fresh seafood in an Australian context

Seafood as a whole food is highly nutritious. It is an important dietary source of protein, omega‐3 fatty acids and a wide array of highly bioavailable micronutrients. Despite the established health benefits associated with fish and seafood consumption, in Australia consumption levels still remain below those recommended for health. Although considerable research has been carried out on enablers and barriers to seafood consumption, the reasons Australian consumers do not consume recommended amounts of seafood while stating they would like to consume more seafood are complex and have not been fully illuminated. This paper reports on the development and results of a self‐administered questionnaire that aimed to identify consumer perceptions and preferences for fresh and frozen seafood. Data were collected through intercept surveys at an Australian university and 239 valid responses were received. Results confirmed respondent preference for fresh fish and seafood. There was significant confusion among respondents about what constitutes fresh seafood, with the term ‘fresh’ having different meanings to different respondents. Over half of respondents understood the term fresh to relate to seafood having been caught that same day. In comparison, approximately 15% understood fresh to reflect the accepted definition of having never been frozen. Additionally, results indicated respondents find it difficult to recognize if seafood is fresh, particularly in comparison with other meats. There is significant potential for the development of regulations for labelling of unpackaged seafood in order to allow consumers to make informed decisions about their purchases.     

The influence of multiple constraints along the venture creation process and on start-up intention in nascent entrepreneurship

This study examines the influence of multiple constraints encountered by nascent entrepreneurs (NEs) in their current phase of the venture creation process – disengaged, still trying or started – and on their start-up intention after disengagement. Drawing on a sample of 1872 German NEs collated in 2014, we extend the literature in the field of nascent entrepreneurship and encountered constraints. By applying the theories of planned behaviour and appraisal as an overarching theoretical foundation, we develop our hypotheses. We find that individuals who have recently abandoned their venture have faced significantly more constraints than other NEs. A deeper analysis reveals that financing difficulties and especially certain personal characteristics impede venture creation. Furthermore, our results show that constraints beyond an NE’s own control are lethal for the continuance of the intention to create a new business. We derive important implications for NEs, entrepreneurship education and policymakers.     

Responding to QE taper from the receiving end

This paper analyses the spillovers of quantitative easing (QE) and their taper in India, as there could be country-specific nuances that qualify the inferences thrown up by cross-country studies, and therefore, can enrich and empower the on-going debate. Using a combination of event study analyses, generalized method of moments and VAR estimates, it finds that QEs have significantly altered monetary conditions in India. Among the QEs, QE1 had the largest impact and taper announcement had a strong negative impact, with the spillovers working mainly through the portfolio rebalancing channel, followed by the liquidity channel. Going forward, emerging economies are likely to take into account these spillovers in the conduct of monetary policy, with implications for both policy autonomy and global welfare.     

Insights for a post-Brexit era: marketing the UK as a study destination – an analysis of Arab,Chinese, and Indian student choices

ABSTRACT

Britain’s scheduled exit from the European Union (‘Brexit’) has long-term ramifications for strategic marketing. Faced with new challenges and uncertainty, UK universities are increasingly looking beyond EU borders to recruit international students. In this context, we draw upon country-of-origin theory to categorise the factors that influence non-EU international student decisions to select an overseas study destination and institution. Based on the results of a survey with 317 Arab, Chinese, and Indian students attending UK universities, we identify eight factors that influence international student decisions to study in the UK (social safety, education quality, entry obstacles, environment, recommendations, knowledge of host country, work and immigration, and meeting new cultures). The results address gaps in the literature, offering new insights that will help practitioners and academics to better understand how international students select a country and university as a study location.     

The Relationship Between Strategic Supply Chain Integration and Performance: A Meta‐Analytic Evaluation and Implications for Supply Chain Management Research

Although research evaluating the impact of supply chain integration on performance has advanced substantially in the last decade, inconsistency and considerable variability of empirical findings leave unanswered questions for both research and practice. Using a meta‐analysis, we examine empirical studies to clarify the actual relationship, suggest new directions, and ultimately contribute toward the development of supply chain management theory. We focus on “strategic” supply chain integration rather than on functional or operational/tactical studies, which would weaken the practical value of the analysis and findings. To ascertain focus and homogeneity of the sample, we adopt a rigorous search protocol and sample construction. We find that integration–performance relationships are complex and nuanced such that integration should not be universally viewed as improving performance. We identify relationships that are more generalizable and also those that need additional scrutiny. Finally, we discuss the implications of our findings and provide directions for future research.     

Developing Policies and Instruments for Sustainable Household Consumption: Irish Experiences and Futures

In recent years, the concept of sustainable consumption (SC) has received increased attention. Overconsumption in industrialized countries still presents major challenges to achieving sustainable development goals despite the global economic crisis. This paper offers an in-depth analysis of national influences on consumption patterns in the Republic of Ireland, focusing in particular on the role of governance in the design of policy instruments for sustainable consumption. It is argued that country-specific political conditions and policy frameworks fundamentally shape everyday household consumption. After an initial discussion of the effectiveness of three key types of policy instruments—legislative, economic, communicative—the paper compares SC policy making and implementation in Ireland with examples of good practice from Europe. An agenda to progress Ireland’s sustainable consumption policy framework is proposed in the concluding part of the paper.     

Cyberspace as a medium for terrorists

Given that terrorists are quickly acquiring technical skills that increase the utility of cyberspace to an effective distributed organizational network and the likelihood of potential attacks on U.S. critical infrastructure and defense systems, we consider the value of cyberspace to terrorists. To this end, it is necessary to address the following questions pertinent to the attributes of cyberspace to examine why and how terrorists may utilize cyberspace to advance their goals: (1) What is cyberterrorism? (2) Is cyberterrorism warfare? (3) Why would terrorists use cyberspace? (4) What do we know or anticipate that terrorists want to do in cyberspace? (5) How do we deal with terrorists in cyberspace? We conclude with an assessment of the cyberterrorism threat facing the U.S. today and recommendations that address increasing technical capabilities and security measures for intelligence gathering, digital control and supervisory control and data acquisition (DC/SCADA) systems, and emergency response systems.     

Selection and Reporting Bias in Household Surveys of Child Labor: Evidence from Tanzania

Abstract: Studies of child labor in developing countries have largely relied on data collected through national household surveys. But government‐sponsored household surveys are arguably prone to both sample selection bias and reporting bias. In this paper, we compare the demographic and labor market characteristics of working street children obtained from the 2000 Tanzanian Integrated Labor Force Survey, a government‐sponsored household survey, with the results obtained in a 2004 survey of working street children in the city of Mwanza in northern Tanzania. Our comparisons help illumine the potential biases introduced when child labor studies rely on household samples; specifically, we show that children in the non‐household based survey work longer hours, have lower educational attainment and suffer worse health outcomes than their counterparts in the government‐sponsored household survey. This suggests that studies based on national household surveys may significantly underestimate both the extent and the consequences of child labor.