Financial functional analysis: a conceptual framework for understanding the changing financial system

The financial system is currently undergoing a revolution brought about by e-finance, digital convergence, new market entrants and government-encouraged competition. New market entrants such as Apple, Alibaba, Facebook and Google come from industries such as IT, retail, social media and telecoms, and, therefore, do not fit comfortably within traditional financial institutional structures. A functional perspective might provide more practical insights into this revolution; however, the functional perspective has had a limited impact. This paper will investigate the benefits and limitations of financial functional analysis; probe the underpinning principles of sociology’s structural functional analysis; revisit Merton and Bodie’s (1995) six core financial functions in relation to new entrants in the financial landscape; and, finally, argue that in the new financial environment, functional analysis provides a more coherent and explanatory framework of the financial system for students and practitioners alike.     

Determinants of restaurant's owners/managers selection of wines to be offered on the wine list

The aim of the paper is to better understand wine list design in restaurants in four countries with very different wine cultures. An interview protocol was developed and administered to 286 restaurants across the four countries (France, Australia, USA and China). The interview questionnaire included a Best/Worst methodology to identify the most/least important factors influencing the restaurant's owner/manager's selection of wine for the wine list. One of the most important reasons for selecting wine across most countries is ‘to match wine with the food menu’. There were few major differences between countries, but a latent class analysis found four clusters that differed significantly with membership also differing between countries. The cluster analysis also indicated that while some restaurateurs are more brand-driven, others value local wine or its matching with the food menu.     

The coalitional approach to core theory

The Core-Walras Equivalence is examined in a finite or infinite economy in which the competitive gap is bounded by the size of the atoms in the economy. The economy is represented by a Boolean algebra of coalitions, and coalitions rather than individual agents are taken as a primitive concept. Coalition arbitrage plays the central role in our analysis.     

The cost of quality in existing housing: Estimates from an implicit markets model

Rosen's implicit markets approach is used to model and estimate the cost of improving the state of repair of rental housing in existing structures. Particular attention is devoted to potential errors in the measurement of state of repair and to the inconsistent estimates of supply and demand parameters implied by Rosen's original econometric technique. Cost estimates imply that improvements in low-income housing could be provided much less expensively in existing housing than by either public new construction or the Section 8 existing housing program.     

Restricted Visions of Multiracial Identity in Advertising

Mixed-race representations have become increasingly evident in marketing communications through the use of celebrity spokespersons like Misty Copeland and Halle Berry. This study explores the sociocultural ramifications of the ways in which marketers represent multiracial identity. Through an interdisciplinary review of pertinent literature, the authors create a theoretical framework for understanding the limitations of visual representations. A temporal model for discerning visual representations of the multiracial identity emerged by combining critical discourse analysis (CDA) techniques to investigate multiracial advertising depictions in eight popular U.S. magazines with interviews of multiracial women and advertising professionals. Findings suggest that marketers use mixed-race representations as cultural currency by mythologizing mixed-race bodies as the new beauty standard and as representing a racial bridge, physically and culturally tailored to ameliorate perceived racial divides. While visual representations in marketing communication have served to legitimatize and normalize mixed-race identity, these images generally ignore mundane consumption practices, obscure the relationships and processes that bring about multiracial bodies, and are devoid of sociopolitical context. The authors offer a framework through which scholars can systematically analyze the sociocultural significance of a wide range of identity coordinates utilized in advertisements and other forms of marketing communication.     

Product Market Reform and Innovation in the EU*

European Union countries have implemented widespread reforms to product markets to stimulate competition, innovation, and economic growth. We provide empirical evidence that the reforms carried out under the EU Single Market Programme (SMP) were associated with increased product market competition, as measured by a reduction in average profitability, and with a subsequent increase in innovation intensity and productivity growth for manufacturing sectors. Our analysis exploits exogenous variation in the expected impact of the SMP across countries and industries to identify the effects of reforms on average profitability, and the effects of profitability on innovation and productivity growth.     

Exploring the expectations of transport professionals concerning the future automobility system: Visions,challenges, and transitions

A mixture of potentially significant changes in technology, commercial structures, and social practices is currently entering the automobility system. These changes have the potential to combine together and lead to a substantial shift in the manner in which society fuels, owns, and makes use of its cars. This paper reports a research project that made use of focus groups to examine the narratives of British transport professionals concerning forthcoming developments in the automobility system. Specific attention was given to what the expectations for future change in automobility are, if these changes will likely lead to a transition toward a more sustainable system and the manner in which a transition of this nature could be facilitated. The oral testimony offered during the focus groups has been assessed qualitatively using thematic analysis. The results suggest that there is a commonly held view that the automobility system is entering a stage of flux, which may lead to considerable changes in system configuration. However, the attainment of a sustainable transition for the system will likely be inhibited by a series of institutional, societal, and physical barriers, which may restrict system developments.     

Selected Current Data Sources

This identifies the major sources for current economic data. Most of the publications are free; many others are inexpensive. Instructors can use them to update textbooks, and students will find them useful for databases for simulation models, papers, and reports.