A simple approach to the parametric estimation of potentially nonstationary diffusions

A simple and robust approach is proposed for the parametric estimation of scalar homogeneous stochastic differential equations. We specify a parametric class of diffusions and estimate the parameters of interest by minimizing criteria based on the integrated squared difference between kernel estimates of the drift and diffusion functions and their parametric counterparts. The procedure does not require simulations or approximations to the true transition density and has the simplicity of standard nonlinear least-squares methods in discrete time. A complete asymptotic theory for the parametric estimates is developed. The limit theory relies on infill and long span asymptotics and is robust to deviations from stationarity, requiring only recurrence.     

Assessing the Impact of Market-Focused and Price-Based Strategies on Performance: A Neural Network Typology

Marketing practitioners operate in a turbulent environment with increased market competition and more discerning customers, which make it a necessity for organisations to constantly re-appraise their competitive strategies. Porter's (1980) typology is one of the most widely cited by academics and practitioners, but it is debatable whether a single strategy will lead to sustainable competitive advantage (Helms, Dibrell and Wright, 1997).Using a systems perspective where the focus is on the interaction between dependent and independent variables, this study shows how SBU managers could use neural networks to help improve the strategy formulation process in the hospitality sector. Findings suggest that market-focused and price-based strategies have contrasting effects upon performance. This study extends the knowledge of strategy formulation and performance by focusing on the service industry, and provides controls for market-level influences by being restricted to the hotel sector.     

Strategic planning and business performance in the quoted UK hotel sector: results of an exploratory study

The purpose of this study was to conduct an exploratory investigation of the relationship between strategic planning and business performance. A multidimensional model of 11 variables was formulated after a review of the strategic planning-performance literature. Data were obtained from 63 hotel units representing eight quoted hotel companies, and various planning-performance relationships were examined. The results indicated that the key planning characteristics of throughness, sophistication, participation, and formality were positive, and in most cases significantly related, to seven indicators of business performance.     

Consumer Risk Perceptions and Marketing Strategy: The Case of Genetically Modified Food

New technologies are hitting the marketplace every day. In trying to make sense of these new technologies, consumers perceive a series of risks and benefits of consumption and use those perceptions to form product judgments. One way for managers to mitigate organizational related risk is to understand how consumers perceive consumption‐related risk. To illustrate this point, the case of genetically modified (GM) food is examined and a series of focus groups is conducted in which participants examined different product labels that either framed the technology as a benefit gained or as a risk avoided. The results indicate that consumers do indeed form very different product evaluations based on how the new technology is framed, but these evaluations vary based on the level of the consumers’ preexisting knowledge. This study provides support for the contention that a better understanding of consumer risk perceptions is an important first step in developing marketing strategies for new technology‐oriented products.     

The theory of met expectations applied to expatriate adjustment: the role of crosscultural training

This study will test two hypotheses to determine whether the formation of expectations (prior to the global assignment) affects expatriates' adjustment. This study utilized a sample of seventy-three expatriates who completed questionnaires approximately ten months after arriving in their host countries. All the expatriates had predeparture cross-cultural training, but the training varied in perceived relevance. The expatriates were assigned either to countries where their native language was spoken (e.g. Americans in the UK) or to countries where their native language was not spoken (e.g. Americans in France). The results of the mediated regression analysis suggest that the more tailored and relevant the pre-departure cross-cultural training, the more expectations were either met or positively exceeded. Analyses suggest that both cross-cultural training and the language spoken in the host country affect the accuracy of expatriates' expectations prior to the assignment - and that having accurate expectations, in turn, positively affects cross-cultural adjustment. The results from this study encourage organizations to develop programmes that will ensure their expatriates have realistic expectations prior to their global assignments (e.g. through tailored cross-cultural training).     

The Subprime Crisis and African Americans

There is a long history of unfair housing and lending practices in the United States and generally, African Americans have been disproportionately negatively impacted by these activities. In order to understand the current economic crisis and its impacts on African Americans, one must first explore the historical spectrum of discriminatory actions leveled against blacks in housing and mortgage lending. This paper discusses the recent subprime mortgage crisis and identifies the ways that African Americans were impacted. It provides an historical review of mortgage lending and housing discrimination and the role that public policy played in these practices. It then chronicles the subprime mortgage crisis and connects the consequences of lending policy run amok by targeting minority communities.