Gradualism Versus Shock Therapy: (Re)Interpreting the Chinese and Russian Experiences

The concepts of gradualism and shock therapy are reconsidered in respect of the Chinese and Russian experiences. It is suggested that success in reform is determined not only by sharp and speedy measures for attaining macroeconomic financial stabilization, but also, more importantly, how rapidly a critical mass of genuine market forces and competition can be achieved in the microeconomic sphere. In contrast to the orthodox interpretation, it is concluded that the ‘weighted combination’ of macroeconomic and microeconomic reforms in China can be regarded as true ‘shock therapy’, which has brought the Chinese reforms to a successful outcome. In contrast, despite initial macro-financial shock, the Russian reforms have been slow and inconsistent and, for that reason, less successful than in China.     

Determinants of bid and ask quotes and implications for the cost of trading

Financial transaction costs are time varying. This paper proposes a model that relates transaction cost to characteristics of order flow. We obtain qualitatively consistent model results for different stocks and across different time periods. We find that an unusual excess of buyers (sellers) relative to sellers (buyers) tends to increase the ask (bid) price. Hence, the ask and bid components of spread change asymmetrically about the efficient price. For a fixed order imbalance surprise these effects are muted when unanticipated total volume is high. Unexpected high volatility in the transaction price process tends to widen the spread symmetrically about the efficient price. Our findings are consistent with predications from market microstructure theory that the cost of market making should depend on both the risk of trading with better-informed traders and inventory risk. We also find that order flow surprises have a significant impact on the efficient price and can also explain a substantial amount of persistence in the volatility of the efficient price. This dependence does not violate the efficient market hypothesis since the surprises, by definition, are not predictable.     

Management incentives to recognise intangible assets

The paper examines whether the introduction of the international financial reporting standards (IFRS) in Australia changed management incentives to recognise intangible assets. We examine post‐IFRS changes in managerial opportunism and economic benefits associated with the recognition of intangible assets. We find evidence after IFRS of significant change in intangible asset recognition concurrent with share issues. We also find that the association between economic benefits and intangible assets changed following IFRS. Evidence is provided that the economic benefits associated with goodwill were enhanced by IFRS, whereas IIA and E&E asset information became less useful to financial report users.     

Traffic barriers and pedestrian crossing behaviour

This paper is concerned with the relationships between traffic conditions and pedestrian behaviour which determine the extent of barrier effects. These relationships are examined on a high-density mixed-use street in central Edinburgh. Such streets are generally important routes for both pedestrians and vehicles, where there is maximum potential for conflicts between them. Crossing strategies and pedestrian trip-making activity are shown to be modified in response to changes in traffic conditions, notably to changes in traffic volumes and parking activity. Barrier effects are seen to vary markedly with the age group of pedestrians. The findings are related to pedestrian safety on such streets and to issues involved in the design and implementation of traffic management schemes. It is concluded that barrier effects on pedestrians should be a standard consideration in scheme design and implementation.     

Monster mines,dugouts, and abandoned villages: a composite narrative of Burra’s heritage

In a bid to join recent efforts to develop innovative approaches to heritage, this article argues that adopting a collaborative mode of inquiry is a useful way of coming to terms with the plurality of ways heritage landscapes are enlivened by their visitors. It also points to some of the advantages of incorporating researchers’ personal experiences into academic research. With a focus on the Burra Heritage Trail in South Australia (geared around the Burra Heritage Passport), the article brings together four sets of research experiences, each informed by different (though cognisant) disciplinary backgrounds: art history, anthropology, heritage studies, and tourism planning. The result is a form of experimental autoethnographic writing in which four voices reflect upon their embodied, sensuous, and mobile experiences as ‘tourist’ moving through the same places, thereby offering multiple ways of knowing and telling about a single setting.     

The final outcome of charitable bequest gift intentions: Findings and implications for legacy fundraising

Charitable bequest gifts are important to charities but evaluating legacy fundraising activities is problematic. These activities may not generate bequest income until many years later. Thus, many charities focus on generating reports of current plans or intentions for bequest gifts. Such approaches depend on the link between these reports and ultimate bequest transfers. However, this link is not well documented. This study presents the first multi-organisational results linking ultimate estate distributions with lifetime legacy giving plans or intentions reported to charities. Ten Australian charities provided data from those dying in 2014–2017. Among 700 decedents who had confirmed the presence of a planned bequest gift to the charity, 35% generated no estate gift. This lost gift rate varied from 17 to 60% across different organisations. The average loss rate was 24% when the charity had at least one communication with the decedent within 2 years of death, and 48% otherwise. Among 264 people reporting to the charity that they were “intending” or “considering” an estate gift but not confirming it, 89% left no gift at death. Among 507 people only requesting information about making a bequest gift, 95% left no gift at death. These results suggest the importance of moving donors to the point of planned gift confirmation and then maintaining relationships until the end of life. However, marketing remains challenging given that 58% of the 2,682 total bequest gifts received by these organisations came from decedents who were not donors during life.     

Asymptotic and bootstrap inference for inequality and poverty measures

A random sample drawn from a population would appear to offer an ideal opportunity to use the bootstrap in order to perform accurate inference, since the observations of the sample are IID. In this paper, Monte Carlo results suggest that bootstrapping a commonly used index of inequality leads to inference that is not accurate even in very large samples, although inference with poverty indices is satisfactory. We find that the major cause is the extreme sensitivity of many inequality indices to the exact nature of the upper tail of the income distribution. This leads us to study two non-standard bootstraps, the m out of n bootstrap, which is valid in some situations where the standard bootstrap fails, and a bootstrap in which the upper tail is modelled parametrically. Monte Carlo results suggest that accurate inference can be achieved with this last method in moderately large samples.     

Plugged In or Disconnected? A Model of the Effects of Technological Factors on Employee Job Embeddedness

Technology continues to play an ever‐increasing role in both our work and private lives. In parallel with this expanding reliance on technology has been a shift in how people now view their jobs. Therefore, the purpose of this article is to provide a theoretical model that bridges these two areas—technology and employee attitudes (more specifically, work‐related feelings of embeddedness). Within our model, we consider aspects of common work‐related technologies and key perceptual variables related to technology, and how both areas can influence embeddedness in one's job. We conclude the article by providing examples of how specific technologies that are commonly found in today's work environment may influence job embeddedness perceptions, and we discuss the implications of the model on both theory and practice. © 2015 Wiley Periodicals, Inc.     

Open Skies over the Middle East

The dynamism of air traffic markets in the Middle East obscures the persistence of restrictions on international competition. But how important are such restrictions for passenger traffic? This paper uses detailed data on worldwide passenger aviation to estimate the effect of air transport policy on international air traffic. The policy variable is a quantitative measure of the commitments under international agreements. The paper analyses, for the first time, not only bilateral agreements, but also plurilateral agreements such as the one among Arab states. The analysis finds that more liberal policy is associated with greater passenger traffic between countries. Higher traffic levels appear to be driven by larger numbers of city‐pairs being served, as well as by more passengers travelling along given routes. To demonstrate the quantitative implication of the estimates, two liberalisation scenarios in the Middle East are evaluated. Deepening the plurilateral agreement among Arab states would lead to a 30 per cent increase in intraregional passenger traffic. Widening the agreement to include Turkey would generate significantly larger gains because current policy vis‐à‐vis Turkey is much more restrictive.     

Validation of a Fashion Brand Image Scale Capturing Cognitive,Sensory, and Affective Associations: Testing Its Role in an Extended Brand Equity Model

This research validated a new 16‐item brand image scale that captures cognitive, sensory, and affective dimensions (i.e., mystery, sensuality, intimacy) of tangible and intangible attributes of fashion brands. Three studies were conducted to develop a holistic, yet parsimonious, fashion brand image measure. The initial subthemes of brand image and representative items were based on a review of scholarly literature and industry‐based information and on interview findings. Reliability and validity of the new scale were confirmed using data from 218 college students and a national sample of 2,373 respondents. Convergent and discriminant validity were supported through confirmatory factor analysis. Nomological validity was supported through testing a structural model containing the three brand image dimensions, Roberts’ ( 2005 ) lovemarks experience, and brand equity variables. The new brand image scale is different from existing scales because it incorporates Roberts’ industry‐based perspective, including more comprehensive sensory and affective dimensions than found in past brand image scales. This study provides support for Roberts' lovemarks model and the contributors to brand equity, which has implications for theory and for marketing firms that endeavor to build an effective fashion brand image.