Promoting energy efficiency in small island states: overcoming barriers to the adoption of compact fluorescent lighting in Saint Lucia

The ‘island factor’ refers to a series of shared energy‐related issues that many island nations face due to their isolation and limited population size. Under such conditions, one of the only ways to reduce energy costs for consumers is through energy efficiency – including the use of energy‐saving compact fluorescent light bulbs. This study uses consumer survey data to investigate how awareness, past purchasing behaviour, and demographic characteristics influence Saint Lucian consumers’ intentions to purchase energy‐saving compact fluorescent bulbs. The findings indicate that a lack of awareness and understanding of energy efficiency, combined with high product costs and a lack of product availability currently inhibit the adoption of compact fluorescent technologies by Saint Lucian consumers. Awareness of energy efficiency, income and geographic location are identified as significant factors related to increased use of and willingness to pay for compact fluorescent bulbs. In the discussion, possibilities for public education and cost subsidy for compact fluorescent bulb promotion are proposed.     

胶印 奏响未来的主旋律

尽管胶印已经走过了百年历程，步入了发展的成熟期，但创新一直是胶印能够充满活力的源泉，并且成为其持续发展的源动力。回顾近年来胶印机的最新发展，我们不难发现，机器速度不断提高，无水、无墨键技术不断发展，新技术、新结构得到了广泛地推广与应用。     

Shell games: On the value of shell companies

A reverse merger allows a private company to assume the current reporting status of another company that is public. This can be done quickly, without fundraising, road show, underwriter, substantial ownership dilution, or great expense. Private firms that go public via reverse merger are often motivated by the need to quickly secure financing through privately placed stock (PIPEs) and the desire to make acquisitions using stock as payment. In each of the last eight years reverse mergers have outnumbered traditional IPOs as a mechanism for going public, and reporting shell companies are providing fuel for much of this growth. We study 585 trading shell companies over the period 2006-2008. The purpose of most of these shell firms is to find a suitor for a reverse merger agreement. These companies have no systematic risk, operations, or assets, and their share price tends to decline over time. Yet, these firms have investors. When a takeover agreement is consummated, shell company three-month abnormal returns are 48.1%. We argue that this exceptional return is compensation to investors for shell stock illiquidity and the uncertainty of finding a reverse merger suitor. We show that shell company returns are much greater at the consummation of a merger than those of a similar entity that in dollar terms is more popular among investors — Special Purpose Acquisition Companies (SPACs).     

Re-conceptualizing community in risk research

Community is an important concept for determining the factors that influence peoples’ perceptions of and actions surrounding risk. However, there are multiple and conflicting definitions for the concept of community and scholars operationalize it in various ways. In this paper, we argue for a renewed focus on community as a guiding consideration in discussions of risk management and the related concepts of resilience, vulnerability, and adaptive capacity. We outline classic and current conceptions of community to articulate how its conceptualization in ongoing risk research might lead to different outcomes, foci, or recommendations about collective adaptation. This includes a discussion of how historic and emerging methodological approaches for studying risk make implicit choices about what community is or how it influences collective response. We close by providing a set of potential axioms that can help researchers better integrate the complexity of community into studies of risk and understand how populations respond to it. Better integrating community into studies of risk could promote policies and communication that are tailored to the unique local context of diverse populations. Such tailoring is more likely to promote adoption of risk mitigations among local populations and perpetuate adaptation as a part of local culture. We contend that a more holistic and systematic approach to documenting local context better encompasses the variable influences that community can have on collective ability to respond to risks.     

A guide to the seen costs and unseen benefits of e-commerce

As consumer shopping preferences shift from traditional retail channels toward e-commerce, the negative effects of e-commerce are easy to see and are often noted in the popular press. Yet, the benefits of this shift are often unseen. In this article, we first consider empirical evidence that suggests technological innovation is generally a net positive for society. We look at the unseen benefits along with each of the seen costs of e-commerce growth to fully understand the impacts on society. To do this, we consider packaging and waste, traffic and emissions, and energy and resource consumption—all considered costs of e-commerce. Based on this evidence, we propose that policymakers should exercise caution before developing policies that may alter this shift and limit innovation.     

The option to stock volume ratio and future returns

We examine the information content of option and equity volumes when trade direction is unobserved. In a multimarket asymmetric information model, equity short-sale costs result in a negative relation between relative option volume and future firm value. In our empirical tests, firms in the lowest decile of the option to stock volume ratio (O/S) outperform the highest decile by 0.34% per week (19.3% annualized). Our model and empirics both indicate that O/S is a stronger signal when short-sale costs are high or option leverage is low. O/S also predicts future firm-specific earnings news, consistent with O/S reflecting private information.     

Risk Averters that Love Risk? Marginal Risk Aversion in Comparison to a Reference Gamble

We propose an analytical distinction between standard risk aversion based on the valuation of a single gamble and marginal risk aversion based on the change in valuation between two gambles. We measure marginal risk aversion in two dimensions—mean and variance. Data from a field experiment is used to study marginal risk aversion. Our results suggest that individuals rely on a reference gamble when assessing marginal risk. Individual responses to marginal changes in mean and variance are nearly identical in direction and magnitude—suggesting that information on both standard and marginal risk aversion is needed to accurately model behavior.     

Sweatshops and Free Action: The Stakes of the Actualism/Possibilism Debate for Business Ethics

Whether an action is morally right depends upon the alternative acts available to the agent. Actualists hold that what an agent would actually do determines her moral obligations. Possibilists hold that what an agent could possibly do determines her moral obligations. Both views face compelling criticisms. Despite the fact that actualist and possibilist assumptions are at the heart of seminal arguments in business ethics, there has been no explicit discussion of actualism and possibilism in the business ethics literature. This paper has two primary goals. First, it aims to rectify this omission by bringing to light the importance of the actualism/possibilism debate for business ethics through questions about the ethics of sweatshops. Second, it aims to make some progress in the sweatshop debate by examining and defending an alternative view, hybridism, and describing the moral and practical implications of hybridism for the sweatshop debate.

     

Consumers' processing of mindful commercial car sharing

Commercial car sharing offers a form of market‐mediated, access‐based consumption with a markedly lower impact on the natural environment than that of car ownership. Consumers adopting such alternative transportation modes are manifesting a marketplace behavior that can be said to be mindful because of the innovative and sustainable nature of car sharing. This study employs behavioral reasoning theory to examine how consumers' value orientations, as well as reasons for and against car sharing, might be used in consumers' processing of mindful commercial car‐sharing adoption. Findings suggest that subjective norms (thoughts of important others for consumers, such as co‐workers) serve an important mediating role for both consumers' value orientations and reasons for car sharing in their relationship with car‐sharing behavior. These results provide marketing researchers important knowledge about green consumption and suggest that practitioners would do well to emphasize the social dimension when marketing environmentally oriented services, such as car sharing.