An overview of Asian equity markets

This study overviews the development of 11 Asian equity markets, namely, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Prior to the onset of the global financial crisis, the Asian stock exchanges were generally bullish, underpinned particularly by China's robust economic performance. Innovations in financial products and services have been growing in importance, as stock exchanges in these countries have been making a concerted effort to introduce new features and best practices, with the objectives of raising market efficiency, enhancing service quality, and generally bringing operations up to par with international standards. But the potential to realize or support market efficiency can only be possible within an adequate legal framework, a sound market infrastructure, and appropriate corporate governance mechanisms. Thus, many challenges are still to be overcome in the region.     

Measuring traveler involvement in urban public transport services: The case of Kaohsiung

The city of Kaohsiung has been urgently reducing its rates of ownership and usage of privately owned motor vehicles. The most important strategy undertaken thus far has been to build mass rapid transit systems. This study aims to apply the Involvement Theory to construct an inventory to measure level of travelers’ involvement in public transport services. The results indicate that the number of low involvement travelers is the critical factor that determines whether the new public transport system can effectively operate. They also provide authorities with precise marketing strategies targeting different groups in order to allow the new public transport systems to sufficiently meet public needs.     

The Effect of Scarcity on the Purchase Intentions of Prevention and Promotion Motivated Consumers

This study investigates the influence of consumers’ motivational orientations (“prevention” vs. “promotion”) on their susceptibility to demand‐based versus supply‐based scarcity, measured by purchase intention scores. Prevention‐focused participants were more inclined to adopt a product when it was perceived to be demand‐scarce rather than supply‐scarce, while those who were identified as promotion‐focused responded positively to scarcity attributed to supply shortfall. In addition, products that could be associated with a prevention motive enhanced purchase intentions when presented as demand‐scarce but not if perceived to be supply‐scarce; conversely, products associated with the promotion motive scored better if the scarcity was seen to be supply‐generated rather than demand‐generated. Lastly, messages focused on prevention were more effective than those focused on promotion in the case of perceived demand scarcity, whereas the converse holds true for supply scarcity. These findings highlight the importance of understanding the motivational differences underlying the effectiveness of scarcity appeals. They furthermore suggest the strategic implication that improved intention to purchase occurs when the regulatory focus evoked by a scarcity‐related message is compatible with the appeal it communicates.     

An exploratory study of organizational politics in Kuwait

Because politics is a way of life in organizations, organizational politics has been studied by several scholars over the past 40 years. Few studies, though, have examined organizational politics outside of the United States and Europe. This study is a further step toward closing that gap. In particular, we (1) examined the applicability of the Perceptions of Organizational Politics Scale (POPS) instrument in Kuwait, (2) examined the perceived existence of organizational politics in a public organization in Kuwait, and (3) sought to determine if perceptions of organizational politics seemed to be influenced by the same variables in Kuwait as in Western societies. The study found that the perception of organizational politics is relatively strong and that the POPS instrument was applicable in the Kuwaiti culture and could lead to an expanded understanding of organizational politics. The gender of the respondents, their tenure, and their current positions had some influence on perceptions of organizational politics. © 2011 Wiley Periodicals, Inc.     

What does it mean to find the face of the franchise? Physical attractiveness and the evaluation of athletic performance

We show that attractiveness, as measured by facial symmetry, leads to greater rewards in professional sports. National Football League quarterbacks who are more attractive are paid greater salaries and this premium persists after controlling for player performance.     

Industry dynamics: Foundations for models with an infinite number of firms

This paper explores the connection between three important threads of economic research offering different approaches to studying the dynamics of an industry with heterogeneous firms. Finite models of the form pioneered by Ericson and Pakes (1995) capture the dynamics of a finite number of heterogeneous firms as they compete in an industry, and are typically analyzed using the concept of Markov perfect equilibrium (MPE). Infinite models of the form pioneered by Hopenhayn (1992), on the other hand, consider an infinite number of infinitesimal firms, and are typically analyzed using the concept of stationary equilibrium (SE). A third approach uses oblivious equilibrium (OE), which maintains the simplifying benefits of an infinite model but within the more realistic setting of a finite model. The paper relates these three approaches. The main result of the paper provides conditions under which SE of infinite models approximate MPE of finite models arbitrarily well in asymptotically large markets. Our conditions require that the distribution of firm states in SE obeys a certain “light-tail” condition. In a second set of results, we show that the set of OE of a finite model approaches the set of SE of the infinite model in large markets under a similar light-tail condition.     

Prioritising land to be preserved for agriculture: A context-specific value tree

In Belgium as in many other countries, agricultural land is under pressure for development of other land uses. This paper presents a method for setting priorities for preservation of land for agriculture. The method is based on a participatory approach through which a value tree is formulated. This results in a list of criteria to define farmland value, which is explicitly linked to the objectives for farmland preservation. The value tree allows the list of criteria to be determined in a structured and consistent way. The participatory process contributes to the development of a shared vision on farmland preservation. The approach also incorporates context specificity, as shown by its application for farmland preservation in Flanders.