Stock market uncertainty and economic fundamentals: an entropy-based approach

This study investigates the effects of stock market uncertainty on economic fundamentals, represented by economic activities and systemic risk, in China. To capture the uncertainty in the Chinese stock market precisely, we use the entropy measure through symbolic time-series analysis. The empirical findings reveal strong spillover effects from stock market uncertainty to economic fundamentals. Specifically, an uncertainty shock generates (i) a short-term decline in industrial production, (ii) a rapid drop and rebound in the composite leading indicator, and (iii) an increase in systemic risk. To understand these findings, we suggest and validate the transmission channel through changes in consumption and investment.     

Using photographs in interpreting cultural and symbolic meaning: A reflection on photographs of the Korean Association for Government Accounting

Building on a sociological tradition of using photographs as a methodology, we suggest that accounting researchers more fully utilize photographs to understand accounting actors’ everyday lives. While most accounting studies have focused on the photographic imagery in published documents, such as corporate annual reports, a few authors found photographs can highlight how physical artefacts can deliver symbolic messages. We explored photographs drawn from the Korean Association for Government Accounting (KAGA) to illustrate how social actors used physical artefacts. To guide our analysis, we relied on Bourdieu’s theorization of how physical artefacts reflect forms of capital. We argue that the use of photographs as a methodology provides a deeper insight into the cultural and social meanings of physical artefacts as a form of language open to multiple interpretations by both the author and the reader.     

原产国和消费者民族中心主义对组织购买者产品评价的影响

原产国和消费者民族中心主义是全球化营销研究领域的热点问题，但是二者对组织购买者产品评价的影响研究相对较少。本研究以中国组织购买者为被访者，采用结构化问卷对其进行调查。通过多元方差分析和T检验发现，无论是基本生产设备还是辅助生产设备，组织购买者对其评价显著地受到原产国效应影响，尤其是受设计国信息的影响；无论是对本国产品还是文化相似国产品的评价，组织购买者并未受到消费者民族中心主义的影响。另外，本研究还发现，原产国效应不受组织特征的干扰。     

The choice of a monetary instrument in a small open economy: The case of Korea

Using a small macroeconometric model of Korea, this paper evaluates the correct choice of a monetary instrument (either the money stock or the interest rate), the optimal multiperiod policy, and the value of current information on some monetary varialbles.     

Versioning of information goods under the threat of piracy

The present study investigates the effects of piracy on the quality decisions of a firm that produces two versions of an information good: that is, one version for a consumer with a high willingness to pay and a second version for a consumer with a low willingness to pay. On the assumption that there is no quality difference between the original and the illegal copy and that the cost of the copy is constant across users, we show that the presence of piracy induces the firm to choose a lower level of quality of the former and a higher level of quality of the latter relative to decisions made in the absence of piracy. We also discuss policy implications concerning the socially optimal level of copyright protection.     

Consumer emotional intelligence and its effects on responses to transgressions

This research suggests that consumer emotional intelligence (CEI) is an important construct in explaining why some consumers react destructively to conflicts in consumer-brand relationships whereas others approach them constructively. The results of the study show that (1) when encountering transgressions in relationships with brands, consumers low in CEI are more likely to respond to transgressions destructively than those who are high in CEI; (2) the effects of CEI on destructive responses are greater if a transgression affects consumers’ self interests rather than society’s interests; and (3) low CEI consumers are more likely to attribute negative intentions to the company and are therefore more likely to respond destructively than high CEI consumers.     

Does Corporate Social Responsibility Matter in Asian Emerging Markets?

This study addresses the question whether corporate social responsibility (CSR) matters in Asian Emerging Markets. Based on CSR scores compiled by Credit Lyonnais Securities (Asia), we assess the CSR performance of major Asian firms over a period of 3 years, from 2001 to 2004. The results show that there is a positive and significant relation between CSR and market valuation among Asian firms. We further find that CSR is positively related to the market valuation of the subsequent year. More importantly, Asian firms are rewarded by the market for improving their CSR practice.     

Disutility and constrained quality choice in self-selection problems

This paper analyzes the self-selection problem in a monopoly market where (i) consumer types are characterized by both utility of service and disutility of interrupted service and (ii) qualities (reliabilities) are interdependent. We derive behavior of a profit-maximizing monopolist in offering self-selection menu of price and reliability and in choosing capacity investment. We further analyze welfare distortions of the monopolistic behavior. The major findings are: (i) depending on the magnitude of utility and disutility, either consumer type may end up with zero surplus, (ii) the possibility of inefficient production may lead to idle capacity, and (iii) depending on the consumer preference structure, the monopolist's investment is lower than, equal to, or higher than the socially optimal level.     

Efficiency characterizations in different DEA models

Relations of efficiency and non-efficiency for the same sets of DMUs (Decision Making Units) are developed for the Charnes, Cooper and Rhodes (CCR) and Barker, Charnes, Cooper (BCC) ratio models, as well as DEA Additive and Multiplicative Models. Surprisingly, additively efficient DMUs are not necessarily multiplicatively efficient. A geometric “stretching” phenomenon is identified for the latter case.