The emerging market crisis and stock market linkages: further evidence

This study examines the long‐run price relationship and the dynamic price transmission among the USA, Germany, and four major Eastern European emerging stock markets, with particular attention to the impact of the 1998 Russian financial crisis. The results show that both the long‐run price relationship and the dynamic price transmission were strengthened among these markets after the crisis. The influence of Germany became noticeable on all the Eastern European markets only after the crisis but not before the crisis. We also conduct a rolling generalized VAR analysis to confirm the robustness of the main findings. Copyright © 2006 John Wiley & Sons, Ltd.     

Contagion and Global Financial Crises: Lessons from Nine Crisis Episodes

Episodes of extraordinary turbulence in global financial markets are examined during nine crises ranging from the Asian crisis in 1997–98 to the recent European debt crisis of 2010–13. After dating each crisis using a regime switching model, the analysis focuses on changes in the dependence structures of equity markets through correlation, coskewness and covolatility to address a range of hypotheses regarding contagion transmission. The results show that the great recession is a true global financial crisis. Finance linkages are more likely to result in crisis transmission than trade and emerging market crises transmit unexpectedly, particularly to developed markets.     

Information diffusion and new product consumption: A bass model application to tourism facility management

This article applies models to measure and to understand how information diffusion influences tourists' consumption patterns. The study uses administrative data on a new festival's attendance and advertising. Bass's [Bass FM. A new product growth for model consumer durables. Manage Sci 1969;15(5):215-227] model and a modified version [Horsky D, Simon LS. Advertising and the diffusion of new products. Mark Sci 1983;2(1):1-18] to allow for advertising's effect. Results imply effectiveness of front loaded advertising. This result is due to increasing purchases that result from word-of-mouth information diffusion. However, a model with an effect of advertising is accepted as well as a model with no consideration of advertising budget. Examination of consistency and conceptual issues with models raises the need for models that are more realistic for the tourism product. A specific concern is developing models appropriate to analysis of attendance at a limited-duration innovative event (e.g., new product) held at a host to impact longer-term attendance of the host.     

Understanding wine tourism in China using an integrated product-level and experience economy framework

Wine tourism in China is an emerging market. This study addresses two research questions: the product offering and the tourist experience in this market. Findings of an exploratory study using netnography were examined by combining product levels theory and the experience economy model. The resulting proposed theoretical framework identified the status of China's wine tourism market as situated in the infancy stage. Results revealed the core product needed more customers’ involvement, and enrichment of the augmented product, to best position the wine destinations. While, enhancing educational, entertainment, and escapist experiences would benefit the whole experiences and increase future loyalty.     

Which food delivery platforms are winning the restaurant food delivery wars? Analysis from a consumer perspective

The emergence of the COVID-19 pandemic dramatically lowered the foodservice industry's income overnight. Conversely, the practical measure of remaining at home to deal with the pandemic's impact has boosted the online food delivery business. In this study, a consumer perspective was adopted and an adapted version of the extended unified theory of acceptance and use of technology (UTAUT2) was used alongside multi-attribute decision-making methods (DEMATEL, DANP and modified VIKOR) to construct a model for evaluating and selecting a food delivery platform (FDP). The results of the INRM (influential network relation map) revealed that the first dimension to be improved upon and adjusted should be security, followed by effort expectancy, performance expectancy, social influence, facilitating conditions, hedonic motivation and habit. The DANP influential weights suggested that habits were the most important dimension, followed by hedonic motivation, while performance expectancy was the least important. According to the results of the gap analysis, the first dimension that required improvement was performance expectancy, followed by effort expectancy, facilitating conditions, security, social influence, habits and hedonic motivation. It is expected that the findings of this study can serve as a reference for consumers selecting FDPs to better satisfy their dining needs. The novel model is discussed in terms of theoretical, practical and managerial implications.     

Assessing the trade impacts of the ASEAN + 6 FTA for Lao PDR

Using an unbalanced panel dataset of bilateral exports from 1992 to 2009, we assess the potential trade impacts of the expansion of the Association of Southeast Asian Nations (ASEAN) to ASEAN + 3 and ASEAN + 6 on the Lao People's Democratic Republic (Lao PDR). It is found that bilateral exports are positively related to overall bilateral country size and similarity in country size but inversely related to the factor endowment differences, transportation costs, and import tariffs. Simulation results show that the formation of preferential trade agreements (PTAs) between ASEAN and the Plus‐6 economies (the People's Republic of China, Japan, and the Republic of Korea in East Asia; and the other three economies of Australia, India, and New Zealand) could increase bilateral trade between the Lao PDR and ASEAN + 6 by US$1 billion, and ASEAN + 3 by US$981 million. Nonetheless, the trade balance of the Lao PDR is likely to worsen in both the ASEAN + 3 and ASEAN + 6 PTAs because they stimulate more imports than exports.     

Linear regression using both temporally aggregated and temporally disaggregated data

Economists frequently encounter data which are subject to different temporal aggregation. In this paper we give a maximum likelihood approach to these problems with a minimum of mathematical manipulation. We show that the best prediction of the data by related series and efficient estimation of parameters are inseparable. The relative efficiency of the maximum likelihood estimator to other estimators are also indicated.     

Transfer mechanisms and knowledge transfer: The cooperative competency perspective

This study examines the role of transfer mechanisms, including replication and adaptation, in knowledge transfer from the cooperative competency perspective. This study tests the hypotheses in a sample of 120 knowledge transfer cases. The results indicate that transfer mechanisms relate positively to cooperative competency with partnering firms, which then improves knowledge transfer performance. The results provide evidence that cooperative competency plays a mediating role between transfer mechanisms and knowledge transfer performance. The findings of this study contribute to the theoretical development of a conceptual model for explaining the interrelationships among transfer mechanisms, cooperative competency, and knowledge transfer performance. The empirical evidence of the Sobel test in line with Baron and Kenny's procedure and bootstrap analysis supports the process-oriented view and indicates that cooperative competency mediates the effects of transfer mechanisms on knowledge transfer performance. Finally, this study discusses the managerial implications and highlights future research directions.     

Combining Opinion Surveys with Time-series Data to Forecast the Japanese Economy

We explore the usefulness of combining opinion surveys with time-series data to forecast Japanese economy. We demonstrate that the businessmen's judgemental variables might summarize contemporaneous information beyond that of actual series. The combined models do yield substantially more accurate one-period or multi-period-ahead forecasts and can predict the turning points better than pure time-series models.
JEL Classification Number: C32.