The Nested PIGLOG Model: An Application to U.S. Food Demand

A new demand system is introduced, the Nested PIGLOG model, nesting thirteen other demand systems including five that are also new. This new model and its nested special cases are applied to models of U.S. food demand that include food-at-home (FAH), food-away-from-home (FAFH), and alcoholic beverages. Although nested tests and out-of-sample forecasting performance favor generalizing models to a certain degree, statistically insignificant improvements to in-sample-fit and even poorer out-of-sample forecast accuracy undermine further generalizations. Based on a subset of preferred models, FAFH is found to be price and income elastic compared to FAH which is price and income inelastic.     

Pricing continuously sampled Asian options with perturbation method

This article explores the price of continuously sampled Asian options. For geometric Asian options, we present pricing formulas for both backward‐starting and forward‐starting cases. For arithmetic Asian options, we demonstrate that the governing partial differential equation (PDE) cannot be transformed into a heat equation with constant coefficients; therefore, these options do not have a closed‐form solution of the Black–Scholes type, that is, the solution is not given in terms of the cumulative normal distribution function. We then solve the PDE with a perturbation method and obtain an analytical solution in a series form. Numerical results show that as compared with Zhang's ( 2001 ) highly accurate numerical results, the series converges very quickly and gives a good approximate value that is more accurate than any other approximate method in the literature, at least for the options tested in this article. Graphical results determine that the solution converges globally very quickly especially near the origin, which is the area in which most of the traded Asian options fall. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:535–560, 2003     

B‐TO‐B E‐COMMERCE: A CONTENT ANALYTICAL ASSESSMENT OF MOTOR CARRIER WEBSITES

An Internet presence is a critical early component in the process of building towards a fully operational and unified e‐commerce strategy. E‐commerce has significantly impacted logistics/supply chain strategies and the development and implementation of a website have become key issues for many firms within the transportation industry. This study provides an overview of website content within the motor carrier industry. Content analysis was used to assess the site design, informational content, and the interactive content of 152 motor carrier websites, and to compare the features offered on the Top 100 motor carrier firm websites with those offered on the sites of smaller carrier firms.     

Does brand name imprinting in memory increase brand information retention?

This article introduces and explores the concept of brand name imprinting. Brand name imprinting is the process of creating and strengthening the brand name node in the brand memory network through brand name exposure. Brand name imprinting at a time prior to the presentation of specific brand information is posited to improve the retention of that information by strengthening the association between the brand name and brand information. The effect is proposed to be automatic and independent of other known means to strengthen memory associations (e.g., level of attention, cognitive elaboration, stimuli vividness, and stimuli distinctiveness). This research also proposes that brand names with neutral meaning better facilitate the imprinting effect, because they do not carry perceptual baggage that can interfere with the creation of new brand name–information associations. An experiment involving brand name imprinting and the learning of brand information supports these assertions. Implications for communication strategy and brand name selection are discussed. © 2003 Wiley Periodicals, Inc.     

Eliminating the Barriers to Employment Equity in the Canadian Workplace

Have employment equity programs achieved the goal of equity for women in the workplace? We argue that they have not because gender stereotypes still persist. In fact, they may have created resentment and antagonism towards successful women and employment equity initiatives. Arguments are developed for the Canadian government to create a self-regulating system, in which the government plays a role of educator as opposed to monitor.     

Application of replacement theory in dairy cows and its use in disease treatment

A model to simulate the costs and returns of an individual dairy cow over 14 years under various assumptions of genetic potential, health status and management was developed especially to evaluate the effects of diseases that reduce production and reproduction efficiency and to evaluate alternative management interventions. Data were collected from the Food Animal Health Resource Management System (FAHRMX), Today's Electronic Planning (TELPLAN), Today's Electric Farm Accounting (TELFARM) databases and secondary sources at Michigan State University. A case study of cystic ovaries was analysed using the model. The results showed that it is more economical to treat cystic ovaries than not to treat, and treatment with Gonadotropin Releasing Hormone (GNRH) was superior to Human Chrionic Gonadotropin (HCG). Four to five lactations were the optimum for keeping a dairy cow to replacement and it was estimated that there is a loss of US$0.45 per day of extended calving interval (days open beyond the optimal 70 days).     

Does direct foreign investment affect domestic credit constraints?

Firms in developing countries cite credit constraints as one of their primary obstacles to investment. Direct foreign investment may ease credit constraints by bringing in scarce capital. Alternatively, if foreign firms borrow heavily from domestic banks, they may crowd local firms out of domestic capital markets. Using firm data from the Ivory Coast, we test whether: (1) domestic firms are more credit constrained than foreign firms, and (2) whether borrowing by foreign firms exacerbates domestic firm credit constraints. Results provide support for both hypotheses. We also find that state-owned enterprises (SOEs) are less financially constrained than other domestic enterprises.     

Policy Issues Raised by For-Profit Spinoffs from Professional Associations: An Evaluation of a Recent AICPA Initiative

This paper provides an evaluation of the spinoff of a for-profit company from the American Institute of Certified Public Accountants (AICPA), a nonprofit professional association. The evaluation is based on a review of the literature on public policy issues surrounding organizational conversions from nonprofit to for-profit legal status. Many criticisms of this for-profit spinoff were voiced by professional leaders and accounting regulators, and we demonstrate that these criticisms are grounded in widely recognized policy principles relating to nonprofit conversions. The public policy issues raised by this study have implications for the governance of professional associations in all disciplines.     

The catholic work ethic

In a recent Commentary in The International Executive (1992), Rüdiger Pieper complained that some, if not many of the (American) teachers in the new European business training institutes and schools knew relatively little about the cultures for which they were making management proposals. Further, the proposals themselves, based as they often were on American research, could not, he rightly felt, be directly applied to a business problem regardless of context. One could extend that observation to other business activities, including attitudes toward work. In particular, it would be useful to consider the “work ethic,” as it applies to Americans working abroad, and inquire about how it might affect international executives when they come to America.