Seasonal fluctuations and equilibrium models of exchange rate

Most of the evidence on dynamic equilibrium exchange rate models is based on seasonally adjusted consumption data. Equilibrium models have not worked well in explaining the actual exchange rate. However, the use of seasonally adjusted data might be responsible for the spurious rejection of the model. This article presents a new equilibrium model for the exchange rates that incorporates seasonal preferences. The fit of the model to the data is evaluated for five industrialized countries using seasonally unadjusted data. Our findings indicate that a model with seasonal preferences can generate monthly time series of the exchange rate without seasonality even when the variables that theoretically determine the exchange rate show clear seasonal behaviours. Further, the model can generate theoretical exchange rates with the same order of integration than actual exchange rates, and in some cases, with the same stochastic trend.     

Antecedents and Consequences of Consumer Commitment in Traditional and Low-Cost Airlines

The present work aims to gain further knowledge regarding the influence of consumer commitment on loyalty in traditional and low-cost airlines. A survey of 592 consumers of traditional and low-cost carriers demonstrates that commitment is built on the basis of trust and identification, which are in turn driven by corporate reputation in both types of airline. With regard to post-purchase behavior, in low-cost companies, customer repurchase intention and word-of-mouth (WOM) recommendation are mainly triggered by satisfaction. With traditional airlines, commitment plays a more important role, having a significant effect on repurchase intention and acting as the principal predictor of WOM recommendation.     

Timing in Accountability and Trust Relationships

In this study we examine (1) how a manager’s risk behavior is influenced by developing success (or failure) as an impending settling up deadline to report performance approaches, (2) how willingness to provide transparent accountability is negatively affected by perceived risk and eroding trust, and (3) how others interpret and respond to reduced transparency. As perceptions of high levels of risks suggest a lack of environmental control of a firm’s destiny in contemporary settings, we adopt a historical approach to examine these issues. In this respect we draw on primary sources found in library archives in Spain and Argentina. Our focal case refers to the contract signed and executed between the South Sea Company and Captain José de Salinas (1731–1735) to walk 408 Negroes from Buenos Aires to Potosí and sell them en route or at destination. Drawing on this evidence, we examine how bring about unethical conduct featured by increasingly risky business practices, and how eroding trust conditions lead to only summary record-keeping and delayed reporting. In turn, diminished accountability further undermined trust. Our findings have implications for further research in this area as well as for contemporary cases of accounting failures.     

The role of perceived value in vertical brand extensions of luxury and premium brands

Abstract

This study examines the role of perceived value in the relationship between brand attitude, perceived fit, extension attitude and consumers’ purchase intention of downscale vertical extensions of luxury and premium brands in two product categories: cars and shoes. Results from 236 individuals with different income levels show that extension attitude is positively related to purchase intention both directly and indirectly, via the perceived value of the extension; the latter is more strongly correlated than extension attitude to consumers’ purchase intention. Brand attitude is also positively associated with perceived value. Overall, perceived value partially mediates the relationships of brand attitude and of extension attitude with purchase intention. The product category affects the strength of some of the relationships in the model, including the role of fit.     

Family influence on young adult's brand evaluation. An empirical analysis focused on parent–children influence in three consumer packaged goods

Throughout the years, there has been debate in the consumer research literature on how families influence their children's attitudes to brands. This paper analyses parent–young adult children influence on the creation of brand associations, perceived quality and willingness to pay a price premium. In order to fulfil these goals, an empirical analysis using a sample of 349 young adults has been conducted. Relationships have been analysed by means of structural equations models in three consumer packaged goods, and results obtained allow us to conclude that the information provided by parents may foster the creation of brand associations, it may favour young adults' positive perception of the brand's quality, and finally, it may lead young adults to be willing to pay a price premium for the brand.     

Nonlinearities in stochastic clocks: trades and volume as subordinators of electronic markets

This paper discusses the possibility of recovering normality of asset returns through a stochastic time change, where the appropriate economic time is determined through a simple parametric function of the cumulative number of trades and/or the cumulative volume. The existing literature argues that the re-centred cumulative number of trades could be used as the appropriate stochastic clock of the market under which asset returns are virtually Gaussian. Using tick-data for FTSE-100 futures, we show that normality is not always recovered by conditioning on the re-centred number of trades. However, it can be shown that simply extending the approach to a nonlinear function can provide a better stochastic clock of the market.     

The Effect of Labor's Bargaining Power on Wealth Inequality in the UK,USA, And France

This paper analyses the determinants of wealth inequality, measured as the share of wealth owned by the top 1 percent wealthiest individuals. We find that labor's bargaining power is a significant and important determinant of top wealth shares. Using a semi-structural vector autoregression (SVAR) model for the period 1970–2019, we estimate that shocks to labor's bargaining power explain 32 percent, 8 percent and 32 percent of the variation around the long-term trend in wealth inequality in the UK, USA and France, respectively.     

A design-led conceptual framework for developing school integrated STEM programs: the Australian context

International Journal of Technology and Design Education - Integrated Science, Technology, Engineering, and Mathematics (STEM) education is recognised as the latest development stage on the pathway...     

Exploring the intellectual structure of research in codes of ethics: A bibliometric analysis

In this study, we map the intellectual structure of the code of ethics research field by means of a co-citation bibliometric analysis. To date, this type of analysis is absent from the literature on codes of ethics. Previous literature reviews have clarified definitions, studied contents, and analyzed the effectiveness of codes of ethics. However, the qualitative nature of these reviews does not resolve fundamental issues for understanding the evolution and status of this research field. This study contributes to the field by providing a bibliometric review in which the main research areas, sources of knowledge, trends, interrelationships, and dissemination paths of the domain are shown. Our findings reveal four main lines of research in the field of codes of ethics: corporate agent behavior with respect to codes of ethics, content analysis, effectiveness of codes of ethics, and employees’ attitudes toward codes of ethics. We also show that the study of the contents of codes of ethics is the main connecting bridge in this area of knowledge. Finally, we identify upcoming research topics in the field such as cultural change, the defensive nature of codes of ethics, and the application of organizational theories to code analysis.     

Licensing standard-essential patents with costly enforcement

We study the interaction between the holder of a standard-essential patent (SEP) and two downstream firms using the patented technology to design standard-compliant products. The SEP holder approaches the downstream firms simultaneously in the shadow of patent litigation and is subject to fair, reasonable, and non-discriminatory licensing requirements. We show that the patent holder faces a litigation credibility constraint and a license acceptability constraint when setting its licensing terms. For patents of intermediate strength, there is no royalty that allows the patent holder to reconcile these constraints. Consequently, it cannot license its technology and must go to court against infringers. We show that the availability of an injunction improves the patent holder's ability to license its technology, but it tends to inflate the royalty rate for implementers.