Downside risk and portfolio diversification in the euro-zone equity markets with special consideration of the crisis period

This study examines the Value-at-Risk for ten euro-zone equity markets individually and also divided into two groups: PIIGS (Portugal, Italy, Ireland, Greece and Spain) and the Core (Austria, Finland, France, Germany and the Netherlands), employing four VaR estimation and evaluation methods considered over the full period and the pre- and post-global crisis subperiods 1 and 2. The backtesting results are also evaluated according to the Basel capital requirements. The results demonstrate that the CEVT methods meet all the statistical criteria the best for most individual equity indices over the full period, but these results over the two subperiods for those two methods are mixed, compared to those the DPOT methods. Moreover, the two optimal group portfolios of the PIIGS and the Core as well as the grand portfolio that combines the ten indices do not show much diversification benefits. The PIIGS portfolio selects Spain's IBEX only, while that of the Core opts for Austria's ATX only in the full period and subperiod 1. However, Germany's DAX overwhelmingly dominates both the Core and the Grand portfolios in subperiod 2.     

Willingness to pay in negative restaurant service encounters

The aim of this research is to propose and test a comprehensive research model to understand the influence of food quality, service quality, ambiance, and value on consumer WTP in negative service encounters. Using DINESERV as the theoretical background, a mixed methodology (ANOVA and structural equation modeling) was utilized for the study using a between-subjects experimental design. Data was collected using an online survey from students (Study 1) as well as restaurant consumers (Study 2). The structural equation modeling provided evidence for the arguments that food quality, ambiance, and value are significant predictors of customer WTP in a negative restaurant service encounter. Theoretical and managerial implications were discussed.     

Influence of sustainable hospitality supply chain management on customers’ attitudes and behaviors

This study aims to identify the impact of the environmental, social and economic dimensions of sustainable hospitality supply chain management actions on customers’ attitudes and behaviors including satisfaction, loyalty and willingness to pay a premium for sustainable hospitality goods and services utilizing data collected from U.S. consumers who frequently stay at hotels. Findings suggest that while both environmental and economic dimensions’ actions of sustainable hospitality supply chain management have positive influences on customer satisfaction, loyalty and willingness to pay a premium for sustainable hospitality goods and services, the social dimension actions are found to have a positive influence on customer satisfaction and a negative influence on customer willingness to pay a premium. Results also indicate that customer satisfaction fully mediates the relationship between social dimension actions and customer loyalty. In addition, customer satisfaction positively influences customer loyalty, which ultimately increases customer willingness to pay a premium. The implications of the research findings are provided.     

Firm size,economic risks,and the cross-section of international stock returns

Recent empirical evidence from developed markets indicates a negative relation between value premium and firm size. We find that the value premium in small stocks is consistently priced in the cross-section of international returns, whereas the value premium in big stocks is not. Based on US data, we show that the small-stock value premium is associated with business cycle news and reflects changes in macroeconomic, especially credit market related risks. Our results hold true for regional and global equity markets and remain valid after controlling for firm characteristics and prominent profitability and investment factors.     

Risk management in public land development projects: Comparative case study in Finland,and the Netherlands

Public land development is an approach where the public authority acquires land for development, services the land with public infrastructure, and transfers the serviced building plots to private building developers or self-developing end-users. Motivations to use public land development can be divided to planning goal related motivations and financial motivations. In this paper, we study management of public risks related to the use of public land development by analysing case studies located in Finland and the Netherlands, countries known to have strong tradition in public land development. Our findings indicate that, whereas public land development has efficiencies in managing the risks related to the achievement of public planning goals, the management of the financial risks related to the public land development approach can be remarkably difficult even in countries with wide experience in public land development.     

基于GARCH模型的VaR方法在沪深300ETF风险测量的应用

交易所交易基金(ETF)在国际社会上被认为是长线投资、价值投资，规避风险的良好金融工具。中国股市投机炒作风气历来盛行，因此在投资领域有必要增强投资者对ETF的认知度和接受度。选用嘉实沪深300ETF作为研究对象，其所追踪的沪深300指数覆盖面广，基本体现中国沪深两市股市的收益状况。从其风险入手，运用GARCH模型研究分析得出该基金收益率的有效条件方差并结合VaR方法准确测量其风险价值，最终确定在95%的置信水平下GARCH(2,1)-t-分布模型能够最佳度量其风险价值。     

The selection of migrants and returnees in Romania

This paper uses census and survey data to identify the wage earning ability and the selection of recent Romanian migrants and returnees on observable characteristics. We construct measures of selection across skill groups and estimate the average and the skill‐specific premium for migration and return for three typical destinations of Romanian migrants after 1990. Once we account for migration costs, we find evidence that the selection and sorting of migrants are driven by different returns to skills in countries of destination. Our identification strategy for the effects of work experience abroad permits a cautious causal interpretation of the premium to return migration. This premium increases with migrants' skills and drives the positive selection of returnees relative to non‐migrants. Based on the compatibility of the results with rationality in the migration decisions, we simulate a rational‐agent model of education, migration and return. Our results suggest that for a source country like Romania relatively high rates of temporary migration might have positive long‐run effects on average skills and wages.     

Quantifying the multifunctionality of fjord and mountain agriculture by means of sociocultural and economic valuation of ecosystem services

The objective of this study was to define the value of the main market and nonmarket functions of fjord and mountain agroecosystems in Nordic countries by means of the ecosystem services framework. First, we used qualitative methods (interviews of farmers and other stakeholders in the area of study) to identify sociocultural perceptions of multifunctional agriculture. Next, we used survey-based stated-preference methods to rank and value in economic terms the most important functions (corresponding to the four types of ecosystem services) according to the local (residents of the study area) and the general (residents of a nearby area) populations. The sociocultural perceptions of multifunctionality among local stakeholders were similar, but differences in the relative importance of the functions reflected particular interests (agriculture compared with tourism). Both the local and the general populations attached great importance to the production and availability of quality foods. The general population showed very homogeneous preferences among ecosystem services, but local people rated them very differently. Local people ranked a more agricultural landscape very high. The total economic value of fjord and mountain agroecosystem was 850 € per person per year. The willingness to pay for the provision of ecosystem services under a policy scenario of further development of multifunctional agriculture clearly exceeded the current level of public support. The welfare loss that society would experience in a scenario of further abandonment of agriculture was even greater. We discuss the establishment of payments for ecosystem services for addressing the undersupply of nonmarket functions of agriculture.     

价值工程在建筑工程施工项目经营管理分析中的应用

本文主要研究了价值工程在建筑工程施工项目经营管理分析中的具体应用,并找出了每一阶段最需控制的因素,明确了经营管理的目标控制方向。     

企业跨界创新：概念、特征与关键成功因素

跨界创新成为新时代企业持续创新发展的一种常见模式。跨界创新表意是指跨出熟悉的领域、跨入新领域，但实际上是指企业在跨界思维指导下，基于企业能力和内外可协调资源，以整合、连接企业内外部创新价值为目标，进行的组织系统重组活动。在解析企业跨界创新概念、内涵及跨界的原因、层次性、创新领域、创新形式等基础上，指出跨界创新成功的关键在于跨界者能力因素和组织重构水平。此外，跨界活动的组织合法性和跨界战略行为本身也是影响跨界创新绩效的重要因素。