Mozambique Metical Exchange Rate Dynamics: Evidence of Fractional Co‐Integration in the USA and South African Rates

This paper studies the exchange rate dynamics of the Mozambique metical with respect to the US dollar and the South African rand. However, instead of using standard I(0)/I(1) techniques, we use long memory and fractionally integrated and co‐integrated models. Our results indicate that the two exchange rates are highly persistent, with orders of integration equal to or above 1. They also seem to be co‐integrated, with an order of integration close to albeit above 0 but with an AR coefficient very close to 1. Thus, although the two series seem to be fractionally co‐integrated, shocks in the long‐run relationship between the two variables are persistent and take a long time to disappear.     

Does Greater Amount of Information Always Bolster Attitudinal Resistance?

Previous research suggests that attitudinal resistance to information that challenges a prior evaluation increases with the amount of information underlying the prior evaluation. We revisit this proposition in a context in which a set of important claims about a target brand are presented either alone—a lower amount of isolated information—or along with other favorable, but less important claims—a higher amount of embedded information. Results from two experiments show that when the challenge occurs immediately after the initial evaluation, a greater amount of embedded initial information does produce greater attitudinal resistance. However, when the challenge occurs after a delay, a lesser amount of isolated information produces greater attitudinal resistance. The findings qualify previous assumptions about the role of prior information in attitudinal resistance, and support a constructive view of judgment revision and attitudinal resistance.     

Moral Memory: Why and How Moral Companies Manage Tradition

Recent research on the role of ethics in the organizational culture literature found practically the whole literature reduced to a debate between ethical rationalism and ethical relativism. The role of the past in the form of tradition to maintain and improve moral reflection is completely missing. To address this gap in the literature on the level of practice, the concepts of moral memory and moral tradition are applied to data on 22 companies that have long-standing moral practices. In this way, the practice of moral traditions can be explored with recent conceptual advances and a list of best practices delineated. Moral memory is the recollection of and attachment to the succession of past events and experiences that maintains moral tradition. Moral tradition is the continuing transmission and reception of related moral themes through multiple generations of employees. It is found that companies that maintain moral traditions tend to develop “family” cultures with considerable compassion for workers as persons who have non-economic needs and rights. These companies also temper the role of leadership, insisting that leaders are responsible for and are evaluated by the company’s moral traditions. Finally, moral traditions are essential mechanisms through which companies paradoxically both stimulate and limit competitive behavior. Steven P. Feldman is Associate Professor of Management Policy, Weatherhead School of Management, Case Western Reserve University. Over the last decade, Dr. Feldman’s research has explored the role of moral memory and moral tradition in the ethical aspects of organizations. His book, Memory as a Moral Decision: The Role of Ethics in Organizational Culture (2002), found that the emotional and cognitive aspects of memory to be key in establishing moral organizational cultures. The moral importance of the past in the present has received little attention in the literature on organizational culture. Winner of the Distinguished Lectureship in Business Ethics from the American Fulbright Program, Dr.␣Feldman will be carrying out research on ethical issues in American-Chinese business relations in Shanghai in 2007.     

Analyzing the Memory Impact of Advertising Fragments

Marketers are making increasing use of very brief messages that mention just a brand name or a brand name with a short headline, as in event sponsorship and program endorsements. There has been debate over the effectiveness of these advertising fragments. This paper introduces an approach for controlled testing of the effects of advertising fragments. Using a reaction-time based procedure, we show that a key effect of advertising fragments is to revive established brand associations, even though these associations are not explicitly communicated. This reactivation occurs not only when these names receive focal attention, but also when they receive nonfocal attention.     

虚拟团队交互记忆系统对团队绩效的影响!——任务复杂性的调节作用

利用对45个虚拟团队的调研数据,通过相关分析和回归分析,探讨了虚拟团队的虚拟性对交互记忆系统的影响、交互记忆系统的各维度对团队绩效的影响及任务复杂性对两者间关系的调节作用。研究结果显示:虚拟团队的虚拟性和交互记忆系统之间存在相关关系;虚拟团队交互记忆系统的3个维度(专长度、可信度和协调度)对团队绩效具有较强的预测作用;任务复杂性对交互记忆系统与团队绩效的关系产生负向调节作用。     

人民币汇率收益率及收益波动率长记忆性特征研究

论文利用经典R/S分析法和ARFIMA模型对人民币汇率收益率序列及收益波动率序列的长记忆性进行了研究。结果表明人民币汇率收益率及收益波动率均存在长记忆性,且波动率序列的长记忆性特征明显强于收益率序列。     

Persistence,mean reversion and non-linearities in the US housing prices over 1830–2013

The objective of this study is to provide a direct estimate of the degree of persistence of measures of nominal and real house prices for the US economy, covering the longest possible annual sample of data, namely 1830–2013. The estimation of the degree of persistence accommodates for non-linear (deterministic) trends using Chebyshev polynomials in time. In general, the results show a high degree of persistence in the series along with a component of non-linear behaviour. In general, if we assume uncorrelated errors, non-linearities are observed in both nominal and real prices, but this hypothesis is rejected in favour of linear models for the log-transformation of the data. However, if autocorrelated errors are permitted, non-linearities are observed in all cases, and mean reversion is found in the case of logged prices, though given the wide confidence intervals, the unit root null hypothesis cannot be rejected in these cases.     

Long memory in the volatility of China stock returns

In this paper, we empirically examine the volatility process of China's stock market returns using daily and weekly Shanghai and Shenzhen stock indices during January 1990 to August 2008. To investigate the property of the process, we used the FIGARCH (fractionally integrated GARCH) model including GARCH and IGARCH processes as special cases. Since the FIGARCH model allows fractional integration order, it can detect hyperbolically decaying volatility processes which cannot be explained by previous models with integer integration order. Our results show that the Shanghai and Shenzhen stock indices exhibit long-term dependencies. The long memory properties of the Shanghai and Shenzhen stock markets do not seem to be spuriously induced without exception.     

海外移民返乡家庭旅游的集体记忆和国家认同建构

对于海外移民返乡的研究,学者们往往聚焦于解析其返乡动机、探访祖国家园的行为,以及返乡旅游对国家认同的影响,而对其返乡旅游过程中形成的集体记忆及其对国家认同的建构的作用却鲜有涉及。该研究选择10个北美华侨家庭就返乡家庭旅游开展联合访谈,运用叙事研究方法,解析其返乡家庭旅游的集体记忆和国家认同建构。研究发现,海外移民返乡家庭旅游集体记忆的信息遵循地点活动感受三者之间互动影响的逻辑进行建构,通过分享行为来维系;而国家认同随着集体记忆的形成而建构,并通过日常实践体现出代际差异性、传承性和垂直传播性。该研究对海外移民的返乡研究、集体记忆和国家认同研究具有一定的理论和实践指导意义。