Multigroup validation of the service quality,customer satisfaction and performance links in higher education

The notion of ‘students as customers’ continues to be prominent, yet is insufficiently explored, especially from the standpoint of various stakeholders. To address this inadequacy, the present study employs a multigroup analysis of the service profit chain (SPC) model in higher education (HE). Its purpose is to examine the complete SPC model regarding stakeholder perceptions in order to inform its validation and implementation. A cross-sectional survey was employed in order to enable multigroup comparison of a comprehensive research model on subsamples of employees and students by means of structural equation modeling (SEM). Results provide support for the proposed SPC model within the sample of vocational colleges. Besides strongly linked constructs (quality–satisfaction–loyalty), some notable weaknesses (cracked ‘satisfaction mirror’) are found. Multigroup analysis also indicates some important differences between employees and students. Implications are provided for strategic service management in HE, which should acknowledge the differences among stakeholder perceptions.     

Stock market volatility forecasting: Do we need high-frequency data?

The general consensus in the volatility forecasting literature is that high-frequency volatility models outperform low-frequency volatility models. However, such a conclusion is reached when low-frequency volatility models are estimated from daily returns. Instead, we study this question considering daily, low-frequency volatility estimators based on open, high, low, and close daily prices. Our data sample consists of 18 stock market indices. We find that high-frequency volatility models tend to outperform low-frequency volatility models only for short-term forecasts. As the forecast horizon increases (up to one month), the difference in forecast accuracy becomes statistically indistinguishable for most market indices. To evaluate the practical implications of our results, we study a simple asset allocation problem. The results reveal that asset allocation based on high-frequency volatility model forecasts does not outperform asset allocation based on low-frequency volatility model forecasts.     

Virtual reality and mixed reality for second chance tourism

The deterioration of attractions, landmarks, artefacts and destinations is a critical issue facing tourism across the world. The closure of tourism sites and attractions is increasingly more common due to the difficulty and expense of managing preservation with onsite tourism engagement. However, the closure or destruction of tourism sites presents challenges for tourism development. The inability to foster meaningful visitor engagement at sites has implications for the local communities. This paper aims to explore the efficacy of creating tourism experiences in destinations and sites that have succumbed to over-tourism, resultant deterioration and even, destruction. To achieve this objective, the paper introduces the concept of second chance tourism and the role of innovative preservation methods such as virtual and mixed reality. Based on the proposed framework, the collation of data will provide indications on site preservation and impact mitigation via a second chance to reduce pressure on inherently fragile destinations.     

The mechanism of credit risk contagion among internet P2P lending platforms based on a SEIR model with time-lag

The credit risk contagion of Internet peer-to-peer (P2P) lending platforms is an important part of Internet financial risk management and supervision. This study analyzes the contagion path of credit risk in Internet P2P lending. Based on complex network theory and the theory of infectious disease dynamics, the characteristics of Internet P2P lending development are combined to construct a SEIR model of credit risk transmission among Internet P2P lending platforms with time lag, and the robustness of the model is analyzed and proven. The influence of platform correlations, the susceptible immune rate, the platform elimination rate, contagion latency, the saturation coefficient, and the susceptibility input rate on credit risk contagion behavior among Internet P2P lending platforms is analyzed, using the equilibrium point and threshold value. The impact of each variable is analyzed by simulation. Corresponding countermeasures and suggestions are proposed to prevent and control credit risk contagion among these platforms.     

Evolution of indigenous tourism among the Lacandon of Chiapas: an application of Weaver’s model

ABSTRACT

In this paper, Weaver’s six-stage indigenous tourism model is applied to the Lacandon Maya (Hach Winik) of Chiapas, Mexico. Based on a comprehensive review of the anthropological and historical literature on this indigenous group, combined with longitudinal ethnographic and collaborative research performed with tourism entrepreneurs, the Lacandon tourism experience is assessed from the pre-European period until present. By analysing a case study of indigenous tourism in Mexico, a developing country in another geographical region and with a different colonial past, this work supplements Weavers’ perspective. The results show that the fourth and fifth stages of Weaver’s model coincide in this case study, while the sixth stage is still incomplete. Although the Lacandon case has its peculiarities and bearing in mind that several different factors should be considered in the Latin American context, the model proves to be an interesting tool for indigenous tourism analysis in developing countries.     

纤维蛋白胶粘合法联合神经生长因子治疗周围神经损伤的临床疗效

目的探讨纤维蛋白胶(FG)粘合法联合神经生长因子(NGF)治疗周围神经损伤的临床疗效。方法选取我院2006年8月至2013年10月就诊的124例腓总神经损伤患者,随机均分为两组,对照组患者单纯使用缝合法,试验组患者在缝合法的基础上配合使用FG粘合法联合NGF治疗,随访6个月以上,分析两组患者的运动功能和患肢感觉疗效。结果试验组患者总有效率明显优于对照组,差异有统计学异议(P<0.05)。结论周围神经损伤的修复与再生过程中使用FG粘合法联合NGF治疗,可有效改善患者症状,安全性高,不良反应较少。     

A hybrid information approach to predict corporate credit risk

This study proposes a hybrid information approach to predict corporate credit risk. In contrast to the previous literature that debates which credit risk model is the best, we pool information from a diverse set of structural and reduced‐form models to produce a model combination based on credit risk prediction. Compared with each single model, the pooled strategies yield consistently lower average risk prediction errors over time. We also find that while the reduced‐form models contribute more in the pooled strategies for speculative‐grade names and longer maturities, the structural models have higher weights for shorter maturities and investment grade names.     

The sweet smell of advertising: the essence of matching scents with other ad cues

New technologies enable practitioners to communicate scents in advertisements on various media. The current research examines the importance of matching scent cues to the advertised product, and the joint effect of scent and other cues such as colour on consumer responses to advertising. A 4 × 2 experimental design was conducted, where participants (N = 603) were presented with scented colour print advertisements. Three hierarchical responses were measured: emotional response, attitude, and purchase intention. Findings reveal that higher congruence between scent and the advertised product heightens positive consumer response. Furthermore, this research stresses the significant joint effect of scent and colour cues, and supports the incongruence approach, suggesting that combining scents that are poorly congruent with other sensory cues enhance consumer response. Practical and theoretical implications are discussed.     

ECONOMIC TRANSITION AND LABOUR MARKET DYNAMICS IN CHINA: AN INTERPRETATIVE SURVEY OF THE ‘TURNING POINT’ DEBATE

Has the Chinese economy approached the ‘Lewisian turning point’ that marks the ending of the initial phase of industrial transformation fuelled by surplus labour? In this paper we undertake an interpretative survey of the literature on this issue, in the context of China's labour market conditions prior to the reforms and structural change of the past three decades. The available evidence is mixed, and our assessment makes a strong case for probing institutional constraints to labour mobility from an economy‐wide perspective, going beyond the confines of the rural economy.     

Exploring the Intensive and Extensive Margins of World Trade

World trade evolves at two margins. Where a bilateral trading relationship already exists it may increase through time (intensive margin). But trade may also increase if a trading bilateral relationship is newly established between countries that have not traded with each other in the past (extensive margin). We provide an empirical dissection of post–World War II growth in manufacturing world trade along these two margins. We propose a “corner-solutions version” of the gravity model to explain movements on both margins. A Tobit estimation of this model resolves the so-called “distance puzzle”. It also finds more convincing evidence than recent literature that WTO-membership enhances trade. JEL no. F12, F15