Trading frequency and event study test specification

We examine the effects of thin trading on the specification of event study tests. Simulations of upper and lower tail tests are reported with and without variance increases on the event date across levels of trading volume. The traditional standardized test is misspecified for thinly traded samples. If return variance is unlikely to increase, then Corrado's rank test provides the best specification and power. With variance increases, the rank test is misspecified. The Boehmer et al. standardized cross-sectional test (Event-study methodology under conditions of event-induced variance, Journal of Financial Economics 30, pp. 253–272) is properly specified, but not powerful, for upper-tailed tests. Lower-tailed alternative hypotheses can best be evaluated using the generalized sign test.     

Information technology developments of logistics service providers in Hungary

The objective of this research is to examine the role of sector-specific information technology (IT) developments and their significance in terms of the revenue and earnings before tax of Logistics Service Providers (LSPs), as well as the impact of these developments on the flexibility and integration of LSPs. A survey questionnaire was conducted with 284 LSPs participants. The data provided by the 51 responding enterprises provided a representative sample for the analysis of the sample population and the drawing of general and relevant conclusions related to basic population. It can be concluded that their revenue, earnings before tax and degree of integration into the supply chain depend on the sector-specific IT developments carried out by the given enterprise. IT investments will remain important in the future and the introduction and leveraging the best technologies may yield competitive advantages and higher financial rewards for LSPs.     

Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI)

Research Summary: Research exploring investor reactions to sustainability has substantial empirical limitations, which we address with a large‐scale longitudinal financial event study of the first global sustainability index, DJSI World. We examine investor reactions to firms from 27 countries over 17 years that are added, deleted, or continue on the index. We find that once relevant controls and comparisons to observationally equivalent firms beyond the index are included, DJSI events have only limited significance and/or materiality. Nonetheless, investors' valuation of sustainability around the world has evolved over time, involving diminishing reactions to U.S. firms and increasing benefits, particularly of continuation on the index, over time. The study highlights the importance of careful analysis and longitudinal global samples in making inferences about the financial effects of social performance. Managerial Summary: The debate about how investors perceive corporate social responsibility (CSR) predates Milton Friedman's famous statement that the only social responsibility of business is to increase profits. Although extensive research has studied whether sustainability contributes to financial performance, we have yet to understand whether investors believe it pays off. This financial event study of reactions to the addition, continuation, and deletion from DJSI World, the first global sustainability index, shows that investors care little about DJSI announcements. Nonetheless, there is some evidence that global assessments of sustainability are converging and that investors may increasingly be valuing continuation on the DJSI, suggesting that firms may gain at least limited benefits from reliable sustainability activities.     

Negotiating leisure constraints: the case of an amateur musician with epilepsy

The purpose of this case study was to identify the negotiation strategies employed by an epileptic amateur musician engaged in serious leisure to overcome leisure constraints. Data were collected by semi-structured interview, observation and informal interaction. Results revealed that the subject employed various cognitive (i.e. anticipating benefits, weighing pros and cons, immediate resolving, accepting costs and pragmatism about performance) and behavioural (i.e. planning/event management, scaling back participation and communication and cooperation) negotiation strategies. While strategies were employed to overcome constraints, participation was also facilitated by individual beliefs and interpersonal relationships. Results also suggested that negotiation strategies are interconnected, and that perceived stigma did not influence participation in serious leisure.     

The motivations and expectations of international volunteer tourists: A case study of “Chinese Village Traditions”

International volunteer tourists devote not only financial support but also time and effort to conservation, preservation, or humanitarian projects outside their original countries. The purpose of this paper is to report the results of a qualitative study on the motivations of ten international volunteer tourists who joined the “Chinese Village Traditions” expedition of the Earthwatch Institute in the summer of 2008. The main research question was, “Why do people join international volunteer tourism trips?” Eleven themes dealing with motivations emerged and were categorized into three groups: personal, interpersonal, and other. Four personal factors were measured: authentic experience, interest in travel, challenge/stimulation, and other interest. Four interpersonal factors were also considered: desire to help, interaction with locals/cultures, encouraged by others, and enhancing relationships. Other factors included unique style of the trip, time/money, and organization goal. The findings of this study echo previous literature reviews in different settings.     

国外网络旅游信息搜寻研究进展与启示

文章通过对国外近15年来相关文献的分析,发现国外关于网络旅游信息搜寻的研究起步较早,研究视角较宽泛,理论研究与方法应用较为成熟。研究重点主要集中在网络旅游信息需求与搜寻动机、搜寻内容偏好、搜寻行为特征、搜寻者特性和网络旅游信息源等5个方面。研究方法上,注重定性与定量方法的有机结合,并借助先进的网络软件和技术,研究结论更具科学性和说服力。最后,基于国外研究现状,展望未来研究方向,以期为国内相关研究与实践提供借鉴。     

“货币补偿”总是最优策略吗?——高星级酒店不同服务失误归因下的情境研究

酒店服务的异质性和顾客需求的多样性使得服务失误在所难免。服务补救成为酒店修复服务失误,赢得顾客口碑和再次光顾的重要举措。在酒店管理实践中,货币补偿颇受管理者青睐,通常被作为应对服务失误的首要选择。然而,货币补偿是否为服务失误发生时的最优选择?文章以高星级酒店为研究背景,对服务失误进行情境设计,检验不同失误归因下货币补偿和非货币补偿的补偿满意度差异。数据分析结果显示:酒店因素导致的服务失误情境下,相比货币补偿而言,非货币补偿具有更好的补偿效果;其他顾客因素和顾客自身因素导致的服务失误情境下,货币补偿与非货币补偿间没有显著效果差异。此外,补偿满意度对顾客信任、重购意向与口碑有显著正向影响。     

中国古代旅游研究综述

20世纪30年代以来,关于中国古代旅游研究的成果陆续出现,目前尚无有关研究的全面综述。该文分别对早期中国古代旅游研究以及中国古代旅游文学、旅游史、旅游文化、旅游地理与旅游经济研究现状做了概要梳理,并以中国知网期刊论文为数据来源进行统计分析,认为1997年以后中国古代旅游研究有所发展,现有成果的研究重点分别为中国古代以及明清、唐宋旅游,长江中下游地区旅游,旅游史、旅游文化与旅游文学。基于以上梳理与分析,研究认为中国古代旅游研究的进一步发展需要突破视域、理论、方法以及实用性评价标准的局限。     

The negative spillover effect of food crises on restaurant firms: Did Jack in the Box really recover from an E. coli scare?

Despite the enormous impact of food crises on restaurants, limited understanding of their long-term impacts and associated factors has undermined crisis managers’ ability to handle crisis situations effectively. This article investigated the long-term impact of food crises on the financial performance of restaurant firms and identified the factors that influenced this impact. This explanatory study examined the case of Jack in the Box, whose 1993 Escherichia coli scare was the first and largest restaurant-associated food crisis in modern times. An event study method was used to uncover stock price movements of Jack in the Box, in conjunction with 73 unrelated food crises that occurred from 1994 to 2010. Stock prices of Jack in the Box exhibited significantly negative responses to other firms’ food crises, moreover, the negative spillover effect was stronger if the crisis occurred closer in time, was similar in nature, and was accompanied with no recall execution. These findings shed light on the long-term financial impact of food crises and offer insights for crisis managers to develop more effective crisis management strategies.     

员工个人特征对ESOP激励效果的影响——对HD公司的案例研究

以HD公司为研究对象,运用实地访谈和因子分析、方差分析等统计分析方法,研究员工个人特征通过激励机制对ESOP实施效果的影响。结果表明,公司员工整体素质影响了ESOP的实施效果;不同工龄的员工在工作态度上具有显著性差异;不同文化程度、工龄和岗位层次的员工在获利预期上具有显著性差异。根据这些结果,笔者就完善ESOP的实施提出了建议。