Extreme events: a study of small oil and gas firms

The oil and gas industry is subject to different types of risks, many of which have the potential to generate extreme results. Classifying extreme events as global, industry specific and firm specific, we use a Bayesian probability model and the Exponential Generalized Autoregressive Conditional Heteroskedasticity (EGARCH) model to evaluate the impact of disclosure of extreme events on returns and return volatilities. The results suggest political events have more of a pronounced effect compared to those classified as economic events. The overall effects are more pronounced at the global and firm‐level classifications. At the firm level, extreme economic events have a more significant impact than political extreme events.     

论高校危机管理模式的构建

社会政治、经济和内部管理等多种因素的综合影响可能诱发学生群体性事件。高校要积极建立危机管理预警机制,实施有效信号侦测;加强信息沟通,正面引导舆论,迅速处理危机;完善矛盾化解机制。     

我国上市公司捐赠保值效应的实证研究

本研究的对象为发生负面事件的企业，研究企业捐赠的保值效应，拓展了企业捐赠经济效应的研究，对现阶段负面事件频发的中国企业具有重要实践启示。本研究运用事件研究法和回归分析方法，考察了中国企业捐赠的保值效应，即企业捐赠能够在企业负面事件发生时为股东财富提供保值。来自中国上市公司的经验表明，中国企业捐赠具有保值效应。实证结果还支持了事件性质对企业捐赠保值效应影响的研究假设，结果表明，与发生其他负面事件相比，发生竞争性负面事件时企业捐赠为股东财富保值的效果越弱。     

‘Race’, sport and leisure: lessons from critical race theory

This paper presents and explores critical race theory (CRT) as an ontological starting point for the study of sport and leisure. CRT is based on five precepts outlined by Solorzano and Yosso that centre ‘race’ and racism, social justice, plurivocality, transdisciplinarity and challenge orthodoxies. There have been a number of recent criticisms and debates amongst leisure and sports studies writers that challenge their general focus of study as narrow and myopic. The five precepts have been fundamental to radical shifts in critical legal studies over the past fifteen years and have significance for the development of critical sport and leisure theory. CRT and ‘race’ critical perspectives are drawn out, clarified and their mutual agendas focussed. It is argued here that researchers and writers need urgently to centralize ‘race’ and racism as core factors in the study of social relations in sport if Birrell's optimism in the development of sport (and leisure) theory is to be realised.     

An empirical analysis of attendance at a commemorative event: Anzac Day at Gallipoli

This paper tests the influence of various attributes of event attendance on visitor satisfaction. The Anzac Day commemoration at Gallipoli, Turkey, provides the backdrop for the study. The significance of this place and event is born out of the involvement of the Anzac soldiers (Australian and New Zealand Army Corps) in the First World War and their battles against Turkish forces at Gallipoli in 1915. Fittingly, Anzac Day, the 25th of April, the day of the landings, is a national day of commemoration in Australia and New Zealand. Data for this study was collected by an exit survey of 331 Australian attendees at the Gallipoli commemorations. In addressing the aim of this study, exploratory and confirmatory factor analysis was undertaken as a basis for the subsequent development of a model of satisfaction using Structural Equation Modelling (SEM). The results indicate that aspects relating to the amenities, transport and ceremonies held at Gallipoli are significant predictors of event satisfaction. This research provides a positive contribution to the understanding of customer satisfaction in event settings, extending the limited research on attendee satisfaction to investigate its elements in relation to a large-scale commemorative event associated with battlefield tourism.     

The effects of in-store themed events on consumer store choice decisions

Retailers are increasingly using in-store events to provide shoppers with unique experiences that will enhance shopping value and help differentiate their stores from competitors. However, relatively little is known about how consumers respond to experiential retail events in terms of their store choice decisions. The purpose of this research was to find out how in-store retail events affect consumers in terms of their store choice decisions. The paper presents findings from a discrete choice experiment that manipulated the presence of different types of in-store themed events in a do-it-yourself (DIY) category. Participants were 312 randomly recruited residents of Melbourne, Australia, who had recently shopped at a hardware store. The experiment was implemented as a mail-back survey. Using logit models the authors assess the effects of the in-store events along with those of various traditional store attributes, including store appearance, price image and distance, on consumer store choice decisions.     

嘉兴举办大型体育赛事效应之分析

运用文献资料、访谈调研、案例分析等方法对嘉兴举办大型体育赛事的效应进行了分析,重点从政治、经济、社会和环境方面深入分析了积极效应及要预防的负面效应。提出了嘉兴举办大型体育赛事的策略:要与城市发展相容;加强政府在资金、政策引导和组织协调等方面的作用;重视本土品牌赛事的培育,打造赛事长期效应;重视效果评估与监测,提高赛事抗风险能力。     

Micro-level stochastic loss reserving for general insurance

The vast literature on stochastic loss reserving concentrates on data aggregated in run-off triangles. However, a triangle is a summary of an underlying data-set with the development of individual claims. We refer to this data-set as ‘micro-level’ data. Using the framework of Position Dependent Marked Poisson Processes) and statistical tools for recurrent events, a data-set is analyzed with liability claims from a European insurance company. We use detailed information of the time of occurrence of the claim, the delay between occurrence and reporting to the insurance company, the occurrences of payments and their sizes, and the final settlement. Our specifications are (semi)parametric and our approach is likelihood based. We calibrate our model to historical data and use it to project the future development of open claims. An out-of-sample prediction exercise shows that we obtain detailed and valuable reserve calculations. For the case study developed in this paper, the micro-level model outperforms the results obtained with traditional loss reserving methods for aggregate data.     

论在大型体育赛事中物流运作的策略——以2010年广州亚运会为例

大型体育赛事都将伴随着大量的物流活动,2010年在广州举行的亚运会对广州的物流系统、物流设施、物流技术及物流组织管理带来了重大挑战,通过查阅大型体育赛事物流方面相关的研究文献及结合广州市物流系统本身的特点,剖析了2010年广州亚运物流可能存在的不足与缺陷,结合2008年北京奥运成功的体育物流经验,对即将举行的广州亚运所面临的物流问题提出了一些解决策略。     

The Impact of Corporate Environmental Violation on Shareholders' Wealth: a Perspective Taken from Media Coverage

This study provides empirical evidence of the way in which media coverage of corporate environmental violation events affects shareholders' wealth due to stock market reactions. Data relating to the media coverage of the environmental violations of 173 publically traded companies in China, gathered using web crawler technology, were analyzed through multi‐dimensional variables with the purpose of examining the impact of media coverage on stock market reactions in terms of cumulative abnormal return (CAR) under different event windows based on the methodology of event study. The variables include the intensity of media coverage, media information sources, disclosure mode, media newsworthiness, violation entity, whether the company is punished by the government, whether the company makes a clarification and whether the company is ISO 14001 certified. The results obtained reveal that media coverage affects the market values of the event companies to some extent, and that those companies that attract high levels of media attention generally see greater losses in their shareholders' wealth. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment.