Decomposing the accrual premium: The evidence from two markets

We decompose the accrual premium and study its components in the debt and equity markets. We show that the importance of each accrual component depends on the sample and the type of market considered. The short‐term accruals component is primarily observed in equity markets, among small and young companies, which is consistent with mispricing arguments. The long‐term accruals premium is consistently positive and significant in different samples and markets. This component reflects growth in capital expenditures, and it is counter‐cyclical and predictable, which is in line with investment‐based explanations. Finally, the financial accruals component does not generate predictability.     

The role of technology-based services in establishing brand equity within the private hospitals sector in Kuwait

This study aims to explore the role of technology-based services in establishing brand equity within the private hospitals sector in Kuwait. A survey is designed based on dimensions that include ease of use, e-responsiveness, e-scape, security, and customization. E-responsiveness and security had strong and direct influence on brand equity; whereas, ease of use, e-escape, and customization had no significant positive impact on the brand equity. The proposed model of relationship between e-service quality and brand equity has the potential to help hospital managers to establish their brand equity through managing the level of their online services.     

Corporate social responsibility in the tourism industry: evidence from seasoned equity offerings

This study examines the impact of corporate social responsibility (CSR) in the tourism industry using seasoned equity offerings (SEOs) from 1992 to 2015. We show that tourism SEO issuers engaging in CSR activities experience less negative market reactions to SEO announcements. The findings also reveal that the negative reactions around SEO announcements are significantly lessened for tourism firms with better CSR performance in the context of high information asymmetry, because such activities serve as an ethical commitment to outside investors, and thus align the interests between SEO issuers and outside investors, which eventually mitigates negative market reactions to SEO announcements. Overall, these results indicate that tourism issuers with better CSR performance are able to reduce the agency costs and adverse selection problem for uninformed investors in the process of issuing SEOs.     

Consumer Responses to Slice-of-Life Versus Slice-of-Death Advertising Appeals: Exploring the Role of Polysemy,Branding, and Culture

Prior research has not verified the theoretical or practical value of slice-of-life and slice-of-death advertising appeals in relation to advertising and branding constructs like advertising polysemy and consumer-based brand equity. The authors make conceptual, measurement, and managerial contributions to this research issue dealing with slice of life versus death advertising appeals. Across three studies, the authors measure, evaluate, compare, and contrast slice-of-life and slice-of-death (SOL/D) advertising appeals across British and American cultures. The authors demonstrate the interrelationships of SOL/D appeals with advertising polysemy, consumer-based brand equity, cultural differences in advertising attitudes, and purchase intentions. From a measurement perspective, the authors develop and validate parsimonious measures of slice-of-life and slice-of-death (SOL/D) advertising appeals. Furthermore, they test the assumptions that underlie these appeals for United States and British customers, and investigate how the cultural characteristic of uncertainty avoidance moderates the impact of SOL/D advertising attitudes on purchase intentions. Managerially, the research demonstrates that SOL/D appeals offer value in predicting (a) consumer-based brand equity through advertising polysemy, (b) consumers’ advertising attitudes across different cultures, (c) consumers’ intentions to purchase, and (d) advertising differences and varying consumer responses in the United States and Britain.     

Design-based or Prediction-based Inference? Stratified Random vs Stratified Balanced Sampling

Early survey statisticians faced a puzzling choice between randomized sampling and purposive selection but, by the early 1950s, Neyman's design-based or randomization approach had become generally accepted as standard. It remained virtually unchallenged until the early 1970s, when Royall and his co-authors produced an alternative approach based on statistical modelling. This revived the old idea of purposive selection, under the new name of “balanced sampling”. Suppose that the sampling strategy to be used for a particular survey is required to involve both a stratified sampling design and the classical ratio estimator, but that, within each stratum, a choice is allowed between simple random sampling and simple balanced sampling; then which should the survey statistician choose? The balanced sampling strategy appears preferable in terms of robustness and efficiency, but the randomized design has certain countervailing advantages. These include the simplicity of the selection process and an established public acceptance that randomization is “fair”. It transpires that nearly all the advantages of both schemes can be secured if simple random samples are selected within each stratum and a generalized regression estimator is used instead of the classical ratio estimator.     

Bank equity and macroprudential policy

This paper proposes an alternative macroprudential policy in the framework of Gertler et al. (2012). In their model, the central bank subsidizes bank outside equity, where the subsidy rate is determined by the shadow cost of the deposit. We find that the alternative rule in which the subsidy rate responds to the aggregate bank outside equity ratio is welfare improving because it has a better stabilization effect on the bank asset deterioration after a financial shock. We disentangle different channels through which macroprudential policies affect the economy and demonstrate that the better stabilization in the post-crisis economy has a positive effect on the economy in normal times through security prices.     

建立农田水利建设新机制

在充分认识农田水利建设新机制的重大意义的基础上,分析建立农田水利建设新机制的指导思想和原则,点明建立农田水利建设新机制的工作重点。     

前事不忘,后事之师——从苏联亡党亡国的教训看当今中国民主社会主义思潮的斗争

社会主义大国苏联解体是由于其领导人放弃科学社会主义,推行了一条错误的改革道路——民主社会主义,最终导致苏联亡党亡国。在当今中国建设有自己特色社会主义的进程中,民主社会主义者采用否定共产党的执政地位、鼓吹私有化、抹煞资本主义和社会主义区别的策略同科学社会主义进行斗争,本质是试图重演发生在前苏联的历史,和平演变中国的社会主义为资本主义。     

The EMF uncertainty problem related to mobile phones: where do consumers place their trust?

This paper addresses the uncertainty problem, i.e. cases characterized by lack of knowledge or scientific uncertainty. In such situations, it can be hard for consumers to ‘voice’ or practise consumer power. One field characterized by the uncertainty problem is electromagnetic radiation. An explicit goal of this study has been to articulate Norwegian consumers' practices, attitudes and beliefs regarding electromagnetic radiation from mobile phones to public authorities and consumer policy makers. The study was based on 1000 telephone interviews collected in 2008. Today, experts disagree on the potential health effects of radiation from electromagnetic fields (EMF), as well as standards for safe limits of exposure to mobile phones, base stations and wireless telecommunication systems. In addition, complicated technology and extremely rapid product development and diffusion leave consumers' security considerations to their own beliefs and trust. Whether or not electromagnetic radiation from mobile phones constitutes a health hazard will not be addressed in this paper. Rather, it will focus on how consumers react to this situation of uncertainty. The material reveals four main ways in which consumers can solve what we have named the EMF uncertainty problem: the confident and comfortable way, the sceptical and cautious way, the responsible and good citizen way, and finally, the neglecting way. The paper also discusses the precautionary principle related to EMF. Who should be precautionary: the public authorities, the mobile phone industry or the consumers themselves? We believe that a consistent governmental precautionary policy in combination with consumers taking their own precautionary measures is a viable solution. In this way, all consumers would be addressed and aided when navigating this field of uncertainty.     

基于竞争力视角的西部瓷都企业薪酬满意度研究

2005年,西部瓷都产业进入行业大洗牌的重要转折点,37%的企业员工对现行薪酬体系有不同程度的不满。分配政策的公平性、岗位价值的体现程度、浮动薪酬的激励和工资的层级差别显著影响了企业员工的薪酬满意度。建议应适当增大浮动薪酬的比例;浮动薪酬的决定因素应体现岗位价值和激励思想;实行公开化的薪酬支付。