Cross-category effects of induced arousal and pleasure on the internet shopping experience

Online retailers are likely to try to influence consumers’ shopping behavior through atmospherics and service, just as physical stores do. The impact of online atmospherics can be measured by the degree of stimulation and pleasure that is provided by a website. It is suggested that the characteristics of products and websites that are encountered early in online browsing can significantly influence the level of arousal and pleasure that consumers experience, and thereby can influence their later shopping behavior. Two experiments show that if the initial experiences encountered in a simulated Internet shopping trip are higher in pleasure, then there is a positive impact on approach behaviors and subjects engage in more arousing activities (e.g., more exploration, more tendencies to examine novel products and stores, higher response to promotional incentives). Further, if higher stimulation or information load is provided by the initial Internet experience, then consumers subsequently tend to engage in less arousing activities.     

国有商业银行脆弱性的制度经济学分析

最近一段时期,在国有商业银行产权改革和股份公司治理方面有大量的研究,应该明确进行改革的缘由,由此才可对症下药、量体裁衣。基于这一认识,以制度经济学范式为框架,从历史的视角出发,结合制度变迁中的目标函数导向和约束条件限制、制度变迁的路径依赖特性、以及“制度变迁成本分担假说”,来探讨市场化改革引致国有商业银行的脆弱性问题。试图基于此项分析找到制度方面的“症”和“体”,以利于产权改革和股份公司治理的正确设计。     

特定载荷作用下的垫片密封特性有限元分析

利用ANSYS软件,对垫片进行有限元分析,绘制垫片材料的压缩特性曲线,进行特定载荷条件下垫片的压缩特性模拟,根据仿真结果,能够验证特定载荷条件下垫片的密封特性是否符合要求。     

地震荷载下反倾层状岩质边坡倾倒变形破坏规律及数值模拟研究

为了掌握不同地震荷载作用下的边坡稳定性能,采用振动台试验并结合离散元数值模拟对典型反倾层状岩质边坡进行了分析,对地震作用下反倾层状岩质边坡的动力响应特性和变形破坏规律进行了研究。结果表明：1)边坡的顶部和坡面首先出现变形,边坡开始出现层间错动导致最终彻底破坏;2)地震波频率对边坡的变形破坏有着显著影响,不同频率正弦波作用于边坡时,边坡上各个地方的加速度响应状况各不相同;3)在频率较小的正弦波作用下边坡的顶部及坡面浅表部松动变形,在频率较大的正弦波作用下边坡内部出现横向拉张裂缝,拉张裂缝会导致边坡的崩塌溃坏;4)在数值模拟分析边坡的加速度响应情况时,从边坡底部到顶部,随着高程的不断增加,其加速度放大系数增长幅度逐渐增加;5)地震波不仅影响边坡上监测点位加速度响应的大小,同时还对不同高程下其加速度响应变化情况产生影响。研究结果显示了边坡加速度响应数值模拟分析与振动台模型试验结果的一致性,所得结论对工程施工参数设计具有一定的借鉴价值。     

Predictability,Price Bubbles,and Efficiency in the Indonesian Stock-Market

I examine the return predictability of the Indonesian stock-market during 1984–2016, in rolling windows, using an automatic portmanteau test and an automatic variance ratio. I find that the market’s efficiency and predictability vary over time—consistent with the adaptive market hypothesis—with returns being less predictable in recent periods, a sign of improving efficiency. I also find that a simple buy-and-hold investment strategy outperforms several technical trading rules, even after adjusting for risk. Furthermore, I find evidence of explosive behaviour in Indonesian stock prices and detect multiple bubbles, using sequential right-tailed unit-root tests.     

Red sky at night or in the morning,to the equity market neither a delight nor a warning: the weather effect re-examined using intraday stock data

Unlike most of the existing literature on the weather effect, we conducted our analysis by employing intraday weather and market data, examining a large set of stocks rather than indices only, including volume and volatility data in the study and inspecting a wide number of weather variables (temperature, humidity, pressure, visibility, wind, cloud, rain and snow). Our analysis covered the Italian stock market for the period August 2005–March 2014 for a total of 2201 trading days. We conclude that no systematic relationship seems to exist between the weather and the Italian stock market. Moreover, our results raise doubts that testing the weather effect by limiting the analysis to indices only can lead to spurious conclusions.     

我国环境规制对不同来源国FDI的影响

利用对中国直接投资排名前33位国家和地区的面板数据,对环境规制等因素与不同来源国FDI流入的关系进行研究,结果显示,我国环境规制虽然在一定程度上阻碍了来自发展中国家的FDI,但对发达国家的FDI并未产生影响.由于我国FDI大部分来自发达国家,因此我国环境规制对FDI流入的影响是有限的.提高我国的环境规制水平不但不会抑制FDI企业的进入,反而可以提高高新技术企业的竞争优势,发挥这些企业的技术扩散、外溢效应,更好地实现招商引资的战略目的.     

Precautionary saving and the marginal propensity to consume out of permanent income

The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income. Intuition suggests that, knowing this, optimizing agents will fully adjust their spending immediately upon experiencing a permanent shock. However, this paper shows that if consumers are impatient and are subject to transitory as well as permanent shocks, the optimal marginal propensity to consume out of permanent shocks (the MPCP) is strictly less than one, because buffer-stock savers have a target wealth-to-permanent-income ratio; a positive shock to permanent income moves the ratio below its target, temporarily boosting saving.     

中国财产保险市场结构、效率与绩效关系检验

运用B erger和Hannan(1993)模型对中国产险市场结构、效率与绩效关系实证检验得出,中国的产险市场既不是结构决定绩效,也不是效率决定绩效,市场力量假说和效率结构假说都不存在。但大企业存在一定程度的"安逸生活"特征。随着中国产险市场化的改革,产险市场将逐步从市场力量说向效率结构假设转化。     

‘When buying into the business,we knew it was seasonal’: perceptions of seasonality in Central Otago,New Zealand

Although the majority of the academic literature makes a convincing economic case when suggesting that seasonality is problematic, it is, arguably, equally important to consider whether businesses themselves perceive seasonality as a distinct problem. This paper considers the extent to which businesses and operations, variably involved in tourism, perceive seasonality. A case study of the Central Otago region of New Zealand is offered. The results suggest that although seasonality is perceived as a salient issue for the sector itself, it is not universally perceived to be inherently problematic from the perspective of the individual business/operator. Copyright © 2004 John Wiley & Sons, Ltd.