A voice in the skies: Listening to airline passenger preferences

This study aims to identify the impact levels and priorities in the service expectations that passengers have when identifying a preferred airline. The results are based on probabilities and impacts, and can help airlines to accurately understand the preference criteria of their passengers. The priorities of the passengers may differ according to the airline chosen; therefore, the probabilities shown in this study can inform senior airline managers about the passenger perspective. This study uses the Stochastic Multicriteria Acceptability Analysis-2 (SMAA-2) method. SMAA-2 identifies the priorities and impact levels of passengers’ expectations on airline selection, and the ranking of alternative firms according to the probability. According to the obtained results, Airline 3 (AF₃) is the most preferred airline with the highest confidence rate. This airline operates based on a low-cost model that allows passengers to choose additional services for additional charges. The passenger expectations that have the highest impact on the preference when selecting an airline are 1) ticket prices, 2) punctuality, and 3) booking convenience. Free in-flight food and beverages, the variety and quality of the food and beverages, and voyager miles programs for loyal customers are found to have no impact on the ranking of airlines. The expectations identified by the passengers in this study are related to the outcome quality dimension, with services dominated by flexible features. The findings of this study define the passenger as a rational decision maker who is price sensitive.     

风险导向审计：基于逆向选择的思考

逆向选择不同程度地扩大了审计期望差异,反＂逆向选择＂的必然趋势使利益博弈最终体现在风险选择与责任的承担上。注册会计师与信息提供者之间因信息契约存在利益博弈过程,信息提供者因掌握有利信息而趋向逆向选择,审计市场以及资本市场的不健全,将增强这一趋势。风险导向审计能够针对高风险领域提高审计效率,但审计人员具备所需的独立性和胜任能力是前提假设。在我国审计市场和资本市场不健全以及信息提供者逆向选择机会较多的环境下,针对＂职业怀疑＂与＂合理保证＂问题,应增加一项特殊程序：人本环境测试与评价,以此来细化执业责任判断标准,且恰当地设定审计程序和界定风险领域。     

Information and capital asset pricing

Investors in a market frequently update their diverse perceptions of the values of risky assets, thus invalidating the classic capital asset pricing model's (CAPM) assumption of complete agreement among investors. To accommodate information asymmetry and belief updating, we have developed an empirically testable information-adjusted CAPM, which states that the expected excess return of a risky asset/portfolio is solely determined by the information-adjusted beta rather than the market beta. The model is then used to analyze empirical anomalies of the classic CAPM, including a flatter relation between average return and the market beta than the CAPM predicts, a non-zero Jensen's alpha, insignificant explanatory power of the market beta, and size effect.     

试说康德哲学对人类创造精神的张扬

从综合判断、人创造了＂物自体＂、＂人为自然立法＂、创设＂理念＂等角度,分析了康德哲学的创造精神。我们可以认识到,理性的认识目的就在于认识整个世界,而每一步的认识行动,就是一次创造性行动,均体现了强烈的创造精神。     

虱内外燃料油期货市场不完善程度测度和实证检验

论文使用一个包含了价格期望因素以及套利机制不完全性的期货市场不完善程度测度模型，分别对上海和新加坡燃料油期货市场的不完善程度进行了检验。检验结果发现上海燃料油期货市场的不完善程度要比新加坡高很多，可见上海燃料油期货市场有待于进一步完善。最后，论文通过上海与新加坡燃料油期货市场的不同点进行分析，探讨了上海燃料油期货市场不完善程度的可能原因，对实证结果作了进一步解释，并提出了相应的政策建议。     

竞合战略：超竞争环境下企业竞争战略调适的理性选择

竞合战略因具有获取规模经济效益、降低交易成本、产生协同效应、形成创新氛围等竞争优势,成为超竞争环境下企业竞争战略调适的理性选择。竞合战略的实施有赖于来自企业内部和外部多种因素的影响。我国企业要积极进行竞争战略调适,重视竞合战略的实践运用。     

财政调控与国民收入预期

经济运行的正则性规定了经济因子之间的传递性,而固定替代弹性可以进一步给出这种传递性的精确测度.作为宏观调控的重要手段之一,政府的财政干预可以直接地作用于国民收入,从而导致国民收入向着预定的目标前进.然而,在以往的经济学范式（简称F函数）里,因为难以预测和计算潜在的国民收入水平,致使关于这种调控的真实效果难以得到精确的表示,甚至难以取得令人满意的近似.如今,经济学的范式进展到了有约束的利润函数（简称G函数）,它可以很容易地接受有关财政政策与市场因子的初始陈述,从而容易实现有关数学模型的建立,进而,借助正则定律和固定替代弹性定律,可以容易地揭示出财政政策调控与国民收入预期之间的基本关系,并给出精确的测度.     

谈理性人假设在财务管理中的体现

本文从理性人假设的涵义出发,指出在理性人假设下,理性人会产生诸如道德风险和逆向选择等理性人行为,由此对财务管理工作提出了相应的要求,即首先将研究财务管理的出发点从完全代理转为非完全代理,而后再来研究有关筹资、投资及利润分配等问题。     

On additivity of tail comonotonic risks

ABSTRACT

As perceived from daily experience together with numerous empirical studies, the multivariate risks demonstrate a strong coherence in the extremal dependence structure especially over the course of financial turmoil or industrial accidents and outbreaks. Under this motivating paradigm, we show the universal asymptotic additivity under upper tail comonotonicity, as the probability level approaching to 1, for Value-at-Risk and Conditional Tail Expectation for a portfolio of fixed number of risks, in which each marginal risk could be any one having a finite endpoint or belonging to one of the three max domains of attraction. Our obtained results do not require the tail equivalence assumption as needed in the existing literature. This resolves a lasting problem in quantitative risk management and covers most distributions commonly encountered in practice.     

Satisfaction with Cultural/Heritage Sites

SUMMARY

This study attempted to investigate the relationship between cultural/heritage destination attributes and overall satisfaction, and to identify the difference in the overall satisfaction of tourists in terms of selected demographic and travel behavior characteristics. The expectancy-disconfirmation theory provided a conceptual framework for this study. This theory holds that consumers first form expectations of products or service performance prior to purchasing or use. The study area for this study was Virginia Historic Triangle (Williamsburg, Jamestown, and York-town). The survey was conducted at five different sites in the Virginia Historic Triangle. The findings indicate that there is a relationship between destination attributes and overall satisfaction with cultural/heritage experience. The study also reveals that overall satisfaction may show variation by gender, length of stay, and decision horizon. The study concludes with appropriate marketing and management implications.