Investing against the wind: contagion during the recent financial crisis

This article examines the effect of Warren Buffett’s investment in Goldman Sachs on 24 September 2008, during the subprime mortgage crisis. Although this event is arguably perceived to be the biggest expression of confidence in the financial market during the crisis, by conducting event studies, we do not find the major counterparties of Goldman Sachs displayed positive abnormal returns. Moreover, the abnormal return is not significantly related to the counterparty connection. We have similar findings on these financial institutions’ default probabilities using credit default swap.     

借助事件营销 打造企业品牌──以“快乐购”为例

本文章从＂快乐购＂四年的品牌发展历程中分析了其品牌建构策略的精髓在于事件营销。快乐购通过明星策、节目策、公益策、热点策和活动策等五大事件营销策略打造了良好的企业品牌形象。快乐购事件营销策略的经验可以总结为＂天时、地利、人和＂,对于其他企业开展事件营销富于启示。     

随机事件冲击下的金融预期事件分析：模型与实证

为了全面研究金融市场的随机事件以及准确分析后续预期事件,从随机事件和预期事件全样本角度出发,首先,构建了统一框架下的双断点回归模型,并从理论分析的角度阐述了新模型的可行性、优越性和广义性;然后,以“长生疫苗”和“长生退市”为对象,进行两次断点回归和双断点回归的拟合实证,结果分别从拟合效果、参数趋势、稳健性、实际内涵上展示了新模型在预期事件研究中的优越性,表明中国医药市场属于成熟型市场,适合理性投资者关注。研究结论为相关投资者和监管者未来进一步处理随机事件对金融市场的冲击提供了参考。     

The effect of natural gas discoveries in Israel on the strength of its currency

In light of the natural gas discoveries in the Mediterranean Sea and their impact on the Israeli economy, I must assess the change in the exchange rate and its impact on the foreign exchange market. There are numerous positive social impacts resulting from the gas discoveries including optimising Israel's energy security and its move to cleaner energy. However, not all of the consequences of discovering natural resources may be positive. One possibly negative outcome could be the well-known phenomenon called the “Dutch disease” in which the discovery of a natural resource can cause a country's currency to spike. To investigate whether the strengthening of the Israeli currency in recent years is a symptom of the “Dutch disease” I used daily and intraday event study methodology to explore the changes in the real exchange rate of the Israeli shekel and the US dollar between 2008 and 2017, according to announcements related to the gas discoveries published during this period. In addition, I examined whether an increase in the real exchange rate was a result of the publication of announcements about natural gas harming the manufacturing and industrial sectors. I found that announcements related to gas discoveries did affect the real exchange rate and caused an appreciation of the Israeli shekel. Investors could analyse the announcements and achieve an abnormal return in the foreign exchange market. In addition, investors' expectations of an appreciation in the real exchange rate causes damage to various manufacturing and industrial sectors.     

损失分布模型在操作风险中的应用分析

随着巴塞尔协议的公布,操作风险(Operational Risk)的量化模型已经成为银行业目前研究的主要课题。本文按照巴塞尔协议规定,利用损失分布方法(Loss Distribution Approach,LDA)来度量操作风险,这种方法的优点在于分别度量损失事件发生频度以及损失幅度,然后利用组合分布方法来研究一段时间内的累积损失分布。本文主要讨论在商业银行内部如何执行LDA以及引入操作风险在险值(Valueat Risk,VaR)的概念,并且介绍了能够反映损失分布的分布函数。同时按照巴塞尔协议公布的方法和策略,从损失事件类型、业务部门以及损失分布额度的估计方法探讨利用高级度量方法的可能性和现实性以及操作中的现实问题。     

European bank stress test and sovereign exposures

We use an event study methodology to revisit the bank stress test conducted by the European Banking Authority in 2011. Instead of only considering the final results disclosure, we consider six key official announcements during the stress test. Our results indicate that abnormal returns reversed over the course of the stress test and that the emerging sovereign crisis contributed to the stock market perception of bank health.     

The role of corporates in creating sustainable Olympic legacies

Abstract

The Olympic Games is a major stimulus for increased tourism. In recent years, there have been greater calls for this and other mega-events to leave sustainable positive legacies for the host city, partly to offset the massive cost of hosting. To date, little consideration has been afforded to the role corporates might play in contributing to event legacies. This gap is compounded by the lack of research examining stakeholder engagement in legacy planning more generally. This paper adopts Holmes, Hughes, Mair and Carlsen’s (2015) sustainable event legacy timeline to conceptualise how corporates through the corporate social responsibility (CSR) initiatives of sponsorship and employee volunteering can engage across the Olympic event planning cycle to generate volunteering legacies. Drawing upon a comparative study of the Sydney 2000 and London 2012 Olympic Games, tentative evidence of corporate engagement was noted but for the most part it was fragmented and CSR initiatives primarily focused on the immediate planning and delivery stages of the event cycle. The paper advances new knowledge of how volunteering legacies can be generated through the best practice engagement of corporates as key stakeholders involved in legacy planning and governance across the Olympic planning cycle.     

Resource Investments and Loyalty to Recreational Sport Tourism Event

ABSTRACT

Sport tourism events have a marketing possibility in the Japanese tourism industry. The ultramarathon is a very popular recreational sport event in the world. This type of sport tourism event has shared with completive and enjoyment factors in relation to participant's motivation. Loyalty is a very important factor with attendance to recreational sport events. Generally, as many researchers indicated, that participants' loyalty will lead to repeat attendance or purchase. However, there is no consensus as to how loyalty develops. In the files of recreational sport tourism event research, the process leading to participants' loyalty with a specific event is not evident.

The purpose of this article is to test a conceptual framework of the development of loyalty (Morais et al., 2004 Morais, D. B., Dorsch, M. J. and Backman, S. J. 2004. Can tourism providers buy their customers' loyalty? Examining the influence of customer-provider investments on loyalty. Journal of Travel Research, 42(3): 235–243. [Crossref] , [Google Scholar]) that is grounded in resource theory. According to the proposed model, when participants and organizers invest specific profiles of resources in each other, the participants tend to develop a bond with the customer and become dedicated to maintaining a stable relationship. The model is used to discuss the mixed results of current loyalty from recreational sport event tourists to organizers and to outline future research efforts.     

Destination Images Penetrated by Mega-events: A Behaviorist Study of the 2008 Beijing Olympics

While the penetration effect of mega-events on the hosts' destination images is important, its research has rather been insufficient. This study aims to fill the gap by initiating an in-depth investigation of this effect. Guided by behaviorism rather than introspectionism and psychometrics adopted by previous researchers, the study interviewed 66 tourists visiting Beijing city – the host of the 2008 Summer Olympics – before, during and after the event. The results showed that: (1) elements of the Olympics had penetrated into the core and semi-core of Beijing's destination image; (2) the penetration did vary according to different event elements and event stages; and (3) the penetration was jointly determined by the stimuli the tourists received during the surveys and their complex mental mechanisms (i.e. cognitive matching and attitudinal preference). This research has strengthened the evidence for the penetration effect, explained it systematically and expanded the methodological choices in studying similar topics.