How Does Asymmetric Information Affect Catering Behavior?

This study examines the association between information asymmetry and payout policy, and how asymmetric information affects catering behavior. Using forecast error and forecast dispersion as information asymmetry variables, this study finds that the more information asymmetry the firms face, the less likely they will increase dividends. Meanwhile, the effects of information asymmetry dominate over those of catering incentives for managers to decide dividend policy. Finally, our empirical results demonstrate that the signaling theory holds when dividend yield is high or market underestimates the EPS of firms. In addition, companies use share repurchases as a substitute for dividend increases, and take retained earnings into account when making dividend policies.     

Moral and Ethical Antecedents of Attitude Toward Counterfeit Luxury Products: Evidence from Pakistan

Counterfeiting a universal problem is influencing marketers and consumers across the world. Despite its severity, earlier researchers have not paid much attention to it especially in the perspective of moral and ethical aspects. Researchers generally have established the influence of ethical/moral aspects along with social-personal factors on attitude toward counterfeiting luxury products (CLPs). They have not entirely explored the influence of moral aspects on CLPs. Thus, the aim of this study is to ascertain the influence of ethical issues on attitude toward CLPs in the context of theory of planned behavior and theory of reasoned action.     

创业融资决策领域与消费行为领域的感知风险对比分析

消费者的消费行为与创业者的融资行为在本质上是一致的。本文通过概括和总结创业融资领域的感知风险,并与消费行为领域的感知风险进行对比,得出彼此之间的相似性,进而建议可以尝试运用消费行为理论来解释创业融资决策行为。     

渠道权力与战略联盟——工业品分销渠道冲突治理研究

渠道结构与渠道行为共同决定着分销渠道的效率,文章围绕这一命题,站在制造商的角度,对工业品渠道冲突按成员关系类型和对渠道效率的影响两个维度进行划分。对于高水平冲突,从渠道结构与行为两方面着手,分别通过使用渠道权力和建立制造商、分销商战略联盟来治理横向渠道冲突和垂直渠道冲突,以提高渠道效率。     

2010上海世博会参观客流引导系统

对世博会园区规划和人员流动问题进行了分析,确定了所要设计系统的目标,利用信息、RFID、通讯和决策技术,设计了世博会参观客流引导系统,包括游客和决策支持,此系统的建立可以有效地缓解世博会接纳庞大客流的压力．同时为游客提供优质的服务。     

国内外农业再保险中政府行为的比较

农业保险是一种准公共产品,美国、法国、日本及亚洲的一些农业保险发达的国家,都有一套行之有效的农业再保险运行模式。我国农业再保险的健康运作也同样需要政府政策的支持。政府要加快农业再保险的法律法规建设,建立农业再保险基金,成立农业再保险公司。     

Principal–Agent Conflict and Broker Effort Near Listing Contract Expiration: The Case of Residential Properties

In the real estate market the seller/agent relationship changes over the course of the listing contract. As the contract expiration nears, brokers may increase efforts generating more potential buyers and, perhaps, a higher offered price. Brokers may also persuade the seller to reduce the reservation price. These two aspects have different implications for the selling price of the property. Employing a sample of 24,100 properties sold in Clark County, Nevada, we investigate the relationship between the selling price and the time-to-expiration of the listing contract. We find that prices are lower if the property is sold near the expiration of the listing contract, indicating that the price-reduction effect dominates the broker-effort effect.

Self-organized criticality in a herd behavior model of financial markets

This paper explains the fat-tail distribution of asset transaction volumes and prices by a model of rational herd behavior of traders. Each trader decides whether to buy an asset by observing private information and other traders’ actions. A trader’s buying action reveals his positive private information and affects the other traders’ beliefs in favor of buying, leading to strategic complementarity. A power-law distribution emerges for the number of buying actions in a static Nash equilibrium. This model provides an economic reason as to why the stock market has to exhibit a criticality in the connectivity of the traders’ actions. I am benefited by comments from the seminar participants at University of Tokyo and the Econophysics Colloquium 2006 at International Christian University, the editors of the special issue, and particularly an anonymous referee.     

The prepayment option on mortgage securities: A random coefficient approach

Using the Swamy (1970) model for pooled data and a Hildreth and Houck (1968) model for individual securities, this article investigates whether the parameters describing the prepayment behavior of the fixed-rate debt underlying mortgage-backed securities are better estimated as a stochastic behavior. Empirical results indicate that differences between securities are random. The Hildreth and Houck model yields additional information on randomness over time. The use of the aggregate data to estimate prepayment of individual securities, as opposed to use of the prepayment history of the individual security, may yield more reliable results.     

Testing approach and avoidance motives and job satisfaction: psychological contract breach as a moderator of the mediating roles of tactics

This study tested the mediating roles of both voice and facades of conformity in the relationship between regulatory foci and job satisfaction and the extent to which the mediating roles is moderated by psychological contract breach among a sample of 271 military recruits in Taiwan. Results suggest that voice and facades of conformity mediated the relationship between regulatory foci and job satisfaction. Also, results suggest that perceived breach moderates this mediating pathway: Strong psychological contract breach increases the relationship between promotion focus and voice in the case of job satisfaction. On the other hand, psychological contract breach strongly moderates the relationship between prevention focus and facades of conformity in the case of low job satisfaction. Results are discussed in view of the importance of (a) including the measure of regulatory focus in future studies, (b) the mediating roles of different tactics in explaining the relationship between regulatory foci and job satisfaction and (c) the moderating role of psychological contract breach as a negative workplace event. Implications for the results are discussed.