Network modeling approaches for calculating wholesale NGA prices: A full comparison based on the Greek fixed broadband market

According to the European Commission Recommendation for setting copper and fiber wholesale prices where cost orientation is imposed as a remedy, National Regulatory Authorities (NRAs) should adopt a Bottom-UP Long-Run Incremental Cost Plus (BU LRIC+) costing methodology that estimates the current cost that a hypothetical efficient operator would incur to build a modern efficient Next Generation Access (NGA) network. The starting point of modeling an efficient operator investing in NGA networks is the network modeling approach. In this paper, we compare the most widely adopted network modeling approaches in terms of wholesale fiber-to-the-home (FTTH) prices. In particular, the modified scorched node approach is compared to the extreme cases of the scorched node and the scorched earth approaches. The comparison between the aforementioned scenarios sheds light on the impact of each approach on the wholesale FTTH prices. The main finding of this paper is that the scorched earth approach leads to a maximum of 10% reduction in the short-term access prices compared to the most inefficient scorched node approach, whereas further extending its optimizations by optimizing the number of central offices, both the short-term and long-term wholesale price reductions are quite significant (more than 20%) regardless of service speeds. Consequently, NRAs should consider a geographically differentiated modeling approach when regulating the wholesale market by adjusting the level of scorching in each area and network segment according to the investment plans of telecom operators. An appropriate variation of the modeled network operator's efficiency is expected to more accurately represent the costs of a reasonably efficient operator based on the real market conditions and a forward-looking perspective. These findings provide valuable information to both network operators and telecom regulators.     

Role of mobile food-ordering applications in developing restaurants’ brand satisfaction and loyalty in the pandemic period

Retailers and their supply-chain partners should reconsider their competitive advantages in today's technology-enhanced environment and search for opportunities to collaborate. Mobile applications have emerged as a special form of e-commerce that provide convenience for consumers by saving time and effort. In the pandemic days, people prefer using mobile applications in particular to order food from restaurants and protect themselves from COVID-19. Even though there are many previous studies regarding mobile application usage, they have investigated the antecedents of mobile app adoption. Today, consumers already have adopted them, yet there is a need to understand the outcomes of mobile application usage, especially for mobile food-ordering apps (MFOAs). To fill this gap, this study first positions the MFOAs among other mobile food applications regarding their business models. Then, a structural model was developed and tested by focusing on the outcomes of MFOA usage. A survey of 217 participants was conducted, and the data were analyzed using partial least squares path modeling (PLS-PM). The main contribution of the results is the finding that MFOA satisfaction plays a critical role in developing restaurants' brand satisfaction and loyalty. Thus, brands should cooperate with MFOA providers.     

Understanding and facilitating sustainable agricultural practice: A comprehensive analysis of adoption behaviour among Malaysian paddy farmers

With the increased stress on sustainability and food security, in addition, the need toward halting environmental deprivation has focused attention on Individual farmers subjectively perceive the attributes of SAP and their subsequent benefits. Qualifying this knowledge is important, but past efforts have largely been unsystematic. This research paradigm purpose is to observe the influence of Malaysian paddy farmer’s adoption intention towards sustainable agriculture.This systematic study assesses the structure of perceived Awareness of sustainable agricultural practices. A convenient sampling technique was used to select the sample. A total of 132 questionnaires was distributed to Malaysian Paddy farmers, around the Malaysian state which was used for data analysis. The result from the structural analysis suggests that the results of confirmatory factor analysis indicate that the most robust. Moreover, technology-aided communication described as moderates the relationships between Attitude, subjective Norm, Perceived behavioral control and intention.Overall, findings of this study extend the understanding, to link noneconomic benefits to profitability to the attribute of relative advantage. Our work represents a guide to assist change agents to evaluate farmer perceptions at different locations systematically. This structured method will help effectively to design and promote sustainable agriculture and other green agricultural innovations. Discussions and implications for Malaysian paddy farmers, limitations, and suggestions for future research are also delivered in the line of this research study.     

Consumer Acceptance of Genetically Modified (GM)—Cowpeas in Sub-Sahara Africa

ABSTRACT

Cowpea (known as black-eyed peas in America) is the most important indigenous African grain legume for both home use and as a cash crop. Because of its tolerance to drought, it is especially important for the Sahel. Genetic transformation of cowpea with Bacillus thuringiensis (Bt) genes to control pod-boring insects has many advantages, but little is known of the potential consumer response. This article analyzes and reports the results of a survey of 200 consumers in northern Nigeria concerning consumer awareness of and acceptance of biotechnology. Ninety percent of the respondents were aware of genetically modified (GM) products. Those respondents who were most concerned about the ethics of genetic transformation were likely to disapprove of such products, while those individuals who identified international radio as an information source were more likely to approve of GM technology.     

A Note on Compound Generalized Distributions: A Comment on the Article by B. Kling and M. Goovaerts

Abstract

In this paper, the recursion for Generalized Power Series Distributions (GPSD) recently developed by Kling & Goovaerts (1993) is reviewed. Some errors are discovered in their results. Corrected and slightly more general results are proposed here.     

旧屋面工程中改性沥青防水卷材热熔施工的质量控制

针对旧屋面改性沥青防水卷材热熔施工中存在的质量问题,阐述了常用的改性沥青防水卷材施工工艺,提出保证质量的措施,对材料质量、施工工艺、施工操作要点、施工环境、成品保护、检测验收等提出了要求。     

Arbitrage-free interval and dynamic hedging in an illiquid market

This paper derives two pricing PDEs for a general European option under liquidity risk. We provide two modified hedges: one hedge replicates a short option and the other replicates a long option inclusive of liquidity costs under continuous rebalancing. We identify an arbitrage-free interval by calculating the costs of the two hedges. Unlike in a setting with infinite overall transaction costs, the overall liquidity cost in our model is proved to be finite even under continuous rebalancing. Numerical results on option pricing and the moments of hedge errors of Black–Scholes and our modified hedges are also presented.     

Local volatility function models under a benchmark approach

Without requiring the existence of an equivalent risk-neutral probability measure this paper studies a class of one-factor local volatility function models for stock indices under a benchmark approach. It is assumed that the dynamics for a large diversified index approximates that of the growth optimal portfolio. Fair prices for derivatives when expressed in units of the index are martingales under the real-world probability measure. Different to the classical approach that derives risk-neutral probabilities the paper obtains the transition density for the index with respect to the real-world probability measure. Furthermore, the Dupire formula for the underlying local volatility function is recovered without assuming the existence of an equivalent risk-neutral probability measure. A modification of the constant elasticity of variance model and a version of the minimal market model are discussed as specific examples together with a smoothed local volatility function model that fits a snapshot of S&P500 index options data.     

An Emerging Market's Reaction to Initial Modified Audit Opinions: Evidence from the Shanghai Stock Exchange*

This study investigates the valuation effect of modified audit opinions (MAOs) on the emerging Chinese stock market. Here, the term MAO refers to both qualified opinions and unqualified opinions with explanatory notes. The latter can be considered an alternative form of a qualified opinion in China. The institutional setting in China enables us to find compelling evidence in support of the monitoring role of independent auditing as an institution. First, we find a significantly negative association between MAOs and cumulative abnormal returns after controlling for effects of other concurrent announcements. Further, results from a by‐year analysis suggest that investors did not reach negative consensus about MAOs' valuation effect until the second year, exhibiting the learning process of a market without prior exposure to MAOs. Second, we do not observe significant differences between market reaction to non‐GAAP‐ and GAAP‐violation‐related MAOs. Third, no significant difference is found between market reaction to qualified opinions and market reaction to unqualified opinions with explanatory notes.     

微信支付采纳意愿实证分析

微信支付是一款新的移动支付创新产品,它是由腾讯公司旗下知名移动社交通讯软件微信及第三方支付平台财付通联合推出的。针对微信支付采纳意愿问题,通过问卷调查的方式,构建出微信支付采纳意愿模型（TAM模型）,分析得到信任、感知风险、感知有用性和网络外部性四个因素对微信支付采纳意愿有显著影响,最后给出一些建议,有助于腾讯微信支付有针对性地改进服务,吸纳更多消费者采用微信支付。