Trade tariff,wage gap and public spending

This paper studies the interplay between wage gap and government spending in a small open economy facing a shock in trade policy. We consider a specific factor model with an export sector, which uses skilled labour, and an import-competing sector, which uses unskilled labour. We find the conditions under which there exists an inverse (direct) relation between trade liberalization (protection), which increases (decreases) the skilled-unskilled wage gap, and the level of government expenditure. We also show how either an unbalanced distribution of political bargaining power, or tariff revenue co-financing public spending may break this inverse relation. Moreover, the direct relation between tariff protection and public goods provision can be strenghtened by progressive taxation and weakened by regressive taxation.     

Positive feedback trading and long-term volatility links: evidence from real estate markets of USA,Be/Lux and Switzerland

This article investigates the positive feedback trading strategies in the real estate markets of USA, Belgium/Luxembourg (Be/Lux) and Switzerland, linking these strategies with long-term volatility. The results are in favour of a positive feedback trading strategy which negatively influences investors' risk-return position on real estate markets.     

Hear nothing,do nothing: The role of word of mouth in the decision-making of older consumers

Abstract

In some product categories, older consumers (aged 65+) tend to be more brand loyal, have smaller consideration sets and defer purchase more than younger consumers. This conservative behaviour may arise, in part, because older people are more socially isolated and thus receive less social influence relating to product options. In this multi-study research, the volume of word of mouth (WOM) is used as an indicator of social influence. The WOM received by men and women falls substantially beyond age 65, indicating that a deficit in advice may be part of the explanation for conservative decision-making. To test this proposition, the duration of customer tenure of the current brand (how long the respondent has been a customer) is used as a measure of purchase deferral and, as predicted, tenure is longer when less WOM is received. This evidence indicates that some older consumers experience a degree of social isolation, which affects their decision-making. In marketing and social policy, there is a need to promote procedures, technologies and institutions that help older people to connect with others.     

地方政府支出与农村居民消费需求变动——以我国省级面板数据为例

本文在理论诠释地方政府支出对农村居民消费需求的传导机制下,通过建立地方政府支出与农村居民消费支出之间的个体固定效应变截距模型,运用我国31个省(市、自治区)1998～2007年的经验数据进行实证检验.结果表明:地方政府财政支农支出对农村居民消费具有显著的挤入效应,而转移性支出与农村居民消费的相关程度并不明显.     

房地产价格与通货膨胀、产出的关系——理论分析与基于中国数据的实证检验

本文运用一个简单的数理模型与四象限模型分析了房地产价格影响通货膨胀与产出的机制,结论是:房地产价格通过影响总需求对物价水平产生压力,其中,房价对储蓄的边际影响十分重要。在此基础上,综合运用相关性分析、协整检验、脉冲响应函数与方差分解等方法实证检验我国房地产价格与通货膨胀、产出的关系,其结论是:短期内,房地产价格对通货膨胀与产出的影响十分有限,长期则对通货膨胀与产出产生重要的影响,并且,在房价与通货膨胀、产出之间存在正反馈作用机制。这意味着在一个平稳的宏观经济环境中,这种正反馈机制可能会引发经济过热和房价泡沫。     

Does a leader’s “partiality” affect employees’ proactivity in the hospitality industry? A cross-level analysis

This study examined the impact of leader-member exchange (LMX) differentiation on employees’ proactive customer service performance (PCSP). A cross-level model of LMX differentiation, emotional labor, PCSP, and group positive emotional climate was proposed and tested on a sample of 44 groups consisting of 294 individual frontline employees from 6 hotels located in western, central, and eastern China. The results showed that LMX differentiation at the group level is negatively related to employees’ PCSP, while another variable at the same level, positive emotional climate, is positively related to PCSP. Surface acting and deep acting, two major forms of the regulation of emotional labor, were found to mediate the relationship between LMX differentiation and PCSP. The influence of surface acting and deep acting on the employees’ PCSP is moderated by positive emotional climate at the group level. Additionally, the application of these findings to research and future practice is discussed.     

灵活就业人员医疗保险参与及受益归属——基于逆向选择和正向分配效应的双重检验

当前,灵活就业人员医疗保险发展不充分与不平衡的问题格外突出,这不仅会制约医保制度公平性与可持续能力的提高,同时会阻碍经济社会的全面、协调和可持续发展。本文运用中国劳动力动态调查数据(CLDS),研究灵活就业人员参加医保的决定因素以及受益归属,从而为新时期医保制度顶层设计提供决策依据。结果表明:一方面,无论是在参保决策还是险种决策阶段,灵活就业人员的健康风险显著正向影响参保状态,说明逆向选择效应显著存在;另一方面,低收入的参保人利用了更多优质的医疗服务,获得了更多的医保基金补偿,并显著改善了健康状况,因此医保发挥了积极的正向分配作用。但是过高的保障水平,在改善医疗可及性的同时会激发道德风险,从而加剧逆向选择问题并阻碍正向分配效应,对更加公平可持续医保制度的建立造成负面影响。     

Positive spillover effect and audit quality: a study of cancelling China’s dual audit system

The mandatory dual‐audit and dual‐reporting system (DADRS) for mainland Chinese firms cross‐listed in Hong Kong (AH firms) was abolished in 2010. This study quantifies a positive spillover effect from Hong Kong‐based auditors in the DADRS and examines whether and to what extent this affects the audit quality of AH firms. We find that AH firms exposed to a stronger positive spillover effect have higher audit quality, and the loss of this effect drives the declining audit quality of AH firms after they cancelled the DADRS. This study is among the first empirical works on this research topic.     

Immediate or delayed! Whether various types of consumer sales promotions drive impulse buying?: An empirical investigation

In the present study we investigate whether various types of sales promotions together with hedonic shopping motivation (value shopping) and positive affect drive impulse buying. The study further explores the moderation impact of trait constructs viz deal proneness and impulsive buying tendency in impulse buying. In our research, sales promotion tools are classified into four categories namely, (a) monetary-immediate (MI), (b) non-monetary-immediate (NMI), (c) monetary-delayed (MD) and (d) non-monetary delayed (NMD) types of sales promotions. Data were analysed using SEM. Results revealed that out of the four categories of promotional tools only MI and NMI drive impulse buying. Each of MI, NMI, MD and NMD is found to be related to positive affect whereas MI, NMI and NMD impact value shopping but MD does not. The role of IBT and DP as moderators has been evident. The study has significant theoretical as well as managerial implications. Test of mediation confirmed the role of urge to buy as mediator.     

Hotel work-family support policies and employees' needs,concerns and Challenges—The Case of Working Mothers’ maternity leave experience

Based on in-depth interviews conducted with working mothers in the U.S. hotels' industry, the current research developed a process model depicting working mothers’ maternity leave and transition experiences under the current framework of maternity leave and other family and work support policies. Drawing on prior theories and interview findings, our research elucidates the process of how female hospitality professionals cope with challenges and strive to navigate post-maternity life while re-adapting to their professional roles and work-life balance. The model developed from our interview findings brings to light the pivotal role maternity leave and other family support policies play in enabling or inhibiting hospitality working mothers to re-adapt during the post-maternity life stage. Based on such findings, we provide discussions on the theoretical and managerial implications as well as future research agendas related to this topic.