Revisiting the valuation of deposit insurance

This study proposes a framework for pricing deposit insurance that evaluates the effect of depositor preference laws and the issuance of contingent capital bonds. Four main findings emerge from this study. First, traditional option pricing models of deposit insurance overestimate insurance premiums. Second, only large issuances of contingent capital bonds decrease deposit insurance premiums under depositor preference. Third, the issuance of contingent capital bonds can partially offset banks' excessive risk-taking caused by regulatory forbearance. Finally, although large banks have implied too-big-to-fail risks, the deposit insurer's costs from large banks are not nearly as high as reported in previous studies.     

股权融资偏好亦或过度融资——来自中国上市公司再融资的经验证据

针对目前普遍认为中国上市公司偏好股权融资的观点,重新检验中国上市公司的融资行为,结果发现:如果将短期债务考虑在内,并剔除首次公开募股的影响,中国上市公司不存在股权融资偏好。进一步分析,有足够的证据表明中国上市公司的融资行为表现为典型的过度融资。     

广西与越南贸易对广西GDP贡献的实证分析

本文从广西与越南贸易总额和广西GDP的相关性入手,通过对广西1996-2005年的有关贸易数据进行计量分析,揭示了广西和越南贸易对广西GDP的增长具有较大的拉动作用,并在此基础上分析转变对外贸易增长方式是促进广西经济增长的关键因素。     

New Product Introduction and Seasonality Effect in Food Products Retailing

ABSTRACT

This study aims to measure the effects of market demand and seasonality on new product introduction. Major factors contributing the variability of market demand and seasonality of new products have been discussed in reference to timing of introducing new products, variability of consumer preferences, retail sales, and product promotion. The study is based on 243 new products in selected self-service stores in Mexico, which belong to major food products sectors for the reference period 2002–2006. Results of the study reveal that market demand and seasonality factors are most important for the timing of new product introductions, as such conditions determine success of the new products in a given market.     

Beyond brand loyalty: Brand sustainability

Historically, measures of brand value have focused on brand awareness, customer brand equity and measured brand loyalty. While useful, these generally provide little visibility for the future of the brand. A new measure, brand sustainability, is proposed, described and illustrated. Drawing on over 1 million responses to online customer questionnaires, over a 10-year period, covering brands in 73 FMCG product categories, we create, illustrate and demonstrate a brand sustainability measure. That measure consists of brand share of preference, a calculation of their average annual growth rate. That is then compared to the consumer-stated no brand preference in that category. Net promoter scores are used to support those calculations. Findings show that manufacturer brands are challenged, not by private label, but by no brand preference in the category. Research suggestions are made on how to develop and use brand sustainability and the impact of that measure on future brand growth and development.     

Combining Sources of Preference Data for Modeling Complex Decision Processes

We review current state-of-the-art practices for combining preference data from multiple sources and discuss future research possibilities. A central theme is that any one data source (e.g., a scanner panel source) is often insufficient to support tests of complex theories of choice and decision making. Hence, analysts may need to embrace a wider variety of data types and measurement tools than traditionally have been considered in applied decision making and choice research. We discuss the viability of preference-stationarity assumptions usually made when pooling data, as well as random-utility theory-based approaches for combining data sources. We also discuss types of models and data sources likely to be required to make inferences about and estimate models that describe choice dynamics. The latter discussion is speculative insofar as the body of literature on this topic is small.     

A Comparison of Conjoint Methods When There Are Many Attributes

This paper compares several methods of performing conjoint analysis when there is a large number of attributes. National parks were described in terms of 17 attributes and 56 levels. Subjects were randomly assigned to one of four groups and each person responded to a calibration questionnaire that allowed the estimation of one of the following conjoint analysis models: full profile, ACA, individual-level hybrid, or full profile on the person's eight stated most important attributes. Validations were performed in terms of individual choices and aggregate choice shares. Reliabilities were assessed on both ratings and choices.Surprisingly even with a large number of attributes, the full profile method consistently validated best. Second was a full profile model estimated on the respondent's stated eight most important attributes. ACA and individual hybrid conjoint analysis performed similarly, but worse than these two methods on most measures. Validation differences were more strongly related to differences in attribute importances than desirabilities for levels within an attribute. It appears that these respondents were not able to accurately report self-explicated importances with a large number of attributes.     

“非中介化”、农户货币偏好与农户信用重建研究

本文对农村金融中的常态“非中介化”和农户货币偏好规律进行了探讨,揭示伴随农户借贷行为而产生农户融资渠道的转变和货币偏好,这两种经济现象背后的实质是信用的核心———普适性信任在发生作用,提出通过建立农户贷款担保基金和强化农村合作经济组织建设,以重构农户信用。同时,通过完善农村信用社的经营机制和产权结构,优化对农户信用缺失约束的外部环境,以增强双方的信任度,从而达到消除农村金融中的常态“非中介化”等对农户收入增长的不利因素。     

How do Scores of DIT and MJT Differ? A Critical Assessment of the Use of Alternative Moral Development Scales in Studies of Business Ethics

The construct of Cognitive Moral Development (CMD) has drawn much attention in the study of business ethics for over two decades. The Defining Issues Test (DIT) has made a significant contribution to the literature as an easy-to-administer CMD instrument, and the Moral Judgment Test (MJT), an alternative scale, has also been used widely especially in Europe. The two scales differ in their approaches to measuring CMD, focusing on stage preference (DIT) and stage consistency (MJT), yet empirical comparisons have been scarce. The present research empirically compares the two scales in terms of their correspondence with ethical ideology as a reference scale, and it demonstrates a clear distinction between the DIT and the MJT. Although they both aim to measure CMD, their dissimilar approaches lead to distinctly different implications.     

农村区域性公共品有效供给的新视角——基于浙江村级公共品供给的调研

实现农村公共品有效供给一直是三农问题关注的焦点,而且政府承担着主要的供给责任。对于具有需求偏好差异的农村区域性公共品而言,政府完全主导的供给模式却是导致效率损失的主要原因。正是基于这一点考虑,并结合浙江省村级公共品的调研,本文提出实现农村区域性公共品有效供给的新模式———政府诱导供给模式,即通过税收惠免、财政奖补等激励政策,诱导私人或村集体积极参与农村区域性公共品供给,弥补县级政府效率损失。