我国体育赛事赞助营销的动因分析与风险规避

体育赛事赞助营销是企业进行市场营销的一种有效方式,是企业对外宣传、展示自我的一个良好平台.企业通过体育赛事赞助把消费者集中起来,利用媒介进行点对点的营销活动,宣传的到达率很高.赞助一些具有国际影响力的赛事,对企业走出国门、打开国际市场具有良好的推动作用.企业在进行体育赛事赞助营销时,应有一个长期的规划,将体育文化注入到自己的产品或服务中去,将赛事与企业联合成为一体,通过整合营销,产生协同效应,在一定的时间和空间范围内与消费者形成良好的沟通,借助体育赛事赞助将业务做强做大,获得企业品牌提升和更大的业务扩张机会.     

Assessing the asymmetric impact of interpretation environment service quality on museum visitor experience and post-visit behavioral intentions: a case study of the National Palace Museum

This paper examines the asymmetric positive–negative relationship between interpretation environment service quality, museum visitor experience, and post-visit behavioral intentions. The researchers collected 406 valid questionnaires from visitors to the main exhibit building in the National Palace Museum. Results suggest that the asymmetric effect differs depending on the attribute being examined. When visitors reported their perceptions of personal and sociocultural interpretation environment services, negative perceptions had a larger impact on museum visitor experience than positive perceptions. Moreover, results suggest that museum visitor experience functions as a mediator between perceptions of interpretation environment service quality and post-visit behavioral intentions.     

AN OLD-NEW CONCEPT OF CONVEX RISK MEASURES: THE OPTIMIZED CERTAINTY EQUIVALENT

The optimized certainty equivalent (OCE) is a decision theoretic criterion based on a utility function, that was first introduced by the authors in 1986. This paper re-examines this fundamental concept, studies and extends its main properties, and puts it in perspective to recent concepts of risk measures. We show that the negative of the OCE naturally provides a wide family of risk measures that fits the axiomatic formalism of convex risk measures. Duality theory is used to reveal the link between the OCE and the φ-divergence functional (a generalization of relative entropy), and allows for deriving various variational formulas for risk measures. Within this interpretation of the OCE, we prove that several risk measures recently analyzed and proposed in the literature (e.g., conditional value of risk, bounded shortfall risk) can be derived as special cases of the OCE by using particular utility functions. We further study the relations between the OCE and other certainty equivalents, providing general conditions under which these can be viewed as coherent/convex risk measures. Throughout the paper several examples illustrate the flexibility and adequacy of the OCE for building risk measures.     

Effective redesign strategies for tourism management in a crisis context: A theory-in-use approach

Fundamental crises transform the tourism environment. To achieve business continuity, hotels have redesigned their operations with innovative strategies, introducing new protocols, and launching branded programs promising enhanced quality of the travel experience, by collaborating with well-known health and hygiene experts. Using a grounded theory approach, we identify three hotel redesign strategies used in practice (compliance, extensive and partnership redesign). Based on these insights, we further empirically investigate how redesign strategies affect customer perceptions. Through a quasi-experimental design, we find that service redesign influences hotel image and time frame travel. The results differ by the redesign type and the crisis dimension most relevant to tourists (social versus health), such that extensive and partnership redesign, as versus compliance redesign have a significant impact only for health-oriented individuals. Additionally, our findings highlight that redesign efforts to respond the current crisis can be perceived differently by an individual's risk perception and gender.     

基于旅游者风险规避理论的导游管理模式重构

根据旅游者风险规避理论,我国目前的旅游消费陷入了一种“风险规避恶性循环”,而提倡诚信经营、引入公开化、透明化运营机制是打破这种恶性循环的有效措施。据此可重新安排导游服务消费过程,实行导游服务信息公开、明确定价,消费者自主选择导游,从而解决导游薪酬、管理体制、培训和晋升等问题,构建“以导游服务管理公司为管理主体,以旅游消费者利益为制度安排最终目的,旅游行政管理部门监督调控,旅行社灵活聘用”的理想导游管理模式。     

Another Look at the Equity Risk Premium Puzzle

The model of Mehra and Prescott (1985, J. Econometrics, 22, 145–161) implies that reasonable coefficients of risk‐aversion of economic agents cannot explain the equity risk premium generated by financial markets. This discrepancy is hitherto regarded as a major financial puzzle. We propose an alternative model to explain the equity premium. For normally distributed returns and for returns far away from normality (but still light tailed), realistic equity risk premia do not imply puzzlingly high risk aversions. Following our approach, the ‘equity premium puzzle’ does not exist. We also consider fat‐tailed return distributions and show that Pareto tails are incompatible with constant relative risk aversion.     

发展的变异——论牟宗三对传统儒家道德的阐释

第二代新儒家代表人物牟宗三对传统儒家道德进行全新的阐释,建立了道德底形上学体系,打通老内圣与新外王的逻辑进路,以此对抗西方哲学的挑战.尽管这在某种程度上是传统儒家道德的一种变异,但更是传统儒家道德在现代的创新发展.     

Effective risk aversion in thin risk‐sharing markets

We consider thin incomplete financial markets, where traders with heterogeneous preferences and risk exposures have motive to behave strategically regarding the demand schedules they submit, thereby impacting prices and allocations. We argue that traders relatively more exposed to the market portfolio tend to behave in a more risk tolerant manner. Noncompetitive equilibrium prices and allocations result as an outcome of a game among traders. General sufficient conditions for existence and uniqueness of such equilibrium are provided, with extensive analysis of two‐trader transactions. Even though strategic behavior causes inefficient social allocations, traders with sufficiently high risk tolerance and/or high initial exposure to tradable securities obtain more utility gain in the noncompetitive equilibrium, when compared to the competitive one.     

Wage gap and stock returns: Do investors dislike pay inequality?

Recent research shows that a high wage-gap between managers and workers identifies better-performing firms, but the stock market does not seem to price this information. In this paper, we show that not all investors neglect pay inequality. Using a unique data set on German firms’ employee compensation, we find that the mispricing of the wage gap is driven by limits to arbitrage. Specifically, some investors seem to bid up low-wage-gap stocks for non-monetary reasons, thus exhibiting a preference for low pay-inequality. The results suggest that firms with equitable pay schemes are rewarded with a lower cost of capital.     

The effect of a decision aid on risk aversion in capital investment decisions

In this study we examine whether a decision aid is an effective means of reducing risk aversion within a capital investment decision context, and under what conditions. Participating in the experiment were 78 working adults (mid management) with a mean age 30 and enrolled in a leading U.S. MBA program. We predict and find that a decision aid will be most effective among individuals intolerance of ambiguity and exhibiting high negative affect.