指望政府救市，中国股民面临多重风险

【美国《华尔街日报》3月24日】全世界股票投资者正在向中国同行致意：感谢你们，让我们感觉好些了。而此前不久，中国大陆股民还是全世界股票买家深感嫉妒的对象。但目前他们却沦为警示故事的主角，提醒人们现金以及无经验的贪婪可能引发灾难。     

Reconciling introspective utility with revealed preference: Experimental arguments based on prospect theory

In an experiment, choice-based (revealed-preference) utility of money is derived from choices under risk, and choiceless (non-revealed-preference) utility from introspective strength-of-preference judgments. The well-known inconsistencies of risky utility under expected utility are resolved under prospect theory, yielding one consistent cardinal utility index for risky choice. Remarkably, however, this cardinal index also agrees well with the choiceless utilities, suggesting a relation between a choice-based and a choiceless concept. Such a relation implies that introspective judgments can provide useful data for economics, and can reinforce the revealed-preference paradigm. This finding sheds new light on the classical debate on ordinal versus cardinal utility.     

Spanish Economic Review referees (2003-2004)

Spanish Economic Review referees (2003-2004)

Spanish Economic Review referees (2003-2004)     

Educational Development and Labour Markets

For over a century and a half, there have been cyclical phases ofsaturation and shortage in the numbers of students enrolled at German and Prussian universities. Starting from thisobservations, this article constructs a neoclassical glutting theory. A two-fold hypothesis is put forward. Firstly,the behaviour of students in their choice of curriculum depends on the expected rewards. Indeed, the allocation of studentsto the various faculties depends on the comparative yields of the latter in terms of expected earnings and job availabilityin the corresponding professional sectors. Thus, the rewards expected by a student are represented by the earnings on thelabour market at a given moment and that he or she considers to be sustainable in time. Secondly, an attraction phenomenonmay appear for certain curricula when a shortage occurs in different professional sectors. Once the shortagehas been made up, the demand effect continues as a result of delay in the perception of the situation by young people.This may gradually lead to comparative over-production of qualifieduniversity leavers. This unbalanced situation diverts new cohorts ofstudents to other sectors ofeducation and may cause a new shortage, finally resulting in acyclical movement modulated according to job availability.     

Consumer ethics: The possible effects of terrorism and civil unrest on the ethical values of consumers

Research investigating the consumer's ethical beliefs, ideologies and orientation has been limited. Additionally, despite the repeated call in the literature for cross cultural research, virtually no studies have examined the ethical beliefs and ideologies of consumers from cultures other than those in North America. This study partially fills this gap in the literature by investigating the ethical beliefs, preferred ethical ideology, and degree of Machiavellianism of consumers from Egypt and Lebanon. The results indicate that consumers in Lebanon, which has been torn by civil unrest and terrorism, tend to be more Machiavellian, less idealistic, and more relativistic than their Egyptian counterparts. Additionally, the Lebanese consumers tend to be more accepting of questionable consumer practices.Mohammed Y. A. Rawwas is Assistant Professor of Marketing at the University of Northern Iowa. His research has appeared in theJournal of Business Ethics, Journal of Hospital Marketing, Health Marketing Quarterly, Medical Marketing & Media, and national proceedings of the American Marketing Association.Scott J. Vitell is Associate Professor of Marketing and holder of the Michael S. Starnes Lecturship in Marketing and Business Ethics at the University of Mississippi. His work has previously appeared in theJournal of Macromarketing, theJournal of Business Ethics, Research in Marketing, theBusiness and Professional Ethics Journal and theJournal of the Academy of Marketing Science as well as various other journals and proceedings.Jamal Al-Khatib is Assistant Professor of Marketing at the University of Wisconsin-Eau Claire. His research has appeared in theJournal of Consumer Marketing, International Marketing Review andResearch in the International Business Disciplines as well as various national and regional proceedings.     

High-Performance HR Practices,Work Stress and Quit Intentions in the Public Health Sector: Does person–organization fit matter?

Drawing on the attraction–selection–attrition (ASA) framework, this paper examines a mechanism, namely person–organization (P–O) fit, through which high-performance HR practices (HPHRPs) affect two negative employee outcomes: work-related stress and quit intentions. Using a sample of Egyptian public health sector workers, a mediation model is tested empirically using structural equation modelling. The study results show that HPHRPs positively affected P–O fit, which in turn had significant negative associations with work stress and quit intentions. P–O fit also explained a high proportion of mediation in the relationship between HPHRP and both outcomes.     

Risk-Taking Behavior and Capital Adequacy in a Mixed Banking System: New Evidence from Malaysia Using Dynamic OLS and Two-Step Dynamic System GMM Estimators

This study is the first attempt to investigate the relationship between the level of risky assets and capital level in a mixed Malaysian banking system covering 83 months starting December 2006. The results of dynamic ordinary least squares indicate positive relationship between capital ratio (CAR) and risk-weighted asset ratio (RWA) in the long run. Furthermore, the causality analysis based on panel vector error correction model (VECM) and two-step dynamic system generalized method of moments indicates unidirectional causality from CAR to RWA. Our results further suggest that higher capital growth and capital buffer provide an extra cushion for the Malaysian banks to pursue relatively riskier financial activities, and the nature of risk-taking behavior of Islamic banks follows that of the conventional banks.     

Can Arabic Proverbs Enhance Arabic-Speaking Students’ Comprehension of Financial Concepts?: An Empirical Study in Randomly Selected Business Schools in Dubai

In this study, we investigated the use of Arabic proverbs and quotes for teaching finance courses to Arabic-speaking students who are nonnative speakers of English. The study found that the use of Arabic proverbs and quotes greatly enhances the students’ comprehension of the finance topics covered. Similarly, the study revealed that the use of Arabic proverbs and quotes for Arabic-speaking students in teaching finance courses creates rapport between the student and instructor, thus enhancing learning. Finally, the study confirmed that the use of Arabic proverbs and quotes for Arabic-speaking students in teaching finance courses does not lead to confusion or complicate matters, but enhances comprehension and bolsters retention.