基于声誉机制的风险投资与风险企业博弈分析

在资本市场中，风险投资活动以风险投资家和风险企业的合作为基础。同时，风险投资与风险企业也存在着信息不对称，双方在相互寻找和选择的过程中进行着博弈。研究如何建立风险投资与风险企业之间的合作机制，抑制博弈过程中可能会出现的机会主义行为，将对风险投资活动起到重要的指导作用。     

Examining strategies for maximizing and utilizing brand prestige in the luxury cruise industry

The purpose of this research was to examine the antecedents and consequences of brand prestige in the luxury cruise industry in order to provide luxury cruise managers with practical strategies for maximizing and utilizing brand prestige. Based on the existing theoretical background, it was hypothesized that eight types of cruise experience factors influence the formation of brand prestige: food quality, service quality, staff/crew attractiveness, entertainment, ship facilities, ports of call, programs/places for children, and cabin quality. In addition, it was proposed that brand prestige can result in three managerial outcomes: well-being perception, customer brand identification, and brand loyalty. A conceptual model was developed and tested using the empirical data collected from 330 U.S. luxury cruise passengers. The results showed that all of the proposed hypotheses were statistically supported. The key theoretical/managerial implications that were derived from the analysis are presented and discussed in the last part of the article.     

GAMBLING IN CONTESTS WITH REGRET

This paper discusses the gambling contest introduced in Seel and Strack (2013, Gambling in Contests, Journal of Economic Theory, 148(5), 2033–2048) and considers the impact of adding a penalty associated with failure to follow a winning strategy. The Seel and Strack model consists of n‐agents each of whom privately observes a transient diffusion process and chooses when to stop it. The player with the highest stopped value wins the contest, and each player's objective is to maximize her probability of winning the contest. We give a new derivation of the results of Seel and Strack based on a Lagrangian approach. Moreover, we consider an extension of the problem to a behavioral finance context in the sense of regret theory. In particular, an agent is penalized when her chosen strategy does not win the contest, but there existed an alternative strategy that would have resulted in victory.     

Casinos and campus crime

This work examines the hypothesized positive relationship between casinos and local crime rates. Analysis of reported crime data for 173 residential colleges and universities in four Midwestern states suggests that robberies and motor vehicle thefts, but not burglaries, are significantly higher in number for campuses located within 10 miles of a casino.     

The antecedents of tourists’ gaming spend: does the brand prestige matter?

This study endeavors to empirically analyse the influential effect among brand prestige, service quality, casino visitor satisfaction and spend. Data from 304 tourists who had travelled to Macau and had participated in gambling activities were used and structural equation modelling and multi-group analysis were employed in hypotheses testing. The findings demonstrated that both brand prestige and perceived service quality are determinants of satisfaction and gaming spend, and that brand prestige also affects service quality positively. Furthermore, past experience moderates the service quality and visitors’ satisfaction relationship, also service quality and visitors’ gaming spend relationship.     

澳门旅游发展趋势研究

从澳门的旅游资源和旅游吸引力、影响因素等方面对回归后的澳门旅游发展进行研究 ,认为澳门旅游业应与珠海进行互补式合作 ,发展以博彩业为龙头的城市旅游 ,逐步形成集博彩旅游、宗教旅游、观光度假、娱乐购物、会议会展、体育旅游等为一体的多元化旅游体系 ,以期成为“粤港澳大型旅游区”内富有特色的现代化综合性国际旅游中心城市     

The Antecedents and Consequences of Travelers' Need for Uniqueness: An Empirical Study of Restaurant Experiences

Dining out at a restaurant is one of the most important parts of travelers' tourism experience. The purpose of this research was to examine the antecedents and consequences of travelers' need for uniqueness (CNFU) in their restaurant experiences. Based on a literature review, three theoretical antecedents (perceived firm innovativeness (PFI), perceived firm uniqueness, and brand prestige) and three theoretical consequences (utilitarian value, hedonic value, and behavioral intentions) were proposed. During this process, it was theorized that consumers' uniqueness-seeking behaviors can be strengthened and/or weakened by three psychological moderators: attention to social comparison information (ATSCI), face consciousness, and materialism. By integrating the theoretical arguments, a structural model was proposed. The proposed model was tested using data collected from 379 travelers who had dined out at a luxury restaurant in the past three months. According to the data analysis results, PFI, perceived firm uniqueness, and brand prestige were all confirmed to be important factors in enhancing CNFU. Furthermore, it was determined that CNFU bears a positive impact on behavioral intentions, an impact that is mediated by perceived value. Lastly, the moderating roles of ATSCI and materialism were found to be significant. In the latter part of this research, managerial implications derived from the data analysis results are discussed.     

《孙子兵法》与现代商战纵横谈

《孙子兵法》是我国也是世界上最早、最完整、最卓越的军事理论著作,是中华民族数千年灿烂文明长河中,令世界叹为观止的闪烁着真理光芒的文化瑰宝,一直为世人所推崇。《孙子兵法》为世界第一“兵学盛典”,已在世界范围内广泛传播,应用领域极为广泛,更倍受商界青睐。日本企业家将其奉为至宝,美国商人视其为“金科玉律”。军队是在战场上拼杀,企业是在市场上作战,二者有相当的相似性,《孙子兵法》是伟大的商战博弈论,故可为现代商战所用。《孙子兵法》中“上兵伐谋”的战略思想、“五事七计”的决策思想、不战而胜的“全胜”思想、“以利制权”的“权变”思想,则是现代商战的制胜法宝。     

Determinants of Underwriter Participation in Initial Public Offerings of Common Stock: An Empirical Study

This paper examines an optimal underwriter participation model and develops testable hypotheses regarding the influence of certain factors on the degree of underwriter participation in initial public offerings (IPOs) of common stock. The issue of underwriter participation is important primarily due to the tradeoff between foregone underwriter compensation and underwriting risk reduction. The results of this paper indicate that factors related to the issue, issuing firm, underwriter, and IPO market conditions all are important determinants of the participation decision. Interestingly, the results also show that the importance of these factors is not consistent across underwriter prestige groups. In particular, factors external to underwriters (e.g., the issuing firm and market characteristics) are more important for explaining nonprestigious underwriter participation, while factors related to underwriters themselves play a more important role for explaining prestigious underwriter participation.     

中俄天然气合作博弈分析

中俄两国在能源领域的合作受到全球越来越多的关注，中俄能源合作有着广阔的前景，但目前还存在一些具体的问题，石油管线的修建一波三折，天然气合作仍处在初级阶段。针对两国在天然气合作过程中出现的现象和问题，本文将运用博弈论思想做出具体的分析。