Initial public offerings in the gaming industry: an empirical study

The fastest growing segment of the hospitality industry is gaming-related business. This industry has experienced record numbers of companies going public, and their stocks are considered favorable long-term investments. Research in the initial public offering (IPO) area suggests that investors acquiring stock at the initial offering price earn large returns. The purpose of this study was to determine if large returns are being experienced for IPOs in the gaming segment of the hospitality industry, and if these large returns were limited to investors who purchased the stock at the initial offer price. There were 14 gaming-related companies selected for the study. The conclusions supported research reporting that the highest returns from IPO investments are made when the stock is purchased at the initial offer price. This study concludes that returns based on the initial offer price were greater than the casino index and the IPO index. When the investor purchased the stock at the first day's closing price, however, returns compared to the two indices were surpassed only after holding the stock for 8 weeks.     

投机资本攻击一国汇率的博弈均衡

在经济全球化和金融自由化背景下,国际投机资本的力量快速膨胀,国际游资利用金融杠杆掠夺危机国的财富,使国际金融市场的稳定受到严重挑战.通过构建两个不完全信息下微观主体的博弈模型,揭示国际投机者做出投机攻击决策的依据和博弈中货币当局败北的原因,创造性地提出"抗投机攻击指数"的概念,用以判断一国外汇市场的稳定,为我国在金融市场对外开放过程中采取有效政策搭配、实现内外均衡提供参考.     

制度约束、利益博弈与农村信用社改革

我国农信社体制的变迁与发展，是数十年来各种社会经济问题的集中反映，也是制度约束的必然结果．由此构成了中国农村信用社体制改革问题的艰巨性与复杂性。从利益博弈的角度分析，每一轮农信社体制的改革都将引发一场利益关系的博弈，博弈的均衡点就是此轮改革的结局。希望在农村信用社改革的框架之内解决农村金融服务体系的全部或大部分问题是不切实际的。     

博弈模型的扩展分析

偷逃税行为最现实的原因是纳税人和征税人之间的信息不对称。因此,其治理可从内外两个方面入手:"内"是在内部建立激励机制;"外"是通过制度的重新设计和调整,增强对纳税行为的控制和约束,堵塞纳税人的寻租途径。     

Sufficiency of an outside bank and a default penalty to support the value of fiat money: Experimental evidence

We present a model in which an outside bank and a default penalty support the value of fiat money, and experimental evidence that the theoretical predictions about the behavior of such economies, based on the Fisher-condition, work reasonably well in a laboratory setting. The import of this finding for the theory of money is to show that the presence of a societal bank and default laws provide sufficient structure to support the use of fiat money and use of the bank rate to influence inflation or deflation, although other institutions could provide alternatives.     

The Experience of Selling Experiences

In the experience economy, working conditions — that is, the experience of work — directly affect both job quality and the quality of the experience produced. We propose an alternative definition of job quality and apply this concept to a qualitative study of casino employees. Pay and benefits are crucial elements of sustainable livelihoods. But building a life also requires time away from the job, good health, and supportive institutions, including employers who treat their workers as human beings with complex lives. A good job reinforces, rather than undermines, a positive sense of identity.     

论中国经济可持续发展的原始动力——基于构建和谐稳定劳动关系的视角

在社会主义市场经济条件下,劳资两大基本生产要素之间和谐稳定的关系不仅有助于我国社会结构的稳定,也是经济可持续发展的原始动力。当前,劳动关系失衡,劳动者的合法权益得不到有效保障,这些制约着经济的可持续发展和经济增长方式的转变。在中国国情制度框架内的工会合作博弈行为,是维护劳动者权益的有效手段,是实现劳动关系平衡的理想路径。工会的合作博弈有助于劳动和资本有效良性的结合,从而推动经济的可持续发展和经济增长方式的转变。     

产业集群形成的内在机理研究——一个博弈分析的框架

产业集群并不是众多企业在同一区域内的简单拼凑和集中,它的产生和发展遵循着本身的内在逻辑和运行规律。用博弈的分析框架来研究产业集群的形成机理可以清楚地看到产业集群在其萌芽、发展、成熟等不同阶段集群内企业之间表现出来的不同相互关系。这种关系本身也反映出企业在追求效率和利益方面采用方式的演变过程。     

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.     

Unraveling public support for casino gaming: The case of a casino referendum in Penghu

By integrating the social exchange theory (SET) and the theory of planned behavior (TPB), this study unravels the factors associated with residents’ intention to support casino gaming development in Penghu in future referenda. Residents’ attitudes toward casino gaming development in their community were examined in the SET framework while their intention to support such development was investigated in the TPB framework. Despite that partisan difference did not have a significant interaction with TPB variables, past behavior exerted moderating effects determining residents’ intention to support casino gaming development through two TPB variables: subjective norm and perceived behavioral control. Implications are provided.

Abbreviations: ATTU: attitude; DPP: Democratic Progress Party; ECOI: perceived economic impact; ENVI: perceived environmental impact; INT: intention to support casino gaming development in future referenda; KMT: Kuomingtang; PBC: perceived behavioral control; PPB: perceived personal benefit; SET: social exchange theory; SN: subjective norms; SOCI: perceived social impact; TPB: theory of planned behavior