An Empirical Analysis of Green Experiential Loyalty: A Case Study

The purpose of this study is to elaborate the structural relationships among the experiential quality dimensions, experiential trust, emotional attachment, experiential image, switching experience, experiential satisfaction, and experiential loyalty from the green perspective. The study findings are based on structural equation modeling (SEM) analysis of a convenience sample of 560 customers at one green restaurant in Taipei City, Taiwan. The findings show that investing resources in an increase in the experiential quality dimensions and a decrease in green switching experience is useful to enhance green experiential trust, green emotional attachment, green experiential image, green experiential satisfaction, and green experiential loyalty.     

INTERNATIONAL RESERVE MANAGEMENT: A DRIFT‐SWITCHING REFLECTED JUMP‐DIFFUSION MODEL

We study the cost of shocks, that is, jump risk, with respect to reserve management when the reserve process is formulated as a drift‐switching jump diffusion with a reflecting barrier at 0. Inspired by the Brownian drift switching model, our model results in a more realistic dynamic behavior of international reserves than the buffer stock model. The new model can capture both the jump behavior in reserve dynamics and the leptokurtic feature of the increment distribution which has a higher peak and two asymmetric heavier tails than the normal distribution. Through the selection of an initial distribution that reflects certain steady state behaviors, the reserve process becomes a regenerative process. This selection enables us to derive a closed‐form expression for the total expected discounted cost of managing reserves, thus helping us to numerically find management strategies that minimize costs. The numerical results show that shocks at the reserve level have a significant effect on reserve management strategies and that model misspecification can result in nonnegligible additional costs.     

Volatility forecasting: long memory,regime switching and heteroscedasticity

In this article, we account for the first time for long memory, regime switching and the conditional time-varying volatility of volatility (heteroscedasticity) to model and forecast market volatility using the heterogeneous autoregressive model of realized volatility (HAR-RV) and its extensions. We present several interesting and notable findings. First, existing models exhibit significant nonlinearity and clustering, which provide empirical evidence on the benefit of introducing regime switching and heteroscedasticity. Second, out-of-sample results indicate that combining regime switching and heteroscedasticity can substantially improve predictive power from a statistical viewpoint. More specifically, our proposed models generally exhibit higher forecasting accuracy. Third, these results are widely consistent across a variety of robustness tests such as different forecasting windows, forecasting models, realized measures, and stock markets. Consequently, this study sheds new light on forecasting future volatility.     

The Effects of Search-Related and Purchase-Related Mobile App Additions on Retailers’ Shareholder Wealth: The Roles of Firm Size,Product Category,and Customer Segment

Mobile channel additions have been shown to increase consumer-brand relationships, brand satisfaction towards and overall purchasing from a retailer, but what is less apparent is whether shareholders are fully rewarded for retailers’ mobile channel additions. Results from an event study on 115 announcements relating to mobile app additions of publicly traded U.S. retail firms between 2009 and 2016 indicate that the stock market responds generally positively to mobile app additions, but specifically to the two mobile app addition types. Stock market responses to search-related and purchase-related app additions are moderated by firm size, product category, and target customer age. For announcements of search-related apps, the market responds more positively to product retailers than to service retailers, and to small firms than large ones. For announcements of purchase-related apps, the market responds less positively to firms that target younger customers than firms who do not especially target them.     

我国通信业客户忠诚驱动因素研究

客户忠诚指客户行为的持续性,它对确立企业的核心竞争力具有重要影响。文章认为,客户忠诚是内外部环境因素共同作用的结果。而通讯服务质量、信任、转网成本、员工忠诚是影响通讯业客户忠诚的重要因素。其中,良好的通讯服务质量是维系客户忠诚的保障;信任是客户再购买行为产生的前提;转网成本对通讯业客户忠诚有着不可忽视的影响;员工忠诚有助于客户忠诚的建立。我国通讯运营商要建立客户忠诚,必须以客户导向的营销理念作为企业经营管理的主导思想;加强技术创新,为客户提供全方位的优质服务;与客户之间建立相互信任的合作关系,为长远合作奠定基础;提高转网成本和员工忠诚度,为建立客户忠诚打下坚实的内部基础。     

销售渠道风险管理

本文首先建立了一套用以评估销售渠道风险的指标体系，通过建立企业各销售渠道的物元模型，运用物元的可拓性，将销售渠道的建设和管理控制的指标量化，按照统一规范化运算，得出便于比较的优度，从而对各类渠道风险进行排序选择风险最底的渠道。最后，本文以一个算例对评估销售渠道风险模型进行了实证研究。     

Monitoring recessions: A Bayesian sequential quickest detection method

Monitoring business cycles faces two potentially conflicting objectives: accuracy and timeliness. To strike a balance between these dual objectives, we propose a Bayesian sequential quickest detection method to identify turning points in real time with a sequential stopping time as a solution. Using four monthly indexes of real economic activity in the United States, we evaluated the method’s real-time ability to date the past five recessions. The proposed method identified similar turning-point dates as the National Bureau of Economic Research (NBER), with no false alarms, but on average, it dated peaks four months faster and troughs 10 months faster relative to the NBER announcement. The timeliness of our method is also notable compared to the dynamic factor Markov-switching model: the average lead time was about five months when dating peaks and two months when dating troughs.     

企业在同质产品市场的差异化战略行为——一个对我国反垄断立法的产业组织理论解释

我国在加入WTO后,一些重要的服务领域面临着全面对外开放。由于转换成本的存在,使得该领域中本来在购买前功能相近的同质商品或服务,在购买后成为异质的商品。企业因而拥有相对于消费者的事后垄断的权力。为此,企业有动机在初期采取战略行为吸引消费者。这既缓和了后续阶段的企业间竞争,也在整体上将该行业的产品价格维持较高水平。它可能会降低社会效率和消费者福利。文章通过分析企业间在同质商品市场竞争的市场效果和福利后果,为在我国该领域反垄断立法提供了理论解释。     

Environmental tax policy in a model of growth cycles

Summary. The purpose of this paper is to consider environmental taxation which would control emissions of firms in a model of growth cycles. In the model presented below, the economy may experience two phases of growth and environmental quality: “the no-innovation growth regime” and “the innovation-led growth regime”. Aggregate capital and environmental quality remain constant in the no-innovation growth regime, while they perpetually increase in the innovation-led growth regime. The paper shows that the tax plays a key role in determining whether the economy stably converges to one of the two regimes or fluctuates permanently between them. It also shows that there is a critical level of the tax and that the economy obtains higher growth rates of capital and environmental quality by raising (or reducing) the tax if the initial tax is below (or above) the critical level. Received: April 2, 2001; revised version: March 21, 2002 RID="*" ID="*" This research reported here was conducted within the research project “Project on Intergenerational Equity” at Institute of Economic Research, Hitotsubashi University. I am deeply grateful to an anonymous referee for his or her insightful comments, which greatly improved the paper. I also thank Hiroshi Honda, Yasuo Maeda, Yuji Nakayama, and participants in workshops at Hitotsubashi University, Kyoto University, Nagoya University, Osaka University, University of Tsukuba, Yokohama National University, and University of Tokyo for their valuable comments and suggestions. Any remaining errors are mine.     

Real Exchange Rate and External Balance: How Important Are Price Deflators?

This paper contrasts real effective exchange rate (REER) measures based on different deflators (consumer price index, GDP deflator, and unit labor cost) and discusses potential implications for the link—or lack thereof—between the REER and the external balance. We begin by comparing the evolution of different measures of REER to confirm that the choice of deflator plays a significant role in REER movements. A subsequent empirical investigation based on 35 developed and emerging market economies over 1995–2017 yields comprehensive and robust evidence that only the REER deflated by unit labor cost exhibits contemporaneous patterns consistent with the expenditure-switching mechanism. Finally, we show that a standard open-economy model with nominal rigidities and trade in intermediate goods is able to generate these aforementioned patterns.