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The relationship between personality traits and investment risk preference 人格特质与投资风险偏好的关系
Q4 Economics, Econometrics and Finance Pub Date : 2016-04-28 DOI: 10.1504/IJRM.2016.076185
Chung-Chu Liu, KAI-YIN Woo, Tai-Yuen Hon
Personality traits and risk preference behaviours have been the main subjects of behavioural finance. Our present study is to explore the relationship between the personality traits and investment risk preference. Questionnaire survey method is adopted to collect data and 600 valid samples are selected for the study. Also, the respondents come from Taiwan and Hong Kong, which allows us to test whether the differences in location of residence between these two regions can moderate the relationship. Our results show that investors personality traits have a significant relationship with their risk preferences. The evidence may help academics to integrate the role of personality traits into behavioural finance models, assist investors to recognise their risk preferences for making investment decisions, and facilitate finance professionals to design and recommend investment products for customers that match their risk preference characteristics with corresponding personality traits.
人格特征和风险偏好行为一直是行为金融学的主要研究对象。本研究旨在探讨人格特质与投资风险偏好之间的关系。采用问卷调查法收集数据,选取600个有效样本进行研究。此外,受访者来自台湾和香港,这让我们可以检验这两个地区之间居住地点的差异是否可以调节关系。研究结果表明,投资者的人格特征与其风险偏好之间存在显著的关系。这些证据可以帮助学者将人格特质的作用整合到行为金融模型中,帮助投资者认识到他们在进行投资决策时的风险偏好,并帮助金融专业人员为客户设计和推荐符合其风险偏好特征与相应人格特质的投资产品。
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引用次数: 6
Corporate social responsibility and ASC 820 hierarchy: evidence from responsible CSR activities 企业社会责任和asc820层次:来自负责任的企业社会责任活动的证据
Q4 Economics, Econometrics and Finance Pub Date : 2015-12-24 DOI: 10.1504/ijrm.2015.073834
Patty Bick, Wen-Chyuan Chiang, S. Huang, Li Sun
In 2006, Financial Accounting Standards Board (FASB, 2006) issued Accounting Standards Codification No. 820 (ASC 820) requiring firms to prioritise the inputs used in fair value assessment by levels: from the most reliable (Level 1) to the least reliable (Level 3) inputs. This paper studies the relationship between responsible corporate social responsibility (CSR) activities and the fair value hierarchy under ASC 820. Consistent with the stakeholder theory, we find a positive (negative) relationship between responsible CSR activities and Levels 1 and 2 (Level 3) fair values, suggesting that firms with high levels of responsible CSR activities use more Levels 1 and 2 fair values and less Level 3 fair values. Additionally, we find that more able managers use more Level 3 fair values. However, more able managers in firms with higher levels of CSR activities reduce the use of Level 3 fair values. Overall, our results support the stakeholder theory of CSR.
2006年,财务会计准则委员会(FASB, 2006)发布了第820号会计准则法典(ASC 820),要求公司按级别优先考虑公允价值评估中使用的输入:从最可靠的(第1级)到最不可靠的(第3级)输入。本文研究了asc820准则下负责任的企业社会责任(CSR)活动与公允价值层次的关系。与利益相关者理论一致,我们发现负责任的企业社会责任活动与第1级和第2级(第3级)公允价值之间存在正(负)关系,这表明负责任的企业社会责任活动水平高的企业更多地使用第1级和第2级公允价值,而较少使用第3级公允价值。此外,我们发现更有能力的管理者使用更多的第三层公允价值。然而,在企业社会责任活动水平较高的公司中,更有能力的管理者减少了第3层公允价值的使用。总体而言,我们的研究结果支持企业社会责任的利益相关者理论。
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引用次数: 1
Remanufacturing decisions with uncertain demand and product return yield 需求和产品回收率不确定的再制造决策
Q4 Economics, Econometrics and Finance Pub Date : 2015-12-24 DOI: 10.1504/ijrm.2015.073828
S. Mukhopadhyay, Huafan Ma
In this paper, we consider a supply chain with one original equipment manufacturer (OEM) and one retailer. The OEM can process both used and new parts for the production of new products. The yield of the used parts procured for remanufacturing is random. The OEM makes procurement and production decisions and the retailer makes ordering decisions based on their own cost/incentive structures. The two parties in the supply chain use either a push or a pull contract to trade with each other. We consider both short- and long-manufacturing lead times. We develop models to obtain their optimal policies for different scenarios depending on the contract type and the information the OEM has about the random yield rate. We compare the results of different scenarios and develop managerial insights. We also carry out numerical analysis and evaluate the supply chain performance.
本文考虑一个由一个原始设备制造商(OEM)和一个零售商组成的供应链。OEM既可以加工旧零件,也可以加工新零件,用于生产新产品。采购用于再制造的旧零件的成品率是随机的。原始设备制造商根据自己的成本/激励结构做出采购和生产决策,零售商根据自己的成本/激励结构做出订购决策。供应链中的双方使用推式或拉式合同相互交易。我们同时考虑短期和长期的制造交货期。我们开发模型,根据合同类型和原始设备制造商关于随机产出率的信息,获得不同情况下的最优策略。我们比较不同情景的结果,并发展管理见解。我们还对供应链绩效进行了数值分析和评估。
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引用次数: 2
Study of optimum incentive mechanism based on principal-agent theory for petroleum licence 基于委托代理理论的石油许可证最优激励机制研究
Q4 Economics, Econometrics and Finance Pub Date : 2015-12-24 DOI: 10.1504/ijrm.2015.073821
Xinhua Qiu, Zhen Wang
Government take of oil producing country can be enhanced by optimising the incentive mechanism of petroleum fiscal system. This paper establishes a principal-agent model to improve the production sharing contract (PSC), which is the most popular fiscal regime in hydrocarbon exploitation. It also conducts a numerical analysis to achieve the optimum fiscal design and applies the new model into a deep-water petroleum contract of China. The application results show that the expected income of host government increases by 18% compared with the old fiscal system.
通过优化石油财政制度的激励机制,可以提高石油生产国的政府收入。本文建立了一个委托代理模型,对油气开采中最常用的财政制度——产量分成合同进行了改进。为实现最优财政设计进行了数值分析,并将新模型应用于中国深水石油合同中。应用结果表明,与旧财政体制相比,东道国政府的预期收入提高了18%。
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引用次数: 0
Creating a high dividend stock strategy while exploiting the low beta anomaly 创造一个高股息股票策略,同时利用低贝塔异常
Q4 Economics, Econometrics and Finance Pub Date : 2015-12-24 DOI: 10.1504/ijrm.2015.073835
R. Cloutier, D. Xu
Dividends comprise a large portion of a stock's total return. Given the ageing of our population, the current low income environment, the lack of differential tax treatment of qualified dividends and capital gains, the demand for an efficient high income equity strategy has increased. We present a trading strategy combining high dividend paying stocks with low beta stocks that has provided better returns than the overall market with substantially lower systematic risk. In addition, this strategy provides better raw returns and higher Treynor and Sharpe ratios than the market during a period of rising interest rates, generally a period that does not support income sensitive assets.
股息占股票总回报的很大一部分。鉴于我国人口老龄化,目前的低收入环境,缺乏对合格股息和资本收益的差别税收待遇,对有效的高收入股票策略的需求有所增加。我们提出了一种将高股息支付股票与低贝塔股票相结合的交易策略,该策略提供了比整体市场更好的回报,并且系统风险大大降低。此外,在利率上升期间,这种策略比市场提供更好的原始回报和更高的特雷诺和夏普比率,通常这一时期不支持收入敏感资产。
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引用次数: 0
Revisiting three decades of price premium research in marketing: a literature review 回顾三十年来市场营销中的价格溢价研究:文献综述
Q4 Economics, Econometrics and Finance Pub Date : 2015-12-24 DOI: 10.1504/ijrm.2015.073817
Gaganpreet Singh, N. Pandey
The buyers in the markets owing to the asymmetric information provide extra incentive to sellers for consistent supply of high quality products or services. Undoubtedly, improved quality is at an expense of higher economic cost. The incentive in the form of price differential that truly substantiates the worth or value of improved quality is referred to as price premium. Lately, the application of price premium had been on the rise. Sellers had been charging price premium because of both tangible and intangible benefits offered by them. With the increase in purchasing power of the people, buyers do not mind paying price differential for the products perceived to have differentiating value. The paper is an effort to synthesise various research studies published on price premium from a marketing perspective. The review is selective rather than exhaustive in terms of the topics covered. The review concludes 11 independent factors that influence price premium.
由于信息不对称,市场上的买方为卖方提供持续的高质量产品或服务提供了额外的激励。毫无疑问,提高质量是以更高的经济成本为代价的。真正体现质量改进的价值或价值的价差形式的激励,称为价格溢价。近年来,价格溢价的应用呈上升趋势。卖家一直在收取价格溢价,因为他们提供了有形和无形的利益。随着人们购买力的提高,购买者不介意为被认为具有差异化价值的产品支付差价。本文试图从市场营销的角度综合各种关于价格溢价的研究成果。就所涵盖的主题而言,审查是选择性的,而不是详尽的。本文总结了影响价格溢价的11个独立因素。
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引用次数: 16
Do retailers set optimal prices in the case of the retail gasoline market 在零售汽油市场中,零售商是否设定了最优价格
Q4 Economics, Econometrics and Finance Pub Date : 2015-12-24 DOI: 10.1504/ijrm.2015.073818
Dae-Wook Kim, M. Davison, Fredrik Ødegaard
How should gasoline retailers respond to other competing retailers and to changes in commodity gasoline prices to set their own prices over time? This question opens the door to an important discussion on price-setting strategies in the retail gasoline market. Retail gasoline price data, both panel and time series, is of great interest in the economic arena since it allows the testing of many theories about price formation, oligopolistic pricing, and consumer search. In this study, we present results from a unique new dataset, including daily sales, cost, and price data from 100 retail gasoline stations in a western European country. With this data, we empirically test various economic models to confirm, in full or in part, some earlier results based on North American data. We discuss a special case in which we empirically fit a model where retailers set prices partly in response to local competitors' prices.
汽油零售商应该如何应对其他竞争零售商和商品汽油价格的变化,以制定自己的价格?这个问题为零售汽油市场定价策略的重要讨论打开了大门。零售汽油价格数据,无论是面板还是时间序列,在经济领域都是非常有趣的,因为它允许测试许多关于价格形成、寡头垄断定价和消费者搜索的理论。在这项研究中,我们展示了一个独特的新数据集的结果,包括来自西欧国家100个零售加油站的日销售额、成本和价格数据。有了这些数据,我们对各种经济模型进行了实证测试,以全部或部分地证实一些基于北美数据的早期结果。我们讨论了一个特殊的案例,在这个案例中,我们经验地拟合了一个模型,其中零售商在一定程度上根据当地竞争对手的价格来设定价格。
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引用次数: 1
Comparison of forecasting techniques in revenue management for a national railway in an emerging Asian economy 亚洲新兴经济体国家铁路收入管理预测技术比较
Q4 Economics, Econometrics and Finance Pub Date : 2015-06-24 DOI: 10.1504/ijrm.2015.070000
Goutam Dutta, Divya Pachisia Marodia
In this paper, we make an attempt to compare various forecasting techniques to predict railway bookings for the final day of departure in the national railways of emerging Asian economy (NREAE). We use NREAE data of 2005-2008 for a particular railway route, apply time series [moving average, exponential smoothing and auto regressive integrative moving average, linear regression and revenue management techniques (additive, incremental and multiplicative pickup] to it and compare various methods. To make an efficient forecast over a booking horizon, we employ a weighted forecasting method (a blend of time series and revenue management forecasts) and find that it is successful in producing average mean absolute percentage error (MAPE) less than 10% for all fare classes across all days of the week except one class. The advantage of the model is that it produces efficient forecasts by attaching different weights across the booking period.
在本文中,我们试图比较各种预测技术来预测亚洲新兴经济体(NREAE)国家铁路出发最后一天的铁路预订量。我们使用了2005-2008年特定铁路线的NREAE数据,对其应用时间序列[移动平均,指数平滑和自动回归综合移动平均,线性回归和收益管理技术(加性,增量和乘性拾取)],并比较了各种方法。为了有效地预测预订水平,我们采用了加权预测方法(时间序列和收益管理预测的混合),并发现它成功地为一周中除一个舱位外的所有舱位产生了小于10%的平均绝对百分比误差(MAPE)。该模型的优势在于,它通过在预订期间附加不同的权重来产生有效的预测。
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引用次数: 4
Key operating indicators to lever financial performance of publicly traded restaurant companies: a market's perspective from 2007-2011 上市餐饮公司杠杆财务绩效的关键经营指标:2007-2011年的市场视角
Q4 Economics, Econometrics and Finance Pub Date : 2015-06-24 DOI: 10.1504/ijrm.2015.070006
G. Demydyuk, H. Shawky, J. V. D. Rest, J. Adriaanse
This paper develops a market perspective on revenue management by directly linking risk-adjusted market performance of publicly traded restaurants to their revenue and activity-based operating indicators. The results show that higher customer traffic generated by a lower average customer check is a potential business model that leads to superior long-term risk-adjusted stock market performance. Operating profit per guest is also identified as a strong predictor of superior financial and stock market performance. The study contributes to a growing literature in restaurant revenue management that investigates the price-traffic relationship and its influence on financial performance in a multiunit restaurant context. Customer traffic is thereby identified as a key positive revenue and profit driver that is negatively impacted by a higher average guest check. The findings were consistent over all restaurant types (franchised/owned, full-service/quick-service, cuisine) as well as during the years of better and worse state of the economy.
本文通过将上市餐厅的风险调整后的市场表现与其收入和基于活动的经营指标直接联系起来,发展了收入管理的市场视角。结果表明,较低的平均客户检查产生较高的客户流量是一种潜在的商业模式,导致优越的长期风险调整后的股票市场表现。每位客人的营业利润也被认为是优秀财务和股票市场表现的一个强有力的预测指标。该研究为越来越多的餐馆收入管理文献做出了贡献,这些文献研究了多单位餐馆环境下的价格-流量关系及其对财务绩效的影响。因此,客流量被确定为一个关键的积极收入和利润驱动因素,而受到较高的平均客人账单的负面影响。调查结果在所有类型的餐厅(特许经营/自营、全方位服务/快餐服务、烹饪)以及经济状况好坏的年份都是一致的。
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引用次数: 4
Optimal fare price differentiation with demand leakage in airline industry 考虑需求泄漏的航空业最优票价差异
Q4 Economics, Econometrics and Finance Pub Date : 2015-06-24 DOI: 10.1504/ijrm.2015.069999
S. A. Raza
Airlines have been utilising differentiated fare pricing for more than four decades as one of the widely used revenue management (RM) tool which mainly segments the cabin capacity into multiple fare classes often distinguished using fare prices. Studies have shown that there can be significant augmentation in revenues from differentiated pricing, however, most studies have assumed that the market segmentation is perfect and demands observed in the perfectly segmented markets using differentiated prices are deterministic. In perfect market segmentation, there is no demand leakage between the market segments, and therefore, customers do not cannibalise (move) between market segments. It is not uncommon to notice that the market segmentation is seldom prefect with no exceptions to airline industry. In the airline industry, passengers are expected to cannibalise between fare classes. This research addresses the issue of establishing an integrated framework to optimise differentiated fare prices, and seat inventory control for an airline which experiences demand leakage. Mathematical models are proposed for an airline which experiences the price dependent stochastic demand whose distribution is known, and for the situation when the distribution of the price dependent stochastic demand is unknown. We analyse the models to outline an integrated optimal control framework for differentiated fare pricing, and seat inventory control decisions for an airline that experiences the demand leakage between its fare classes. Numerical example shows that the proposed integrated framework significantly improves the revenue gains of an airline.
差别化票价是航空公司四十多年来广泛使用的收益管理(RM)工具之一,它主要是将客舱容量划分为多个票价等级,通常使用票价来区分。研究表明,差异化定价可以显著增加收入,然而,大多数研究都假设市场细分是完美的,并且在使用差异化价格的完美细分市场中观察到的需求是确定性的。在完美的细分市场中,细分市场之间不存在需求泄漏,因此,客户不会在细分市场之间自相残杀(移动)。这并不罕见的注意到,市场细分很少是完美的,航空行业也不例外。在航空业中,乘客们会在不同的票价等级之间进行选择。本研究解决的问题是建立一个综合框架,以优化差别化票价和座位库存控制的航空公司,经历需求泄漏。针对航空公司遇到价格依赖随机需求且其分布已知的情况,以及价格依赖随机需求分布未知的情况,提出了相应的数学模型。我们对这些模型进行了分析,勾勒出了一个综合的最优控制框架,用于差别化票价定价,以及航空公司在其票价类别之间经历需求泄漏的座位库存控制决策。数值算例表明,所提出的综合框架显著提高了航空公司的收益。
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引用次数: 6
期刊
International Journal of Revenue Management
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