• This article discusses the current situation in the market of cryptocurrencies and joins the debate about the regulation of these financial innovations. • It argues that the appearance of cryptocurrencies was a response to market demand for more affordable and more inclusive banking. • It also argues that distributed ledger technology (DLT) which supports cryptocurrencies and has different characteristics than the technology used by traditional banking could help to create with cryptocurrencies a new, lower cost, more inclusive financial ecosystem separate from the traditional one. • The two ecosystems (traditional and new one) would form a larger two-tier financial ecosystem, which, overall would be more inclusive and more affordable. Also, it would be more effective in containing contagion and major economic disruption during future financial crises. • The current reliance on a single, ever growing, and immensely complex financial ecosystem is not sustainable longer term as systemic risks grow with the system and there are no mechanisms available to fully eliminate these risks. The costs of regulating the current market architecture are also excessively high.
There is an agreement among European countries about the need to achieve efficient, effective and responsive evacuations as part of disaster management. Evacuations face uncertain and dynamic conditions, which often challenge the expectations at the planning stage. This research looks at the adoption of agility in evacuation operations. Managers involved in disaster operations in three countries were interviewed to identify current practices and needs during evacuations. This article looks at the potential of beneficiary engagement, staff and information, cooperation, and fitness for change to incorporate agile practices at each one of the stages of evacuation planning. The purpose is to provide an Agile Evacuation Operations (AEO) evidence-based framework to inform theory and practice. The analysis provided shows that along with current practices it is important to engage the beneficiaries more closely, empower and train the staff to react to unexpected conditions, and take advantage of local knowledge to enhance operations.
This paper examines whether major media advertising expenditures help in predicting future earnings. We consider the role of media advertising in firms’ marketing efforts and posit that persistent advertisers are more likely to benefit from advertising activities in creating long‐lived intangible assets. Employing a sample of persistent UK advertisers over the period 1997–2013, we find that advertising expenditures are significantly positively associated with firms’ future earnings and market value. We also report size and sector‐based differences in the association between advertising and firms’ future earnings. Our additional analysis provides support for the arguments that despite the recent rise in digital advertising budgets, traditional advertising media are still effective in positively influencing firms’ performance. Overall, the results of this study are consistent with the view that advertising expenditures produce intangible assets, at least for firms in certain sectors. These findings have implications for marketers in providing evidence of the value generated by firms’ advertising budgets, for investors in validating the relevance of advertising information in influencing future earnings, and for accounting regulators in relation to the provision of useful insights for any future deliberations on financial reporting policies for advertising expenditures.
Firms widely use smiling models to create a positive background setting for advertisements. This study assesses the various effects of smiling in print advertisements across different stages of consumer decision-making, while also considering interaction effects between the genders of models and viewers. Empirical evidence comes from 175,647 consumer evaluations of 421 real advertisements across a broad spectrum of product categories (22). Beyond gender, a smiling model not only effects a positive attitude change but also influences a product's integration into a relevant set and a consumer's purchase intention. For female consumers, a smiling model of the same gender exerts a greater influence on positive brand attitude change and on purchase intention. Advertisers should avoid using non-smiling male models when targeting female consumers. In contrast, smiling models of both genders can positively influence male consumer reaction, while use of a female model should be avoided during the early stages.
This paper re-examines the long-run relationship between radiative forcing (including emissions of carbon dioxide, sulphur oxides, methane, and solar radiation) and temperatures from a structural time series modeling perspective. We assess whether forcing measures are cointegrated with global temperatures using the structural time series approach.
Adkins, Roger; Paxson, D.; Pereira, P.J.; Rodrigues, A. (2019-06)
The duration of most collar arrangements provided by governments to encourage early investment in infrastructure, renewable energy facilities, or other projects with social objectives are finite, not perpetual. We extend the previous literature on collar-style arrangements by providing an analytical solution for the idle and active values, as well as the investment triggers, for projects where collars are either finite-lived or retractable. What is the difference between these types of arrangements with their perpetual counterpart? Lots, including different vega signs, and substantially different values for different current price levels. Often, finite and retractable collars justify earlier investment timing than perpetual collars. In general, we demonstrate that the finite-lived and retractable versions have a significant impact on optimal behavior, relative to the perpetual case. An important consideration when negotiating the floors, ceilings, and duration (or signalling the expected duration) of a finite or a retractable collar is the current price level of the output and its expected volatility over the life of the contract.
This study examines the relationships between performance appraisal (PA) purposes and immediate and ultimate outcomes. Drawing upon expectancy theory and Greenberg's taxonomy, we explore the roles of multiple mediators as sets of person- and organization-referenced ratee reactions and reveal the multiple why-related aspects of the relationships between PA purposes and PA effectiveness. Our research is based on a questionnaire survey of 563 employees from the telecommunications sector of Pakistan. The results of structural equation modeling analysis suggest that individual-focused PA better serves the employee perspective, whereas position- and organization-focused PA better serves the organizational perspective. These findings indicate that inclusion of role definition and strategic purposes in the PA system is likely to render PA more effective and practical. The findings also corroborate that ratee reactions mediate the relationship between PA purposes and PA effectiveness, albeit to varying degrees. Our findings have theoretical and practical implications.
The aim of this research is to synthesise findings from previous studies by employing weight and meta-analysis to reconcile conflicting evidence and draw a “big picture” of eWOM factors influencing consumers’ intention to buy. By using the findings from 69 studies, this research identified best (e.g. argument quality, valence, eWOM usefulness, trust in message), promising (e.g. eWOM credibility, emotional trust, attitude towards website) and least effective (e.g. volume, existing eWOM, source credibility) predictors of intention to buy in eWOM research. Additionally, the effect size of each predictor was calculated by performing meta-analysis. For academics, understanding what influences consumers’ intention to buy will help set the agenda for future research directions; for practitioners, it will provide benefit in terms of practical guidance based on detailed analysis of specific factors influencing consumers’ intention to buy, which could enhance their marketing activities.
Grillini, S.; Ozkan, Aydin; Sharma, Abhijit; Al Janabi, M.A.M. (2019-07)
This paper investigates time-varying characteristics of illiquidity and the pricing of its risk using a liquidity-adjusted capital asset pricing model (L-CAPM). Collecting data from a pool of Eurozone countries between 1990 and 2018, we employ Markov switching models to assess the degree of persistence of illiquidity shocks. Contrary to prior research, which largely makes use of autoregressive (AR) processes, we provide strong evidence that illiquidity is time-varying and the persistence of shocks determines two distinct regimes characterised by high and low illiquidity. We assess pricing of illiquidity risk by developing and empirically testing a conditional L-CAPM model, where different regimes constitute priced risk factors for the cross-section of stock returns. We extend previous unconditional versions of L-CAPM models and we show that the various channels through which illiquidity affects asset returns and price of risks are time-varying. We find strong support for our conditional L-CAPM and our results are robust to alternative specifications and estimation techniques. These findings have important implications for portfolio management practices and are relevant to portfolio and risk managers and regulatory institutions.
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