The effect of cleft lip on adults' responses to faces: cross-species findings

Cleft lip and palate is the most common of the congenital conditions affecting the face and cranial bones and is associated with a raised risk of difficulties in infant-caregiver interaction; the reasons for such difficulties are not fully understood. Here, we report two experiments designed to explore how adults respond to infant faces with and without cleft lip, using behavioural measures of attractiveness appraisal (‘liking’) and willingness to work to view or remove the images (‘wanting’). We found that infants with cleft lip were rated as less attractive and were viewed for shorter durations than healthy infants, an effect that was particularly apparent where the cleft lip was severe. Women rated the infant faces as more attractive than men did, but there were no differences in men and women's viewing times of these faces. In a second experiment, we found that the presence of a cleft lip in domestic animals affected adults' ‘liking’ and ‘wanting’ responses in a comparable way to that seen for human infants. Adults' responses were also remarkably similar for images of infants and animals with cleft lip, although no gender difference in attractiveness ratings or viewing times emerged for animals. We suggest that the presence of a cleft lip can substantially change the way in which adults respond to human and animal faces. Furthermore, women may respond in different ways to men when asked to appraise infant attractiveness, despite the fact that men and women ‘want’ to view images of infants for similar durations.

Better cross hedges with composite hedging? Hedging equity portfolios using financial and commodity futures

Unless a direct hedge is available, cross hedging must be used. In such circumstances portfolio theory implies that a composite hedge (the use of two or more hedging instruments to hedge a single spot position) will be beneficial. The study and use of composite hedging has been neglected; possibly because it requires the estimation of two or more hedge ratios. This paper demonstrates a statistically significant increase in out-of-sample effectiveness from the composite hedging of the Amex Oil Index using S&P500 and New York Mercantile Exchange crude oil futures. This conclusion is robust to the technique used to estimate the hedge ratios, and to allowance for transactions costs, dividends and the maturity of the futures contracts.

Determinants of healthy eating: a cross-national study on motives and barriers

The paper investigates the impact of motives and barriers to healthy eating on individuals' healthy eating intention and behaviour using a cross-national design. Data were collected from the UK and the Czech Republic via a self-completion questionnaire. Findings highlight the significance of intrinsic motives and psychological barriers in predicting both intention and healthy eating behaviour for both UK and Czech consumers, albeit their weight as well as the variance captured by these factors differs across the two national cultures. Findings also indicate that physical barriers are in fact unimportant when it comes to adopting a healthy eating diet. These findings are discussed in the light of previous research, while their implications for policy makers and researchers are highlighted.

Cross-national differences in E-WOM influence

Purpose: This is a cross-national study which investigates changes in purchase intentions of UK versus Chinese consumers following exposure to successive e-WOM comments in the form of positive and negative user reviews for experience versus search products. Design/methodology/approach: A 2(e-WOM valence and order: negative vs. positive most recent) X 2(product type: experience vs. search) X 3(purchase intentions at t1, t2, t3) repeated measures factorial design is used to test a set of hypotheses developed from the literature. Findings: Chinese consumers are susceptible to recent e-WOM comments regardless of their valence, while UK consumers anchor on negative information regardless of the order in which it is acquired. This holds particularly for experience products. Originality/value: This cross-national study contributes to the scarce literature on the impact of e-WOM on consumer purchase decisions by comparing UK and Chinese consumers. We suggest that culture moderates the development of product evaluations following exposure to e-WOM.

Ownership Advantages in Cross-border Real Estate Development: Some Evidence from European Markets

Drawing upon European industry and country case studies, this paper investigates the scope and drivers of cross-border real estate development. It is argued that the real estate development process encompasses a diverse range of activities and actors. It is inherently localised, the production process is complex and emphermal, and the outputs are heterogeneous. It analyses a transactions database of European real estate markets to provide insights into the extent of, and variations in, market penetration by non-domestic real estate developers. The data were consistent with the expectation that non-domestic real estate developers from mature markets would have a high level of market penetration in immature markets. Compared to western European markets, the CEE real estate office sales by developers were dominated by US, Israeli and other EU developers. This pattern is consistent with the argument that non-domestic developers have substantial Dunning-type ownership advantages when entering immature real estate markets. However, the data also suggested some unexpected patterns. Relative to their GDP, Austria, Belgium, Denmark, Sweden, Netherlands and Israel accounted for large proportions of sales by developers. All are EU countries (except Israel) with small, open, affluent, highly traded economies. Further, the data also indicate that there may be a threshold where locational disadvantages outweigh ownership advantages and deter cross-border real estate development.

Asset allocation, cross-class correlation and the structure of property returns

Practical applications of portfolio optimisation tend to proceed on a “top down” basis where funds are allocated first at asset class level (between, say, bonds, cash, equities and real estate) and then, progressively, at sub-class level (within property to sectors, office, retail, industrial for example). While there are organisational benefits from such an approach, it can potentially lead to sub-optimal allocations when compared to a “global” or “side-by-side” optimisation. This will occur where there are correlations between sub-classes across the asset divide that are masked in aggregation – between, for instance, City offices and the performance of financial services stocks. This paper explores such sub-class linkages using UK monthly stock and property data. Exploratory analysis using clustering procedures and factor analysis suggests that property performance and equity performance are distinctive: there is little persuasive evidence of contemporaneous or lagged sub-class linkages. Formal tests of the equivalence of optimised portfolios using top-down and global approaches failed to demonstrate significant differences, whether or not allocations were constrained. While the results may be a function of measurement of market returns, it is those returns that are used to assess fund performance. Accordingly, the treatment of real estate as a distinct asset class with diversification potential seems justified.

Clothing consumption in two recent EU Member States: a cross-cultural study

Marketing research efforts across Eastern European countries continue growing since the introduction of market reforms in this region. Nonetheless, questions remain unanswered as to cross-cultural differences in Eastern Europeans' consumer behavior. The present research addresses this knowledge gap by developing and testing hypotheses about cross-cultural variations in a number of clothing-related consumer behavior phenomena in the Czech Republic and Bulgaria. Our findings indicate significant differences regarding consumer interest in clothing, preference for utilitarian, self-expressive and hedonic meanings of clothing artifacts, preference for well-known clothing brands, brand loyalty, and importance of clothing attributes. The study advances research in marketing by investigating clothing value-expressive symbolism and consumption in the tworecentEUMember States. The study provides valuable insights to marketers for developing effective marketing strategies.