Online grocery provision resistance:understanding urban (non-)collaboration and ambiguous supply chain environments

This chapter investigates the resistance by institutional actors in ambiguous supply chain environments for online grocery provision. Recent studies have shown that significant shifts in urban geographies are increasing consumers' expectations of online retail provision. However, at the same time there is also growing evidence that the collaborative practice in online grocery provision within the urban supply chains is resisted. That these trends are found despite growing demand of online provision highlights both the difficulty of bringing geographically dispersed supply partners together and the problems associated with operating within and across ambiguous environments. Drawing upon twenty-nine in-depth interviews with a range of institutional actors, including retail, logistics, and urban planning experts within an urban metropolis in an emerging market, we detail the different ways that collaboration is resisted in online retail provision. Several different patterns of resistance were identified in (non-) collaboration notably, ideological, functional, regulatory and spatial. © 2011, IGI Global. C.

New product development proficiency and multi-country product rollout timeliness

Purpose: The purpose of this paper is to address a gap in the understanding of the indirect effects of marketing and technical factors on time efficiency in developing a new product and international new product launch. Design/methodology/approach: This paper adopts a contingency perspective in examining the relationships between antecedents and on-time completion (or timeliness) of new product development (NPD) and international new product rollout (INPR). A conceptual framework is tested based on data obtained on 232 NPD projects undertaken by Korean firms. Findings: The results show that NPD proficiencies mediate to a greater or lesser extent the effects of key antecedents (e.g. cross-functional linkages, project fit with available marketing resources, and effective coordination of headquarters-subsidiary/agents' activities) on timeliness in NPD and INPR. Research limitations/implications: Empirical research on the role of marketing and technical proficiencies in improving NPD timeliness and rollout timeliness in the context of international NPD affirms the importance of adopting a contingency perspective in examining the antecedents of NPD and multi-market entry timeliness. Practical implications: This paper lends insight into the role of overseas subsidiaries or agents in helping to build the technical proficiencies of emerging country companies. Originality/value: This is the first review focusing on the mediating influences on time dimensions (e.g. timeliness) in multi-country product launches. © Emerald Group Publishing Limited.

Bevezetés a Központosítás és piaci reform című kötethez = Introduction to the volume Centralization and Market Reform

Az alábbi írás Kornai János életműsorozata közeljövőben megjelenő harmadik kötetének bevezetője alapján készült. (A sorozat első kötete, A hiány és második kötete, A szocialista rendszer 2012-ben jelent meg.) Ritkán fordul elő, hogy életművét rendszerezve, egy szerző maga veszi tételesen sorra írásait, tárja fel az írások megszületésének körülményeit, és elemzi őket több évtized távlatából. Kornai János életműsorozatának összeállításakor erre a rendkívüli feladatra vállalkozott. A kötetben megjelenő 22 íráshoz fűzött gondolatainak közlésekor mai szemmel veszi górcső alá az egy kivételével a rendszerváltás előtt írt cikkeit, valamint 1956-ban írott első könyvét, A túlzott központosítást. Az írásokat rendszerező bevezető a központosításra és a piaci reformra összpontosítja a figyelmet - e témakörről bebizonyosodott, hogy korai még csupán a közgazdaságtani elmélettörténet fejezeteként számon tartani. A kötetben megjelenő írások egy része közvetlenül kapcsolódik a magyar gazdaság tapasztalataihoz, másik része pedig elméleti jellegű. Ennek megfelelően az itt közölt bevezetés is foglalkozik mind a magyar gazdaságtörténet máig is figyelemre méltó és tanulságos gyakorlati problémáival, mind pedig a szocializmust és a kapitalizmust, a centralizált és decentralizált formákat összehasonlító általános elméletekkel. ______ This piece forms the introduction to the forthcoming third volume of János Kor-nai s life s work series reissued in Hungarian. (The first and second volumes, Economics of Shortage and The Political Economy of the Socialist System, ap-peared in 2012.) It is rare for an author to arrange his own life s work, taking his writings item by item, presenting the circumstances in which they arose, and ana-lysing them decades later. His thoughts on the twenty-two writings in the volume, at the time of republication, involve scrutinizing with present-day eyes articles written, with one exception, before the change of system, along with his first book, Overcentralization, written in 1956. The introduction that systematizes these fo-cuses on centralization and on market reform - events show it is still too soon to see these subjects simply as a chapter in the theoretical history of economics. Some of the articles draw directly on experiences with the Hungarian economy, while others have a theoretical nature. So the introduction also deals both with practical problems of Hungarian economic history that remain notable and instructive, and with comparative general theories of socialism and capitalism and centralized and decentralized forms.

Essays on investment, growth and income distribution

In this dissertation, I examine both theoretically and empirically the relationship between stock prices and income distribution using an endogenous growth model with social status impatience.^ The theoretical part looks into how status impatience and current economic status jointly determine time preference, savings, future economic status, stock prices, growth and wealth distribution in the steady state. This work builds on Burgstaller and Karayalcin (1996).^ More specifically, I look at (i) the effects of the distribution of status impatience levels on the distribution of steady state assets, incomes and consumption and (ii) the effects of changes in relative levels of status impatience on stock prices. Therefore, from (i) and (ii), I derive the correlation between stock prices, incomes and asset distribution. Also, the analysis of the stack market is undertaken in the presence of adjustment costs to investments.^ The empirical chapter looks at (i) the correlation between income inequality and long run economic growth on the one hand and (ii) the correlation between stock market prices and income inequality on the other. The role of stock prices and social status is examined to better understand the forces that enable a country to grow overtime and to determine why output per capita varies across countries. The data are from Summers and Heston (1988), Barro and Wolf (1989), Alesina and Rodrik (1994), Global financial Database (1997) and the World Bank. Data for social status are collected through a primary sample survey on the internet. Twenty-five developed and developing countries are included in the sample.^ The model developed in this study was specified as a system of simultaneous equations, in which per capita growth rate and income inequality were endogenous variables. Additionally, stock price index and social status measures were also incorporated. The results indicate that income inequality is inversely related to economic growth. In addition, increase in income inequality arising from higher stock prices constrains growth. Moreover, where social status is determined by income levels, it influences long run growth. Therefore, these results support findings of Persson and Tabellini (1994) and Alesina and Rodrik (1994). ^

Essays on financial crises

This dissertation analyzes recent financial crises in developed and developing countries. The research emphasizes the effects of institutional factors on the international banking and currency crises and their output losses. ^ Chapter two examines the roles of regulation, supervision, and countries' institutional environment in determining the probability of banking crises for a panel of fifteen developed countries from 1975 to 1998. The results from a multivariate logit model indicated that countries with greater government involvement, less capital standard requirements, and lower lending limits on a single borrower are associated with a higher probability of banking crises. ^ Chapter three studies whether output loss in banking crisis differs in market-based or bank-based financial systems. Using existing banking crisis data for sixty-nine countries during 1970–1999, we investigate whether the underlying financial system affects the output loss. The results show that output losses are more serious in market-based economies than those in bank-based economies. Longer crisis duration tends to increase the output losses in banking crises. Finally, countries with deposit insurance and strict law enforcement have less output losses. ^ Chapter four uses macroeconomic and institutional measures to explain the extent of exchange rate depreciation and the decline in stock prices for emerging countries affected by the Mexican currency crisis of 1994–95. The results show that countries with more government budget deficits, and worse reserve adequacies tend to experience large exchange rate depreciation. The institutional measures do not explain much the extent of both the exchange rate depreciation and the decline in stock prices. ^

Research on the influence of behavioral forces that motivate trader behavior and sentiment: A prospect theory exegesis

This study focuses on empirical investigations and seeks implications by utilizing three different methodologies to test various aspects of trader behavior. The first methodology utilizes Prospect Theory to determine trader behavior during periods of extreme wealth contracting periods. Secondly, a threshold model to examine the sentiment variable is formulated and thirdly a study is made of the contagion effect and trader behavior. ^ The connection between consumers' sense of financial well-being or sentiment and stock market performance has been studied at length. However, without data on actual versus experimental performance, implications based on this relationship are meaningless. The empirical agenda included examining a proprietary file of daily trader activities over a five-year period. Overall, during periods of extreme wealth altering conditions, traders "satisfice" rather than choose the "best" alternative. A trader's degree of loss aversion depends on his/her prior investment performance. A model that explains the behavior of traders during periods of turmoil is developed. Prospect Theory and the data file influenced the design of the model. ^ Additional research included testing a model that permitted the data to signal the crisis through a threshold model. The third empirical study sought to investigate the existence of contagion caused by declining global wealth effects using evidence from the mining industry in Canada. Contagion, where a financial crisis begins locally and subsequently spreads elsewhere, has been studied in terms of correlations among similar regions. The results provide support for Prospect Theory in two out of the three empirical studies. ^ The dissertation emphasizes the need for specifying precise, testable models of investors' expectations by providing tools to identify paradoxical behavior patterns. True enhancements in this field must include empirical research utilizing reliable data sources to mitigate data mining problems and allow researchers to distinguish between expectations-based and risk-based explanations of behavior. Through this type of research, it may be possible to systematically exploit "irrational" market behavior. ^

Market-Driven Hotel Brands: Linking Market Orientation, Innovation, and Performance

"Market orientation" is a term popularized by marketing practitioners to indicate the extent to which a firm is market driven. This presumed linkage between market orientation and profitability has caught the attention of scholars, but, surprisingly, only two prior studies have reported a positive association between the two. Given the special relevance to the hotel industry of being market driven, we believe this industry provides the ideal setting for demonstrating the link between market orientation and performance. This research examines this linkage in the hotel industry. The results of our study suggest that market orientation is positively and significantly related to innovation, subjective performance, and objective performance. This result yields a number of useful ideas about how to harness the power of the marketing concept.

Photo degradation of contaminants of emerging concern (CECs) under simulated solar radiation: Implications for their environmental fate

Contaminants of emerging concern (CECs) are continuously being released into the environment mainly because of their incomplete removal in the sewage treatment plants (STPs). The CECs selected for the study include antibiotics (macrolides, sulfonamides and ciprofloxacin), sucralose (an artificial sweetener) and dioctyl sulfosuccinate (DOSS, chemical dispersant used in the Deepwater Horizon oil spill). After being discharged into waterways from STPs, photo degradation is a key factor in dictating the environmental fate of antibiotics and sucralose. Photodegradation efficiency depends on many factors such as pH of the matrix, matrix composition, light source and structure of the molecule. These factors exert either synergistic or antagonistic effects in the environment and thus experiments with isolated factors may not yield the same results as the natural environmental processes. Hence in the current study photodegradation of 13 CECs (antibiotics, sucralose and dicotyl sulfosuccinate) were evaluated using natural water matrices with varying composition (deionized water, fresh water and salt water) as well as radiation of different wavelengths (254 nm, 350 nm and simulated solar radiation) in order to mimic natural processes. As expected the contribution of each factor on the overall rate of photodegradation is contaminant specific, for example under similar conditions, the rate in natural waters compared to pure water was enhanced for antibiotics (2-11 fold), significantly reduced for sucralose (no degradation seen in natural waters) and similar in both media for DOSS. In general, it was observed that the studied compounds degraded faster at 254 nm, while when using a simulated sunlight radiation the rate of photolysis of DOSS increased and the rates for antibiotics decreased in comparison to the 350 nm radiation. The photo stability of the studied CECs followed the order sucralose > DOSS > macrolides > sulfonamides > ciprofloxacin and a positive relationship was observed between photo stability and their ubiquitous presence in natural aquatic matrices. An online LC-MS/MS method was developed and validated for sucralose and further applied to reclaimed waters (n =56) and drinking waters (n = 43) from South Florida. Sucralose was detected in reclaimed waters with concentrations reaching up to 18 μg/L. High frequency of detection (> 80%) in drinking waters indicate contamination of ground waters in South Florida by anthropogenic activity.^

The Argentine Dilemma: “Vulture Funds” and the Risks Posed to Developing Economies

Post-crisis Argentina is a case study of crisis management through debt restructuring. This article examines how Argentina negotiated the external debt in the wake of the sovereign default in December 2001 and now confronts challenges posed by holdout creditors—the so called “vulture funds”. It argues that debt restructuring has put a straitjacket on the national economy, making it virtually impossible for healthy growth short of a break with the international economic order. While Argentina has successfully restructured a $95 billion debt with an unprecedented “hair cut” (around 70% reduction in “net value of debt”), a sustainable growth appears out of reach as long as reliance on the government debt market prevails. In this cycle, the transmission belt of financial crisis to developing countries is characterized by the entry of highly speculative players such as hedge funds, conflicts of interests embedded in “sovereign debt restructuring” (SDR) and vulnerabilities associated with “emerging market debt”.

Research on the influence of behavioral forces that motivate trader behavior and sentiment- a prospect theory exegesis

This study focuses on empirical investigations and seeks implications by utilizing three different methodologies to test various aspects of trader behavior. The first methodology utilizes Prospect Theory to determine trader behavior during periods of extreme wealth contracting periods. Secondly, a threshold model to examine the sentiment variable is formulated and thirdly a study is made of the contagion effect and trader behavior. The connection between consumers' sense of financial well-being or sentiment and stock market performance has been studied at length. However, without data on actual versus experimental performance, implications based on this relationship are meaningless. The empirical agenda included examining a proprietary file of daily trader activities over a five-year period. Overall, during periods of extreme wealth altering conditions, traders "satisfice" rather than choose the "best" alternative. A trader's degree of loss aversion depends on his/her prior investment performance. A model that explains the behavior of traders during periods of turmoil is developed. Prospect Theory and the data file influenced the design of the model. Additional research included testing a model that permitted the data to signal the crisis through a threshold model. The third empirical study sought to investigate the existence of contagion caused by declining global wealth effects using evidence from the mining industry in Canada. Contagion, where a financial crisis begins locally and subsequently spreads elsewhere, has been studied in terms of correlations among similar regions. The results provide support for Prospect Theory in two out of the three empirical studies. The dissertation emphasizes the need for specifying precise, testable models of investors' expectations by providing tools to identify paradoxical behavior patterns. True enhancements in this field must include empirical research utilizing reliable data sources to mitigate data mining problems and allow researchers to distinguish between expectations-based and risk-based explanations of behavior. Through this type of research, it may be possible to systematically exploit "irrational" market behavior.

Three Essays on the Interrelationships Among Financial Restatements, Corporate Governance, Market Microstructure and the Firm's Rate of Return

The increase in the number of financial restatements in recent years has resulted in a significant decrease in the amount of market capitalization for restated companies. Prior literature does not differentiate between single and multiple restatements announcements. This research investigates the inter-relationships among multiple financial restatements, corporate governance, market microstructure and the firm's rate of return in the form of three essays by differentiating between single and multiple restatement announcement companies. First essay examines the stock performance of companies announcing the financial restatement multiple times. The postulation is that prior research overestimates the abnormal return by not separating single restatement companies from multiple restatement companies. This study investigates how market penalizes the companies that announce restatement more than once. Differentiating the restatement announcement data based on number of restatement announcements, the results support for non persistence hypothesis that the market has no memory and negative abnormal returns obtained after each of the restatement announcements are completely random. Second essay examines the multiple restatement announcements and its perceived resultant information asymmetry around the announcement day. This study examines the pattern of information asymmetry for these announcements in terms of whether the bid-ask spread widens around the announcement day. The empirical analysis supports the hypotheses that the spread does widen not only around the first restatement announcement day but around every subsequent announcement days as well. The third essay empirically examines the financial and corporate governance characteristics of single and multiple restatement announcements companies. The analysis shows that corporate governance variables influence the occurrence of multiple restatement announcements and can distinguish multiple restatements announcement companies from single restatement announcement companies.

The civilising tension at the heart of market-making: a case study of the stent industry

We are interested in the emergence of new markets. While the literature contains various perspectives on how such new markets come to be, the dynamics of the marketization process are less clear. This paper focuses on the development of stent technology and examines the activities characteristic of its emerging market. We identify four market ‘moments’: a mutable marketing moment prior to the point of disruption; two parallel moments at the point of disruption – internecine marketing between emergent competitors, and subversive marketing between those competitors and established actors; and finally, a civilized marketing moment. We conclude that emergent competitors operate two distinct strategies at the point of disruption. Also, legal activities are central to marketization dynamics during this period. In terms of process, while creative destruction may broadly describe the move from disruption to acceptance, there is a period of creative construction prior to disruption, when the new market is coming into being.

New Principles in Planning Evaluation

Maintaining and enhancing living conditions in cities through a combination of physical planning and environmental management is a newly emerging focus of governments around the world. For example, local governments seek to insulate sensitive land uses such as residential areas from environmentally intrusive activities such as major transport facilities and manufacturing. Regional governments protect water quality and natural habitat by enforcing pollution controls and regulating the location of growth. Some national governments fund acquisition of strategically important sites, facilitate the renewal of brown fields, and even develop integrated environmental quality plans. This book provides recently developed and tested methods for assessing the strengths and weaknesses of planning and policy options. Several contributions focus on new substantive areas of concern in planning evaluation, including environmental justice and sustainable urban development. Applications of evaluation in several planning contexts are demonstrated, and special problems that these pose are assessed. Several chapters address how to communicate the process and results to several stakeholder groups, and how to engage these groups in the evaluation process. Each chapter employs a realworld case in practice, thus dealing with the complexity of applying planning evaluation, and providing practical advice useful in similar situations.

Exploring Auditors’ Perceptions of the Usage and Importance of Audit Information Technology

This study provides novel evidence on the extent to which auditors perceive the usage and importance of audit technology in an emerging market. It explores the types of audit technology tools used and factors influencing the use of these; it tests the association between the perceived use and importance of the tools and firm-specific/ auditor-specific characteristics. Using interviews and questionnaires from auditors at Big 4 and international non-Big 4 audit firms, the findings reflect the highly perceived importance of using audit technology in technical and administrative procedures, specifically to assess risk. We find that the perceived use and importance of audit technology is relatively higher for those in Big 4 firms, with less years of auditor experience and higher auditor technology expertise, and those in management positions. The results provide policy makers with guidance on the opportunities and challenges of using information technology in the audit process.

The elderly care and domestic services sector during the recent economic crisis. The case of Italy, Spain and France.

Over the past ten years in Italy, Spain and France, the demographic pressure and the increasing women’s participation in labour market have fuelled the expansion of the private provision of domestic and care services. In order to ensure the difficult balance between affordability, quality and job creation, each countries’ response has been different. France has developed policies to sustain the demand side introducing instruments such as vouchers and fiscal schemes, since the mid of the 2000s. Massive public funding has contributed to foster a regular market of domestic and care services and France is often presented as a “best practices” of those policies aimed at encouraging a regular private sector. Conversely in Italy and Spain, the development of a private domestic and care market has been mostly uncontrolled and without a coherent institutional design: the osmosis between a large informal market and the regular private care sector has been ensured on the supply side by migrant workers’ regularizations or the introduction of new employment regulations . The analysis presented in this paper aims to describe the response of these different policies to the challenges imposed by the current economic crisis. In dealing with the retrenchment of public expenditure and the reduced households’ purchasing power, Italy, Spain and France are experiencing greater difficulties in ensuring a regular private sector of domestic and care services. In light of that, the paper analyses the recent economic conjuncture presenting some assumptions about the future risk of deeper inequalities rising along with the increase of the process of marketization of domestic and care services in all the countries under analysis.