Search results

Peer-to-Peer (P2P) lending, which makes borrowers and investors meet directly through online platforms bypassing traditional financial institutions, is an emerging financing market after the traditional financial institutions crushed during the global financial crisis from 2007 to 2009. P2P lending platforms meet the credit demand more efficiently and play a vital role for the credit market and economic activity. This study sheds light on whether the credit spread of P2P lending is well predictive of economic activity compared to the bond credit spread which has been fully investigated in prior studies. Our findings show that the P2P credit spread performs similarly in predicting the economic activity as bond credit spread only during the financial crisis. However, the predictive power of P2P credit spread becomes inverse during the noncrisis periods since P2P lending platforms provide an alternative and easier financing channel to individuals who hardly borrow money for refinancing from traditional financial institutions. This study highlights the alternative role of P2P lending platform in financing and provides the evidence of different predictive powers of P2P credit spread on economic activity in different time periods.

Although prior research documents that analysts sometimes herd their forecasts, very few studies investigate how investors’ judgments are influenced by their perceptions of the likelihood of analyst herding. I conduct an experimental study to investigate the conditions under which investors’ assessments of uncertainty about future earnings are influenced by their perceptions of the likelihood of analyst herding. As expected, and consistent with motivated reasoning, the results show that the temporal order of analyst forecasts influences investors’ estimates of the likelihood of analyst herding and investors’ uncertainty judgments when analyst forecasts are preference-inconsistent but not when analyst forecasts are preference-consistent. This study provides a potential explanation for the mixed findings of prior research in regard to investors’ reactions to the likelihood of analyst herding. In addition, this study extends research on investors’ credulity by providing evidence that motivated reasoning and skepticism may serve as a mechanism that contributes to that credulity.

This chapter provides a review of the Chinese government policies that promote the internationalization of the Chinese currency, the renminbi or RMB, which include the RMB swap arrangements between the central banks, trading of the RMB across different markets, and establishment of the dim sum bond market. In particular, we update the development of the dim sum bond market in terms of the size, amount of the issues, coupon and tenor characteristics, issuers, and investment bankers of dim sum bond issues. The dim sum bond market appears to be a promising global asset class for investors.

This paper attempts to critically question present IPE approaches and analyses that aim at assessing China’s role within the international political economy. Thus, unlike common theorizations that see the country as being integrated within US hegemony (Panitch and Gindin) or those accounts that claim that we are already witnessing the “terminal crisis” of US hegemony accompanied by a hegemonic transition toward China (Arrighi), the paper will argue that China was able to gain “relative geopolitical autonomy” as a result of the revolutionary processes it went through and eventually assert itself as a contender state, now just in the process of challenging US hegemony. Dissatisfied with existent theorizations of hegemony, I will be drawing on the critical edition of Gramsci’s Quaderni and attempt to offer a new perspective regarding the conceptualization thereof. Thus applying the elaborated framework of analysis to the current situation, I argue that unlike the US’s ability to counter the challenge of its traditional imperial rivals Germany and Japan as they developed under the grip of US hegemony, the country is facing difficulties in countering China’s ascent. However, while maintaining that China does indeed represent a challenge to US hegemony, particularly in East Asia, I will argue that the idea of a “crisis of US hegemony” is premature as China remains distant from fully realizing hegemonic relations, even at the regional level.

This study explores the price linkage between the Chinese commodity futures market and other dominant futures markets, and examines the forces behind the price linkages. The contribution by the trading hour innovations in the United States (or United Kingdom) market to the overnight price changes in the Chinese market is larger in scale than the contribution by the daytime information from the Chinese market to the overnight returns of the corresponding US (or UK) market. Several futures have significant interactions of the domestic and foreign factors in the price linkages while the Chinese domestic factors explain better the global market price linkage in some futures (aluminum, gold, and corn), demonstrating the leading role of the Chinese futures markets in these world markets.

The customer experience (CX) in the field of tourism and hospitality has captured new heights. The study aims to understand how CX has been studied in the tourism and hospitality field history using bibliometric analysis. A total of 188 research articles in the Web of Science (WoS) database were selected for bibliometric analysis using VOSviewer from 2008 to 2021. The citation analysis highlighted the most influential journals published in CX within the tourism and hospitality field. Bibliographic coupling along with content analysis helps to categorize intellectual structure in six clusters: (1) Customer experience in the physical environment, (2) Technology-oriented customer experience, (3) Customer experience as driver of well-being, (4) Emotional value in the consumption experience, (5) Behavioral intentions-oriented customer experience, and (6) Total customer experience. Even though bibliometric analysis has gained attraction in business research and growing trends of the experience economy, CX within the tourism and hospitality field was not yet explored comprehensively. The current study was an effort to fill this gap by examining how customer experience in the tourism and hospitality context has been evolved historically. Theoretical, social, and practical implications are presented to establish future research directions.

Propose a more comprehensive explanation on the determinants and fluctuations of China’s exchange rate policy in the past decade (2005–2015).

Case study on China’s exchange rate policies in three respective stages since 2005 and then a comparative study on these three stages.

Put forward a two-pronged explanation on the determinants and fluctuations of China’s exchange rate policy in the past decade and arrive at three specific conclusions. First, external pressure is only one factor among many influencing the formation of China’s national interests (Guojia Liyi in Chinese) and the decision-making process on exchange rate policy. Second, national interest is the fundamental driving force and substratum for making China’s exchange rate policy. Third, in the short term, the specific exchange rate policies in different periods were not always in accordance to the national interests (or Guojia Liyi), due to the influences of some factors on the decision-making environment.

The comprehensive view is conducive to better explaining the formation and fluctuations of China’s exchange rate policy and consequently contributes to understanding and even predicting future policies.

We study up to 27 years of weekly data on nine currencies to examine the importance of the Japanese yen in exchange rate determination in North and Southeast Asia. We combine a time-varying methodology alongside a focus on long-run equilibrium. Our findings suggest that the Japanese yen had virtually no influence on Asian exchange rates in the 10-year period prior to the Asian financial crisis in the late 1990s. Since the crisis, the yen and the German mark in particular have exerted a significant influence over the region's exchange rates except for the Chinese yuan, the Hong Kong dollar and the Malaysian ringgit, which continue to be closely related to the US dollar.

The extant literature provides much-needed support to understand marketing accountability and how marketing actions are related to financial performance (FP). However, we have limited understanding of the relationships between marketing actions and firms' social performance (SP) and environmental performance (EP). Understanding these links is critical to enhancing sustainable FP, SP, and EP. Moreover, the literature provides limited understanding of the measures by which SP and EP may be operationalized, or the data necessary to reach a conclusion. This study bridges these gaps by extensively reviewing the extant literature to offer a set of measures and data sources to operationalize SP and EP, and empirically show their relationships with marketing actions. We find that greenhouse gas (GHG) emission, environmental disclosure score, waste reduction, energy consumption, and recycling are prominent measures of EP, and that social disclosure score, philanthropy or community spending, and diversity of gender and race are prominent measures of SP. The KLD, ASSET4, and Bloomberg are prominent sources of data that can be used to operationalize SP, to which CDP may be added for EP. We also show that marketing actions positively affect EP and SP. This study contributes to the extant literature on SP and EP by identifying measures and data sources and linking marketing actions to both performance types. It contributes to policy development by identifying the importance of EP and SP and how marketing actions can help achieve such performance.