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It is shown in Chou (2005). Journal of Money, Credit and Banking, 37, 561–582that the range can be used as a measure of volatility and the conditional autoregressive range (CARR) model performs better than generalized auto regressive conditional heteroskedasticity (GARCH) in forecasting volatilities of S&P 500 stock index. In this paper, we allow separate dynamic structures for the upward and downward ranges of asset prices to account for asymmetric behaviors in the financial market. The types of asymmetry include the trending behavior, weekday seasonality, interaction of the first two conditional moments via leverage effects, risk premiums, and volatility feedbacks. The return of the open to the max of the period is used as a measure of the upward and the downward range is defined likewise. We use the quasi-maximum likelihood estimation (QMLE) for parameter estimation. Empirical results using S&P 500 daily and weekly frequencies provide consistent evidences supporting the asymmetry in the US stock market over the period 1962/01/01–2000/08/25. The asymmetric range model also provides sharper volatility forecasts than the symmetric range model.

From Europe moving forward into Asia, the Silk Road has the Gulf Cooperation Countries (GCC) on the way. These countries alphabetically include: “Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.” While these countries have long been dependent on oil for development, they are currently planning to reduce this dependence and consider innovation as an important mean for future development. This chapter explores the past progress of innovation in the GCC countries; and highlights future directions ahead. In this respect two end countries of the Silk Road, Italy and China, are also considered. The chapter views innovation from the wide angle of the Global Innovation Index, which has 7 main dimensions, consisting of 21 sub-dimensions, which are refined into 81 international indicators. An approach for looking into the current state, the past progress, and the future directions of innovation in the countries concerned is developed and followed using available data. Although the outcome is based on the currently available data, the approach can be re-used for newer data providing continuous benefits to directing future development.

In this paper we examine some fundamental epistemological issues in building theory for applied management science, by which we mean theory that can be usefully applied in a scientific approach to management research and practice. We first define and distinguish “grand theory” from “mid-range theory” in the social and management sciences. We then elaborate and contrast epistemologies for (i) building “grand theory” intended to be applicable to all cases and contexts, and (ii) building “mid-range theory” intended to apply to specific kinds of contexts. We illustrate the epistemological challenges in building grand theory in management science by considering important differences in the abilities of two “grand theories” in strategic management – industry structure theory and firm resources theory – to support development of conceptually consistent models and propositions for empirical testing, theoretical refinement, and application in management practice. We then suggest how a mid-range theory building approach can help to achieve integration of the two grand strategic management theories and improve their ability to support empirical testing, theory refinement, and application of theory in practice. Finally, we suggest how the competence-based management (CBM) perspective provides the foundational concepts needed to build both mid-range theory and (potentially) grand theory in strategic management that can be usefully applied in management science.

To assess the quality of anticoagulation control at an out‐patient clinic and to investigate patterns of deviation from therapeutic ranges.

Records for 36,157 clinic visits (2,050 patients) were studied. The quality of anticoagulation control was assessed by comparing the measurement of pro‐thrombin time recorded at each clinic visit, expressed as an international normalised ratio (INR), with the target therapeutic range for that patient, also recorded at the time of the clinic visit. Each INR measurement was classified according to the relevant patient's therapeutic range and the signed difference between the INR measurement and the centre of the therapeutic range was calculated. For each patient the percentage of their INR measurements that lay within their therapeutic range was calculated.

Of the measurements, 52.3 per cent were within the relevant therapeutic range. The proportion of individual patients' INR measurements within range varied greatly (median 52 per cent, inter‐quartile range 40‐65 per cent). The quality of anticoagulation control, as measured by the proportion of patients within their therapeutic range, changed little with patient follow‐up time.

The quality of anticoagulation control reported is comparable with that at other centres. The vast majority of patients spend periods outside the therapeutic range for their condition. There may be considerable room for improvement.

Little is known about the external stimuli, which trigger a change in a consumer's cognitive and affective state and lead to a consumer's willingness to pay a premium price (WTPPP) behavioural response. This study aims to close this knowledge gap by providing insight into how a unique combination of antecedents affects consumer attitude toward purchasing free-range eggs and leads to a behavioural response, which is measured by consumer WTPPP for free-range eggs.

An online questionnaire was developed, with data collected from 392 Australian consumers. This study employs confirmatory factor analysis (CFA) to examine the measurement model before testing the hypothesised relationships using covariance-based structural equation modelling (CB-SEM).

The study reveals that the tested customer perceived value (CPV) dimensions, animal welfare and source credibility are positive stimuli of consumer attitude towards purchasing free-range eggs, which subsequently promotes consumer WTPPP for free-range eggs.

Findings drawn from Australian consumers may not be generalisable to consumers from disparate contexts, and stimuli beyond those tested may influence consumer attitude and WTPPP.

This is one of the first studies to use the stimulus–organism–response (SOR) theory to investigate and contribute to extant knowledge and understanding of consumer behaviour relating to free-range eggs and specifically of consumer attitude towards purchasing and WTPPP for free-range eggs. This study offers practical implications for free-range egg farmers, retailers and policymakers.

Recent US federal court rulings have provided new guidance on the use of economic models of bargaining in estimating reasonable royalty damages in patent cases. After reviewing relevant case law and providing an overview of the bargaining range approach, we describe one analytic method (the Rubinstein Bargaining Model) for developing a quantitative starting point with which to divide a bargaining range and explain how it can be tied, at least in part, to the facts and circumstances of the parties around the time of the Hypothetical Negotiation. We also describe how this approach can be used in conjunction with an analysis of other quantitative and qualitative factors related to the bargaining power of the parties, to help estimate reasonable royalty damages.