This paper investigates the empirical validity of the Weak Form Efficient Market Hypothesis for American, European and Asian stock markets. Random Walk Hypothesis is used to prove weak form efficiency in American, Eur...This paper investigates the empirical validity of the Weak Form Efficient Market Hypothesis for American, European and Asian stock markets. Random Walk Hypothesis is used to prove weak form efficiency in American, European and Asian stock indices. ADF and PP Unit Root Tests have been used to test unit root in time series of daily data of American, European and Asian stock indices. Results show that sample of stock markets are weak-form efficient in terms of the Random Walk Hypothesis.展开更多
The discourse of corporate social views of the role of the firm in a responsibility （CSR） has grown rapidly over the last decade. There are different society and disagreements as to whether wealth maximization shoul...The discourse of corporate social views of the role of the firm in a responsibility （CSR） has grown rapidly over the last decade. There are different society and disagreements as to whether wealth maximization should be the sole goal of a corporation. There is also a debate on whether CSR practices are beneficial for firms. Studies examining the performance of firms that have adopted a CSR policy within a range of sectors in various countries provide inconsistent results. Some studies show excess returns among companies adopting a CSR policy relative to the companies that do not adopt such a policy, while others do not find differences in returns. To further dispel the ambiguity on this issue, the authors explore the relationship between CSR adoption and financial performance of firms＇ shares in Israeli market, with a US market benchmark as a test of specificity. The findings reveal that no significant difference exists between the performance of firms adopting a CSR policy and firms that do not. Thus, the inclusion of investments in socially-responsible firms in an investor＇s portfolio does not appear to significantly impact the portfolio＇s performance. Managers and investors interested in investing in CSR may do so without any concern of the lower returns or performance. This study provides an additional support for the CSR School in that its findings indicate that, on the one hand, investments in firms that integrate social and environmental responsibility are just ＂as good as＂ investments in firms that do not. On the other hand, such investments can be seen as superior, since in addition to the financial returns, investors contribute to changing the face of the global environment and are creating a system for support and enforcement that ensures the existence of a better world for the children in the present and future.展开更多
Targeting the youth group of the American Chinatowns, this paper attempts to explore the continuous interactions of the people and the community on each other. As a result of combined impact of the immigration history...Targeting the youth group of the American Chinatowns, this paper attempts to explore the continuous interactions of the people and the community on each other. As a result of combined impact of the immigration history of Chinese Americans and the unfolding political and economical reality, a complicated relationship has developed between the growing Chinese immigrants and the Chinatown where they happen to inhabit and influence. Literature and history have captured the interesting development in their specific perspectives and paradigms, between whom the comparison is creatively presented. The great process of modern urbanization of American cities since the 1950s is given serious highlight in shaping the small community as well as the large one. The authors invite further argument on whether the youths are cushioned or bound by the traditional physical and cultural environment, or they bring change to the community in return at the end of the paper. It is suggested that they mature into a beautiful compromise and pride on creating the immigrant legacy characteristic of the great country.展开更多
This paper analyzes and attempts to bridge the gap between popular culture＇s aesthetics, popularized by Camille Paglia and her work Sex, Art and American Culture： Essays （1992], and international marketing culture...This paper analyzes and attempts to bridge the gap between popular culture＇s aesthetics, popularized by Camille Paglia and her work Sex, Art and American Culture： Essays （1992], and international marketing culture＇s aesthetics, as described by Schmitt and Simonson （1997）. Popular culture and marketing rarely share the same realm of research. However, these theories start to influence each other, which are especially visible when compared with international marketing as the framework. In order to analyze the gap between popular culture and marketing culture, the author followed a cultural object, Domo-kun, as it entered the US market. Domo-kun gradually changed, including its marketing aesthetics, its significance, and meaning within popular culture after it entered the market. These meaning changes are through the process of commoditization, emotional value, and how they are reinterpreted within cultural frames and reference groups.展开更多
文摘This paper investigates the empirical validity of the Weak Form Efficient Market Hypothesis for American, European and Asian stock markets. Random Walk Hypothesis is used to prove weak form efficiency in American, European and Asian stock indices. ADF and PP Unit Root Tests have been used to test unit root in time series of daily data of American, European and Asian stock indices. Results show that sample of stock markets are weak-form efficient in terms of the Random Walk Hypothesis.
文摘The discourse of corporate social views of the role of the firm in a responsibility （CSR） has grown rapidly over the last decade. There are different society and disagreements as to whether wealth maximization should be the sole goal of a corporation. There is also a debate on whether CSR practices are beneficial for firms. Studies examining the performance of firms that have adopted a CSR policy within a range of sectors in various countries provide inconsistent results. Some studies show excess returns among companies adopting a CSR policy relative to the companies that do not adopt such a policy, while others do not find differences in returns. To further dispel the ambiguity on this issue, the authors explore the relationship between CSR adoption and financial performance of firms＇ shares in Israeli market, with a US market benchmark as a test of specificity. The findings reveal that no significant difference exists between the performance of firms adopting a CSR policy and firms that do not. Thus, the inclusion of investments in socially-responsible firms in an investor＇s portfolio does not appear to significantly impact the portfolio＇s performance. Managers and investors interested in investing in CSR may do so without any concern of the lower returns or performance. This study provides an additional support for the CSR School in that its findings indicate that, on the one hand, investments in firms that integrate social and environmental responsibility are just ＂as good as＂ investments in firms that do not. On the other hand, such investments can be seen as superior, since in addition to the financial returns, investors contribute to changing the face of the global environment and are creating a system for support and enforcement that ensures the existence of a better world for the children in the present and future.
文摘Targeting the youth group of the American Chinatowns, this paper attempts to explore the continuous interactions of the people and the community on each other. As a result of combined impact of the immigration history of Chinese Americans and the unfolding political and economical reality, a complicated relationship has developed between the growing Chinese immigrants and the Chinatown where they happen to inhabit and influence. Literature and history have captured the interesting development in their specific perspectives and paradigms, between whom the comparison is creatively presented. The great process of modern urbanization of American cities since the 1950s is given serious highlight in shaping the small community as well as the large one. The authors invite further argument on whether the youths are cushioned or bound by the traditional physical and cultural environment, or they bring change to the community in return at the end of the paper. It is suggested that they mature into a beautiful compromise and pride on creating the immigrant legacy characteristic of the great country.
文摘This paper analyzes and attempts to bridge the gap between popular culture＇s aesthetics, popularized by Camille Paglia and her work Sex, Art and American Culture： Essays （1992], and international marketing culture＇s aesthetics, as described by Schmitt and Simonson （1997）. Popular culture and marketing rarely share the same realm of research. However, these theories start to influence each other, which are especially visible when compared with international marketing as the framework. In order to analyze the gap between popular culture and marketing culture, the author followed a cultural object, Domo-kun, as it entered the US market. Domo-kun gradually changed, including its marketing aesthetics, its significance, and meaning within popular culture after it entered the market. These meaning changes are through the process of commoditization, emotional value, and how they are reinterpreted within cultural frames and reference groups.
