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The intensifying effects of climate change and the growing concentration of population in hazardous locations mean that, for many communities, disasters are increasingly becoming not only foreseeable, but inevitable. While much attention is, and should be, focused on what these foreseeable disasters require in terms of disaster planning and mitigation, attention should also be focused on a related and equally pressing phenomena: mismanagement of disaster response, particularly as climate proves an increasing stressor. Like disasters themselves, disaster mismanagement – while not entirely predictable – may exhibit some predictable patterns. This chapter explores past disaster management failures, considers how climate change may alter or exacerbate certain response pathologies, and evaluates some potential remedies that might mitigate these challenges.

This study concerns how well stock market regulators prevent trading by using trading halts when they suspect asymmetric information in the market. Security trading halts in the Portuguese stock market are analysed to measure the effectiveness of trading halts imposed by market authorities as well as their timing in interrupting and restarting trading. Stock price returns, abnormal returns and volatility are used to compare the significance of differences for pre‐and post‐halt periods. First the global sample is used to analyse abnormal returns and then it is split into good and bad news halts. A GARCH (1,1) model is also applied and found to be a more sensitive instrument on justifying trading halts. Justification for trading halts tends to rise as event window size increases, suggesting that supervisory authorities tend to spot the dominant changes better. In fact, when very short time‐sampling periods are used weaker justifications for stock halting are found. The opportunity for market authorities to interrupt trading seems to be increasing. In terms of timing they seem, on the whole, to be delayed when imposing trading halts or anticipated when authorising the restart. Nevertheless, when considering good news, although the halt tends to be late the restart seems to be on time. It is concluded that all methodologies should be jointly applied by stock watch departments of supervision authorities for detecting trading under asymmetric information, but special attention is drawn to GARCH methodologies that show superior ability for detecting changes in stock characteristics.

This paper aims to describe the physical and numerical modeling of a new computational fluid dynamics solver for hypersonic flows in thermo-chemical non-equilibrium. The code uses a blend of numerical techniques to ensure accuracy and robustness and to provide scalability for advanced hypersonic physics and complex three-dimensional (3D) flows.

The solver is based on an edge-based stabilized finite element method (FEM). The chemical and thermal non-equilibrium systems are loosely-coupled to provide flexibility and ease of implementation. Chemical non-equilibrium is modeled using a laminar finite-rate chemical kinetics model while a two-temperature model is used to account for thermodynamic non-equilibrium. The systems are solved implicitly in time to relax numerical stiffness. Investigations are performed on various canonical hypersonic geometries in two-dimensional and 3D.

The comparisons with numerical and experimental results demonstrate the suitability of the code for hypersonic non-equilibrium flows. Although convergence is shown to suffer to some extent from the loosely-coupled implementation, trading a fully-coupled system for a number of smaller ones improves computational time. Furthermore, the specialized numerical discretization offers a great deal of flexibility in the implementation of numerical flux functions and boundary conditions.

The FEM is often disregarded in hypersonics. This paper demonstrates that this method can be used successfully for these types of flows. The present findings will be built upon in a later paper to demonstrate the powerful numerical ability of this type of solver, particularly with respect to robustness on highly stretched unstructured anisotropic grids.

The purpose of this paper is to investigate the mechanism of transmitting economic policy uncertainty (EPU) shocks to capital structure.

The authors adopt a novel approach that bridges the asset pricing implications of EPU and the debt-financing decisions of Chinese firms by introducing a variable “policy-risk-induced equity return” (PRER). PRER is the product of the EPU beta and the EPU shock. Differentiating firms as per the signs of the EPU beta helps to shed light on the deep questions of whether their respective leverage targets and speeds of adjustment are different and how the targets and speeds are determined.

The empirical evidence shows that it is the equity market that channels EPU shocks to capital structure through PRER in China. Firms with positive (negative) EPU betas have PRER impact negatively (positively) the leverage target, conforming to the market-timing theory. EPU and non-policy uncertainty shocks cause the speed of adjustment to change over time. Overall, the intertemporal relation between EPU and leverage is negative. These results are robust to alternative leverage measures and after controlling for non-policy uncertainty shocks and conventional firm characteristics and have implications for academic research, policymaking, market stability, and corporate financing.

This study is the first to probe for, and provide insights into, the underlying reason why EPU impacts capital structure by connecting asset pricing to corporate financing for a large sample of Chinese publicly traded firms.

This paper responds to the need for more investigation into the "conceptual underpinnings of sponsorships" (Gardner & Shuman, 1988, p.44) by investigating the spectrum of opportunities that are available to small firms - whether as sports donors or as bona fide sponsors - through the prism of small business Stages of Development theory. A multiple case study approach is employed to explore the nature of sponsorship activities being undertaken by small enterprises and to contribute to the advancement of the authors' 'philanthropy-sponsorship' continuum.

This research makes two contributions. First, it presents the classifications of 'patronage' versus 'semistrong sponsorship' versus 'fully functioning sponsorship' relationships, based on the nature of the expected benefits. Second, it evaluates the small business/sports property interface from the perspective of small business phases of development and proposes a framework for linking the small firm to sports sponsorship outcomes.

In this chapter, we apply the new measure of speculative activities (hereafter, named the speculative ratio) in Chan, Nguyen, and Chan (2013) to study the relationship between those activities and volatility in the oil futures market. We document that the speculative ratio (trading volume divided by open interest) can isolate speculative elements from total trading activities. Using the oil futures data and dividing the data into two subperiods surrounding Hurricane Katrina, we find an increased speculative trades in the post-Hurricane Katrina period. Our results show that speculative activities create a more volatile oil futures market and they lower the information flow between volatility and speculative activities in the post-Hurricane Katrina period.

Despite the privatization of its various components, the bidding process and the preparations for the Olympics are still initiated and tightly managed by central governments. Moreover, intentionally and unintentionally, governments use mega sports events such as the Olympics as a soft power medium in which to pursue their goals such as economic development and social integration and a lot of literature has already reviewed the economic and sociocultural impact of hosting the event. This chapter argues that the Olympics have been used as the medium to assist in the formation of legitimacy for a weakened authoritarian leader in the early phase of democratization in Korea. In addition, the chapter tries to explain how the bureaucracy contributed to the success of the national event and how it eventually impacted political modernization and the attitude of bureaucrats. To these ends, first, this chapter explores the influence of soft power on international competition by providing an empirical statistical analysis. Specifically, the chapter analyzes the process by which countries compete with one another for the privilege of hosting the Olympic Games as an important field of global interaction between political actors Further, the chapter discusses which components of soft power can affect international competition. To investigate the explanatory power and concrete applicability of soft power theory, the chapter looks at the influence of democratic and government dimensions of soft power on the selection of Olympic host cities and the role of bureaucracy during that process.

The bid process for hosting mega global sporting events mandates the enactment of event-specific ambush marketing legislation that provides extraordinary trademark law protections for private sports organisations and their official sponsors. Such event-specific ambush marketing legislation, or ESAML, has come under increasing scrutiny by academics and practitioners who question, among other things, the need for such legislation. One of the major areas of concern has become the potential social cost of such legislation that includes restrictions on free speech and curbs on marketplace competition. We apply economic theory as a means to explain why governments have been so willing to enact such legislation.

Drawing on socioanalytic theory, this paper aims to explore whether a moderation mediation model can describe the mechanism linking salesperson social reputation (perceived stability and plasticity) and performance (customer share of wallet) in relationship marketing. The mediator is the salesperson’s overall equity, and the moderator is the salesperson-customer congruence.

A structured questionnaire was used to obtain data from 233 customers, served by 44 personal finance advisors at five banking agencies in Canada.

A multilevel approach showed that both perceived stability and perceived plasticity predict salesperson equity and performance. In addition, the empirical results indicated that the relationship between perceived stability and salesperson performance is partially mediated by salesperson overall equity. However, equity fully mediated the relationship between perceived plasticity and salesperson performance. Finally, the salesperson-customer congruence moderated the effect of both perceived stability and plastic on the salesperson overall equity.

This research suggests that the moderation mediation model enables predicting the relationship between the perceived personality and performance. From a managerial perspective, the author encourages sales managers to pay attention to salespersons’ equity development as well as their performance. Notably, the author suggests that sales managers support and monitor salespeople with regard to improving their social status as well as their social popularity in their interactions with customers.

Previous research in sales force literature focuses on salespersons’ self-personality to predict sales performance. To the best of the author’s knowledge, this study is the first to show it is important to consider the perceived personality of a salesperson in predicting their performance. This study is also the first to introduce the salesperson reputation concept and its dimensions (perceived stability and plasticity).

The paper aims to explore the informational role of futures volume in the simultaneous relationship between option volume and spot volatility to forecast the volatility of the underlying asset.

The generalized method of moments is used to estimate the simultaneous equations of endogeneity between spot volatility and option volume. Futures volume is specified as an exogenous variable in both legs of the estimation of simultaneous equations. However, the future volume is also tested as a dependent variable to prove preference for investment by informed investors in futures along with options.

The result indicates that futures volume has a significant association with the bi-directional simultaneous equation estimation between spot volatility and option volume. Moreover, the result of this paper proves that informed investors also prefer futures markets over the spot market. However, there is no change observed in the relationship between option volume and spot volatility due to either call or put options or moneyness.

The possible role of futures volume in the simultaneous equations between spot volatility and option volume has not yet been researched. This paper pioneers in demonstrating that futures volume is an exogenous variable in the simultaneous equation modeling between spot volatility and option volume. Moreover, in the contemporaneous as well as predictive relationships between spot volatility and option volume, futures volume as an exogenous variable is significant in forecasting spot volatility. In addition to this, the current paper uniquely provides evidence of investment in futures also over the spot market by informed investors.