Research On The Asian Currency Crisis 1997 Finance Essay - Free Essay Example

According to Kaminsky and Reinhart, 1999, there have been many currency crises during the post-war era. They can be classified as first-, second- or third-generation currency crisis. A currency crisis is an episode in which the exchange rate depreciates substantially during a short period of time. FIRST GENERATION CURRENCY CRISIS MODEL: Krugman (1979) and Flood and Garber (1984) models come under first generation models. It states that, traders speculate against fixed exchange rate in order to profit from an anticipated speculation. In first-generation models, the collapse of a fixed exchange rate regime is caused by unsustainable fiscal policy. A hallmark of first-generation models is that the government runs a persistent primary deficit. The key ingredients of a first-generation model are purchasing power parity (PPP), government budget constraint, timing of deficits, money demand function, governments rule for abandoning the fixed exchange rate and the post-crisis monetary policy. In first-generation models the government follows an exogenous rule to decide when to abandon the fixed exchange rate regime. This model suggests that- The crisis is due to the poor government policy. The source of the upward trend in the shadow exchange rate is given by the increase i n domestic credit. Even though the crisis is sudden, it is a deterministic event: the crisis is inevitable given the policies and the timing is in principle predictable. These models are not harmful and it doesnt have effect on output. The crisis determination is a future policy stances that investors foresee, not the one observed in the past. The importance of policy choice in deciding to quit the fixed exchange rate regime. In fist generation models, there is no relation between capital flight and abandonment of the peg. There is no long-run equilibrium exchange rate. SECOND GENERATION CURRENCY CRISIS MODEL: These models are mainly based on the interactions between expectations, macro economic trade-offs and decisions. These are characterized by multiple equilibria and the interactions between market expectations and policy outcomes. In second-generation models the government maximizes an explicit objective function (Obstfeld, 1994). This maximization problem dictates if and when the government will abandon the fixed exchange rate regime. These differs from the first generation models in no irresponsible policy, no predictability of the crisis and there is no negative impact on employment and output if the country leaves the peg. 2. MORAL HAZARD Moral hazard is a situation where one party has more information(usually the party that is insulated from the risk) than the other in a transaction (usually the party paying for the negative consequences of the risk). It arises because an individual/institution does not take the full responsibilities of its doings and also from principal-agent problem. EXPANDED GOVERNMENT GUARANTEES FOR BANK LIABILITIES: A key element of policy crisis is the government provision of a financial safety net for financial institutions. So governments have felt obliged to go beyond the usual support measures, moving to expand existing guarantees and to introduce new ones. The valuation problems and other related actions like loss sharing arrangements for assets and capital injections were appeared to prevent further loss of confidence on the part of market participants by raising that the retail depositors and other creditors would continue to provide a stable source of funding for banks. It leads in reducing the threat of insolvency of these entities. By doing this, the government earns a small fee from the debt issuer for lending out its top credit rating like as financial guarantee insurance companies,. There are no further hidden costs associated with these measures. Even if guarantees do not generate significant upfront fiscal costs, they create large contingent fiscal liabilities, as well as other potential costs that may arise as a result of distortions of incentives and competition. Another important issue related to the additional guarantees is their pricing. In this respect, the potential distortions should be limited to the extent that government guarantees are priced appropriately. By contrast, distortions may arise because when guarantees are offered at prices that are substantially lower than market or some form of fair prices. WORKING OF CIRCULAR PROCESS IN REVERSE TO CAUSE ASSET PRICES COLLAPSES The mechanism of crisis involved that same circular proces s but in reverse: falling asset prices made the insolvency of intermediaries visible, forcing them to cease operations, leading to further asset deflation. This circularity explain both the remarkable severity of the crisis and the apparent vulnerability of the Asian economies to self-fulfilling crisis. The boom-bust cycle in Asian economies experienced in the investment and in asset prices. It showed that assets were in imperfectly elastic supply. In the first period, investors bid for fixed assets(land) and set their price. In the second period they receive rents, which are uncertain at the time of bidding. The intermediaries can bid on the land based not on the expected value of future rent but on the Pangloss value. So all assets will end up owned by intermediaries, and the price of the assets will be double what it would be in an undistorted economy. 3. MORAL HAZARD CAUSING A DEADWEIGHT SOCIAL LOSS Moral hazard is the lack of any incentive to guard against a risk when you are protected against it by the insurance is called moral hazard. It is the phenomenon of undertaking risky corrupt loans and transactions, but knowing that if it fails the state will pick up the tab. In the table 1, one yields $107 million; the other will yield $120 million in favourable conditions (good state), but only $80 million in unfavourable conditions(bad state). The good state and the bad state are equally likely, so that the expected returns on this risky investment are $100 million. But, the owner of the financial intermediary knows that while he can capture the excess returns in the good state, he can walk away from the losses in the bad state. So if he chooses the safe investment he gains a sure 7; but if he chooses the risky investment he gains 20 in the good state, loses nothing in the bad state, for an expected gain of 10. Thus his incentive is to choose the risky investment, even though it has a lower expected return. And this distortion of investment decisions produces a deadweight social loss: the expected net return on the invested capital falls from $7 million to zero. The globalization of trade and finance is changing international relationships at several levels of interaction like in the conduct of commercial activities, in relation to labour standards, the protection of physical environment and in other social and political issues. Both the captivity and the willingness of the parties who control financial capital to supply or withdraw capital from an economy quickly contribute to the rapid development as well as the severity of balance of payments and debt crisis for some economies. The process of globalization leads to an overall increase in the level of economic activity and everyone benefits from this process. The potential benefit of financial globalization will likely lead to a more financially interconnected world and a deeper degree of financial integration of developing countries with international financial markets. The main benefit of financial globalization for developing countries is the development of their financial system (Levine, 2001). There are two main channels through which financial globalization promotes financial development. First, financial globalization implies that a new type of capital and more capital is available to developing countries. Second, financial globalization leads to a better financial infrastructure, which mitigates information asymmetries and, as a consequence, reduces the problems such as adverse selection and moral hazard. 4,5, 6 7. DIFFERENCES BETWEEN THE EXPECTED VALUE OF LAND RENT AND ITS CORRESPONDING PENGLOSS VALUE There is a two period model to explain land value. In the first period, investors bid for land and setting its price. In the second period they receive rents, which are uncertain at the time of bidding. The financial intermediaries will be willing to bid on the land, based not on the expected value of future rent but on the Pangloss value. So all land will end up owned by intermediaries, and the price of land will be double what it would be in an undistorted economy. In an undistorted economy we can solve backwards for the price. The expected rent in period 3, and therefore the price of land purchased at the end of period 2, is 50. Therefore the expected return on land purchased in period 1 is = The expected rent in period 2 (50) + The expected price at which it can be sold (50), for a first-period price of 100. This is also the total expected rent over the two periods. Now suppose that intermediaries are in a position to borrow with guarantees. Again working backward, at the end of period 2 they will be willing to pay the Pangloss value of third-period rent, 100. In period 1, they will be willing to pay the most they could hope to realize off a piece of land: the Pangloss rent in period 2, plus the Pangloss price of land at the end of that period. So the price of land with intermediation in period 1 will be 200. It seems that the multi-period version of the model, in which part of the return to investment depends on the future prices of assets, makes no real difference to the distortion of those prices imposed by guaranteed intermediaries. However, this result changes in a dramatic way once we allow for the possibility of changes in the financial regime that is, if we believe that moral hazard may be a sometime thing. 8. KRUGMANS MODEL JUSTIFICATION ON OCUURANCE OF SELF-FULFILLING FINANCIAL CRISIS A key feature of a self-fulfilling crisis is the collective action of economic agents(Obstfeld, 1996 and Radelet and Sachs, 1998). This collective action may be promoted either by random shocks or the direction given by an obvious market leader. In both cases, if the intrinsic self-fulfillingness is believed to be the main reason for the financial crisis, then relatively little can be proposed in the way of future preventive policies. Self-fulfilling crisis may happen even though the countrys financial management is strong. So tough measures such as regulating sort-term capital flows were proposed to prevent the crisis. Krugman noted that the conflicts among the policy objectives do not necessarily ensure a random occurrence of crisis, even if the policy is formulated endogenously. He also stated that when market participants expect gradual worsening of market fundamentals, the economy tends to have unique equilibrium, and crisis erupts as soon as the economy heads into a crisis zone. If the crisis do not occur when an economy enters the crisis zone, this could be due to both arbitary nature of expectations as well as changing expectations about future fundamentals. 9. EXPLANATION OF ASIAN CRISIS 1997 BY KRUGMANS MODEL The Asian financial crises can be attributed to three major factors. They are international factor, domestic factor and intrinsic market failure. Among these three, both the domestic and international factors didnt responsible to much cause of Asian crisis, but the third one intrinsic market failure was responsible for that crisis. So the Asian crisis was because of a unpredictable self-fulfilling financial panic, which is a phenomenon typical of market failure. A key feature of a self-fulfilling crisis is the collective action of economic agents. This collective action may be promoted either by random shocks or the direction given by an obvious market leader. In both cases, if the intrinsic self-fulfillingness is believed to be the main reason for the financial crisis, then relatively little can be proposed in the way of future preventive policies. Self-fulfilling crisis may happen even though the countrys financial management is strong. So tough measures such as regulating sort-t erm capital flows were proposed to prevent the crisis. The East Asian crisis shed the light on the world economy to prevent or escape from the effects of similar crisis that will result in the future. Such developments relate to the deregulated nature of world financial markets, so that the triggering mechanism of a crisis may be financial. This is not to deny that financial panics may also emanate in situations where there has been no significant deterioration in the real economy above all on the profit rates. Hence when profits start to dip a careful calculation needs to be made. In regard to direct investment, the decision naturally cannot be acted upon with immediate effect, but in financial markets exiting from markets can be done almost instantaneously.

The Effects of Traumatic Brain Injury Essay - 880 Words

I. Introduction The focus of this study was to examine the effects of traumatic brain injury (TBI) in children and adolescents on prospective memory. The purpose of the study was to add to the scant research on the effects of TBI on prospective memory in children and adolescents. The authors were also interested in adding support to the existing theory that the prefrontal areas of the brain meditate prospective memory. (Ward et al., 2005) The authors were, for the purposes of this study, assuming that the brain’s prefrontal regions are involved in prospective memory. The authors theorized that younger children, with or without TBI, whose prefrontal regions are not fully developed, should perform poorly on prospective tasks. It was also†¦show more content†¦The participants responded by pressing a green key for a response to a word, or a red key for a nonword. The lower level demand version of the task used longer words, and the higher level version used shorter words. The participants were also shown italic letters, 12 total, within some of the words and non-words presented to them, which are the prospective memory cues. Participants were told to press the 6th key, in a row of grey keys, when they saw an italic letter appear. The participants were also tested with the following tasks to observe executive functioning capabilities: Self Ordered Pointing Task (SOPT), Stroop Color Word Inference Task, and Tower of London (TOL). Responses were collected and data was created on each of the four groups (children and adolescents with and without TBI), showing correct responses for both the high and low cognitive demand levels of the task. The results of the study showed several outcomes. First, that in both groups lexical-decision accuracies were higher in low demand cognitive conditions than in the high conditions. Overall, those with TBI had lower overall prospective memory scores than the participants in the control groups. In addition to this, adole scents performed better than the children. However, as the cognitive demand of the tasks increased, there was a larger gap in performance betweenShow MoreRelatedTraumatic Effects Of Traumatic Brain Injury1278 Words   |  6 PagesTraumatic Brain Injury Traumatic Brain Injury (TBI) is one of the most common causes of death and long-term disability in children (Kraus, 1995). It is an acquired brain injury that occurs when a sudden trauma causes damage to the brain (NIH,2016). The symptoms for Traumatic Brain Injury include frequent headaches, lightheadedness and dizziness. An individual may experience having blurred vision tired eyes, and fatigue. Even stressors prior to having an injury can contribute to the result of postRead MoreEffects Of A Traumatic Brain Injury1906 Words   |  8 PagesIntroduction A traumatic brain injury also known as a TBI is an acquired injury to the brain caused by an external physical force resulting in total or partial functional disability or psychosocial impairment, or both, that adversely affects educational performance. The term applies to mild, moderate, or severe, open or closed head injuries resulting in impairments in one or more areas. (Florida Dept. of Education 2015) Although I have never met anyone with a brain injury, I wanted to learn moreRead MoreEffects of Traumatic Brain Injury1823 Words   |  8 PagesThe Effects of Traumatic Brain Injury Case Study At four years old, Casey was in a car accident. Her mother, Gloria, was driving while under the influence of alcohol and ran a red light, causing a side collision with another vehicle. 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The generalRead MoreThe Effects Of Traumatic Brain Injuries On Our Society1574 Words   |  7 PagesThe human brain is an enormously complex and intricate structure; however, it is incredibly susceptible to injury and irreversible damage. Traumatic brain injuries can affect any member of the population at any given moment, damaging vital areas of the brain responsible for an entire spectrum of tasks, most of which are often taken for granted. Numerous medical professionals are involved in the rehabilitation of patients that sustain traumatic brain injuries. Because traumatic brain injuries have suchRead MoreThe Long Term Effects Of Traumatic Brain Injuries1918 Words   |  8 PagesLiterature Review Examining the long-term effects of Traumatic Brain Injuries (TBI) are one of the many areas of brain behavior relationships neuropsychologists focus on. Consequently, studies review the effects obstacles have when attempting to remediate coping following TBI (Krpan, K. M., Anderson, N. D., Stuss, D. T., 2013) while other studies have looked at the relationships between development in children who have suffered from TBI (Ganesalingam, K., Yeates, K. O., Sanson, A. and AndersonRead MoreThe Effect Of Intracranial Pressure On Adults With Traumatic Brain Injury Essay1618 Words   |  7 Pagesadults with traumatic brain injury. Introduction: The use of mannitol (MTL) and hypertonic saline (HTS) are the main medical management for elevated intracranial pressure (ICP) in traumatic brain injury (TBI) (Marko, 2012). The use of hyperosmotic agents to reduce brain volumes has been known since 1919 (Ropper, 2012). HTS is gaining in popularity over the last few decades (Colton, et al., 2016), but MTL remains the gold standard in the treatment of ICP in the setting of post traumatic events and

Organizational Structure Of The American Red Cross

The American Red Cross is an important entity in the world today. In fact, the organization was created over 100 years ago and has done nothing but grow. This is an organization that went from caring for wounded soldiers to being the guiding spirit of many families when disaster of any kind strikes. The American Red Cross must be strong and organized to handle such a large role. Unfortunately, they are usually not strong or organized. Fundamental Management Problem In recent years, the American Red Cross has experienced a number of problems both inside and outside the organization. All these problems can be traced back to one single management problem: the organization’s structure of control. The structure is unorganized and unable to satisfy the organization’s role in society. Solutions Here are three possible solutions to such a problem: 1. Reduce the number of roles the organization has. 2. Change and enforce the rules and regulations in the organization 3. Modify the whole organizational structure from top to bottom. The best choice for solving the American Red Cross’s management problem is solution 3. Action Plan In order to change the organizational structure there will need to be Congressional support and approval. Before doing so, these changes must be agreed upon by those the plan affects within the organization. These members including the Board of Governance, the Independent Governance Panel, and the board of Volunteers. Once the plan has beenShow MoreRelatedOrganizational Behavior1259 Words   |  6 PagesAmerican Red Cross Organizational Behavior and Communication American Red Cross Organizational Behavior and Communication â€Å"Inspired by the International Red Cross movement established to provide assistance to wounded soldiers, the American Red Cross was established in 1881 by Clara Barton and a number of her acquaintances† (Peerbolte, 2011, p. 17). 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Also, each member of the board of directors is required to sign the Board Member Affirmation of Service, which mandates that each member actively participate a minimum of 15 days per year with the organization, read the Code of Ethics, and comply with the policy. Other changes include the Office of the Ombudsman office itsRead MoreEssay on Ethics Unit 3 Complete Work1602 Words   |  7 Pagesdated facts in this case with more current information. How do these new facts reflect the current ethical culture of the Red Cross? According to the case study, the American Red Cross had seven different acting or permanent heads in the first decade of the 21st century. 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Examples of expanding organizations are the American Red Cross and theRead MoreEthical Issues Within the American Red Cross Essay760 Words   |  4 PagesThe American Red Cross (ARC) is an organization that was founded in 1881 by Clara Barton and established itself as the most well-known emergency relief organization devoted to the care of war victims, disaster victims, and the suffering worldwide. Unfortunately, the ARC has been plagued with a high executive turnover, slow response to disastrous events, and mismanagement of donation funds. These problems now have the ARC facing another problem, fixing their credibility for the future. The Red CrossRead MoreAmerican Red Cross Essay768 Words   |  4 PagesThe American Red Cross Summary The American Red Cross (ARC) is an independent organization, supported by public financial donations and volunteerism. It provides relief to victims of disasters and help people prevent, prepare for and respond to emergencies. 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They may not always be right but their judgment affectsRead MoreAmerican Red Cross Case Study1043 Words   |  4 Pagesof the September 11th terrorist attacks and Hurricane Katrinas devastation of New Orleans in 2005, the venerable charity organization American Red Cross (ARC) was subjected to intense public and political scrutiny. This pressurized process of external examination eventually revealed an abundance of systemic flaws in the ARCs organizational management structure, including widespread fraud and abuse of privileges by executives, gross misconduct on the part of volunteers and other employees, and anRead MoreImproving Partnerships with Big Companies to Help the ARC Increase Donations for the Aid of Individuals in Need649 Words   |  3 Pagesany fund raising campaign. Externally speakin g, they must monitor their advertising practices to clearly communicate to the donors how funds donated in response to an advertisement will be utilized. I would also investigate ways to see if The American Red Cross can add more strategic goals and objectives that would reflect how the organization performs compared to other non-profit agencies that help victims (such as the Salvation Army). Strategic objectives might include being on site or providing

Social Media in Formal Communication for Tracksuits- MyAssignmenthelp

Question: Discuss about theSocial Media in Formal Communication for Tracksuits. Answer: Introduction: The assignment studies an organisation which wants to develop its present communication channel to facilitate business transactions with its new location in China. The paper starts with a summary of the communication requirements of the organisation with Tracksuits-N-Sportswear Company Limited, Australia as its backdrop. The section is deals with the ethical and cultural implications followed by recommendations to improve the communication channel by incorporation of skype to hold business conferences. Summary and Evaluation: Summary of the Proposal: Tracksuits-N-Sportswear Company Limited is a Brisbane based sport wear manufacturing firm headquartered in Brisbane, Australia. The company acquired the logos of universities and sports companies and manufactured garments in a garage. The owners in order to expand their operation to cope to increase in demand, the owner took commercial premises on lease. The firm opened a second sales and marketing branch in China. The existing flow of communication took place among the employees over the mobile phones and landlines. The departments exchanged invoices and order over email network while the general news was shared in form of newsletters. This expansion in business resulted in lack of effective communication which resulted in time lapse between receipt of orders and shipments. The owners want to strengthen the formal communication channel in use and include social media. The relevant requirements from the social media application were to allow sending messages, track location of employ ees for safety reasons and facilitate online conferences. It can uses application like skype which allows conferencing, chatting through written messages and location of the employees (Jaggi et al. 2014). Evaluation: The evaluation of the new communication model based on social networking site shows that it is the requirement of expanding organisations like Tracksuits-N-Sportswear Company Limited. The communication model applies to the organisation because the expansion will necessitate stronger communication between the offices in China and Australia. The model of communication followed by the firm in question consists of several modes of communication which the staffs used to communicate with each other. The staffs exchanged invoices and other business related documents over email. They conversed with each other over mobile and landline telephones. The important news was circulated in form of newsletters issued by the superiors. The interactive model of communication followed by the firm allowed the employees to communicate within the commercial area in Brisbane, Austalia (Stohl and Ganesh 2014). However, expansion of business and its subsequent entry in China required it to install a system th at would support overseas business communication. The proposal of the firm to set up a communication model which incorporates overseas communication would have a modernisation effect on the communication model in use. The firm can use skype to communicate between the two offices in Australia and China. The application will allow the employees to hold conference with each other and exchange documents. They will also be able to send messages and the managers would be able to locate their subordinates to ensure their security. It allows video calls which will facilitate conferencing between the employees of the two offices and with their clients. It will help faster processing of orders and faster delivery of products (Skype, 2017). Ethical and Intercultural Implications: Employee, Employer or Customer Privacy when Using Technology: The expansion of the business operations into China will necessitate the Australian garment manufacturer to communicate between people like Chinese customers and employees. It implies that the firms Australian employees need to communicate with their Chinese counterparts ethically. Onatolu, Akwaowo and Zobisch (2016) state in their work that expansion into other countries like China requires effective communication with the people having different culture, languages, religions and other diversity factors. The management and the top executives of the firm should communicate with the Chinese employees ethically. They should maintain privacy of the important business data exchange over the internet platforms. The management should extend the use of the modern multipurpose applications like skype to the Chinese employees as well. The management should employ high security technology to secure the crucial business data and regulate access to it to secure it from data theft and illegal usa ge. These ethical sharing and application of data will create a more conductive and ethical business environment in the organisation (Holtbrgge, Weldon and Rogers 2013). Impact of Technologies or Organisational Structure on Intercultural Communication: The use of technology, structure of the organisation and its information flow impact the intercultural communication between the employees and the customers located in the two countries (Australia and China). Technology today helps in bridging the gaps between cultural and facilitates transparent business communication between people from diverse cultures (Battistella, De Toni and Pillon 2016). Moran, Abramson and Moran (2014) point out that today expansion of businesses into foreign countries requires business operations to suit to the cultures, religious and national values of the people involved in the business. The Chinese and the Australian people have distinct culture, perception of words and understanding of body language. The Australian organisation should use the modern communication system over skype to exchange transparent business information to enforce trust between their business partners in Australia as well as China. The structure of the organisation should be based on ethical treatment of employees irrespective of their origin. This ethical flow of information will enforce greater coordination and cooperation between the Australian and the Chinese employees. Thus, ethical use of technology and an employee centric organisation structure will facilitate smooth flow of business operation between the Australian employees, clients and their Chinese counterparts (Jensen 2013). Recommendations: The management should incorporate skype as a part of its new communication model that would allow conferencing, messaging and locating activities between the Australian and Chinese offices. The modern system will allow faster transmission of data between the company employees and the clients with incorporation Toulmins model. It will allow the parties in the communication process presents rebuttals or counter statements and back their statements up with documentary evidences like invoices and emails (Pedemonte and Balacheff 2016). The modern video conferencing over skype will facilitate the parties exchanging business information to see each other which will lend credibility or ethos to the communication. They will be able to understand each others pathos or emotions and logos or logic(Emanuel, Rodrigues and Martins 2015). It will enable more effective intercultural communication between the Australian employees, customers and their Chinese counterparts. The video conference will allow faster processing of the invoices and reduce the gap between order and shipment time. The parties can exchange the documents itself during the video conferences which will help them to communicate their specific requirements like dates and material specifications. This will allow the firm to understand the requirements of the clients and deliver with greater accuracy. Conclusion: The study shows that modern webchat software like skype can make business communication more effective. It can make cross cultural business communications between the multiple locations of the companies more effective and business aligned. The management of the garment company should incorporate modern video conference systems to ensure faster receipt and processing of business orders. It will also promote healthier relationship and understanding between the employees stationed in the two locations of Australia and China. References: Battistella, C., De Toni, A.F. and Pillon, R., 2016. Inter-organisational technology/knowledge transfer: a framework from critical literature review.The Journal of Technology Transfer,41(5), pp.1195-1234. Emanuel, B., Rodrigues, C. and Martins, M., 2015, August. Rhetoric of Interaction: analysis of pathos. InInternational Conference of Design, User Experience, and Usability(pp. 417-427). Springer International Publishing. Holtbrgge, D., Weldon, A. and Rogers, H., 2013. Cultural determinants of email communication styles.International Journal of Cross Cultural Management,13(1), pp.89-110. Jaggi, M., Smith, V., Takc, M., Terhorst, J., Krishnan, S., Hofmann, T. and Jordan, M.I., 2014. Communication-efficient distributed dual coordinate ascent. InAdvances in Neural Information Processing Systems(pp. 3068-3076). Jensen, J.V., 2013.Ethical issues in the communication process. Routledge. Moran, R.T., Abramson, N.R. and Moran, S.V., 2014.Managing cultural differences. Routledge. Onatolu, A., Akwaowo, E. and Zobisch, P., 2016. Business Strategic Leadership, Marketing, and Cultural Competence in International Business.J Bus Hum ResourManag,2(011). Pedemonte, B. and Balacheff, N., 2016. Establishing links between conceptions, argumentation and proof through the ck-enriched Toulmin model.The Journal of Mathematical Behavior,41, pp.104-122. Skype. 2017. Skype.com. Retrieved 24 May 2017, from https://www.skype.com/en/ Stohl, C. and Ganesh, S., 2014. Generating globalization.The Sage handbook of organizational communication: Advances in theory, research, and methods, pp.717-742.