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AbstractWhen utility is specified recursively as a function of both consumption and money, real money growth becomes a common factor in addition to the market excess return and consumption growth. The risk premium on the money factor is negative because money complements consumption and is positively related to the stochastic discount factor. Growth portfolios, short‐term loser portfolios, and long‐term winner portfolios tend to have higher loadings on the money factor and, thus, earn lower premiums on money.

To examine adolescent sexuality development, we analyzed data from a British cohort study (N = 5,070), which assessed the same 12–14 sexual activities at ages 11, 12, 13, and 15, and sexual orientation identity at age 15. The sexual activities ranged from low (e.g., cuddling), moderate (e.g., kissing), to high (e.g., sexual intercourse) intensity. We found that most adolescents having sexual activities of low‐to‐moderate intensity with same‐sex individuals also had them with other‐sex individuals, and adolescents having other‐sex contacts of low intensity often reported them nonexclusively. Furthermore, other‐sex and same‐sex sexual activities did not reliably distinguish between sexual orientation identities. Sex differences in these phenomena were absent or small. These findings suggest that many adolescents have low‐intensity nonexclusive sexual behaviors.

AbstractThis article presents a cross-country empirical analysis of the relationship between religion and political attitudes among the Catholic and Muslim publics, using the most recent data from the World Values Survey. We find that public support for democracy is stronger among the better educated in both the Catholic and Muslim countries. Contrary to the conventional belief that pious believers are less receptive to democracy, individual religiosity, measured by belief in God, is found to have a significant positive impact on desire for democracy in both types of society. Our findings further indicate that at the societal level, overt support for democracy is consistently positively correlated to the attachment of a set of more implicit tolerant civil values in Catholic-majority countries, while exactly the opposite is observed in Muslim-majority countries.

Purpose
The purpose of this study is to investigate the structural relationships between brand consciousness, perceived quality, social influences, traits of vanity, the need for uniqueness (i.e. antecedents), Generation Y purchase intentions and behaviour (consequences) towards luxury fashion goods.


Design/methodology/approach
An integrative theoretical model is proposed based on social comparison theory, social impact theory, the perceived quality model and theory of uniqueness to predict the antecedents and consequences of Generation Y luxury fashion goods purchase decisions. Using cross-sectional data, a total of 384 sets of valid questionnaires were collected to perform the statistical analysis for the measurement and structural model using the partial least squares path modelling, a variance-based structural equation modelling technique.


Findings
Overall, the structural results imply that the proposed model explains 73.1 and 64 per cent of variances to predict the Generation Y luxury fashion goods purchase decisions. As the several indices for evaluation of goodness of model fit, standardised Root Mean Square Residual, geodesic discrepancy, and unweighted least squares discrepancy show a satisfactory result. The results of two-tailed hypotheses reveal that brand consciousness, perceived quality, social influences, traits of vanity and the need for uniqueness influence Generation Y purchase intention. Moreover, perceived quality and social influences impact purchase behaviour but brand consciousness, traits of vanity and the need for uniqueness do not seem to be significant in explaining the variance in Generation Y purchase behaviour. Furthermore, Generation Y purchase intention is statistically related to purchase behaviour.


Originality/value
There is a lack of empirical evidence and understanding on the influences of consumer purchase intention and behaviour towards luxury fashion goods among the Generation Y. Generation Y is likely to purchase and consume luxury fashion products, and it is important to have a deeper understanding of this market segment.