Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows

This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30‐second content‐filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers’ overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price, and end of first day of trading). The result is robust to controls for traditional determinants of firm value. We also show that firms with highly perceived management are more likely to be matched to high‐quality underwriters. In further exploratory analyses, we find the impact is greater for firms with more uncertain language in their written S‐1. Taken together, our results provide evidence that investors’ instinctive perceptions of management are incorporated into their assessments of firm value.     

Using Coupon Incentives in Recycling Aluminum: A Market Approach to Energy Conservation Policy

A field experiment was conducted on a stratified sample of 354 recyclers and nonrecyclers to test the effects of coupon incentives on consumers' intentions and behavior in recycling aluminum. Results indicate that modest coupon incentives positively influenced recyclers' behavior, but did not influence nonrecyclers. Over the range of incentives tested, evidence suggests that increased recycling frequency is directly related to the coupon value. Implications for incorporating coupon promotional programs into the development of energy conservation policy, and areas for future research are discussed.     

Dealing with Time Inconsistency: Inflation Targeting versus Exchange Rate Targeting

Adopting a single instead of multiple targets can be an effective way to overcome the classic time‐inconsistency problem. The choice of a single mandate depends on the trade openness and the credibility. Reduced‐form empirical results show as central banks become less credible, they are more likely to adopt a pegged exchange rate, and the tendency to peg depends on trade openness. In a model with “loose commitment,” as credibility falls, either an inflation target or a pegged exchange rate is more likely to be adopted. A relatively closed (highly open) economy would adopt an inflation target (exchange rate peg).     

Consumers' Use of Debit Cards: Patterns, Preferences, and Price Response

Debit card use at the point of sale has grown dramatically in recent years in the United States and now exceeds the number of credit card transactions. However, many questions remain regarding patterns of debit card use, consumer preferences when using debit, and how consumers might respond to explicit pricing of card transactions. Using a new nationally representative consumer survey, this paper describes the current use of debit cards by U.S. consumers, including how demographics affect use. In addition, consumers' stated reasons for using debit cards are used to analyze how consumers substitute between debit and other payment instruments. We also examine the relationship between household financial conditions and payment choice. Finally, we use a key variable on bank-imposed transaction fees to analyze price sensitivity of card use, and find a 12% decline in overall use in reaction to a mean 1.8% fee charged on certain debit card transactions; we believe this represents the first microeconomic evidence in the United States on price sensitivity for a card payment at the point of sale.     

Baking for the common good: a reassessment of the assize of bread in Medieval England1

This article reassesses the structure of the assize of bread and its relevance for bakers and consumers in late medieval England. It has long been thought that the laws governing the manufacture and sale of bread, although adhering to a logical relationship between weight and price, were nevertheless ill‐considered in formulation, calculation, and enactment and did not, in reality, provide the stable allowance recommended for bakers. By examining the economic and moral ideology underlying the assize of bread it is possible to demonstrate that legislators were actually employing a rationale that best fitted contemporary circumstances and retail practices. There nevertheless remained one fundamental flaw in its construction, which was to have implications for its enforcement.     

‘So Long as I Take my Mobile’: Mobile Phones,Urban Life and Geographies of Young People's Safety

Mobile phone ownership has spread rapidly among young people in the UK. This article contributes to an expanding body of literature which is examining the consequences of this phenomenon for urban life. Our focus is the impact of mobile phones on young people's geographies, particularly their own and their parents’ fears about their safety in public spaces. Quantitative and qualitative findings are presented from two research projects in Gateshead, north‐east England on crime victimization and leisure injury risk for young people, in which the role of mobile phones in managing and negotiating safety emerged as significant. The article highlights the different ways in which young people and parents are using mobile phones for this purpose, and asks whether they are best viewed as technologies of surveillance or empowerment. We also raise questions about the efficacy of mobile phones in protecting young people from risk and fear, in particular examining the mobile as a new site of victimization. Throughout, we emphasize the social unevenness of the uses and impacts of new technologies, which is often underplayed in research. We conclude with the suggestion that although they offer some empowerment to young people in their use of public spaces and their negotiation of risk, mobile phones appear to be reshaping rather than reducing moral panics about young people's presence there. Au Royaume‐Uni, le téléphone mobile s’est répandu rapidement parmi les jeunes. Cet article s’ajoute aux documents en nombre croissant qui étudient les conséquences de ce phénomène sur la vie urbaine. Il s’attache à l’impact des mobiles sur la géographie des jeunes, notamment sur leurs craintes personnelles et celles de leurs parents quant à leur sécurité dans les espaces publics. Il présente des résultats quantitatifs et qualitatifs provenant de deux projets de recherches à Gateshead (nord‐est de l’Angleterre) sur le risque pour les jeunes d’être victimes d’un acte criminel et de se blesser durant un loisir, cas où les mobiles semblent jouer un rôle important pour gérer et négocier la sécurité. L’article met en lumière les différents modes d’utilisation des mobiles à cette fin, par les jeunes et les parents, en se demandant si ces téléphones sont d’abord considérés comme des technologies de surveillance ou de responsabilisation. Il interroge également l’efficacité des mobiles pour protéger les jeunes contre risques et craintes, notamment en envisageant ces téléphones comme nouveau terrain de victimisation. Dans son ensemble, ce travail souligne l’irrégularité sociale des usages et impacts des nouvelles technologies, souvent minimisée dans la recherche. La conclusion suggère que, même s’ils offrent une certaine responsabilisation aux jeunes dans leur utilisation des espaces publics et leur négociation du risque, les téléphones mobiles semblent remodeler, non réduire, les paniques morales liées à leur présence dans ces lieux.     

Weighing in on Fast Food Consumption: The Effects of Meal and Calorie Disclosures on Consumer Fast Food Evaluations

An analysis of consumers' Weblogs and two experiments address: (1) the differences in evaluations of menu items when consumers are versus are not provided with meal calorie information, and (2) their perception of calorie levels of different types of meals. Consumers provided their calorie estimates for specific meals offered by four different fast food restaurants, and an experiment assessed effects on consumer evaluations for calorie disclosures for actual items from two of these restaurants. Results show the complex relationship between consumer perceptions regarding the restaurants, the meals and the food items that can influence consumers' calorie estimates and evaluations of meals in restaurants.