Measuring user perceived service quality of online auction sites

This study proposes a measure for online auction sites' service quality (OA-SQ). The conceptualisation is based on a literature review of service quality research and an analysis of the unique characteristics of online auctions. A pilot study refined the initial scale. A second survey data set tests the final scale. Results of both exploratory and confirmatory factor analysis show high construct validity of the scale. The scale includes 24 items for seven dimensions: efficiency, system availability, privacy/security, compensation, personalisation, playfulness, and reputation.     

Captive Financing Arrangements and Information Asymmetry: The Case of REITs

For the sample period of 1985 and 1986, captive real estate investments trusts (REITs) have a larger bid-ask spread than noncaptive REITs, after controlling for trading volume, price volatility, insider holdings, institutional holdings and firm size. Based on the bid-ask spread literature, the results suggest that captive firms are subject to a greater degree of information asymmetry. This implies a higher cost of capital for captive firms. The evidence here and the trend toward self-administered REITs imply that information asymmetry and conflicts of interests within REITs are priced.     

An inflation-hedging portfolio selection model

This paper suggests an investment strategy which allows an investor to specify the desired return on investment to be equal to the expected rate of inflation plus a certain premium rate, and then helps the investor select those stocks which will provide the greatest chance of meeting that specified investment goal.     

Influences on the perceived value of medical travel: the moderating roles of risk attitude,self-esteem and word-of-mouth

This study aims to discover the influential factors and critical moderators that can enhance the perceived value that international tourists feel towards medical travel. A total of 259 international tourists were surveyed using questionnaires. The results were analysed using structural equation modelling, and the findings are as follows. Firstly, hospital elements, such as service quality, hospital credibility and hospital image, all influence the perceived value of medical travel. Moreover, the results also confirmed the positive moderating effects of personal-factors (risk attitude and self-esteem) and an external factor (word-of-mouth), which can increase the influences of these hospital elements on the perceived value of medical travel.     

The magnet effect of price limits: A logit approach

We investigate the magnet effect of price limits using transaction data from the Taiwan Stock Exchange. A logit model incorporates explanatory variables from microstructure literature and reveals that the conditional probability of a price increase (decrease) increases significantly when the price approaches the upper (lower) price limit, in support of the magnet effect. Our approach recognizes when the magnet effect starts to emerge and identifies possible determinants of magnet effect. The probability of information-based trading has a significant impact on the magnet effect for lower price limits.     

Book Assets,Real Estate,and Returns on Common Stock

Since real estate is common to most firms, this study examines whether there is a real estate factor in common stock returns that is not completely captured by existing asset pricing models. The three-factor model of Fama and French (1993), hereafter FF, is extended to incorporate a unique real estate factor. Using his extended-FF model, we examine the returns on 53 industry portfolios of common stocks over the 1972 through 1995 time period. The results indicate that a significant 19 percent of the industries are systematically related to the real estate factor. Most interestingly, we show that the loading of the real estate factor in common stock return is related to the loading of the book-to-market equity factor in these returns. We also construct decile portfolios of common stocks based on historical sensitivities of common stock returns to the real estate factor. The coefficients on the real estate factor vary systematically across the decile portfolios. The results of our analysis suggest that portfolio managers should manage their exposure to real estate.     

Supplier market orientation and accommodation of the customer in different relationship phases

As customers' needs have changed rapidly, market orientation has become a more primary focus of marketing literature. This study explores the strategies market-oriented suppliers use to accommodate customer needs. In addition, because buyer-seller relationships proceed through phases characterized by distinct behaviors, this study explores the relationship between market orientation and accommodation strategies over the course of the buyer-seller relationship lifecycle. The results show that market-oriented firms use flexibility and relationship-specific adaptation as accommodation strategies. Also, three market orientation components (customer orientation, competitor orientation, and interfunctional coordination) relate differently to flexibility and relationship-specific adaptation during the relationship lifecycle. Finally, accommodation strategies significantly mediate the effects of the three market orientation components on customer satisfaction. Thus, market-oriented firms can satisfy their customers and avoid an overreliance on current relationships by emphasizing either flexibility or relationship-specific adaptations that correspond to the lifecycle of the relationship.     

Examining Chinese College Students’ Intention to Travel to Japan Using the Extended Theory of Planned Behavior: Testing Destination Image and the Mediating Role of Travel Constraints

Understanding the decision-making process and predicting travel behavior are critical for destination tourism marketers. This study develops and tests a structural equation model using the extended Theory of Planned Behavior (TPB) to explain Chinese college students’ intention to travel to Japan. Ten hypotheses were proposed regarding the relationships between destination image, travel constraints, and the original TPB constructs. The results of structural analyses reveal that the extended TPB has better predictive power for travel intention to Japan than the original one. Attitude is found to have the greatest impact on intention to travel to Japan. The mediating role of travel constraints shows a significantly negative effect on the relationships between the predictors and travel intention except for the relationship between perceived behavioral control and travel intention. The results of this study can help improve marketing promotions and the development of more effective destination positioning strategies for Japanese inbound tourism.     

A multilevel analysis of the service marketing triangle in theme parks

ABSTRACT

This study explores multilevel relationships between employees and visitors within 25 theme parks in Taiwan. The adapted constructs with corresponding items of interactive, internal, and external marketing were developed based on the service marketing triangle theory and previous literature. The results show that interactive marketing influences visitor satisfaction and behavioral intentions; internal marketing influences interactive marketing, and moderates the effect of interactive marketing on satisfaction; external marketing influences satisfaction; and satisfaction affects behavioral intentions. This study demonstrates that examining the influence of cross-level service marketing on internal and external customer satisfaction is crucial to the operational success of theme parks.