Measures of brand attitude: Are cognitive structure approaches really needed?

Recent research on attitude toward the advertisement provides a theoretical base that questions the usefulness of multiattribute attitude measures. Arguments for global measures of brand attitude in affect-referral choice situations are presented. The two types of measures are tested as predictors of purchase intentions for ten supermarket brands. Global brand attitudes demonstrated greater predictive value for nine of the ten test brands.     

Parameter nonstationarity in retail choice models

The question of spatial nonstationarity in retail choice models generally has been ignored in the literature. This paper discusses why such nonstationarity might arise and presents an empirical test of nonstationarity in grocery choice data collected from a midwestern city. Based on these findings a nonstationarity retail choice model is proposed. The nonstationary model predicts data from a hold-out sample better than the stationary model.     

Transfer of management knowhow to developing countries: An empirical investigation

This article examines the transfer of management knowhow to developing countries through managers who undertake a graduate program in business at an advanced country. Based upon a study of 67 Turkish managers, all of whom received a master's degree in business in the United States, the article addresses three issues: What are the differences in the local applicability of various management skills (including marketing) which were acquired in an advanced country? What company and individual manager characteristics are associated with the local application of these management skills? What principal factors impede the transfer of management knowhow to an indigeneous organization?     

Prices of deep discount bonds and the Revenue Act of 1978: An evaluation of market response

This article explores the market response of deep discount corporate bonds to the reduction in the capital gains tax rate incorporated into the Revenue Act of 1978. Such tax change should have increased the desirability of assets acquired for capital gains potential, such as deep discount bonds. Examining a time series of prices and returns for a sample of deep discount corporate bonds and a control group of comparable duration and credit risk corporate bonds selling at or near par did indeed provide evidence of a market price reaction. Moreover, the price changes for the deep discount bonds occurred well in advance of the implementation of the tax change.     

A “Pure” long-term interest rate and the demand for money

This article presents the appropriate rate by which to discount a constant, certain, infinite stream of future payments: that is, the yield on a noncallable perpetuity or consol. The American consol series is a daily risk-free “pure” long term interest rate which is undistorted by tax effects, call premiums, and varying duration and reinvestment assumptions. If Hamburger had used the American consol series instead of the U.S. Government Long Term Bond Rate in his money demand function, he would have found more of the “missing money.” His average error (actual minus predicted money demand) as a percentage of actual money demand would have been reduced from 1.43% to 0.93% a 35% error reduction.     

Marketing perspectives on digital business models: A framework and overview of the special issue

Strong digital developments are changing markets, and firms may adopt a digital business model to deal with these developments. This special issue focuses on such digital business models. In this editorial, we discuss the relevance of digital business models, propose a conceptual framework, and discuss how digital business models affect firms, firm performance, and markets. We introduce the papers in this issue and show how they each fit within the conceptual framework. We discuss four important areas for future research.     

Well-being effects of self-employment: A spatial inquiry

Our paper presents an empirical analysis of entrepreneurial well-being using a large-scale longitudinal household survey from the UK that tracks almost 50,000 individuals across seven waves over the period 2009–2017, as well as a number of exploratory case studies. We contribute to the existing literature by investigating how entrepreneurial well-being varies across locations along the urban-rural continuum, and across wealthy-deprived neighbourhoods. We use a Coarsened Exact Matching (CEM) approach to compare the well-being outcomes of individuals who switch into self-employment from waged employment, and show that entrepreneurial well-being, in the form of job satisfaction, is significantly higher for those living in semi-urban locations, relative to those living in urban and rural locations. We argue that semi-urban locations provide an optimal combination of ease of doing business and quality of life. Our results also show that individuals in wealthy neighbourhoods who switch into self-employment experience higher job satisfaction than otherwise comparable individuals living in materially deprived neighbourhoods, although the latter experience greater levels of life satisfaction following the switch.     

地方国有企业的投融资期限错配:成因与治理

地方国有企业是中国经济发展的中坚力量,在供给侧结构性改革中应发挥带头作用,成为改革的主力军和先行者。目前地方国有企业存在的突出困境是债务水平过高,且面临较为严重的投融资期限错配问题。本文以2005—2013年中国工业企业数据库(CIED)中规模以上的非上市国有企业为样本,构建"投资-负债"模型分析短期债务变化量和长期投资额之间的动态关系,从预算软约束和金融市场结构两个维度剖析造成国有企业投融资期限错配的内在机理。研究发现:(1)我国央企和地方国企的投资更依赖新增债务而非留存收益,预算软约束问题严重;(2)金融市场提供长期资金的能力不足,国有企业进行长期债务融资的渠道受限;(3)国有企业的投资活动更依赖新增短期债务,存在投融资期限错配问题,且地方国有企业的投融资期限错配问题更加严重。本文的研究结果表明,为了实现地方国有企业去杠杆并优化债务结构,应从国企本身、银行信贷、政府行为和资本市场等方面进行综合治理,以提升地方国有企业的内源融资能力,并完善金融市场结构。     

非税收入的概念辨析及中美比较的可行性研究

国内为数不多的研究美国非税收入的文献,往往将美国联邦政府使用者收费等同于美国非税收入,并与中国非税收入相比较。针对这种情况,本文通过对美国非税相关文献资料的考察,以及对美国联邦政府预算分类和使用者收费内涵的分析研究,得出美国目前的预算分类和财政统计中不存在任何现成的非税收入及其近似概念。已有研究中的所谓联邦政府非税收入在财政收入中的占比计算更是将两种完全不同的收入分类相除,这不仅无意义,而且与中国非税收入在财政收入中的占比毫无可比性。本文在将美国联邦政府非税收入定义为美国联邦政府从公众处获得的一切除税收之外的收入的基础上,计算出联邦政府非税收入与总收入之比为25%～30%。此外,本文还给出了布鲁金斯税收政策中心的非税收入定义及其根据联邦人口普查局政府调查数据计算得出的全美非税收入规模。本文认为,如果要对美国非税收入总量进行考察,尤其是要与中国非税收入进行比较,须事先对所研究的非税收入内涵进行定义。     

网络平台上烟草行业的动态预算管理模式研究

本文对网络环境下烟草行业如何实现动态预算管理进行了研究,对烟草行业当前预算管理模式面临的问题,以及烟草行业动态预算管理的基本要求、流程、控制过程进行了探析。