How novel actors achieve a positive reputation: A case of prep schools with elite‐level hockey programs

How are novel organizations able to build a positive reputation while attempting to enter into a system with established organizations? To address this, we examined the field of elite‐level amateur hockey. Private Secondary Schools (PSS) are novel in that they offer a nontraditional pathway for players with respect to fielding elite‐level hockey teams. Findings from interviews with PSS with elite‐level hockey programs revealed that PSS highlight their Selection Processes, Player Development Practices, and the enhanced Player Experience in an effort to build a positive reputation. This study contributes to the literature on reputation by showing that novel organizations can build a reputation through highlighting the unique value they add. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.     

基于价值流图析的生产线连续流创建

针对M企业A生产线在制品积压、交付周期长等问题，通过现状价值流图分析其原因，提出在考虑改善效益大于投入成本的条件下，选择合适的自动化水平，以克服物料供应不及时、工艺特性等制约因素。从工艺流程、布局、工装等方面进行改善并绘制未来价值流图，创建生产线连续流。生产线连续流创建后，生产周期缩短了13天、搬运距离减少41m、车间面积节省约168m2、作业人数减少6人，为企业降本增效打下了坚实基础。     

Sustainability and the authentic experience. Harnessing brand heritage – a study from Japan

This paper explores the influence of the formative brand heritage construct on perceived authenticity at repaired/reconstructed heritage sites, understood in relation to the Japanese practice of kintsugi (金継ぎ), thereby extending Kolar and Zabkar's consumer-based model of authenticity. It notes that variations of kintsugi occur in architectural heritage conservation worldwide. We establish relationships between brand heritage, cultural motivations, perceptions of authenticity, relational value, and consumer commitment, based on questioning 768 visitors to repaired and reconstructed Japanese heritage sites. Analysis using partial least squares found consumer preconceptions of brand heritage stimulating increased perceptions of authenticity at sites of limited historical provenance, thereby increasing visitor commitment to visiting. Heritage managers should use marketing strategies that effectively communicate a site's brand heritage prior to, during, and after the tourist experience. Even where the material components of the site are entirely reconstructed, this can lead to relational value, and improved consumer commitment. In sustainability terms, holistic brand marketing can increase site revenue, help conservation maintenance and, by increasing repeat visits, reduce footfall damage at other “unreconstructed” sites. Practical implications include better artefact and information presentation, ensuring synergy between site experiences and its purported values, especially through tour guide narratives and interpretation.     

品牌认同视角下“生产商-经销商-终端商”价值共创的逻辑再构

随着产业链与供应链的深入与完善,以品牌认同为引领的价值创造再一次引起关注,基于"生产商-经销商-终端商"三位一体的价值共创思维是重塑品牌形象强化品牌认同的关键.研究认为:经销商层面中人口基数、人均可支配收入、配送能力等是实现价值增值的因素,生产商层面中市场费用支持、分销政策支持、品牌战略提升是促进价值提升的关键,终端商层面中客情维护、货龄管理、品牌维护是保障价值实现的途径.     

Price and RevPAR determinants of Airbnb listings: Convergent and divergent evidence

This paper explores the performance determinants of Airbnb listings, analyzing three research questions. First, the study investigates the different effects generated by the antecedents on price and revenue; second, it ranks different groups of variables; third, it distinguishes between private rooms and entire homes or apartments. These research questions are addressed by analyzing Airbnb listings in Milan, a business city where the sharing economy is growing fast. In particular, the study will use the monthly data of all Airbnb listings in Milan recorded by AirDNA during the period from November 2014 to June 2019, which consists of 323,184 total observations. Some hedonic price models are calculated, adding the Shapley value approach. Empirical findings show some important differences between price and revenue determinants. Furthermore, listing type and size, along with location and seasonality, are by far the most important factors that explain performance differentials among Airbnb properties.     

试论人工智能应用于我国传统制造业的启示

现阶段,人工智能的应用和普及已经成为社会运行发展的一大趋势。与此同时,传统制造业面临着与人工智能相结合应用的升级和转型。论文基于人工智能发展与应用的背景,对人工智能带来的机遇和挑战展开分析,指出了人工智能应用于我国传统制造行业未来发展趋势方面的启示,并在此基础上提出人工智能在传统制造行业的应用办法,提高人工智能运行效率。     

Valuing Initial Public Offerings Using Article 11 Pro Forma Financial Information in the Prospectus*

We investigate whether Article 11 pro forma financial information assists investors in valuing IPOs. While the SEC expects it to be helpful in assisting investment decisions, Article 11 pro forma financial information is based on registrants' understanding and assumptions, and registrants can exercise their own judgment when preparing pro forma financial statements. It is therefore an empirical question whether the information contained in pro forma financial statements is useful to investors. We examine the association between pro forma adjustments of earnings and book value of equity and the IPO offer value and find asymmetric results. While positive pro forma adjustments of earnings and book value of equity are positively associated with the IPO offer value, negative pro forma adjustments of earnings and book value of equity are negatively associated with the IPO offer value, suggesting that negative pro forma adjustments are priced as growth opportunities. Additional analyses reveal that the association between pro forma adjustments of book value of equity and the IPO offer value varies across different time periods and industries and that pro forma adjustments of book value of equity are initially mispriced by investors. In contrast, we do not find similar results for pro forma adjustments of earnings. Further empirical tests show that the asymmetric results of mispricing of pro forma adjustments of earnings and book value of equity may be explained by the requirements of Article 11 of Regulation S‐X for pro forma adjustments dictating that adjustments to earnings reflect only recurring items while adjustments to book value reflect both recurring and nonrecurring items.     

Sharing the value‐at‐risk under distributional ambiguity

This paper considers the problem of risk sharing, where a coalition of homogeneous agents, each bearing a random cost, aggregates their costs, and shares the value‐at‐risk of such a risky position. Due to limited distributional information in practice, the joint distribution of agents' random costs is difficult to acquire. The coalition, being aware of the distributional ambiguity, thus evaluates the worst‐case value‐at‐risk within a commonly agreed ambiguity set of the possible joint distributions. Through the lens of cooperative game theory, we show that this coalitional worst‐case value‐at‐risk is subadditive for the popular ambiguity sets in the distributionally robust optimization literature that are based on (i) convex moments or (ii) Wasserstein distance to some reference distributions. In addition, we propose easy‐to‐compute core allocation schemes to share the worst‐case value‐at‐risk. Our results can be readily extended to sharing the worst‐case conditional value‐at‐risk under distributional ambiguity.     

Value co-creation in sustainable tourism: A service-dominant logic approach

To mainstream sustainability, we need to understand the value gained from sustainability by users. We apply a user-centred design methodology to develop an agile, iterative, incremental and reflexive process to understand the sustainability value proposition for Lufthansa City Center travel agents. We analyse the failure of sustainability communications within the online platforms used by these agents and explore why the agents factor out sustainability information during the customer sales process. We identify how agents and customers understand sustainability, and we explore opportunities to co-create sustainability value. Furthermore, we prototype, and then test, methods of empowering travel agents to communicate sustainability to their customers as a value-adding proposition.     

Building value co-creation with social media marketing,brand trust,and brand loyalty

Value co-creation has emerged as a critical challenge for fashion brands in the age of social media. Despite its importance, scholars have not adequately explored the role of social media marketing (SMM) in enhancing value co-creation (VCC) intentions among fashion brand consumers in mainland China. SMM encompasses five hierarchical elements: entertainment, customization, interaction, electronic word-of-mouth (EWOM), and trendiness. This study developed a theoretical framework based on attribution theory and employed the partial least squares–structural equation modeling (PLS-SEM) method to analyze the value co-creation process. The results indicate that SMM positively impacts brand loyalty (BL), brand trust (BT), and VCC. Furthermore, BT positively affects BL and VCC, while also serving as a positive mediator between SMM and BL and VCC. Finally, BL positively enhances the VCC intentions of fashion brand consumers. Our study's unique insights, derived from the attribution theory's advantage point, enrich the marketing literature. These findings also offer practical guidelines and tips for marketing managers seeking to optimize their SMM mix for VCC.