SPLIT RATINGS,BOND YIELDS,AND UNDERWRITER SPREADS

A split bond rating occurs when Moody's and Standard & Poor give different ratings to the same issue. We examine 1,277 public industrial bond issues, where 221 have split ratings, issued from 1980 through mid-1993. For split-rated industrial bonds, neither rating agency consistently gives higher ratings. Earlier studies find yields for split-rated bonds to be priced as either the higher or the lower of the ratings. We find the yields on split-rated bonds to be an average of the yields on the two ratings. Split ratings for industrial bonds appear to reflect random differences on the part of rating agencies. Our results differ from previous studies because we use a substantially larger sample and include high-yield bonds. As long as a bond has an investment-grade rating, the underwriter fees are found to be essentially the same for all rating categories. Below investment grade, the rating substantially affects the underwriter fee. Thus, split ratings for high-yield bonds have an important effect on the underwriter spread.     

British and French shipbuilding: the industrial relations of decline

The merchant shipbuilding industry in Western Europe has been unable to withstand the pressure of overwhelming international competition. This article examines and contrasts the varying consequences of decline for the British and French industries.     

Cellular phone etiquette among college students

There has been tremendous growth in the cellular telephone industry in recent years. This evolving technology has given rise to concerns over the social rules of etiquette governing cellphone usage behaviour. The present study was undertaken to better understand the perceptions of cellphone usage propriety among one of the most important target markets for cellphone products – young adults attending college. Data were collected from a total of 383 cellphone consumers residing in geographically diverse regions of the United States. Overall, the results indicated a high degree of agreement among respondents as to appropriate and inappropriate situations for cellphone usage. Respondents considered inappropriate situations for cellphone usage to include during worship/church, during class, in a library and in a movie theatre during a movie. Respondents considered it to be appropriate to use cellphones while on public transportation, in a supermarket, and to use a hands‐free set while driving. Specific differences were found as a function of geographic regions, gender and employment status.     

Airline Schedule Recovery after Airport Closures: Empirical Evidence since September 11

Since the September 11, 2001, terrorist attacks, repeated airport closures due to security breaches have imposed substantial costs on travelers, airlines, and government agencies in terms of flight delays and cancellations. Using data from the year following September 11, this study examines how airlines recover flight schedules upon reopening of airports that have been closed for security reasons. As such, this is the first study to empirically examine service quality during irregular airport operations. Our results indicate that economic considerations, particularly the potential revenue per flight, have predictable effects on service quality following airport closures. Airport concentration, hub destination, and various logistical factors also significantly influence flight outcomes.     

Reframing gender and feminist knowledge construction in marketing and consumer research: missing feminisms and the case of men and masculinities

Abstract

Gender has been theorised and studied in many ways and across different disciplines. Although a number of these theorisations have been recognised and adopted in marketing and consumer research, the significance of feminism in knowledge construction has largely remained what we would call ‘unfinished’. Based on a critical reframing of gender research in marketing and consumer research, in dialogue with feminist theory, this article offers theoretical and practical suggestions for how to reinvigorate these research efforts. The analysis highlights dominant theorisations of gender, relating to gender as variable, difference and role; as fundamental difference and structuring; and as cultural and identity constructions. This reframing emphasises various neglected or ‘missing feminisms’, including queer theory; critical race, intersectional and transnational feminisms; material-discursive feminism; and critical studies on men and masculinities. A more detailed discussion of the latter, as a relatively new, growing and politically contentious area, is further developed to highlight more specifically which feminist and gender theories are mainly in use in marketing and consumer research and which are little or not used. In the light of this, it is argued that marketing and related disciplines have thus far largely neglected several key contemporary gender and feminist theorisations, particularly those that centre on gender power relations. The potential impact of these theoretical frames on transdisciplinary studies in marketing and consumer research and research agenda(s) is discussed.     

The power of business models

Over the past few years, “business models” have surged into the management vocabulary. But, while it has become quite fashionable to discuss business models, there is still much confusion about what business models are and how they can be used. In fact, business models can serve a positive and powerful role in corporate management. While other authors have recently offered definitions of “business model,” none appear to be generally accepted. This lack of consensus may in part be attributed to interest in the concept from a wide range of disciplines, all of which have found a connection to the term. To help managers better understand business models, this paper reviews the extant literature and identifies and classifies the components of business models cited therein. Components were classified into four primary categories: strategic choices, the value network, creating value, and capturing value. To address the absence of a generally accepted definition of a business model, a new definition that integrates and synthesizes the earlier work is offered. Based on the proposed definition, business models are then contrasted with strategy. Four problems associated with business models are also discussed.     

Ads promoting OTC medications: The effect of ad format and credibility on beliefs, attitudes, and purchase intentions

This investigation explores the effects of ad credibility and ad format (direct comparative vs. noncomparative) on consumers' beliefs, attitudes, and purchase intentions for over-the-counter (OTC) medications. It is hypothesized that ad credibility moderates the effects of ad format. To test the hypotheses three different experiments were conducted, with each one using a different method to manipulate ad credibility (multiple explanations for claimed superiority, claim substantiation, and approval of ad information from the Federal Trade Commission). The results of the three studies provide consistent support for the main effects of ad credibility and ad format. Increased persuasion was evidenced with higher credibility ads and with direct comparative ads. However, the hypothesized interaction consistently was not supported. Implications of these findings are discussed.     

Conceptual underpinnings for transformative research in a service ecosystems context to resolve social issues – framework foundations and extensions

ABSTRACT

A number of services within society are designed to improve the well-being of its members and transform lives. Some services focus on the protection and support of vulnerable members of society, for example, those suffering the effects of drug use, mental health conditions, violence or poverty. Clients of such social services may also come from minority or marginalised cultural backgrounds. Typically, social services aim to reduce disparities and enhance individual and population well-being. A major challenge for social policy-makers and social service providers is to establish and maintain constructive engagement between the social services and those they are intended to serve. Some of these vulnerable clients are deemed ‘hard-to-reach’ (HTR) by policy-makers and service providers. Yet, the transformation of lives requires the involvement of the focal actor (client) and their service or activity system, as well as the engagement of other actors, such as the social worker embedded in their service or activity system. This paper aims to further unpack a novel approach, called integrative transformative service framework. This contribution extends its conceptualisation which fuses mainly three different approaches, namely Transformative Service Research (TSR), (Cultural-Historical) Activity Theory (CHAT) and (Regulatory) Engagement Theory (RET).     

Do the world’s largest cities follow Zipf’s and Gibrat’s laws?

We examine whether the size distribution and the growth process of the world’s largest cities follow Zipf’s law and Gibrat’s law. The parametric results of the size distribution analysis reject Zipf’s law for all sample sizes and also show the Zipf exponent systematically declines as the sample size increases. The growth process analysis confirms Gibrat’s law and yields a local Zipf exponent of one for cities with a normalized population less than 0.53%, which includes about 95% of the total observations. The deviations from Zipf’s law occur at the extreme upper tail and are likely a result of restricted mobility of population across countries. However, given that Gibrat’s law holds, we can expect the size distribution to converge to Zipf’s law with a decline in the barriers to immigration.