Gender differences in the interpretation of web atmospherics: A selectivity hypothesis approach

This paper sets out to explore the role of gender as a moderator of the relationship between web atmospheric cues and virtual visitor's attitudes. In a laboratory experiment, the web atmospherics of a museum website – conceived as high and low task relevant cues – are manipulated so as to assess their impact on attitude toward the website and attitude toward the brand. The findings indicate that low task relevant cues are associated not only with higher attitude toward the website but with more positive evaluations of the brand as well. Gender has a moderating effect on both relationships of interest: In the absence of low task relevant cues, males develop less favorable attitudes toward the site and the brand, while females' attitude remains consistent across both experimental conditions. The findings are interpreted from a Selectivity Hypothesis viewpoint, which attributes gender differences in cognitive evaluations, to differences in information processing style. The study underscores the value of web atmospherics for service branding, elucidating the benefits for webpage design. It also supports the relevance of the Selectivity Model in the Internet context and highlights its significance in the sphere of online attitude development.     

Liquidity and information asymmetry considerations in corporate takeovers

ABSTRACT

We examine how stock market liquidity and information asymmetry considerations influence the wealth effects of Mergers and Acquisitions (M&As). We present a simple model predicting that M&As of listed targets that have relatively illiquid stocks are profitable for acquirers due to (a) the weak bargaining power of the targets’ shareholders, and (b) the limited information asymmetry concerns when evaluating takeover synergies. Our results show that cash-financed M&As of listed targets that have relatively illiquid stocks are associated with an increase in acquirer risk-adjusted returns. These gains are equivalent to those realized from comparable private target M&As. When engaging in stock-financed listed-target M&As, acquirers with liquid stocks enjoy significant gains when the targets have relatively illiquid stocks. This result holds especially when the deal is announced during periods of deterioration in the overall stock market liquidity. Lastly, we find that liquidity considerations affect the acquirer’s choice of the target firm’s listing status, as well as the M&A method of payment.     

Volatility forecasts embedded in the prices of crude-oil options

This paper evaluates the ability of alternative option-implied volatility measures to forecast crude-oil return volatility. We find that a corridor implied volatility measure that aggregates information from a narrow range of option contracts consistently outperforms forecasts obtained by the popular Black–Scholes and model-free volatility expectations, as well as those generated by a realized volatility model. This measure ranks favorably in regression-based tests, delivers the lowest forecast errors under different loss functions, and generates economically significant gains in volatility timing exercises. Our results also show that the Chicago Board Options Exchange's “oil-VIX” index performs poorly, as it routinely produces the least accurate forecasts.     

Value differences as determinants of importers’ perceptions of exporters’ unethical behavior: The impact on relationship quality and performance

The article focuses on the value drivers of the unethical marketing behavior of exporters, as seen from the perspective of their importers, and how this in turn affects the quality of their working relationship and performance. Based on a sample of 189 Cypriot importers, the study revealed that similarities in national, corporate, and personal values between importers and their foreign suppliers are negatively related to unethical marketing practices of the latter as perceived by the former, and vice versa. Perceived export marketing unethicality, in turn, negatively influences the exporter–importer relationship quality (as expressed in terms of cooperation, communication, trust, and commitment), which subsequently has harmful effects on the performance of the relationship. In addition, the existence of a high similarity in both value strength and ethical codes between importers and their export suppliers was found to positively affect the quality of the working relationship. Finally, the association of both corporate and personal values similarity with perceived export marketing unethicality was found to be moderated by network ties, although this was not evident in the case of national values similarity. The findings of the study have important implications for import managers in terms of properly selecting and handling relationships with their foreign suppliers.     

Non-Walrasian decentralization of the core

We show that in large finite economies, core allocations can be approximately decentralized as Nash (rather than Walras) equilibrium. We argue that this exercise is an essential complement to asymptotic core equivalence results, because it implies that in some approximate sense individual attempts to manipulate the decentralizing prices cannot be beneficial, which fits precisely the interpretation of asymptotic core convergence, namely the emergence of price taking.     

7. Relevant Hellenic Factors Favoring Effective Dialogue and Peaceful Coexistence

The paper presents and analyzes the war/peace issue in the Hellenic tradition and its relevance to the contemporary world. It is focused on some of the Hellenic factors that were successfully used in antiquity to overcome conflicts and war and to achieve a harmoniously existing world. The factors that can be used as paradigmatic cases are the conceptions of divine kosmos and of polis ; effective dialogue; the education of rulers and of citizens so as to be able to govern themselves and use their power in order to preserve civilization for posterity and to sustain their values, to oppose stasis and to embrace homonoia , to overcome conflicts and to preserve peace in more than two hundred city-states. In addition, I argue that the long and rich Hellenic experience is relevant to our epoch in the sense that it is universally known for its anti-polemic policy and its peace movements. Conceptions such as kosmos and organismic polis, the practice of laws and of homonoia , or friendship, can contribute to the solution of our local and world problems and the prevention of contemporary violence, terrorism, and wars. They can be used by future generations as a model of how to prevent the repetition of another holocaust, of any extermination of human beings by human beings (Dachau), or of any war tragedies (bombing of Hiroshima and Nagasaki). They show, above all, how humanity can achieve a lasting world peace.     

Rational Versus Emotional Appeals in Newspaper Advertising: Copy,Art, and Layout Differences

The article compares and contrasts rational versus emotional appeals in newspaper advertising, based on over 100 items comprising copy, art, and layout characteristics. Using a sample of 1,335 advertisements that appeared in Cypriot national newspapers, a number of significant differences were observed. To a large extent these differences reflect the entirely opposite perspectives adopted by each appeal, with execution elements in rational advertisements revolving mainly around objectivity, functionality, and utilitarianism, as opposed to emotional advertising elements that are characterized more by subjectivity, emotionalism, and value-expressiveness. Several conclusions and implications for advertising researchers and practitioners are derived from the study findings.     

Entrepreneurial orientation,access to financial resources,and product performance in the Greek commercial TV industry

In this research article, the authors draw on the theoretical insights of the strategic entrepreneurship literature and examine the relationships among entrepreneurial orientation, access to financial resources, and broadcasted product performance using survey data from Greek television enterprises. Data were based on companies' chief executive officers. Results of Bayesian path analysis indicate that access to financial resources fully mediates the effect of entrepreneurial orientation on product performance. Recommendations for further research are discussed.     

Middle managers' perception of subordinates' customer orientation in the banking sector

This study examined personal and contextual factors at work that influence middle-level managers' perception of their immediate subordinate's customer orientation (SCO). Data were based on 120 managers from seven organizations from the Cyprus banking sector. Results of structural equation modelling indicate that managers' trait of emotional intelligence has a significant indirect effect on their perceptions of their SCO via positive affect at work. Recommendations for further research are discussed.