Seeing the market: performative sensemaking and the case of advertising agencies and their clients

ABSTRACT

How do market intermediaries help other market actors see the market and their opportunities for action within it? This article introduces a theoretical framework of performative sensemaking to explore this question using the case of advertising agencies and their clients. Drawing on 12 months of participant observation and 81 interviews conducted across four general market American advertising agencies, the article illustrates how advertising practitioners provide their clients with visions of what the market is and what opportunities for action lie within it, developing advertising campaigns to match that vision. These performed accounts of the market are dynamically negotiated and socially embedded, reflecting the identities of the clients, their target audiences, and the intermediaries themselves. Because intermediaries dramaturgically perform these interpretations of the market for their client in micro-level interactions, they must also deal with contestation and negotiation over their visions of the market.     

Network VAR models to measure financial contagion

Financial contagion among countries can arise from different channels, the most important of which are financial markets and bank lending. The paper aims to build an econometric network approach to understand the extent to which contagion spillovers (from one country to another) aris from financial markets, from bank lending, or from both. To achieve this aim we consider a model specification strategy which combines Vector Autoregressive models with network models. The paper contributes to the contagion literature with a model that can consider bank exposures and financial market prices, jointly and not only separately. From an empirical viewpoint, our results show that both bilateral exposures and market prices act as contagion channels in the transmission of shocks arising from a country to other countries.     

Does Hukou pay? Evidence from nanny markets in urban China

This paper quantifies the effect of the Chinese Hukou (household registration) on expected wage of nannies in urban China. Using a novel data set with detailed individual information of nannies from 12 Chinese cities during 2015–2016, this study finds that a 1% increase in Hukou Index, a measure of inter-regional migration restrictions, leads to a 0.05% increase in expected wage of nannies. The effect is heterogeneous for sub-categories of Hukou policies and among different types of nannies. Migration networks also play a significant role, and the effects are different for migration networks of different sizes. These findings reveal the unexpected consequences of China’s tight control of internal migration and the change in wages of a relatively low-skill service sector.     

Organizational Ambidexterity and the Emerging‐to‐Advanced Economy Nexus: Cases from Private Higher Education Operators in the United Kingdom

The expansion of advanced‐market economy (AME) firms into emerging‐market economies (EME) is well documented. In recent decades, EME companies have moved increasingly into AMEs, especially within the manufacturing sector, as well as other important AME sectors such as higher education (HE). However, the latter have received less attention. This study conducts an in‐depth qualitative analysis of two EME HE organizations operating in the international HE sector in London. The argument applies a theoretical framework of organizational ambidexterity with which to examine the contexts and complexities in collaborations between EME‐HE and AME‐HE firms. These argument surfaces, inter alia: differing dynamics in relation to institutional frameworks and sense making; myopic internationalization; tensions regarding organizational reputation, place, partner, and product legitimization; unfulfilled reverse innovation and “explorative‐pull” phenomena. Overall, the article develops novel conceptual frameworks of practical relevance, which inform EME‐AME firm collaborative operations in AME settings. © 2016 Wiley Periodicals, Inc.     

Farmers' Market consumers: a Scottish perspective

Farmers' Markets in Scotland have gradually developed since 1999 as an alternative retail outlet for consumers. Throughout the UK, shoppers have become increasingly concerned about the quality and safety of their food and as a result seek healthier, locally grown organic and non‐organic produce. Thus, the growth of Farmers' Markets is directly related to consumer demand for fresh foods, direct from source, with the high quality of products being a primary reason for shopping. Farmers' Markets are not only seen as a place to buy ‘good food’ but also as a means to express consumer values associated with food choices. Scottish Government efforts to revitalize rural economies through local enterprise initiatives is evidenced by funding the initial establishment of the Scottish Association of Farmers' Market (SAFM), formed in 2000 by market organizers to further their development. The benefits of fresh local produce for Scottish consumers, the revival of a sense of community and the concept of ‘new consumption spaces’ tied to locality means the rural economy benefits from the increase in activity and profits through direct sales. This research investigates consumption habits at farmers' markets through the use of attitudinal theories along with food behaviours and motivations for purchasing. The results demonstrate that a positive attitude is important but the influence of others and barriers are not. Consumers are particularly motivated towards resource conservation and there are distinct differences in attitude between urban and rural shoppers. This research provides a unique insight into the attitudes that influence and motivate Farmers' Market consumers in Scotland.     

零售平台的商户组内多样化与差异化

商户组内多样化和差异化是零售平台常见的特征。本文基于多样化与差异化特征的分析,建立零售平台的双边市场模型,讨论多样化与差异化特征和零售平台的运营策略之间的关系。分析发现：平台向商户收取高价主要受差异化影响,对顾客的补贴主要受多样化影响。平台向差异化商户收取源于竞争的价格加成,并限制差异化的商户数量。差异化度越低,价格加成越高,商户数量越少。商户间的差异化度、平台的差异化竞争策略,以及顾客对多样化商品需求的互补性,构成影响平台多样化与差异化均衡策略的三个因素。     

The efficient markets hypothesis: The demise of the demon of chance?

Many commentators have suggested that economists in general and financial economists in particular have some responsibility for the recent global financial crisis. They were blinded by an irrational faith in a discredited Efficient Markets Hypothesis and failed to see the bubble in asset prices and to give due warning of its collapse. There is considerable confusion as to what this hypothesis is and what it says. The irony is that the strong implication of this hypothesis is that nobody, no practitioner, no academic and no regulator had the ability to foresee the collapse of this most recent bubble. While few economists believe it is literally true, this hypothesis is considered a useful benchmark with some important practical implications. Indeed, a case can be made that it was the failure to believe in the essential truth of this idea, which was a leading factor responsible for the global financial crisis .     

Dynamics between patent latent variables and patent price

This paper focuses on studying the relationship between patent latent variables and patent price. From the existing literature, seven patent latent variables, namely age, generality, originality, foreign filings, technology field, forward citations, and backward citations were identified as having an influence on patent value. We used Ocean Tomo's patent auction price data in this study. We transformed the price and the predictor variables (excluding the dummy variables) to its logarithmic value. The OLS estimates revealed that forward citations and foreign filings were positively correlated to price. Both the variables jointly explained 14.79% of the variance in patent pricing. We did not find sufficient evidence to come up with any definite conclusions on the relationship between price and the variables such as age, technology field, generality, backward citations and originality. The Heckman two-stage sample selection model was used to test for selection bias.     

城市轨道交通对其沿线住宅价格的影响分析——以北京市地铁四号线和八通线为例

本文以北京地铁四号线和八通线为例,从时空两个方面研究了轨道交通在规划建设前后对其沿线住宅价格的影响.作者利用实际调查收集到的这两条地铁沿线3km范围内的1200个住宅项目的均价数据(1998 - 2009年),利用空间自相关分析和波谱分析度量了轨道交通对其沿线房地产价格变化的影响程度、该影响随时间的变化与空间距离的衰减...     

关于推进我国现代流通体系建设的几点建议

商品流通体系是一个庞大的系统、复杂的过程,不仅直接关系到生产和生活,而且也关系国民经济各个部门的运行效率和效益。建立和完善我国商品流通体系是一个深化改革的过程,本文从十个方面对此进行论述,提出了构建具有中国特色、统一开放、畅通可控、机制有序商品流通体系的构想。