Disentangling and quantifying market participant volatility contributions

Thanks to the access to labeled orders on the CAC 40 index future provided by Euronext, we are able to quantify market participants contributions to the volatility in the diffusive limit. To achieve this result, we leverage the branching properties of Hawkes point processes. We find that fast intermediaries (e.g. market maker type agents) have a smaller footprint on the volatility than slower, directional agents. The branching structure of Hawkes processes allows us to examine also the degree of endogeneity of each agent behavior, and we find that high-frequency traders are more endogenously driven than other types of agents.     

引入外国战略投资者对城商行贷款行为的影响研究

利用中国城市商业银行2005-2011年非平衡面板数据,通过倍差法（DID）估计引进外国战略投资者政策对我国城市商业银行贷款行为的净效应.研究结果发现,我国城市商银行引进外国战略投资者政策提高了单一最大客户贷款比例和存贷比率,同时降低了城市商业银行的不良贷款率.这表明,引进外国战略投资者有助于提高了城市商业银行的资产质量,降低了“惜贷”水平.     

The Place of Biotechnology in Modern Civilization: A Veblenian Analysis of Public Misgiving Toward Embryology in the United States

Embryonic stem cell research and cloning are among the most controversial and ethically-loaded scientific advances of the past few decades. This paper argues that, in the context of recent theoretical developments in anthropology and cognitive psychology, Thorstein Veblen's work on the place of science in modern societies can provide a theoretical framework to study public misgiving toward embryology in the United States. It is argued that combining insights regarding human cognitive predisposition toward ritualization offered by Veblen with evolutionary theory on hazard-precaution systems and religious cognition may shed some light on the "peculiarity" of the initial public responses to embryology. Ultimately, this paper contends that understanding that initial reactions to embryology may follow a cognitive path of least resistance signifies that assessing the legitimacy of embryology will necessitate a deliberate effort toward instrumental thinking that may go against human cognitive predispositions.     

城市居民游憩行为时空特征调查研究——以南京为例

满足市民利用闲暇时间放松身心的游憩需求,不仅仅是市民个人的问题,更关系到城市发展问题。从南京市民角度看,参与游憩的欲望与程度取决于市民个体的身体及收入状况、游憩地类型、距离因素等;从时空特征角度看,市民游憩时间与闲暇时间呈正相关,而在空间上则表现出距离衰减规律;从游憩地条件看,游憩设施吸引力有限、消费太高、服务有待完善、交通不够便捷等问题已成为市民参与游憩的障碍。政府部门应加强对市民游憩观念的引导,更应加大投入力度,强化基础设施及游憩功能建设,着力解决诸如公共交通、环境保护等问题,推进游憩资源整合,不断完善游憩服务与产品,提升公共服务能力。     

Extrinsic Cues and Consumer Judgments of Food Product Introductions: The Case of Pangasius in Norway

In this article, the authors explore how the extrinsic cues corporate social responsibility, endorsement, and country of origin affect consumer evaluations of product quality, value, and expected product popularity for frozen Pangasius filets, a farmed fish product just recently introduced into the Norwegian market. The effects of these three variables are tested on purchase intentions. By means of a 2?×?2?×?2 factorial experiment in combination with survey data, the authors find that the three extrinsic cues under study had different effects on the evaluative variables. Furthermore, these variables all had positive and significant effects on purchase intentions. Hence, the general conclusion is that importers of new food products like Pangasius can benefit from focusing on extrinsic cues when the intrinsic cues are hard to evaluate or are unknown. Through the indirect effect on purchase intentions, extrinsic cues play an important role when consumers judge unfamiliar and new products.     

New Product Introduction and Seasonality Effect in Food Products Retailing

ABSTRACT

This study aims to measure the effects of market demand and seasonality on new product introduction. Major factors contributing the variability of market demand and seasonality of new products have been discussed in reference to timing of introducing new products, variability of consumer preferences, retail sales, and product promotion. The study is based on 243 new products in selected self-service stores in Mexico, which belong to major food products sectors for the reference period 2002–2006. Results of the study reveal that market demand and seasonality factors are most important for the timing of new product introductions, as such conditions determine success of the new products in a given market.     

A Cluster Analysis of Young Adult College Students' Beef Consumption Behavior Using the Constructs of a Proposed Modified Model of Planned Behavior

The theory of reasoned action (TRA) served as the theoretical framework for this study. This study focused on the development and analysis of a proposed modified model of planned behavior (MMpB) to investigate the beef consumption habits of young adult college students. The participants were a convenience self-selected sample of young adult college students from a major southeastern and southwestern university. A self-report survey was administered to (N = 914) students in classrooms at both universities. Using cluster and discriminant analysis three distinct cluster groupings were found based on the behavior construct.     

Exploring Perceived Channel Price,Quality, and Value as Antecedents of Channel Choice and Usage in Multichannel Shopping

This study investigates consumer perceptions of price-quality-value based on shopping channel attributes as antecedents of channel choice and usage in multichannel shopping environments. Findings indicate that channel usage intention is directly influenced by consumer perceptions of channel value and indirectly by consumer perceptions of channel quality and channel price. Consumer perceptions of channel attributes most important to channel usage intention include utilitarian and hedonic value, service and merchandise quality, and monetary and non-monetary price. Managerial implications for retailers suggest a need for strategic management and differentiation of channel attributes to enhance channel value perceptions and increase channel usage intention.     

Are Farmers' Market Shoppers Different From Cross-Shoppers? The Case of Hawaiian Avocado Purchasers

Small- and medium-size growers use direct marketing and farmers’ markets to access customers and avoid supply chain intermediaries that increase costs of getting products to consumers. This study examined consumers’ use of agricultural product information sources and their shopping outlet patronage preferences for one type of locally grown produce: avocados.

Two farmers’ market segments were identified: 1) shops only farmers’ markets and 2) cross-shops grocery stores. Product information came from a variety of sources: media, retailers, and organizations. “Buy Local” or “product origin” were considered in produce shopping decisions. One dimension, “Buy Local,” was significant in differentiating farmers’ market segments.     

Multi-tiered private labels portfolio strategies: Effects on consumer behavior

Abstract

Retailers wish to expand their standard private label (PL) adopting a multi-tiered portfolio. We study the effects produced by the introduction of two new PLs quality-tiers (economy and premium) on the market share of various national brands (NB; premium-quality and second-tier) and the standard PL. This study proposes a model that accommodates three effects (similarity, attraction, and compromise) for understanding how the introduction of economy and premium PL may affect market incumbents. This study also analyzes the effects of introducing new PL quality-tiers for customer segments. Our results indicate that when economy and premium PL are introduced in the market, the choice probability of standard PL decreases, especially for high purchase quantity customers and PL loyal customers. In addition, introduction of a premium PL decreases the choice probability of second-tier NB and premium-quality NB, especially for PL loyal customers and high purchase quantity customers.