A common managerial belief indicates that brand loyalty declines over the years, with consumers becoming more heterogeneous in their choices. The earlier research investigating the phenomenon of brand loyalty decline is, however, inconclusive and does not offer an answer to the reasons behind brand loyalty evolution. In this study, we investigate brand loyalty evolution and explore the impact that a number of category characteristics have on driving brand loyalty evolution. We use Danish panel data across 54 categories over a period of 6 years (2006–2011). Our findings show that at the aggregate level, brand loyalty declines, but this evolution is category-specific, with only a small number of categories showing a significant decline. We further demonstrate that an increase in category penetration results in a negative impact on brand loyalty evolution, whereas an increase in the share of private label brands has a positive impact. We discuss the implications for theory and practice.
In this article, we describe the various sorts of American Parisian options and propose valuation formulae. Although there is no closed-form valuation for these products in the non-perpetual case, we have been able to reformulate their price as a function of the exercise frontier. In the perpetual case, closed-form solutions or approximations are obtained by relying on excursion theory. We derive the Laplace transform of the first instant Brownian motion reaches a positive level or, without interruption, spends a given amount of time below zero. We perform a detailed comparison of perpetual standard, barrier and Parisian options. 相似文献
Firm level data for the manufacturing sector in Africa, presented in this paper, shows very low levels of investment. The importance of profit effects on investment is investigated using a flexible accelerator, a specification based on the Euler equation and a simple generalisation of these specificiations. There are controls for firm fixed effects. It is shown that the profit effect is very similar for both the accelerator and Euler equation specifications. A comparison with other studies shows that, for small firms, the effect is much smaller in Africa than for other countries. Reasons for the relative insensitivity of investment to profits in African firms are suggested. For the most general specification tested there are no significant differences in the size of the profit effect across the four countries in the study. 相似文献
Value creation and capture remain a key but quite a challenging objective for many organizations. R&D and innovation management have to operate in a context of increasing complexity, particularly enriched by emerging technologies, new opportunities for transformation of business models, and multidimensional changes in market demands. This special section proposes new options to deal with this challenge. One paper contributes to the adoption of open business models by studying their antecedents and casual relationships. The three other papers propose using a different focus on value, avoiding its destruction by adopting different unusual mindsets; i.e. learning through failure, learning by deviating and investigating motivations for not participating in innovation communities. 相似文献
The paper proposes in a regime-shift framework, an arbitrage-free term structure model based on the target and Fed Funds Rates. Empirical observations suggest that a three-state regime-shift environment associated with FOMC monetary actions is justified. Then, a closed-form solution for zero-coupon bonds is derived where regime-shift risk is priced. The solution is flexible enough to incorporate additional state variables. 相似文献
Using a mail survey ( n = 395) of outdoor recreationists, the theory of planned behavior (Ajzen, 1991) was applied to the prediction and explanation of hunting. In a series of hierarchical regression analyses, it was found that hunting intentions, but not perceptions of behavioral control, contributed to the prediction of self-reported hunting frequency. Hunting intentions, in turn, were strongly influenced by attitudes, subjective norms, and perceptions of behavioral control, and these predictors correlated highly with theoretically derived sets of underlying beliefs. Broad values related to wildlife and to life in general correlated weakly with hunting behavior, and their effects were largely mediated by the components of the theory of planned behavior. 相似文献