Sustaining brand loyalty: The moderating role of green consumption values

Environmental issues are massively emerging in the current agendas of governments, businesses and consumers all over the globe. Consumers increasingly adopt a more energetic role in the environmental discussion and employ product consumption to manifest their contribution to the debate. Equally, a growing number of businesses try to affect positive social change, whereas others strategically approach green opportunities; at the same time, they persistently intensify their branding offerings to sustain loyalty. This article brings into discussion green consumption values as the authors aim to shed light into the way the latter moderate the effect of brand related factors, namely, brand experiences and brand personality, on brand loyalty. Based on data received from 413 participants and using the wearable technologies industry as the focal context, the study underscores the significance of green consumption values. Findings are discussed, and implications for managers are provided.     

Introduction to internally consistent modeling,aggregation, inference,and policy

This special issue of the Journal of Econometrics honors William A. Barnett’s exceptional contributions to unifying economic theory with rigorous statistical inference to interpret economic data and inform public policy. It is devoted to papers that advance microeconometrics, macroeconometrics, and financial econometrics to build models to interpret evidence.     

Inflation and Welfare in Latin America

This paper follows Bailey (J Polit Econ 64:93–110, 1956) and Lucas (Econometrica 68:247–274, 2000) and estimates the welfare cost of inflation for 17 Latin American economies. We use annual data, from 1955 to 2000, and recent advances in the field of applied econometrics to estimate the inflation rate elasticity of money demand and report significantly high and differential welfare cost estimates for these economies.     

Stock markets and terrorist attacks: Comparative evidence from a large and a small capitalization market

An expanding body of literature has investigated the economic impact of terrorist attacks. A part of this literature has focused on financial markets. We examine three research questions: whether markets' reactions to terrorism have changed through time; whether market size and maturity determine reactions, and whether reactions depends upon either the type of targets or the perpetrators of the attack. To this effect, a large – the London stock exchange – and a small – the Athens stock exchange – capitalization markets are used as the vehicles for the empirical investigation. Results from an event study methodology as well as from conditional volatility models suggest that size and maturity as well as specific attributes of terrorist incidents are possible determinants of markets' reactions.     

Oil Price Shocks and the Credit Default Swap Market

We investigate the impact of supply and demand shocks in the global crude oil market on the CDX spread, in the context of a structural VAR model based on monthly data, over the period from November 2003 to October 2015. We find that the reaction of the CDX spread to changes in the real price of crude oil differs considerably depending on the sources of shocks. In the long run, crude oil supply shocks, aggregate demand shocks, and oil-specific demand shocks together account for nearly 90% of the variation of the CDX spread.     

Efficiency and productivity of the US banking industry, 1998–2005: evidence from the Fourier cost function satisfying global regularity conditions

This paper provides estimates of bank efficiency and productivity in the United States, over the period from 1998 to 2005, using (for the first time) the globally flexible Fourier cost functional form, as originally proposed by Gallant ( 1982 ), and estimated subject to global theoretical regularity conditions, using procedures suggested by Gallant and Golub ( 1984 ). We find that failure to incorporate monotonicity and curvature into the estimation results in mismeasured magnitudes of cost efficiency and misleading rankings of individual banks in terms of cost efficiency. We also find that the largest two subgroups (with assets greater than 1 billion in 1998 dollars) are less efficient than the other subgroups and that the largest four bank subgroups (with assets greater than $ 400 million) experienced significant productivity gains and the smallest eight subgroups experienced insignificant productivity gains or even productivity losses. Copyright © 2008 John Wiley & Sons, Ltd.     

PLANNING MULTIPLE LOCATION INVENTORIES

Supplying customer demand from comparable alternate inventory locations when an item is out of stock at its primary stocking point creates a virtual inventory for that item. The expectation is that if more inventories can be drawn upon, the inventory for an item would be lower, the fill rate would be higher, or both. While generally true that safety stocks will be lower, regular stocks, on the other hand, may rise with such cross filling of demand. In this study, a methodology is developed that balances the cross filling effects on both regular and safety stocks for determining whether an inventoried item should be cross‐filled. An example and guidelines are given to show how the methodology can be simplified and applied in practice.     

Market Shares and Concentration in the EU Auditing Industry: the Effects of Andersen’s Demise

This paper describes and analyses changes at the concentration level of the audit services markets in 15-EU member-countries. The sample consists of 2,862 clients of auditing firms for the period 1998 to 2004. The findings of the research show that concentration in the aggregate sample increased over time. Concentration in the audit markets of the EU-15 member-countries exhibits substantial variation across countries while average concentration, before and after Arthur Andersen’s dissolution, has increased in 12 and declined in three countries. Results segmented by economic sectors indicate that the concentration increased in all sectors except Energy, which is the sector with the highest concentration. Overall, the empirical results suggest that there are complexities in our understanding of auditing services markets for competition purposes.