Retail attention,retail trades,and stock price crash risk

This paper investigates the impact of retail attention on stock price crash risk in the Chinese stock market. Developing a composite measure of retail attention emphasizing its dynamic changes, we find that retail attention exacerbates future crash risk, which is robust to numerous checks that accommodate possibly omitted variables, apply the fixed effects model and instrumental variable approach, and adopt a legal interpretation as an exogenous policy shock. Extended analyses show that the impact of retail attention is more pronounced for firms with high information uncertainty under optimistic aggregate states. Moreover, using a sample of attention-grabbing stocks, we find that retail trades offer a crucial linkage from retail attention to crash risk. Overall, our findings are helpful to understand the nature of retail attention and its consequences on trading behavior as well as stock returns.     

Eat,drink, and create content: a multi-method exploration of visual social media marketing content

As visual social media marketing (VSMM) content continues to increase in popularity, it is imperative for marketers to understand the elements of such marketing efforts that capture consumers attention. Across three empirical studies, the researchers use eye tracking technology and a scenario-based experimental design to explore the impacts of the use of figurative language (i.e., antithesis and alliteration) and Snapchat’s drawing feature on consumers attention to the verbal element (i.e., caption) of company-generated and consumer-generated VSMM content (i.e., snap), specifically, on Snapchat. Results demonstrate the positive impact of the use of figurative language on consumers attention to the caption in VSMM content. Furthermore, consumers attention to the caption in company-generated (consumer-generated) VSMM content is greater when the caption uses antithesis (alliteration). Finally, the presence of pictorial information (i.e., drawings) in VSMM content may impact the relationship between the use of figurative language (i.e., alliteration) and consumers attention to the caption in consumer-generated VSMM content. Implications for marketing and advertising theory and practice are discussed.     

市场化进程、投资者注意力与投资效率

本文立足于投资者认知特征的视角,探讨投资者注意力对上市公司投资效率的影响,以及制度环境的制约作用。研究发现,投资者注意力在一定程度上可以缓解投资不足,但是这种效果并不体现在对投资过度的抑制方面。进一步分组研究结果显示,在企业投资过度时,投资者注意力的强化能使得企业获得更多的外部融资,但在投资不足时此现象并没有出现。当加入外部融资作为控制变量时,投资者注意力与投资效率之间相关系数的显著度并未发生明显变化,说明投资者注意力对投资效率的影响不是通过外部融资的路径实现的。此外,市场化程度高能有效缓解信息不对称程度,弥补投资者注意力的稀缺。     

Humorous Illustration and Cartooning — A Guide for Editors,Advertisers, and Artists. Nelson,Roy Paul. Englewood Cliffs,NJ: Prentice-Hall,Inc., 1984. 243 Pp. $12.96

Abstract

Previous research on negative political advertising has found both intended and backlash effects, indicating that the impact of these ads is likely to be contingent on other factors. The current study examines some potentially important contingent variables — level of involvement and attention to both newspapers and television for political information. Regression analyses indicate that both enduring and situational involvement and attention to television news increase the impact of negative political ads on voting decisions. Although it initially appears that attention to newspaper is unrelated to the impact of negative ads, analysis of covariance shows that newspaper reading actually reduces the impact of negative ads after controlling for other variables.     

Visual attention,buying impulsiveness,and consumer behavior

Buying impulsiveness is frequently triggered by point-of-sale information. In order to impact consumer behavior, this information must be visually noticed. In this study, researchers propose that consumers’ level of buying impulsiveness impacts their visual attention to point-of-sale information (i.e., signs, displays). Specifically, individuals scoring high on the buying impulsiveness scale (BIS) fixate less on point-of-sale information. This was tested in two experiments where participants’ task was to rate their purchase likelihood for ornamental plants. Both experiments demonstrate that consumers with high BIS fixate less on in-store signs but more on displays than low BIS consumers. High BIS participants’ visual attention to informational signs positively impacts their purchasing behavior while their visual attention to the displays does not. Theoretical contributions to consumer behavior literature and implications for retail marketing efforts are discussed.     

Effects of Various Types of Cause-Related Marketing (CRM) Ad Appeals on Consumers' Visual Attention,Perceptions, and Purchase Intentions

ABSTRACT

The study examined whether various types of cause-related marketing (CRM) appeals (informational, emotional, or a combination of the two) influenced visual attention, as captured by eye fixation, and perceptions of the company and the ad, thus, leading to purchase intentions. The results suggest that a combined appeal generates more favorable responses to the ad. An eye-tracking experiment showed that an informational ad led to longer visual attention, and that visual attention was affected by the level of consumers' cause involvement. Visual attention had a negative impact on company credibility. Company credibility mediated the relationship between visual attention and CRM ad attitudes.     

Managing Knowledge,Learning, and Time in Relationships Between Western and African Organizations

ABSTRACT

Time as a strategic variable has gained a great deal of attention in recent literature, but little has been reported on how to effectively manage time between strategic partners in a global context. In addition, there has been virtually no attention paid to time as a critical strategic variable when doing business in African countries. This paper examines the importance of time in developing effective operating relationships between Western and African countries. We posit the concept of strategic timescapes to provide managers with a way of visualizing the various dimensions of time that could vary from one culture to another. In addition, a means to effectively manage knowledge and learning between Western and African organizations is presented using the concept of “virtual” organizations to serve as the coordinating vehicle.     

股票送转、除权日异常收益与分析师关注度

本文使用事件研究的方法,利用1999年到2009年的中国股市上市公司的股票送股、转增事件的相关数据,分析发现这些股票会由于除权日时间而获得正的异常收益,这一结果不随着不同的统计假设、送转事件是否伴随着现金红利以及按照送股与转增的比例、现金红利数量划分的子样本而改变。探究这种异常收益的来源,发现分析师关注度(下文以分析师关注度来代替)会正向显著的影响异常收益;每多一名分析师关注这支送转的股票会在除权日多带来0.2元的异常收益,并且这种关系是稳健的,进一步通过工具变量回归解决了分析师关注的内生性。     

Creativity,attention and the memory for brands: an outdoor advertising field study

This study investigates whether creativity is sufficient by itself to attract attention to the ad space or whether the ad must also be conspicuous. Attention to the ad is an important driver of message processing that leads to favourable advertising effectiveness outcomes, such as improved memory for the brand. To provide insight on this, we conducted a field study of billboard advertising along an urban expressway to explore the variables that affect recognition of outdoor advertising. Using a computational neuroscience software program, we find evidence for the presence of an attention capture threshold. That is, creativity's message processing promoting strategy only improves memory when billboards cross a threshold, i.e., when the ads are at a sufficient level of conspicuity within an individual's visual field. This threshold represents a boundary condition for creativity and provides evidence that attention must first be captured in some contexts before creativity increases the memory for brands in advertising. Results also show that billboard size, visual saliency, and brand familiarity increase recognition rates.     

Non-traded inputs,interindustry flows,resource allocation and the ERP theory

This paper investigates the movement of gross outputs and resource allocation under the condition allowing for substitutability among various inputs within the framework of a simple general equilibrium model with both non-traded intermediate inputs and interindustry flows. Particular attention is paid to the sufficient conditions under which the gross output of the protected industry goes up and the industry attracts domestic factors under the Bhagwati-Srinivasan restriction on tariff change.     

Gaze behaviour,body image in women and online apparel shopping

Online apparel shopping is popular among women, with possible negative body image consequences, particularly when the website imagery is body-focused. We investigated both correlational and experimental effects of online apparel shopping on women's (N = 113) explicitly and implicitly measured self-worth, appearance attitudes and body gaze behaviour. Self-reported online apparel shopping behaviour positively correlated with self-objectification and a tendency to value and compare one's appearance. Following a simulated online shopping activity, women who browsed a body-focused activewear website felt worse about their looks, when compared with women who browsed a non-body-focused casualwear website. The activewear condition also primed lower subsequent visual attention towards female bodies in a gaze task, when compared with the casualwear condition. Given that women tend to naturally gaze at faces, the deprivation of facial stimuli in the activewear condition presumably led to a compensatory gaze effect, whereby subsequent attention towards bodies was comparably low. Importantly, dollars spent in the activewear condition correlated positively with appearance comparison and body shame attitudes. These results suggest that online apparel imagery exposure may negatively impact women's well-being. We also find evidence suggesting that gaze behaviour plays a role in how apparel marketing influences subsequent attention.     

Green, Reform, Win-Win

Boao Forum for Asia this year enjoys three highlights,namely＂Green,Reform and Win-Win＂. The old but hot topics attracted accumulated attention from the whole world,and more fresh ideas were ushered in.     

The Margin,Currency, and the Price of Oil

One of Alfred Marshall's most important contributions was that the marginal buyer in the marginal market ultimately determines the price of a good. However, until recently, little attention has been paid to the fact that the location of the marginal buyer is not fixed. In the case of oil, the marginal market has shifted several times in the postwar period. This has created a number of complications in the analysis of market behavior. This paper describes these shifts, the reasons behind them, and their implications for the future.     

Time, attention, authenticity and consumer benefits of the Web

This article addresses three potential consumer behavior tendencies: perceived time scarcity, competition for consumers' attention, and quest for authenticity. It also reviews prior research results on consumer benefits of the Web, which include convenience, time savings, ease of use, cost savings, and selection of items. The most prevalent consumer concerns are safety, waiting time, and loss of human interaction. This paper concludes that both time and attention are closely related to measurable attributes of interactive environments, while the ideals of authenticity may influence behavior less directly.     

Surprise,Surprise. Ambient Media as Promotion Tool for Retailers

Ambient media evoke surprise with the aim of gaining the attention of consumers who are overexposed to traditional types of advertising. No study has yet considered the effects of unanticipated ambient media. To bridge this gap, the present article reports a field experiment entailing the manipulation of three types of ambient media that create different levels of surprise. The analysis combines observation data for 2,464 passersby, survey data from 305 respondents, and sales figures for 730 days. The results show that surprising ambient media draw attention, promote positive attitudes toward the ad, and stimulate word of mouth. Most importantly, ambient media increase purchase intention and sales revenue. Robustness checks ensure that the model is stable across several conditions, such as time of day or weather conditions. Follow-up studies further reveal that surprise elicits positive effects via two processes; the amplification of accompanying evaluations and the interplay of attention and incongruence resolution. The paper provides guidance for retailers wishing to design surprising ambient media that improve consumer attitudes and profitability.     

Business ethics,ideology, and the naturalistic fallacy

This paper addresses the relationship between theoretical and applied ethics. It directs philosophical attention toward the concept of ‘ideology’, conceived as a bridge between high-level principles and decision-making practice. How are we to understand this bridge and how can we avoid the naturalistic fallacy while taking ideology seriously? It is then suggested that the challenge posed by ideology in the arena of organizational ethics is in many ways similar to the challenge posed by developmentalist accounts of moral ‘stages’ in the arena of individual ethics, namely, how to account for the normative force of frameworks that are theoretically derivative yet practically essential.     

Consumers' perceptions of food packaging: an exploratory investigation in Potchefstroom,South Africa

Consumers form perceptions of various food products through their comprehension of the visual stimuli on food packaging that attract their attention. These perceptions directly affect their purchasing decision at the point of purchase, which emphasizes the importance of attention‐capturing packaging attributes. However, little research is available regarding consumers' perceptions of food packaging, especially in the South African context. This study aimed to explore a sample of South African consumers' perceptions of food packaging and how these perceptions were formed through the perceptual process. A qualitative, exploratory study was conducted by means of 25 semi‐structured interviews and through the use of ambiguous mock packaging as a projective technique. Participants were questioned regarding their general perceptions of food packaging. The attention‐capturing ability of packaging as well as consumers' interpretation of this packaging after exposure to the mock packaging was also discussed. Findings from the study indicated that participants mainly based their perception of food packaging on its functional (being purposive, recyclable and informative) and physical attributes (being attractive, of high quality and hygienic). This study also indicated that information and visual attributes of packaging are important to gain consumers' attention in‐store. Participants' comprehension of packaging included general associations of specific food products with certain types of packaging, such as associations with quality and shelf life. Negative associations with packaging mostly entailed difficulty to handle the product, poor quality of the product and environmental problems. This study identifies those product attributes that participants regarded as the most important stimuli for forming positive perceptions regarding food packaging. It is important for manufacturers to pay attention to the information on perceptions that was gained in this study, as it might help them to create packaging that better fulfil consumer needs. These findings could also be applied in a larger study of a quantitative nature, which will ultimately result in more positive consumer shopping experiences and consumer satisfaction regarding food packaging.     

Perceived Project Value,Opportunistic Behavior,Interorganizational Cooperation,and Contractor Performance

Predictors of contractor performance have attracted the attention of researchers in the developed world. However, research from sub-Saharan Africa to corroborate these findings has remained sparse. What exists is speculative and at best anecdotal. Using data from construction firms in Uganda, this study finds that commitment to the project, perceived value of the project, interorganizational cooperation, and opportunistic behavior are significant predictors of contractor performance. This has both policy and managerial implications, which we present in this paper.     

A Meta-Analysis into Multiscreening and Advertising Effectiveness: Direct Effects,Moderators, and Underlying Mechanisms

Using another media screen while watching television has become a part of people’s daily routines. The topic of multiscreening has thus received increased attention from advertising scholars in recent years. To gain a better theoretical understanding of the circumstances under which multiscreening effects occur and to offer practical guidelines to advertisers, the current study synthesizes the results of past studies on multiscreening and advertising and examines the direct effects of multiscreening on both cognitive and affective advertising outcomes, the possible moderators of those effects, and the underlying mechanisms of multiscreening with regard to advertising outcomes. The results indicate a negative direct effect of multiscreening on cognitive outcomes. The effect is weakened, however, by factors related to research, advertising, and media. In addition, the results show no direct or total effect of multiscreening on affective advertising outcomes, but this again depends on various media-, advertising-, and research-related factors. Finally, the results show that attention, enjoyment, and resistance constitute the underlying mechanisms that explain the effect of multiscreening on memory and persuasion.     

The Current Arab Work Ethic: Antecedents,Implications, and Potential Remedies

This article begins with the premise that market-oriented development strategies require more than the free movement of the factors of production from one use to another; they also require a positive work ethic and an energetic and committed workforce. However, the existing Arab work ethic does not seem conducive to␣development and change. This article assesses some antecedents that might have led to the emergence of the existing work ethic. First, we address the potential role of religion in developing a value system that is not conducive to growth and development. We also tackle family dynamics in the Arab world and the impact of family structures on personal and group development. Then, we move our attention to the educational system in the Arab world trying to uncover any common patterns in the various educational approaches in the Arab world that could have had lasting impressions on power dynamics in␣Arab societies. We also address power and leadership relationships and focus our attention on how groups actually function in the Arab world. Thereafter, we tackle what has emerged out of these societal institutions and relationships, and offer some implications marking out paths for international managers.