The Value of Olympic Sponsorships: Who is Capturing the Gold?

In recent years, corporate sponsorship has become anincreasingly important element of the marketing communicationsmix. This paper uses data from the 1996 Atlanta Summer OlympicGames to measure the value of Olympic sponsorship. Using stockreturn data, we find that the shareholders of sponsoring firmsearn negative average abnormal returns around announcement ofOlympic sponsorship agreements. This finding, consistent withan agency cost explanation of corporate investment practices,is robust to variation in a number of firm- and sponsorship-specificvariables. In addition, cross-sectional analysis supports themonitoring hypothesis, as significant equity ownership by institutionalinvestors is positively related to abnormal returns around announcement.Our results suggest that utilizing Olympic sponsorships in themarketing communications mix may not be value-enhancing.     

Do Trademark Infringement Lawsuits Affect Brand Value: A Stock Market Perspective

Many firms find that they can benefit from copying orotherwise misusing the trademarks of their competitors. Firmsthat have maintained a positive brand image are likely to fightany dilution or eventual loss of their trademark by using lawsuitsagainst offending firms. These lawsuits help to staunch any lossesto the brand and leave the potential for the benefits from thetrademark to flow back to the firm. These benefits will be temperedby legal costs, potential infringement by other firms in futureand the need to file lawsuits in response. In contrast, firmsthat have infringed on a trademark are likely to lose if theowner of the trademark challenges them in court. This study relatesthe stock returns of firms to the filing of lawsuits to defendtrademarks. We study the impact of both the filing of the lawsuitand the eventual verdict of the court on the stock market valueof defendant and plaintiff firms. The protection of a trademarkby a plaintiff using a lawsuit resulted in a negative returnto the shareholders of the defendant firm that infringed on thetrademark. The returns to the plaintiff firms were mixed andof marginal magnitude due to offsetting factors although largefirms experienced positive returns.     

Market valuation of marketing alliances in East Asia: Korean evidence

This paper investigates firm value created by non-equity marketing alliance announcements of Korean listed firms in terms of stock price reactions to the announcements. We find evidence that on the Korean stock market, the announcements of marketing alliances produce significant positive abnormal returns, which reflect an increase in firm value, around the announcement date. This suggests that firm managers need to seek for various marketing alliances not only for an effective competition in competitive business environments but also for enhancement in shareholder wealth. The increase in firm value has inverse relationship with firm's size and growth opportunity. In particular, marketing alliances with firms based in G7-countries create greater firm value than ones with firms based in the home country. Our study provides investors, firm managers, and academics with valuable implications of an importance of marketing alliances for valuation of firms in other Asian countries as well as in Korea.     

The role of sponsorship fit for changing brand affect: A latent growth modeling approach

Using a latent growth modeling (LGM) approach, this study examines the controversial role of perceived sponsor–event fit in inducing changes in brand affect. On the basis of two longitudinal studies related to the 2010 FIFA World Cup and the 2012 London Olympics, the authors determine that fit and brand affect increase linearly over time. Resolving an apparent conflict in the marketing literature, the results show that the initial level of fit relates positively to the initial level of brand affect, but relates negatively to the subsequent increase in brand affect. Moreover, a significant and positive association emerges between the change trajectories, such that a steeper increase in perceived fit results in a faster rate of brand affect improvement. Furthermore, the initial level of brand affect is associated with subsequent increases in neither brand affect nor fit. Therefore, incongruence resolution is key to ensuring that sponsorship improves brand affect. Finally, both attitude toward the sponsorship and event involvement have positive impacts on subsequent increases in both brand affect and perceived fit.     

互联网时代的口碑营销及应用策略

口碑营销是近年来企业进行营销传播的常用营销策略之一.互联网的出现使得消费者的口碑传播行为呈现出新的特点,同时为企业进行口碑营销活动提供了新的机会,因此,研究互联网时代的口碑营销具有一定的理论与实践意义.本文首先阐述了网上口碑传播的内涵,指出了网上口碑传播的途径,然后论证了网上口碑传播的特点.以此为基础,探讨了企业开展网络口碑营销的应用策略.     

一损俱损：食品安全、企业的社会责任及市场反应--以“塑化剂”事件为例

本文以酒鬼酒“塑化剂”事件为案例,运用事件研究和双重差分的方法,研究该食品安全事件对酒鬼酒及白酒行业带来的影响。结果表明：事件日后20天内酒鬼酒的累计异常收益平均下降了30％,证券市场发挥了“用脚投票”的功能,对肇事企业起到惩罚作用;此外,酒鬼酒“塑化剂”事件对整个白酒行业带来的“传染效应”大于“竞争效应”,平均意义上“塑化剂”事件使得白酒类企业的累计异常收益下降了6％,说明食品安全问题会带来一损俱损现象。     

Performance Analysis of Sustainable Investments in the Brazilian Stock Market: A Study About the Corporate Sustainability Index (ISE)

In this article, we studied the Corporate Sustainability Index (ISE) of the Brazilian Mercantile, Futures and Stock Exchange (BM&FBOVESPA), with the main objective of analyzing the performance of sustainable investments in the Brazilian stock market, during the period from December 2005 to December 2010. To achieve this aim, we characterized ISE portfolios and we compared its performance with the IBOVESPA (representing the market portfolio) and other BM&FBOVESPA sectoral indices. In the performance comparison, we used level of liquidity, return and risk indicators, as well as the following measures: Sharpe, Treynor, Sortino, and Omega. Our results show that although sustainable investments have presented some interesting characteristics, such as increasing liquidity and low diversifiable risk, they did not achieve satisfactory financial performance in the analysis period. This indicates that the constraints imposed by this type of investment in capital allocation in Brazil may be harming their return and risk attractiveness.     

Assessing the Benefits of Trade Facilitation: A Global Perspective

This paper estimates the relationship between trade facilitation and trade flows using a panel of disaggregated manufactured goods for the 2000–2001 period for 75 countries. Four categories of trade facilitation are defined, measured and assessed for their impact on bilateral trade flows using a gravity model. The four measures of trade facilitation are: port infrastructure (air and maritime), customs environment, regulatory environments and e‐business infrastructure. The results suggest that raising global capacity halfway to the world average in the four areas would increase trade by $377 billion. Most regions of the world increase exports more than imports. In large part, this result stems from increased exports to OECD markets that is obtained through a country's own effort to improve ports, customs, regulations and services infrastructures. In addition, the results suggest that reform and capacity building in trade facilitation in areas related to GATT Articles V, VIII and X that are under discussion at the World Trade Organisation could expand trade and exports significantly. Many of the reform measures necessary to achieve this goal need not necessarily require large‐scale investment projects, but rather action in legal and administrative reform to facilitate trade.     

中国股市政策市研究述评

文章对政策市的有关研究进行了归纳和梳理,将主要的研究概括为股市政策与政策市,政策市产生原因,不同属性政策的定性分析,政策市运行机制,政策市影响减弱分析,政策市退出市场等方面,揭示出政策市的最大问题是股市政策的行政化,政策市退出股市必须以增强投资者选择权为基础,而这需要经历一个漫长的过程。     

股权质押比例限制与股票市场稳定——基于“质押新规”的自然实验

股权质押给股票市场带来较大风险,那么限制股权质押比例能否起到稳定股票市场的作用呢?本文基于"质押新规"这一自然实验,采用倾向得分匹配法和双重差分模型,从股票收益率、波动率、停牌交易日占比和非流动性四个方面研究股权质押比例限制对股票市场的影响,从公司治理和股东持股角度进行了机制分析,并进一步考察了质押比例限制对低质押比例企业造成的溢出影响。研究发现,短期看,设定质押比例上限对个股的收益率和流动性存在负向冲击,对个股的波动率存在正向冲击,股权质押比例限制总体上降低了股票市场稳定性。"质押新规"对控制权转移风险较大的企业的个股收益率产生了负向冲击,对控制权转移风险较小的企业的个股非流动性存在正向冲击;尽管"质押新规"针对的是高质押比例企业,但对低质押比例企业也产生了冲击。"质押新规"的负向冲击主要通过盈余管理和股东持股比例变动向市场传递。因此,应对股权质押风险,需要关注企业的盈余管理等经营状况和股东持股比例的变动,并防范溢出效应造成的风险传染。     

Managing the Risks of Corporate Political Donations: A Utilitarian Perspective

This paper applies a utilitarian analysis to corporate political donations. Unlike the more common rights-based analyses, it is argued that the optimal policy is the one that best satisfies society’s rational preferences concerning donor influence, adequate financing, donor pressure and the cost of maintaining and enforcing the democratic system. This analysis suggests that a ban is best if it would be generally observed and sufficient financing from other sources is available, otherwise a donation cap is a better option. Further, lobbyists should be banned from donating small gifts and drafting bills for candidates. The impact of disclosure and other risk management mechanisms are also considered.     

中国股票市场:2005年回顾和2006年展望

本文系统地概括了中国股票市场2005年的重大事件,其中包括股权分置改革、新的<公司法>和<证券法>出台、证券产品创新和证券公司的整合,既分析了这些重大事件的成因,也探讨了它们的后续效应.并对2006年股市的可能走势进行了研讨,提出了一系列政策建议.     

股票市场与中国经济增长关系的实证研究

本文在对国内外有关研究成果进行总结的基础上 ,分析了股票市场促进经济增长的作用机制 ,运用 1 994年到 2 0 0 3年的季度数据 ,实证研究了中国股票市场发展与经济增长的相关关系 ,得出了一些有意义的结论。     

Corporate Social Responsibility and the Benefits of Employee Trust: A Cross-Disciplinary Perspective

Research on corporate social responsibility (CSR) has tended to focus on external stakeholders and outcomes, revealing little about internal effects that might also help explain CSR-firm performance linkages and the impact that corporate marketing strategies can have on internal stakeholders such as employees. The two studies (N = 1,116 and N = 2,422) presented in this article draw on theory from both corporate marketing and organizational behavior (OB) disciplines to test the general proposition that employee trust partially mediates the relationship between CSR and employee attitudinal and behavioral outcomes. Both studies provide evidence in support of these general relationships. Theoretical and practical implications of these findings are discussed in the context of CSR and corporate marketing research.     

Assessing a Place to Live: A Quality of Life Perspective

ABSTRACT

Quality of life is an important yet often unmeasured variable in assessing places to live. Maintaining and promoting a high quality of life is critical for communities striving to sustain and expand their current economic bases. This study presents a format for measuring quality of life and an adaptation of the importance-performance analytical technique for evaluating results. Using results from a quality of life survey, the study demonstrates how policy implications may be suggested from the analysis.     

中国股市:一个“公地悲剧”例证

中国股市“公地悲剧”的原因在于中央管理当局“大干快上”,竭泽而渔的发展思路,违背了股市可持续发展的要求、地方政府和行业主管部门的“诸侯”利益侵蚀着市场整体利益、上市公司对股市的掠夺导致股市功能异化,严重危害了市场基础和中介机构的诚信危机导致市场的效率与公平双重受损乃相关部门的机会主义政策危害了股市的发展环境。要改变股市现状,必须调整股市发展的指导思想和政策,建立证监会的超然地位,让股市“公地”资源“产权”(管理权)明晰化和集中化,而建立以保护投资者利益为宗旨的证券市场法律体系以规范各类市场主体的行为,是结束股市“公地悲剧”的标本兼治之策。     

Revisiting the Effect of Family Involvement on Corporate Social Responsibility: A Behavioral Agency Perspective

This paper sheds light on the incongruent findings concerning the relationship between family involvement and firms’ corporate social responsibility (CSR). While prior studies have mainly taken the perspective of families’ socioemotional wealth preservation, we approach this relationship from the perspective of behavioral agency theory, highlighting the important role played by CEOs’ family memberships. Specifically, we posit that family firms are more likely to invest in CSR when their CEOs are members of the controlling families. Furthermore, we examine how family firms can employ long-term incentives to encourage non-family CEOs to act in the interests of the controlling families to preserve SEW and thus enhancing family firms’ CSR performance. We tested our hypotheses using hand-collected data of family firms included in the S&P 500 index, in the period of 2003–2010. The empirical findings support our hypotheses that (a) family firms with family members as the CEOs have better CSR performance and (b) family firms tend to provide a high level of long-term incentives to non-family than family CEOs. In addition, long-term incentives strongly motivate CEOs to improve firms’ CSR performance, regardless of their family memberships.     

论住房价格高低的评判标准——从生命周期理论角度的一点思考

本文在基于消费者生命周期理论的基础上,提出了如何通过计算消费者所能承受的最高理论房价,并将其与实际房价进行比较来确定房价高低判断标准的思路,并进行了实证研究。实证研究表明,全国各省会城市中还没有一致地出现房价实际值高于理论值的现象、在城市中的不同行业中所能承受的房价理论值并不相同以及上海、杭州、北京等几个城市可能存在一定的房地产泡沫。     

Market Reactions to Corporate Environmental Performance Related Events: A Meta-analytic Consolidation of the Empirical Evidence

Research on the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP) has consistently grown and is gaining widespread attention. Given the vast body of CEP–CFP studies, recently scholars have begun to take stock of the cumulative results. However, no study so far has meta-analyzed the findings yielded by event studies assessing the stock market reactions to corporate environmental performance-related events (CEP-related events). This paper sets out to close this gap by synthesizing previous empirical results regarding the stock market impact of positive and negative CEP-related events. Results indicate a positive relationship across studies in terms of positive market reactions to positive events and negative reactions to negative events. Furthermore, the findings show that the market reactions are stronger for negative events than for positive events (i.e., asymmetry in the stock market reaction). Finally, this study examines whether methodological artifacts (i.e., differences in the study designs) may explain the differences in the findings of the analyzed event studies.     

Assessing the Impact of Service Employees' Nonverbal Sexual Signals on Consumer Attitudes: A Caribbean Perspective

ABSTRACT

This study examines the effects of nonverbal sexual signals by service employees on consumer attitudes. An experimental design was used to manipulate the nonverbal gender cues exhibited by service employees in a high- and low-contact service setting. As predicted, heterosexual customers who perceived the service employee to be homosexual vs. heterosexual had a significantly more negative attitude towards the employee and company. Attitudes towards the company were more negative for a high-contact vs. low-contact service but, surprisingly, there was no significant difference in attitudes towards the employee across service types.