Development time and new product sales: A contingency analysis of product innovativeness and price

Opposing theories and conflicting empirical results with regard to the effect of development time on new product sales suggest the need for a contingency analysis into factors affecting this relationship. This study uses a unique combination of accounting and perceptual data from 129 product development projects to test the combined contingency effect of product innovativeness and new product price on the relationship between development time and new product sales. The results show that for radically new products with short development times, price has no effect on new product sales. When the development time is long, price has a negative effect on the sales of radical new products. The findings additionally show that price has no effect on sales for incremental new products with short development times and a negative effect for incremental new products with long development times. Together, these findings shed new light on the relationship between development time and new product sales.     

Regulatory changes and information competition: The case of Taiwan index futures

This article examines the cross‐border competition in price discovery between the Taiwan Futures Exchange (TAIFEX) and the Singapore Exchange Derivatives Trading (SGX). We focused on the impact of market reforms on the information leadership of similar contracts traded on the two exchanges. Utilizing synchronized transaction data, it was found that reducing the futures transferring tax was the only policy change that enhanced TAIFEX's information role. Evidence supported the trading‐cost hypothesis that a lower transaction cost is associated with better price discovery. A brief linkage between trading volume and price discovery was found when data were broken down into subperiods according to the relative volume of TAIFEX and SGX. Evidence suggested that the SGX's information advantage reported in previous research had diminished as the rival market progressed. It also indicated that exchanges seeking to improve information efficiency should adopt policies that will reduce transaction costs or increase trading volume. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:399–412, 2004     

Meta-Analysis of the Long- and Short-Term Effects of Sales Promotions on Consumer Behavior

ABSTRACT

This article presents a meta-analysis aiming to assess the short- and long-term effects of sales promotions on consumer behavior. We found 221 studies addressing this relationship. Our final sample provided 139 observations. First, the results revealed a significant relationship between sales promotion and both purchase intentions and sales volume. Second, we identified significant and positive connections with brand loyalty, perceptions of quality, consumer attitudes, and switching costs for consumers. Third, we noted that the sample type, the number of promoted products and sample size partially moderated the relationship between sales promotion and short/long-term effects.     

The Impact of Personality Variables,Prior Experience,and Training on Sales Agents' Internet Utilization and Performance

ABSTRACT

Emerging literature on the impact of the Internet on business-to-business (B2B) marketing has primarily focused on examining this issue from the perspective of manufacturers and buyers. This study focuses on the sales agent, a third prominent actor in B2B markets, and tests a conceptual model that relates a sales agent's personality, demographic, and user-situational constructs to that sales agent's Internet utilization for selling activities. Further, the model tested in this study relates a sales agent's Internet utilization to perceived sales performance. Findings in this study indicate that internal locus of control, learning orientation, and sales related Internet training relate positively to a sales agent's Internet utilization, and that a sales agent's age relates negatively to Internet utilization. Further, the results support a positive relationship between a sales agent's Internet utilization and sales performance. This study emphasizes that the Internet can be a productive tool for sales agents. The implications of the results of this study for sales agents with respect to training and recruitment are discussed and avenues for future research are suggested.     

Consumer Brand Marketing through Full- and Self-Service Channels in an Emerging Economy

A unique characteristic of emerging economies is the wide variety of dominant channel formats. We evaluate the influence of a brand's marketing mix on channel partners and consumer sales in both full and self-service channels in one emerging economy (Brazil). We use monthly stock-keeping-unit (SKU) level sales, and marketing mix data from the beverage category in southeastern Brazil spanning more than four years. In this study, we specify a panel vector autoregression framework with error decomposition to account for endogeneity between sales and marketing mix, cross-sectional heterogeneity among SKUs, seasonality, and the different aggregation of marketing mix elements across the channels. The results show that structural differences in these channels cause differences in the responses to some of the manufacturers' marketing mix elements. Package size variety, price and merchandising have a greater long-term effect on sales in self-service than in full-service channels. Brands' channel relationship programs support price increases in self-service channels without a corresponding decrease in sales. Distribution gains are important in both channels. In the full-service channel, package size variety has the highest long-term effect among all of the modeled marketing mix elements. Our study highlights that marketing mix strategies popular in the self-service dominant channels of the developed economies are not as effective in the full-service formats that remain important in emerging economies.     

How online reviews and coupons affect sales and pricing: An empirical study based on e-commerce platform

With rapid economic growth largely fueled by digital technologies, online reviews are among the new wave of technologies that still make a significant contribution to this new digital economy. However, there is scarce academic research in promoting or responding online reviews using reduction coupons with threshold issued by sellers and pricing decisions. We employ a three-stage least squares (3SLS) model to estimate the effects of online reviews and coupons on online product sales and price. We also extend our research using the data of two product categories. Our results mainly include: (1) Negative impact of negative online reviews on sales is moderated by price, and consumers are more tolerant of negative reviews of high-priced products. (2) Consumers' perceived usefulness of online coupons helps promote more sales and weaken the relationship between negative reviews and sales. (3) Positive online reviews weaken the negative relationship between online negative reviews and the price of product. (4) Consumers’ increased perceived usefulness of online coupons will encourage sellers to set a higher price and weaken the negative relationship between negative reviews and the price of product. (5) Compared with the search product, sellers regard negative reviews from the product with experience attributes as less helpful and apply less effective coupon promotion to response to negative reviews. Our study clarifies the interaction between online reviews and online coupons on e-commerce platforms under the operation scenario. We also provide empirical support for accurate promotion and higher sales revenue through reasonable pricing decisions and specified reduction coupons.     

体验型产品在线评论与消费意愿及销量的关系——以价格为调节变量

随着网络在线交易的迅猛发展,在线评论等网络口碑传播的重要性日益凸显。以体验型产品为研究对象,以信号理论和"刺激-反应"理论为指导,建立"在线评论-消费意愿-在线销量"模型分析三个要素之间的关系机理,并采用中介效应检验和调节效应检验进行验证,结果显示:在线评论作为一种信息刺激,其数量对体验型产品在线销量具有显著的正向影响,但在线评论质量效价评分对体验型产品在线销量的影响不显著,这与产品的类型有关;在线评论一是直接对在线销量产生影响,一是通过中介变量(即作为消费意愿替代变量的收藏量)传递影响,对在线销量产生作用;商品价格在在线评论和在线销量的直接和间接关系中都起到了正向调节作用,这与体验型产品交易过程中价格质量信号功能强于促销功能有关。实践中,企业可通过一些激励设计提高消费者在线评论参与度;进行更加科学化的网页设计,完善收藏功能,以方便消费者进行筛选和比较;注意防止盲目降价行为给消费者带来的负面影响,发挥好价格的信号作用。     

Entrepreneurship and Fitness: An Examination of Rigorous Exercise and Goal Attainment among Small Business Owners*

In today's society, the benefits of exercise and fitness are given much publicity. However, the relationship between exercise and the attainment of personal and professional goals for entrepreneurs has not been examined. Our study addresses the issue by examining the exercise regimens of 366 small business owners and the relationship of exercise frequency with the company's sales and the entre‐ preneur's personal goals. Specifically, this study examines the relationship that two types of exercise—running and weightlifting—have with sales volume, extrinsic rewards, and intrinsic rewards. Results indicate that running is related positively to all three outcome variables while weightlifting is related positively to extrinsic and intrinsic rewards but not to sales. Suggestions then are provided for future research.     

High‐Frequency Positive Feedback Trading and Market Quality: Evidence from China's Stock Market

This paper managed to measure the positive feedback trading intensity and its asymmetry with high‐frequency transaction data of China's individual stocks. The intraday positive feedback trading is found to be heterogeneous, and buying‐winners effect is significantly stronger than selling‐losers effect. In general, the high‐frequency asymmetric positive feedback trading's impact on market quality is mixed: The intraday positive feedback trades contribute to a liquid and active‐trading market but at the same time slow down the price discovery process and reduce the price efficiency.     

Endogenous Market Structures in the Presence of a Socially Responsible Firm

We consider the endogenous selection of strategic contracts in an asymmetric duopoly with substitutable goods. the duopoly comprises a typical managerial firm with a sales delegation and a socially responsible firm (CSR firm) with a linear combination of social welfare and quantity as its managerial delegation contract. In particular, we examine how the equilibrium market structure changes from the case wthere both firms adopt sales delegation contracts to the case wthere one of the firms becomes a CSR firm, after the owners of the firms select their strategic contracts. We show that two market structures that are asymmetric with respect to their strategic contracts can become equilibrium market structures under the pure strategic contract class. Furthermore, we consider a unique mixed strategy equilibrium to examine how the risk domination between the two asymmetric equilibrium market structures affects equilibrium selection. there, we find that the competition wthere the firm with the sales delegation and the CSR firm have a price contract and a quantity contract, respectively, risk-dominates the competition wthere the firms have a quantity contract and a price contract, respectively. Finally, by deriving the order of social welfare among the four subgames, we show that the social incentive does not coincide with the private incentive in the robust equilibrium with respect to risk domination in the endogenous selection game of the strategic contracts of the asymmetric duopoly with the firm with a sales delegation and the CSR firm.     

国际油价与人民币汇率的非对称溢出效应研究--基于VEC-BEKK-GARCH模型

石油作为重要的战略能源,其价格波动对全球经济的运行和发展会产生极大的影响。为测算国际油价与人民币汇率的均衡关系及非对称溢出效应,选取2008年1月~2019年7月的每日数据,在平稳性检验的基础上,综合运用协整检验和脉冲响应函数等方式,对二者的均值溢出效应进行测量;在VECBEKK-GARCH模型的支撑下,对其非对称波动溢出效应水平进行测算。研究结果表明:国际油价与人民币汇率的协整关系和均值溢出效应处于长期均衡状态;二者的非对称波动溢出效应是双向的,国际油价会随人民币汇率的变化呈现出时变性和持续性特征,而国际油价变动具备持续性特征时,人民币汇率随之产生变化。这种非对称波动溢出效应表明,无论国际油价如何变化,对人民币汇率的冲击都是非对称的。     

The effects of empathy on salesperson effectiveness

Empathy is often described as a trait possessed by successful salespeople. Empirical studies that have uncovered a positive relationship between empathy and sales have failed, however, to use empathy measurement techniques deemed appropriate in counseling- psychotherapy, the field where most research pertaining to the empathic construct has been conducted. The research reported in this article examines the relationship between a salesperson's empathy and sales performance by using one of the most clinically acceptable empathy measurement instruments: The Barrett-Lennard Relationship Inventory. The empathy levels of salespersons were determined by new-car customers. Sales representatives' empathy ratings were then compared with their sales performance. The results of the research contradict the a priori assumption that empathy is positively related to sales performance.     

Duration,trading volume and the price impact of trades in an emerging futures market

This paper examines the price impact of trading intensity on the MexDer TIIE28 interest rate futures contract, one of the world's most actively traded contracts. A novel volume-augmented duration model of price discovery decomposes trading intensity into liquidity and information components. Duration between transactions exerts a positive influence on price changes, while increases in order flow and trade volume exert positive and negative influences, respectively. The liquidity component dominates the information measure, suggesting that liquidity considerations dictate trade timing. These findings are rationalized with reference to MexDer's organizational structure, specifically the affirmative obligations placed upon marketmakers to trade a minimum volume.     

Impact of changes in the CSI 300 Index constituents

We investigate the price and trading volume effects of CSI 300 Index reconstitutions. In contrast to the Standard & Poor's (S&P) 500 Index, whose reconstitutions are carried out irregularly, as required, CSI 300 Index reconstitutions are scheduled semi-annually and performed based on predetermined rules. We find that, on average, prices increase (decrease) significantly for CSI 300 Index additions (deletions) followed by significant post-event price reversals; however, these price changes are less in magnitude than evidenced in extant research for the S&P 500 Index. The trading volume increases significantly for both CSI 300 Index additions and deletions in the short run. The trading volume subsequently reverts to normal levels for index additions but remains higher for index deletions. The findings are consistent with the price pressure hypothesis.     

Arbitrage‐free XVA

We develop a framework for computing the total valuation adjustment (XVA) of a European claim accounting for funding costs, counterparty credit risk, and collateralization. Based on no‐arbitrage arguments, we derive backward stochastic differential equations associated with the replicating portfolios of long and short positions in the claim. This leads to the definition of buyer's and seller's XVA, which in turn identify a no‐arbitrage interval. In the case that borrowing and lending rates coincide, we provide a fully explicit expression for the unique XVA, expressed as a percentage of the price of the traded claim, and for the corresponding replication strategies. In the general case of asymmetric funding, repo, and collateral rates, we study the semilinear partial differential equations characterizing buyer's and seller's XVA and show the existence of a unique classical solution to it. To illustrate our results, we conduct a numerical study demonstrating how funding costs, repo rates, and counterparty risk contribute to determine the total valuation adjustment.     

Customer and selling orientations of retail salespeople and the sales manager's ability-to-perceive-emotions: A multi-level approach

Drawing from the mental ability framework and information processing theory, two studies embedded within the B2C retail setting investigate the role of the sales manager's ability-to-perceive-emotions in the complex non-linear relationships between salespeople's customer and selling orientations on one side, and its outcomes (sales performance and customer re-purchase intention) on the other. Using multilevel data from salespeople and their managers, Study 1 tests a theoretical model of salesperson orientation and performance, while Study 2 further verifies the results of Study 1 from the customer's perspective. Both studies find strong empirical support for a curvilinear, inverted U-shaped effect of a salesperson's customer orientation on sales performance and customer re-purchase intention. This effect is, however, reversed for the link between selling orientation and performance/re-purchase intention, where results indicate a U-shaped curvilinear relationship. Furthermore, we show that the sales manager's ability to perceive emotions facilitates the effect of salespeople's customer orientation on sales performance.     

Too good to be true: the role of online reviews’ features in probability to buy

Online consumer reviews are broadly believed to be a necessary and powerful marketing tool, and as such they have attracted considerable attention from both marketers and academics. However, previous research has not sufficiently focused on the effects of various review features on sales but rather used proxy measures such as consumers’ purchase intention or perceived helpfulness of reviews. Hence, the aim of this study was to investigate the effect of review valence and volume on actual sales. We use data from three different e-commerce websites and study light bulbs, women's athletic shoes, natural hair care products, and herbal vitamins. The results show that, contrary to popular belief, more positive ratings do not simply result in higher sales. We find that the effect can be nonlinear, where the probability of purchase increases with rating to about 4.2–4.5 stars, but then decreases. Also, although the majority of extant research suggests that larger numbers of reviews bring more positive outcomes, we show that it is not always the case.     

Leading national brands facing store brands competition: Is price competitiveness the only thing that matters?

Store Brands (SBs) have experienced a strong increase in both value and unit sales internationally during the last decades; thus their market share has been constantly growing. Starting from these considerations, the present work aims at deepening the topic of inter-brand competition within the FMCG market and, in particular, the market share trade-off between Leading National Brands (LNBs) and Store Brands. Our empirical analysis is based on panel data about 322 product categories sold within the Modern Grocery Distribution stores in the 2010–2013 period. Results obtained show: (i) the existence of a relationship between the increase in the LNB-SB price gap and the switching of market share from the former towards the latter; (ii) the consolidation of a change in consumers' purchasing preference in favor of SBs; (iii) the existence of an inverse relationship between the inter-brand competition intensity and the retail branding life cycle evolutionary stage, which is different for each product category.     

Economic policy uncertainty,non-financial enterprises' shadow banking activities and stock price crash risk

At present, the structural contradiction between Economic Financialization and the real economy's long-term weakness has become increasingly prominent. As China enters a “new normal” stage of economic growth, the real investment rate drops, non-financial enterprises continuously allocate resources to the shadow banking system. The financial economy becomes increasingly divorced from reality. This leads us to the questions: will the shadow banking behavior of non-financial companies exacerbate the risk of stock price crash risk? How does the increase in economic policy uncertainty affect the relationship between non-financial companies' shadow banking activities and stock price crash risk?This article uses non-financial listed companies' data from 2007 to 2017 and conducts empirical analysis to answer this question. The study finds that companies engaged in high-leverage, high-risk shadow banking business exacerbate stock crash risk. This effect is only pronounced in non-state-owned enterprises and low social trust regions. The increase in the degree of economic policy uncertainty positively impacts the relationship between non-financial companies' shadow banking business and stock price crash risk. The theoretical mechanism is as follows: the rise in economic policy uncertainty amplifies the positive relationship between shadow banking activities of non-financial companies and stock price crashes by increasing bank loans, investors' sensitivity to external information, risk cross-contagion, and inefficient investment mechanisms. Various robustness tests do not change the research conclusion. This paper has important theoretical and policy guidance significance for reviewing the existing diversified shadow banking system and preventing systemic risks.