Transparent pricing: theory,tests, and implications for marketing practice

In today’s retail markets, products display opaque pricing, i.e., a single number that provides no information about the allocation of the retail proceeds among agents who bring the product to market. We study transparent pricing, which is an alternative strategy in which allocation information is revealed. We differentiate transparent pricing from related marketing practices such as social marketing, cause-related marketing, and pay-what-you-want. Using controlled experiments in multiple product categories with diverse sampling frames, we find that transparent prices systematically alter consumer utility functions and stated choice behavior. Our results support explanations drawn from both neoclassical and behavioral economic theory, including inequity aversion, procedural justice, and altruism. Classical theory predicts that price transparency should have little effect on consumer behavior. However, results from behavioral economics suggest that consumers may relax “self-interest” in the face of transparent prices, leading to counter-intuitive preferences. For example, in one set of studies we observe a significant proportion of consumers selecting the more expensive of two replicates of the same product. In another study, a subset of motorists willingly pays higher gasoline taxes for the same gallon of gas, increasing the overall price per gallon. We explain this behavior via parameterized utility functions that contain both self-interested and other-interested components moderated by characteristics of the decision-maker and characteristics of the choice context.     

Marketing at the retail shelf: an examination of moderating effects of logistics on SKU market share

Given that the impact of retail shelf facings and price on a product’s market share is of substantial interest to marketing managers in the retail supply chain, we examine whether these relationships may be interdependent with the firm’s supply chain activities. We offer predictions regarding the interdependence of the marketing and supply chain variables using monthly in-store observations from 62 different retail stores from five different chains, taken over a 24-month period. The in-store observations included price and number of facings, which is combined with data obtained from the manufacturer on case pack quantity and market share data from the ACNielsen HomeScan consumer scanner panel. Results indicate that shelf facings impact the effects of price and case pack quantity on market share. In addition, we explore the strength of relationships across retailers employing everyday low price versus HiLo pricing strategies. Generally, our findings suggest that retailers and suppliers must work to integrate marketing activities and supply chain processes both within and across firms to most effectively serve the consumer at the retail shelf and increase market share.     

Special marketing problems of smaller-city retailing

The purpose of this article is to review and assess the special marketing problems of smaller-city retailing. A better understanding of the problems peculiar to small-city retailing is prerequisite to the assessment of opportunities and formulation of strategies. The article traces the recent evolution of the retail trade structure in the small city. Distinctive characteristics of the nonmetropolitan market setting are discussed. The role of the small store, its relationship with new retail competitors, and other strategic issues and implications are considered.     

The role of leadership in salespeople’s price negotiation behavior

Salespeople assume a key role in defending firms’ price levels in price negotiations with customers. The degree to which salespeople defend prices should critically depend upon their leaders’ influence. However, the influence of leadership on salespeople’s price defense behavior is barely understood, conceptually or empirically. Therefore, building on social learning theory, the authors propose that salespeople might adopt their leaders’ price defense behavior given a transformational leadership style. Furthermore, drawing on the contingency leadership perspective, the authors argue that this adoption fundamentally depends on three variables deduced from the motivation–ability–opportunity (MAO) framework, that is, salespeople’s learning motivation, negotiation efficacy, and perceived customer lenience. Results of a multi-level model using data from 92 salespeople and 264 salesperson–customer interactions confirm these predictions. The first to explore contingencies of salespeople’s adoption of their transformational leaders’ price negotiation behaviors, this study extends marketing theory and provides actionable guidance to practitioners.     

Determinants of retail profit performance: A consideration of retail marketing strategies

The influence of retail marketing strategies on profit performance was investigated for a sample of thirty-five retail firms for the nine year period from 1970–1978 (n=315). Sales growth, market share, the capital-to-labor-ratio, and average inventory were found to be significantly associated with profit performance as hypothesized. Findings suggest that the keys to evaluating and selecting retail marketing strategies are: the impact on sales growth, market share, capital-to-labor ratios, and the average inventory level. Managerial implications are presented.     

基于非对称的石油价格与金砖国家股市的关联分析

目的/意义石油在经济增长和社会发展过程中发挥着重要的作用,而股票市场作为宏观经济的“晴雨表”,在经济预测和价值发现中发挥着重要作用。因此,运用计量经济学方法对金砖国家股票市场与国际石油价格之间的因果关系进行分析具有较高的研究价值和意义。方法/过程使用非对称格兰杰因果关系检验方法和2015年1月5日到2017年9月13日的日度频率数据来研究石油价格与金砖国家股市的关系。结果/结论 研究结果表明:在金砖国家中,巴西与中国的情况相同,其股市均不会与石油价格之间产生因果关系;而俄罗斯、印度、南非的情况类似,国际石油价格变化率可以为其股市收益率预测提供信息,而南非的股市收益率可以为国际石油价格变化率预测提供信息。总体来看,石油对一个国家的股市产生的影响比较大,而股市很难影响石油价格,这说明在当前及今后很长时间内,石油仍对经济发展有很大的影响。     

股指期货减弱了A股市场股价同步性了吗?

本文在考察A股市场股价同步性与沪深300股指期货推出公告的市场反应的相关关系基础之上,检验了沪深300股指期货对股价同步性的影响.发现证监会批准沪深300股指期货前股价同步性越高的股票对沪深300股指期货批准公告的市场反应越好.基于股指期货通过机构投资者和上市公司市值管理影响上市公司股价同步性的推理,本文进一步的实证发现,机构持股比例越高股价同步性越低,并且这种关系随着股指期货的推出得到加强.     

中国电冰箱行业需求价格弹性与市场份额关系的实证研究

价格弹性与市场份额的关系是产业组织理论市场结构分析的重要内容。但在对众多行业的实证研究中,两者的相关关系并不确定。这给基于＂集中率-利润＂假说的市场结构分析带来了相当大的困难。本文用回归估计的方法分别计算了中国电冰箱行业前10个品牌的需求价格弹性,价格交叉弹性,并对不同品型（两门冰箱、三门冰箱）市场的结果进行了对比分析。实证结果显示,价格弹性与市场份额的关系在不同的品牌之间、同一品牌在不同的品型市场上均不相同。这表明,不同的选择条件下,消费者对（不同）品牌的价格敏感性不尽相同。而品牌信用度正是影响消费者选择行为的关键因素。     

原油期货与现货价格动态关系检验

现行原油定价机制是通过期货价格决定现货价格的＂间接定价方式＂,期货市场发挥了价格发现功能。借助西德克萨斯中质原油期货价格和现货价格协整关系检验和信息份额模型,研究期货与现货价格之间的动态关系。结果显示：原油期货与现货价格之间存在长期均衡关系,期货与现货价格相互作用、相互影响、互为因果,并且期货市场在价格发现功能中处于主导地位。建议国内资源性产品税费与价格改革应注意防范由此带来的金融风险。     

A comment on patterns of store choice and customer gain/loss analysis

We explore patterns of store choice and shopping behavior in the domain of women’s specialty clothing stores. Based on previous research, four exploratory research propositions are examined to note patterns in customer loyalty to their “favorite” stores and the incidence of shopping at competing stores. We conduct a vulnerability analysis to note which stores have customer segments most vulnerable to marketing efforts of competitors. Our findings suggest customers in the women’s specialty clothing market do not exhibit 100 percent loyalty to the favored retailer, and the share of trips to the favored retailer is generally constant among stores. The primary implications to retail managers are that they should be most concerned withincreasing the customer franchise base (those naming the retailer’s store as “favorite”) rather than focusing on increasing thefrequency of shopping trips among those customers that comprise the current franchise base.     

上市公司增长机会、增发数量与股价反应

以2007年至2009年成功增发的A股上市公司为样本,对我国上市公司增发数量与股价变动的相互关系进行研究,结果表明：上市公司的增发数量内生于其增长机会,增长机会越大的公司增发数量占发行前总股本的比率也越高;股市对上市公司的过度增发会做出显著的负面反应,但仅有微弱的证据表明谨慎增发会导致股价下跌;公开增发的上市公司较之于定向增发的上市公司具有更多的过度增发倾向,且股价反应也更剧烈。     

Slotting allowances: a time series analysis of aggregate effects over three decades

Slotting fees and related discounts are important but controversial mechanisms for obtaining shelf space in marketing channels for consumer packaged goods. The theoretical field is divided between the efficient market and the market power schools of thought. Results from empirical studies and analytical models point in different directions. This paper analyzes trends in key macro economic variables to see if the patterns are more consistent with an underlying market efficiency model vs. a market power one. The data span 30+ years and focus on retailers in the marketing channel for food and kindred products. The variables studied include new product introductions, retail selling area, consumer price indices, profitability, cost of goods sold and selling expenditures. Efficient market explanations do not fare well in the analyses in comparison with market power explanations for practically all the variables studied. The paper conlcudes with recommendations for regulators and retail management.     

基于谱分析的城市住宅价格周期关系研究——以武汉市为例

以武汉市8个城区住宅增量与存量价格的季度数据,运用谱分析探索了增量与存量住宅价格的周期及其领先-滞后关系。研究结果显示,以增量交易为主导的住宅市场结构中,增量住宅价格周期普遍短于存量住宅价格周期,增量住宅价格波动比存量住宅频繁,增量住宅价格较存量住宅处于领先或同步的关系。因此,政府应在严控房地产投机行为的同时,通过调整结构、增加增量住宅供应、完善存量住宅市场等途径强化市场调控。     

Effect of analysts’ earnings pressure on marketing spending and stock market performance

Despite the clearly visible effects of analysts’ pressures on C-level executives in the popular press, there is limited evidence on their effects on marketing spending decisions. This study asks two questions. First, how do analysts’ pressures affect firms’ short-term marketing spending decisions? Based on a sample of 2706 firms during 1987–2009 compiled from Institutional Brokers Earning System, COMPUSTAT, and CRSP databases we find that firms cut marketing spending. Second, more importantly, we ask if firms which remained more committed in the past to marketing spending under analysts’ pressures have higher longer-term stock market performance. We find that the stock market performance of firms more committed to marketing spending under past periods of analysts’ pressures is higher. The findings are replicated for R&D spending and are robust across measures, controls, and methodologies. Consideration of two industry-based moderators, R&D spending and revenue growth, and one firm-based moderator, whether the firm is among the industry’s top four market share or other lower share firms, reveals that the findings are stronger for high R&D and growth industries and lower market share firms. One key implication is that top executives respond to analysts’ pressures by cutting marketing spending in the short term; however, if they can resist these pressures, longer-term stock market performance is higher.     

农产品产量与收购价格的因果关系检验

近几年,中国农产品产量一直徘徊不前,通过引入市场竞争提高农产品收购价格,刺激农民务农积极性一直被视为解决“三农”问题的有效途径之一。基于此,对农产品产量与收购价格进行实证检验极为必要,本文使用格兰杰因果关系方法检验八种农产品的产量与价格之间的因果关系,结果表明:粮食、油料、干鲜果、水产品的一阶滞后收购价格与其产量有因果关系;其余农产品的收购价格与产量的因果关系不明显。     

要素价格扭曲、资本深化与我国劳动收入份额

本文将劳动收入份额与现实存在的要素价格扭曲和资本深化特征联系起来,以解释我国劳动收入份额下降的现象。一方面,基于20世纪90年代以后我国要素替代弹性以及要素价格相对扭曲的研究,推测并观察得出要素价格相对扭曲对劳动收入份额的负向作用。另一方面,严格的计量分析也显示,劳动收入份额与资本-劳动价格相对扭曲值成反方向变动的关系,与利率/工资率比率成同方向变动的关系,即要素价格相对扭曲（人为压低利率/工资率比率）降低了我国的劳动收入份额。其传导途径为：要素价格相对扭曲→资本偏向型技术进步→资本深化→劳动收入份额下降。欲矫正要素价格扭曲,必须加快要素市场的市场化改革。     

国际国内市场大豆价格长短期关系研究——基于协整理论和误差修正模型的实证分析

基于１９９８年１月—２０１０年１１月的月度数据,利用协整理论以及误差修正模型等方法对国际大豆市场和国内大豆市场之间的关系进行实证分析。研究结果发现：国际国内大豆市场价格之间在长期具有均衡稳定的协整关系,国际市场大豆价格的波动显著影响着我国市场大豆价格的变动;国际大豆价格波动向国内市场传导的过程具有由短期波动到长期均衡的自我修正的动态机制;国际国内大豆市场反向的因果关系并不成立,国内大豆市场对国际大豆市场影响有限。因此,为维持我国大豆市场价格的稳定,需要采取有效措施,建立国际价格预警体系,提高国内大豆产量,完善农产品期货市场,充分发挥农产品进口及收储政策的调控作用。     

Explaining the variation in short-term sales response to retail price promotions

This study focuses on the short-term sales response to price promotions in retail grocery stores and attempts to explain its variation using frequency of price promotions and the consecutive scheduling of price promotions. Retail managers’ expectations and tenets from behavioral theories provide the basis for the hypotheses that the frequency of price promotions and consecutive scheduling of price promotions affect short-term response to price promotions. The hypotheses are tested on three frequently purchased product categories, using store-level data from retail chains in three major markets. The analysis is validated with additional data on the same product categories and markets. A variety of managerial implications are drawn from the results and suggestions for future research are offered. He has been recognized with numerous teaching and research excellence awards. Dr. Kumar has published numerous articles in many scholarly journals in marketing and forecasting. He has coauthored a text titledMarketing Research and is currently working on two other textbooks. He is on the editorial review board of many journals. Dr. Kumar has lectured on marketing-related topics in various universities worldwide. His research interests include developing forecasting models, international marketing strategy and international marketing research issues, models for sales promotions, and new methodologies for product positioning and market segmentation. Dr. Kumar received his doctoral degree from the University of Texas at Austin. He has published articles about retailing and marketing strategy in scholarly journals such as theJournal of Retailing, International Journal of Research in Marketing, andJournal of Business Ethics. His current research interest focuses on models for sales promotions and marketing strategy. Dr. Pereira received his doctoral degree from the University of Houston.     

中美利率调控政策与房地产价格走势的实证分析

利率变动与房地产价格间的关系一直是人们关注的重要问题之一。美国这场由次贷危机引发的金融风暴,再次证实了市场利率会引起房地产价格反向变化:美联储在2001-2007年间推行的存有明显偏差的先扬后抑的利率调控政策,直接推动了美国房地产市场价格的过度波动,进而导致了金融危机的产生。当前,在我国不断推进利率市场化进程的背景下,利率与房地产价格之间的关系自2005年起也开始呈现出了长期的反向相关关系,而近期的房价调控政策可以对现阶段过高的房价起到下调作用,但具有一定的滞后期。     

产业专用化行为及其激励研究——来自中国证券审计市场的检验

本文从产业组织的视角,研究了中国证券审计市场上会计师事务所的产业专用化行为及其投资激励。我们发现,仅仅在5个二位数行业代码的产业中,一些事务所具有产业专用化行为和行业专家才能。进一步对产业专用化行为的激励研究表明,那些具有行业专家才能的行业领导者通过产业专用化行为实行了差异化的市场策略,收取了更高的审计费溢价。但是非行业领导者通过产业专用化行为实现了规模经济,并将这种成本节约与客户分享以提高其市场份额。因此,会计师事务所的产业专用化行为的激励取决于其实施的市场策略。