Crypto quanto and inverse options

Over 90% of exchange trading on crypto options has always been on the Deribit platform. This centralized crypto exchange only lists inverse products because they do not accept fiat currency. Likewise, other major crypto options platforms only list crypto–stablecoin trading pairs in so-called direct options, which are similar to the standard crypto options listed by the CME except the US dollar is replaced by a stablecoin version. Until now a clear mathematical exposition of these products has been lacking. We discuss the sources of market incompleteness in direct and inverse options and compare their pricing and hedging characteristics. Then we discuss the useful applications of currency protected “quanto” direct and inverse options for fiat-based traders and describe their pricing and hedging characteristics, all in the Black–Scholes setting.     

Determinants of restaurant's owners/managers selection of wines to be offered on the wine list

The aim of the paper is to better understand wine list design in restaurants in four countries with very different wine cultures. An interview protocol was developed and administered to 286 restaurants across the four countries (France, Australia, USA and China). The interview questionnaire included a Best/Worst methodology to identify the most/least important factors influencing the restaurant's owner/manager's selection of wine for the wine list. One of the most important reasons for selecting wine across most countries is ‘to match wine with the food menu’. There were few major differences between countries, but a latent class analysis found four clusters that differed significantly with membership also differing between countries. The cluster analysis also indicated that while some restaurateurs are more brand-driven, others value local wine or its matching with the food menu.     

基于邮件列表商务营销的分析与研究

在电子商务营销中,电子邮件列表具有针对性强,营销效果出色的特点得到广泛应用,邮件列表是在用户自愿订阅的前提下,为用户提供有价值的信息,同时附带一定数量与之相关的商业信息,达到网络营销的目的。利用好邮件列表这一商务营销工具,需对邮件列表的创建,信息的发布与管理以及邮件列表商务营销策略有深入的研究。     

Intermediate Choice Lists: How Product Attributes Influence Purchase Likelihood in a Self-Imposed Delay

Many online retailers enable consumers to postpone a purchase decision by placing a desired item onto an intermediate choice list, such as a wish list or saved-for-later list. This research demonstrates that using a list in this way decreases purchase intent for the wait-listed products, relative to the same choice made without the option to delay the decision. The findings of five experiments show that purchase likelihood is affected by a shift in the importance, or weight, of product attributes. Specifically, the attributes that are weighted more heavily in the decision to place an item on an intermediate choice list are then weighted less heavily in the decision to purchase an item from that list. This shift in attribute weighting suggests that consumers may switch from more noncompensatory to more compensatory decision-making between the initial decision to use an intermediate choice list, and the later decision of whether to purchase the item from the list. This process tends to diminish the importance of the attractive attributes that encouraged consumers to put these items on lists in the first place. These findings have implications for retailers who wish to understand the risks and benefits of wish lists and related tools, and for consumers who desire to reduce impulsive purchases.     

建筑工程中工程量清单的招投标与管理策略研究

随着社会经济的不断发展,建筑行业也以惊人的速度发展,但在发展的过程中,出现了因计价方式以及招标制度不完善而引起的问题,过去的计价方式已经不能满足现代建筑工程的需求了,就很难实现工程招标的真正目的.本文分析了推行工程清单招标的重要意义和存在的问题,并根据这些问题提出了相应完善工程清单招标管理的策略措施.     

Impacts of state laws on the consumption of wine per capita

Wines are exempt from the Commerce Clause of the U.S. Constitution, as are tobacco and firearms. Each state can regulate the commerce including the taxation, pricing, and authorized sales agencies of such products. This paper examines the impact of taxation levels and other regulations on the consumption of wine per capita in six selected states. Each state is composed of a different set of consumers who react differently to tax levels and retail price levels, as well as product availability. In general, sales tax and excise tax on wine were found to have decreasing impacts on wine consumption. Greater product availability made possible by relaxation of off-sale authorization regulations had an increasing impact on wine consumption.     

Do Top 10 Lists of Daily Stock Returns Attract Investor Attention? Evidence from a Natural Experiment

Using the upper price limit‐hitting events, in the Shanghai Stock Exchange in China, as the basis for comparison, we find that limit‐hitting stocks in the top 10 ranking list of daily returns attract more investors' attention, and bring about significant abnormal return in excess of those list‐excluded limit‐hitting stocks. The result is robust after controlling for firm characteristics and market states. Furthermore, the attention distinction caused by the ranking lists is unlikely to be distracted by simultaneous events. Overall, the previous empirical evidence about the ranking lists basically supports the investor attention hypothesis.     

Pricing of Services: An Empirical Analysis from the Greek Service Sectors

The purpose of the present study is to explore the pricing objectives that service companies pursue along with the pricing policies that they adopt in order to price their services. Analyzing data from 170 companies operating in six different services sectors in Greece, the study found that the objectives, which are pursued, are fundamentally qualitative rather than quantitative in their nature with a particular emphasis given on the companies' customers. Regarding the pricing policies, the only policy that was found to be followed by the majority of the companies is the traditional price list perhaps due to the easiness associated with its implementation. Moreover, the pricing objectives were found to be, as we should expect, associated with the pricing policies.     

Product,Environmental, and Service Attributes That Influence Consumer Attitudes and Purchases at Wineries

Abstract

Direct sales of wine and winery souvenirs to winery visitors is important in a number of regions throughout the United States and around the world. The attributes that influence winery visitors' beliefs can have a significant impact upon wine purchases, repeat visits, positive word-of-mouth comments, and upon future purchases at restaurants and other retail outlets. A study of winery visitors found four underlying factors from a list of 17 attributes. Regression results indicated that several wine, environment, and service attributes have a significant impact upon consumer attitudes and purchases. Product and purchase involvement were also found to impact purchase behavior.     

The Hundred Largest Employers in the United Kingdom,in Manufacturing and Non-Manufacturing Industries,in 1907, 1935 and 1955

These lists are offered as an interim working tool for business historians. They draw on the pioneering lists of largest manufacturing employers in 1907 and 1935 by Christine Shaw and Lewis Johnman, but aim to cover all the Standard Industrial Classification categories, except agriculture, public administration and the armed forces. The list for 1955 is entirely new, and can reasonably be seen as reflecting the full productive potential of firms at the beginning of the long boom of the 1950s and 1960s. The lists demonstrate the well-known trend towards concentration in the modern economy, and provide some mixed evidence on the now familiar shift from manufacturing to services.     

Academic labour,journal ranking lists and the politics of knowledge production in marketing

In this paper, we engage with the rising importance of journal ranking lists. We explore the pressure these place on marketing academics and the politics of knowledge production, stressing academic game-playing, careerism, and paradigmatic homogeneity. We appreciate that scholars are disciplined by these lists, their line managers, and reaffirm list power through their own patterns of self-management. Nonetheless, marketing academics should avoid making the naïve assumption that the appearance of a paper in a highly rated journal necessarily serves as a proxy for ‘quality’. Publication in a particular outlet does not transform the ultimate contribution being made in any substantive fashion. We provide an extensive critique of the function and impact of journal lists. However, it is also recognised that these are very important for members of the marketing community. As such, we explain our reasons for contesting the recent regrading of the Journal of Marketing Management (JMM) by a prominent journal list and underline the changes that have been made to the Journal since the beginning of the current editorial term. Finally, the support of prominent scholars among our thought community for the policies being implemented is highlighted and we underscore the rigour of contributions to the Journal, the review process, the rising citations, downloads and truly global readership of the JMM.     

权证发行对正股定价效率的影响

本文研究了权证发行对于正股定价效率的影响。以正股日收益率为研究对象,运用GARCH-M模型、带虚拟变量的市场模型以及自相关回归方程分析了在权证上市前后正股总风险、系统性风险、收益率自相关性的变化。实证结果表明:权证上市交易提高了正股的总风险,对系统性风险的影响不十分明确;正股收益率变化不显著;正股日收益率自相关性不显著地减弱。股票定价效率并未得到显著提高。本文认为原因可能来自于信息的负外部性、市场过强的投机性和创设制度本身的缺陷。     

The moderating effects of need for cognition and cognitive effort on responses to multi-dimensional prices

We investigate how need for cognition and cognitive effort associated with multi-dimensional pricing combine to influence demand. Experiment 1 shows that individuals with low (vs. high) need for cognition are less likely to purchase products that list price and relative discount separately. The direction of the effect of need for cognition on demand is found to depend on whether consumers’ inaccurate arithmetic generally leads them to overestimate or underestimate final prices. Therefore, experiment 2 finds that individuals with low (vs. high) NFC are more likely to purchase products that list price and relative surcharge separately. As expected, the effect is eliminated for absolute discounts or surcharges and mediated by recalled purchase prices.     

Competition and price discrimination in the market for mailing lists

This paper examines whether mailing list sellers, when faced with additional competitors, are more likely to try to segment consumers by offering additional choices at different prices (second-degree price discrimination) and/or offering different prices to readily identifiable groups of consumers (third-degree price discrimination). We utilize a dataset that includes information about all consumer response lists derived from mail order buyers (i.e. lists derived from catalogs) available for rental in 1997 and 2002. Our results indicate that increased competition leads to an increased propensity to price discriminate along each of the dimensions we investigate. These results hold for both second-degree and third-degree price discrimination. Further, list owners offer menus with more choices in more competitive markets. These results, taken together with results from other empirical studies, suggest that the connection between competition and increased price discrimination is a result that applies broadly.

Building and Maintaining Effective Buyer-Seller Relationships

Abstract

O'Grady and Lane (1996) have observed that Americans and Canadians have difficulty establishing the rapport for effective buyer-seller relationships, and that Canadians are especially disadvantaged. This article explored the marketing activities that American and Canadian managers preferred to establish these relationships. Differences were found in both relationship marketing and marketing mix factors. The Americans were significantly more committed to relational activities, building relationships based on respect, shared goals, personal trust and making sure everyone received the expected benefits. The Canadians focused more on pricing, and helping out when asked or needed. To do lists are offered for making each more effective with the other.     

Multi-criteria Remote Asynchronous Group Decision Screening: An Experimental Study

A new visualization-based multi-criteria procedure for group decision screening is presented. The procedure supports a group in selecting a small number of alternatives from an initial list described by a collection of attributes which are used as screening criteria. We propose and experimentally study the Group Remote Asynchronous Screening Support (GRASS) procedure that can be used by a large number of participants who are not able to meet face to face. GRASS does not use any interaction between the participants and the group screening is based on the individual preferences expressed by them independently from each other. GRASS uses the concepts of Borda count, by applying the visualization of information to simplify the analysis of large lists of multi-criteria alternatives. Visualization is used to support the individual analysis of the variety of alternatives and the individual selecting of a small number of alternatives from the list for the subsequent scoring through Borda count. Visualization is carried via the Interactive Decision Maps / Reasonable Goals Method (IDM/RGM) technique. We first check a speculative supposition that participants are able to find a single best alternative by using the GRASS procedure. As it is not the case, we re-formulate our hypothesis and check whether the most preferred alternative is part of a short list of alternatives returned through GRASS. The experiment was carried out with senior applied mathematics students who managed to apply GRASS without any problem.     

Evaluating the Impact on Pharmacy Practices of a Law Requiring the Posting of Drug Prices

Posting price lists of most frequently purchased retail drugs under Section 4333 of the California Pharmaceutical Law offers consumers the opportunity to make more effective price comparisons. The same information also permits examination of the pricing structure of an entire local market, and it was just such an examination which was undertaken in the present study for 100 items on sale at 24 pharmacies in the northern region of the San Francisco Bay area. Wide price differentials were found to exist. Pharmacies charging higher prices were found to do so across their entire product line: the higher prices were not related to better service but primarily to monopolistic practices. It was also concluded that if posting has so far failed to bring about lower prices, it may be due to token compliance. The study examined computer simulation techniques for measuring the effectiveness of small, unsophisticated pharmaceutical price surveys, and the accuracy of such surveys was shown to be extremely high.     

Purchase Attributes of Wine Consumers with Low Involvement

Abstract

The past decade has seen a dramatic increase in wine consumption. With this increase comes the need to understand how consumers choose wine. Wine consumers have different types of experiences and expectations, and a one bottle fits all method of catering to wine consumers is not an appropriate marketing strategy. Consumer segmentation based upon involvement with wine is critical to understanding buying behaviors. This study used factor analysis and logistic regression to identify the wine novice and what marketing cues they use to purchase wine. The results identified key marketing cues wine novices use to purchase wine and revealed yet another involvement category: the emerging wine learner.     

Beyond drinking: the role of wine in the life of the UK consumer

Since the development of wine sales via supermarkets in the UK in the 1970s wine consumption has more than doubled so now the UK is the largest wine import market (by value) in the world. Wine is now consumed by approximately 61% of the UK adult population on a regular basis. For many social wine consumption has become part of their lifestyle. Given the international importance of the UK wine market, plus the increasing incorporation of wine into regular consumption behaviour, it is remarkable how few academic studies have been undertaken into the consumption behaviour of moderate, social UK wine consumers. This paper aims to start developing that knowledge, thus adding to our understanding of consumer behaviour in general. The results show that consumers use wine in very sophisticated ways via purchasing, gifting and consumption. The findings also show that social interaction with wine varies significantly, dependant upon occasion and environment. Behaviour also varies if the purchase, as gift and/or for consumption, is perceived as a private or public activity. This paper places UK wine consumer behaviour within a social context, and is able to show that all consumers display a range of behaviours in relation to wine which are situation and occasion dependant.