Popper and classical liberalism

Popper was not part of the revival of classical liberalism, but many of his ideas have implications for classical liberals. His arguments about the significance of markets as learning mechanisms, about the character of knowledge, about the evaluation of theories in the 'public sphere' and his critique of 'justificationism' are of particular importance.     

Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies

Various theories have been proposed to explain momentum in stock returns. We test the gradual-information-diffusion model of Hong and Stein (1999) and establish three key results. First, once one moves past the very smallest stocks, the profitability of momentum strategies declines sharply with firm size. Second, holding size fixed, momentum strategies work better among stocks with low analyst coverage. Finally, the effect of analyst coverage is greater for stocks that are past losers than for past winners. These findings are consistent with the hypothesis that firm-specific information, especially negative information, diffuses only gradually across the investing public.     

Do Eco‐friendly VMD and Store Reputation Increase Satisfaction of Retail Customers?

This study builds on previous research to investigate the effect of the benefits of eco‐friendly VMD (visual merchandising) on satisfaction as well as the effect of satisfaction on store attitude. This also testifies the moderating effects how the benefits of eco‐friendly VMD affect customer satisfaction by store reputation. A total of 363 responses were used to examine the process through which core benefits and relational benefits of retailers with eco‐friendly VMD affect psychological satisfaction and social satisfaction. This is a unique study offering empirical evidence that psychological and social satisfactions are the mechanisms through which benefits of eco‐friendly VMD lead to store attitude. Results indicate that information benefit and psychological benefit result in positive psychological satisfaction and social satisfaction, which in turn leads to positive store attitude in retail customers.     

Channel Four

The Single European Market seems inevitable and beneficial to commerce. Its full implementation will be delayed long after 1992, because of many remaining fiscal, legal and operational problems, not least of which will be the lack of harmonization of consumers. Prospects nevertheless appear good both for some traditional local brands and for new Euro-brands aimed at satisfying needs held by majorities (or even quite small minorities) across Europe. This paper reviews alternative marketing approaches that might be profitable, and the organizational changes needed to implement them successfully.     

An Examination of Emotional Information Management in Gift Giving and Receipt

Gift giving is prominent in marketplace exchanges and has robust emotional implications for both the giver and recipient. For example, prior to and during the selection of a gift, the giver endures positive and negative emotions, as he/she grapples with selecting the perfect gift, and ponders if the recipient will actually cherish the purchased item. During this dynamic exchange process, emotional recognition, management of emotions, emotional empathy, and anticipated elation are oft experienced by both the giver and recipient. However, research examining such emotions quantitatively in a gifting context is scant and models of these faculties in the gift‐giving milieu are nonexistent. To help fill this research fissure, four studies are developed; they, in general, investigate determinants of feelings linked with the gestation, prestation, and reformulation stages of the gift‐giving event. Specifically, Study 1 (giver's perspective) and Study 2 (receiver's perspective) reveal a mediation void in the models tested. Heeding these results, Study 3 (gift given) and Study 4 (gift received) introduce anticipated elation as a key factor between the aforementioned emotive factors and the emotional responses inherent in the gift‐giving stages, among others. Managerial implications and future research directions are offered.     

Consequences of concern: ethics,social responsibility,and well‐being

Prior research has studied the antecedents of beliefs regarding ethics and social responsibility (ESR). However, few studies have examined how individual well‐being may be related to such beliefs. In this exploratory study, we assessed the relationship between perceived importance of ESR – both individually and of one's company – and indicators of physical and psychological well‐being. Results demonstrated that perceived importance of ESR was associated with three aspects of well‐being: exuberance for life, sleep problems, and job stress. The results are discussed in terms of future directions for research, and the need for a conceptual framework connecting individual and organizational perceptions of ESR and outcomes of well‐being.     

Profiting from Smokers*

In the late 1990s more than 40 state attorneys general sued the major tobacco companies for the excessive medical costs imposed on the states by smoking. In November 1998 this litigation was concluded with the companies agreeing to pay approximately $9 billion a year, to be adjusted for inflation, in damages and lawyers' fees. The deal was incredibly corrupt; had it been made in any other industry it would surely have been declared illegal. And the tobacco companies were not the only bad guys in this story. The trial lawyers, the politicians, and even the public health officials and antismoking advocates who believed that any means were appropriate to achieve their desired ends of massive fees, political victories, and higher cigarette prices were the ones who most abused the system. W. Kip Viscusi, an economist and professor at Harvard Law School, focuses on the merits of the state tobacco litigation, principally whether the companies were guilty of inadequately communicating the risk of their products to smokers, which links to youth smoking, and the economic damages the states suffered because of smoking. Viscusi, who has worked on these issues for many years, was hired by Philip Morris to testify on these two topics in the litigation. Nevertheless, he makes a credible case on both issues. Viscusi is substantially less interested in the actual structure and implications of the negotiated deal and spends only a limited amount of time exploring the policy implications of today's tobacco politics, though he does spend a concluding chapter advocating improved information about tobacco for smokers.