Testing with many weak instruments

This paper establishes the asymptotic distributions of the likelihood ratio (LR), Anderson–Rubin (AR), and Lagrange multiplier (LM) test statistics under “many weak IV asymptotics.” These asymptotics are relevant when the number of IVs is large and the coefficients on the IVs are relatively small. The asymptotic results hold under the null and under suitable alternatives. Hence, power comparisons can be made.     

Debt Schedules of Tax-Exempt Bonds Using NIC

Municipal bonds are a large proportion of the total number of securities offered every year. The volume outstanding is more than that of all federal agency debt. It is important that the issuance procedure be as cost efficient as possible. This research develops a model to minimize the net interest cost of a municipal bond issue. Net interest cost remains a highly popular award criteria. The model incorporates the level and shape of the yield curve, the schedule of revenue to be received, and the segmented nature of the municipal market.     

As they sow,so shall they reap: customers’ influence on customer satisfaction at the customer interface

Extant research provides valuable knowledge about how firms can satisfy their customers. However, it is unclear how customers themselves contribute to their satisfaction. From a basis in the job demands–resources model, the authors propose a customer demands–resources model. In this model, customer demands (negative customer behaviors) and customer resources (positive customer behaviors) affect customer satisfaction through frontline employees’ customer-oriented attitudes and customer-oriented behaviors. Using dyadic data from 141 frontline employees and 375 customers, this study identifies customer behaviors as an important source of customer satisfaction. Customer demands impede frontline employees’ customer-oriented attitudes and customer satisfaction through frontline employees’ emotional exhaustion, whereas customer resources indirectly increase customer satisfaction. Customer resources also buffer the negative effect of customer demands on frontline employees’ customer-oriented attitudes.     

Bond yields compared to amortizing yields

A large amount of theoretical research has been conducted concerning the impact of debt instrument features such as callability, tax treatment, and default risk upon valuation and yield. Almost all this research has been performed on bond-like instruments; this is unfortunate since a large proportion of debt instruments is amortizing. This research develops a model for the spread between bonds and amortizing instruments with otherwise identical features. The shape of the term structure is crucial. Furthermore, the behavior of the spread is systematically related to the level of interest rates, tax rates, degree of default risk, and maturity where the maturity relation changes sign at intermediate maturities.     

An attitude-behavior model of salespeople’s customer orientation

The goal of this article is to provide deeper insights into the construct of customer orientation at the individual level. The article has three main objectives: First, this study provides a two-dimensional conceptualization of customer orientation that distinguishes between attitudes and behaviors. Second, it explores direct and indirect effects of customer-oriented attitudes on customer satisfaction. Third, the authors propose and examine a positive moderating effect of empathy, reliability, and expertise on the link between customer-oriented attitude and customer-oriented behavior and a negative moderating effect of salespeople’s restriction in job autonomy. The analysis is based on dyadic data that involve judgments provided by salespeople and their customers across multiple manufacturing and services industries in a business-to-business context. Results support the authors’ two-dimensional conceptualization of customer orientation. The authors also find that customer-oriented attitudes have a direct effect on customer satisfaction. The four proposed moderating effects are also in evidence. Ruth Maria Stock (ruth.stock@gmx.net) is a professor of business administration and management at the University of Hohenheim, Stuttgart, Germany. She holds a master’s degree in psychology from the University of Hagen, Germany, a Ph.D. in marketing from the University of Mannheim, Germany, and a ha-bilitation degree from the University der Bundeswehr in Hamburg, Germany. She has published in various forums including theJournal of the Academy of Marketing Science, Psychology & Marketing, and theJournal of Business-to-Business Marketing. Her main research areas include market-oriented management and business-to-business marketing. Wayne D. Hoyer (wayne.hoyer@mccombs.utexas.edu) is the James L. Bayless/William S. Farish Fund Chair for Free Enterprise, the chair of the Department of Marketing, and the director of the Center for Customer Insight in the McCombs School of Business at the University of Texas at Austin. He received his Ph.D., M.S., and B.A. from Purdue University in the area of consumer psychology. He has published more than 60 articles in various forums including theJournal of Consumer Research, theJournal of Marketing Research, theJournal of Marketing, theJournal of Advertising Research, and theJournal of Retailing. His research interests include customer insight and relationship management, consumer information processing and decision making (especially low-involvement decision making), and advertising effects (most particularly, miscomprehension and the impact of humor).     

The link between salespeople’s job satisfaction and customer satisfaction in a business-to-business context: A dyadic analysis

Although it has frequently been argued that the job satisfaction of a company’s employees is an important driver of customer satisfaction, systematic research exploring this link is scarce. The present study investigates this relationship for salespeople in a business-to-business context. The theoretical justification for a positive impact of salespeople’s job satisfaction on customer satisfaction is based on the concept of emotional contagion. The analysis is based on a dyadic data set that involves judgments provided by salespeople and their customers collected across multiple manufacturing and services industries. Results indicate the presence of a positive relationship between salespeople’s job satisfaction and customer satisfaction. Furthermore, the relationship between salespeople’s job satisfaction and customer satisfaction is found to be particularly strong in the case of high frequency of customer interaction, high intensity of customer integration into the value-creating process, and high product/service innovativeness.     

Organizational work–family support as universal remedy? A cross-cultural comparison of China,India and the USA

In both industrialized and emerging countries, organizations increasingly seek to support employees’ efforts to maintain a healthy work–family balance. Research has identified two types of organizational support in this context: formal work–family programs and informal work–family cultures. This study examines the relative effects of work–family programs versus work–family culture on employees’ job satisfaction and performance in various cultural environments. Drawing on the individualism–collectivism cultural dimension introduced by Hofstede, it is argued that employees’ cultural background may affect family models, which in turn determine employees’ need for formal organizational work–family support, but are not related to employees’ need for informal support. In line with this notion, the results from comparisons of an industrialized country (the USA) with two emerging countries (China and India) show that work–family culture has positive effects in all three contexts. However, formal work–family programs positively affect job satisfaction and job performance only in India and the USA, whereas they exhibit no significant effect in the more collectivist setting of China.     

Testing For and Dating Common Breaks in Multivariate Time Series

This paper develops methods for constructing asymptotically valid confidence intervals for the date of a single break in multivariate time series, including I(0) , I(1) , and deterministically trending regressors. Although the width of the asymptotic confidence interval does not decrease as the sample size increases, it is inversely related to the number of series which have a common break date, so there are substantial gains to multivariate inference about break dates. These methods are applied to two empirical examples: the mean growth rate of output in three European countries, and the mean growth rate of U.S. consumption, investment, and output.