Customer segmentation using unobserved heterogeneity in the perceived-value–loyalty–intentions link

Multiple facets of perceived value perceptions drive loyalty intentions. However, this value–loyalty link is not uniform for all customers. In fact, the present study identifies three different segments that are internally consistent and stable across different service industries, using two data sets: the wireless telecommunication industry (sample size 1122) and the financial services industry (sample size 982). Comparing the results of a single-class solution with finite mixture results confirms the existence of unobserved customer segments. The three established segments are “rationalists”, “functionalists” and “value maximizers”. These results point the way for value-based segmentation in loyalty initiatives and reflect the importance of a multidimensional conceptualization of perceived value, comprising cognitive and affective components. The present results substantiate the fact that assuming a homogeneous value–loyalty link provides a misleading view of the market. The paper derives implications for marketing research and practice in terms of segmentation, positioning, loyalty programs and strategic alliances.     

External labor market strategy and career success: CEO careers in Europe and the United States

In this paper, we examine the career histories of the chief executive officers (CEOs) affiliated with the 500 largest organizations in Europe and the 500 largest in the United States. Our purpose is to determine whether frequent career moves across employers, a phenomenon we label an “external labor market strategy,” brings greater career rewards than moves inside the same organization. The results reveal that an external labor market strategy is negatively related to career success. On both continents, CEOs who have spent a smaller fraction of their career in their current organization or have changed employers more often have taken a longer time from the start of their career to be promoted to the most influential corporate positions. The labor market institutions in the 22 countries sampled do not influence the relationship between an external labor market strategy and career success, while the specific geographic region in which the employers are located has a limited impact on this relationship. © 2009 Wiley Periodicals, Inc.     

New jobs or recalls?

This study demonstrates the importance of explicitly accounting for the possibility of recalls in the analysis of unemployment composition and the determinants of unemployment spell durations. Using Austrian administrative data we estimate that recalls accounted for nearly one half of the employment to unemployment to re-employment transitions in 1985 with the probability of recall being mainly dependent on industry and job characteristics related to seasonal work. We then analyse unemployment spell durations in a competing risks framework and, indeed, find significantly different duration patterns across new jobs and recalls.This paper draws on research in which the first author has collaborated with Georg Fischer. We would like to thank seminar participants at the ZEW, Mannheim, the Institute for Advanced Studies Vienna, participants of the European Economic Association congress, Dublin, and two referees of this journal for valuable comments and criticisms.     

COVID-19 and OECD Labour Markets: What Impact on Gender Gaps?

Across the board statements on who suffers most are not helpful and may actually be a disservice to the fight for greater gender equality.

     

Futures prices as risk-adjusted forecasts of monetary policy

Many researchers have used federal funds futures rates as measures of financial markets’ expectations of future monetary policy. However, to the extent that federal funds futures reflect risk premia, these measures require some adjustment. In this paper, we document that excess returns on federal funds futures have been positive on average and strongly countercyclical. In particular, excess returns are surprisingly well predicted by macroeconomic indicators such as employment growth and financial business-cycle indicators such as Treasury yield spreads and corporate bond spreads. Excess returns on eurodollar futures display similar patterns. We document that simply ignoring these risk premia significantly biases forecasts of the future path of monetary policy. We also show that risk premia matter for some futures-based measures of monetary policy shocks used in the literature.     

Gangs of Chicago: Perceptions of Crime and its Effect on the Recreation Behavior of Latino Residents in Urban Communities

Perception of safety is an important factor affecting the leisure behavior of Latinos residing in urban neighborhoods. Yet research on how fear of crime and fear of gangs in particular affect leisure of ethnic and racial minorities is underdeveloped. The objectives of this study are to examine how gangs operate in recreation spaces in Latino neighborhoods, how gangs affect the use of outdoor recreation environments and how Latinos respond to these issues. The study is based on focus groups conducted with Latino residents in Chicago. Findings indicate gang members are almost constantly present in parks, which serve as spaces for drug use and distribution. Moreover, gangs operate in other areas of the neighborhood making it unsafe to access parks. Participants employ strategies to address the gang problem including avoidance, protective and collective behaviors.