Weak-Form Market Efficiency of the Nigerian Stock Market in the Context of Financial Reforms and Global Financial Crises

The weak-form efficient market hypothesis for the Nigerian Stock Market (NSM) is explored using different statistical tests. The analyses use overall stock market returns collected over the period 2000–2010. It is shown that the NSM is not weak-form efficient which questions the benefits of the 2004 financial reforms. It is also shown that the degree of market inefficiency varies across the periods corresponding to the financial reforms and 2007 global financial crisis, for daily and monthly returns. The results are important to security analysts, investors, and security exchange regulatory agencies in their investment, stock market development, and policy-making decisions.     

Divergence in Variety Seeking: An Exploratory Study Among International Travelers in Asia

ABSTRACT

Variety seeking is a tendency in consumer behavior in which the consumer alternates between different makes of the same item in the quest for diversity. Variety seeking and exploratory behaviors help explain tourists’ consumption behavior and choice-making methods. Some studies have focused on the choice of food, restaurants, theme parks, travel activities, or destinations, but only a few have taken place within an international context. In this study, the influence of variety seeking and exploratory buying on travelers’ consumption behavior within an international context is analyzed. In essence, Asian travelers are compared with Western travelers. Several factors, which help explain divergence in variety seeking, are included in the analysis. The results demonstrate that variety seeking and an exploratory tendency have a significant relationship with travelers’ consumption behavior (for both Asian and Western travelers). In general, customers who have a high tendency for variety seeking are less loyal; however, there is no discernible difference between Asian and Western tourists in this regard.     

Investments in consumer relationships: a critical reassessment and model extension

This study is a critical reassessment and extension of De Wulf et al.'s (2001) framework investigating retail investments in consumer relationships. Their initial model relates four types of relationship marketing efforts to perceived relationship investment, in turn influencing relationship quality and ultimately behavioural loyalty. Based upon signalling theory, we extend this model by introducing product and service efforts as additional antecedents. Moreover, in contrast to the use of self-reported measures in the initial model, we apply customer database information in order to measure the construct of behavioural loyalty. Based upon 187 consumers reporting on their relationship with a Belgian apparel retailer, the SEM results provide guidelines for retailers how to increase the quality of their relationships with consumers by strengthening consumers' perceptions of relationship investment.     

How consumers' values influence responses to male and female gender role stereotyping in advertising

ABSTRACT

The present study aims to explore the moderating effect of culture-related values on responses to male and female gender role stereotyping in advertising. Based on an experiment in Sweden (n = 507) and Germany (n = 506), we test the impact of respondents' masculinity, power distance, assertiveness values and feminine role orientation on ad attitudes and brand attitudes. The results show that, in general, perceived stereotyping contributes positively to ad and brand attitude, and this effect is enhanced for more masculine, more power distant, more assertive and less feminine-role oriented individuals. In addition, consumers respond more negatively to perceived female stereotyping compared to male stereotyping, and this is especially true for more power distant and more assertive individuals.     

Comparing TV Ads and Advergames Targeting Children: The Impact of Persuasion Knowledge on Behavioral Responses

Although thousands of advergames are directed at children, little is known about how advergames affect children and whether this persuasive process differs from traditional advertising formats. Investigating the underlying persuasive mechanism, Study 1 shows that, for TV advertising, persuasion knowledge drives the persuasive effects while, for advergames, persuasion is mainly driven by the attitude toward the game. Adding advertising cues to the advergame does not increase persuasion knowledge but does diminish the positive attitude toward the game effect, influencing behavior indirectly. Study 2 demonstrates that, for an advergame, the persuasive mechanism does not differ between a commercial versus a social persuasive message.     

Involvement,Tolerance for Ambiguity,and Type of Service Moderate the Effectiveness of Probability Marker Usage in Service Advertising

Results of two experiments reveal that the use of probability markers in advertisements affects brand attitude and purchase intentions, and that this is moderated by the type of service, customers’ involvement, and their level of tolerance for ambiguity. Services in the study were classified as more or less hedonic/utilitarian, and more or less involving. Probability markers affect consumers’ brand attitude and purchase intentions for less-involving services, while this effect is not significant for more-involving services. In addition, higher tolerance for ambiguity results in preference of hedges over pledges or no probability markers, while for consumers with lower tolerance for ambiguity the opposite holds. With regards to service type, for more-hedonic, less-involving services the use of hedges in advertising copy increases brand attitude and purchase intentions, while for more-utilitarian, less-involving services pledges result in highest levels of brand attitude and purchase intentions.     

Franchisee Associations: Strategic Focus or Response to Franchisor Opportunism

This article examines some of the antecedents, processes, and effects of independent franchisee associations (IndFAs) and the reactions of franchisors to their organization. Specifically, we draw on various literatures to pose propositions relating to the following research questions: (a) Are there fundamental differences between associations whose focus is based on disagreements relating to strategic actions of the franchisor and those whose focus is perceived opportunistic behavior on the part of the franchisor? (b) Does the way these IndFAs are treated by the franchisor—after inception—affect members' identification with the group and/or franchisor? (c) Does the existence of a franchisee advisory council influence the willingness of a franchisor to legitimize an IndFA? (d) How does the size of the IndFA influence identification? We then present a conceptual model and use two illustrative examples from the business literature to explore our propositions.     

Conflicting obligations,moral dilemmas and the development of judgement through business ethics education

Learning to address moral dilemmas is important for participants on courses in business ethics and corporate social responsibility (CSR). While modern, rule‐based ethical theory often provides the normative input here, this has faced criticism in its application. In response, post‐modern and Aristotelian perspectives have found favour. This paper follows a similar line, presenting an approach based initially on a critical interpretation of Ross's theory of prima facie duties, which emphasises moral judgement in actual situations. However, the retention of a modern element is suggested, with an invitation to hypothetically universalise detailed proposals for action, following Hare. This further step may reassure students/managers who seek additional closure in their decision‐making. Some pedagogical implications are also briefly raised regarding the use of case material and the need to recognise questions of social interaction and personal character as features of dilemma resolution in actual organisational contexts.     

Understanding Insurance Customer Dishonesty: Outline of a Moral-Sociological Approach

Most consumer morality studies focus on consumer immorality, i.e. different types and degrees of consumer dishonesty or deviance. This paper follows this tradition, by looking at insurance customer dishonesty. For looking at insurance customer dishonesty in a wider perspective, the paper drafts a sociology of insurance customer morality, including outlines of micro-level, meso-level and macro-level moral sociologies of insurance fraud, as well as a discussion of moral heterogeneity and a critical understanding of deviance. As a next step a few empirical rsearch questions are formulated and illustrated with data from a Norwegian-German pilot study. Johannes Brinkmann has a Ph.D. in sociology and is a professor of business ethics at the Norwegian School of Management in Oslo. Most of his recent articles have appeared in the Journal of Business Ethics, Teaching Business Ethics and Business Ethics A European Review. He has also published a number of books, two of them related to business ethics (in Norwegian, 1993 and 2001). Patrick Lentz is a doctoral candidate at the Department of Marketing, Dortmund University. Paper presented at the 11th Annual International Business Ethics Conference in Chicago, October 21–23, 2004     

Clement M. Henry and Rodney Wilson, eds. The Politics of Islamic Finance. Edinburgh: Edinburgh University Press, 2004. vi + 307 pp. ISBN 0-7486-1837-6, $30.00 (paper).

Clement Henry and Rodney Wilson have assembled twelve essaysabout Islamic finance—six about thematic issues and sixabout case studies of Sudan, Kuwait, Jordan, Turkey, Tunisia,and Egypt—plus an introduction and conclusion. Henry and Wilson’s introductory chapter is an excellentsummary of the phenomenon of Islamic banks, including theirorigins, size, and banking practices. The banks largely datefrom the mid-1970s. Purist Islamic economists thought Islamicbanking should be based on profit sharing, in which the depositor’sfunds are