Ex-day behavior of japanese stock prices: New insights from new methodology

We study the ex-dividend day behavior of Japanese stock prices on the ex-day in March, when most stocks simultaneously go ex-divided, for the period 1983–1987. We find a positive abnormal return for stocks that go ex-dividend. However, prices drop by nearly the full amount of the dividend. However, prices drop by nearly the full amount of the dividend once the common abnormal return is subtracted from individual returns. For the many ex-dividend day stocks that also go ex-rights on the same March ex-day, we find that the return is on average higher than that for stocks without rights issues.     

The Many Faces of Competition

Marketing Letters - Despite a great deal of theoretical research on competition, there has been limited empirical work assessing the type of competitive interaction that actually exists in the...     

Strategic and Ethical Considerations in Managing Digital Privacy

Individualized customer information is at the heart of on-line commerce. Using increasing amounts of customer-specific data enhances the success and value of one-to-one on-line marketing; but the extensive gathering and use of data specific to individuals also causes alarm over the loss of digital privacy, setting up a confrontation between e-commerce and society. Governments and nations, particularly in Europe, have reacted with a reliance on sweeping laws governing digital privacy protection while other nations such as the U.S. have generally preferred to allow companies and industry associations to regulate themselves. This tenuous balance is under attack from both sides. In this paper, we set up a framework which incorporates the environmental context, ethical perspectives and firm-specific considerations to help firms develop a strategy for handling digital privacy concerns.     

How do we measure the intangible? Overcoming the measurement challenge in services

Measuring service tangibility and intangibility aspects has been an interest to service researchers. While the Likert rating scale has been widely employed for measuring mental intangibility or its dimensions, it is not free from issues such as different anchoring, that is, the same words pointing to different attitudes and understanding for different individuals. The present study proposes the usefulness of a discrete choice experiment (DCE), where respondents are asked the same questions (i.e., items) and are presented with a scale while dichotomizing the possible responses for each scale item. We show that our proposed method is accurate and generalizable across contexts and samples through multiple studies. The DCE method gives managers a better way to measure intangibility or similar service constructs like service quality, which can help them manage their service offerings and make customers happier.     

ALTERNATIVE CHARACTERIZATIONS OF AMERICAN PUT OPTIONS

We derive alternative representations of the McKean equation for the value of the American put option. Our main result decomposes the value of an American put option into the corresponding European put price and the early exercise premium. We then represent the European put price in a new manner. This representation allows us to alternatively decompose the price of an American put option into its intrinsic value and time value, and to demonstrate the equivalence of our results to the McKean equation.     

THE MAGNITUDE OF PRICING ERRORS IN THE ARBITRAGE PRICING THEORY

In this paper the arbitrage pricing theory (APT) pricing errors for individual securities are estimated employing maximum likelihood factor analysis and Fama-MacBeth style aggregation. Results show that the pricing errors are large and statistically significant and that there is a high degree of variability in pricing errors across securities. This evidence contradicts the prevailing APT intuition that the pricing errors can be ignored as negligible. Pricing errors are also found to be related to residual variance and firm size.     

Determinants of Online Shopping Influencing Thai Consumer’s Buying Choices

With the ease and availability of high-speed Internet service, online shopping is increasing rapidly. Consumers are moving to more intensive use of the Internet as the technology becomes more accessible, the availability of information increases, and the ability to interact through the Internet evolves. The success of online businesses relies heavily upon its ability to attract customers to complete purchase transactions on their websites. Even though the number of people who use the Internet every day and visit various shopping sites increases daily, it is interesting to note that quite a few of them still hesitate to purchase online. This study intends to examine what factors play a crucial role in encouraging or discouraging consumers in Thailand from shopping online. The findings from this study should help online businesses better understand the mindset of Thai consumers and find ways to improve websites in order to attract more customers.     

The impact of pedestrian countdown signals on single and two vehicle motor vehicle collisions: a quasi-experimental study

The objective of this study was to examine the impact of pedestrian countdown signals (PCS) on the rate of motor vehicle collisions (MVCs) in Toronto, Canada. A quasi-experimental design was used to compare rates of single and two vehicle MVCs before and after installation of PCS in Toronto, Canada between January 2005 and December 2009. Collision incidence rates were compared using Poisson regression analyses with adjustment for relevant cofounders and reported as incidence rate ratios (IRR) with 95% confidence intervals (CI). Secondary analyses were performed on subsets of collisions by collision type and injury severity. A total of 94,175 MVCs occurred at or near 1965 intersections at which PCS were installed over the five-year study period. Overall, the MVC incidence rate increased 7.5% (IRR = 1.075; 95% CI: 1.042–1.109; p < 0.0001) after installation of PCS. The installation of PCS led to an increase in MVCs. PCS may have an unintended consequence of increasing the rate of MVCs.     

Do market characteristics impact the relationship between retailer characteristics and online prices?

We propose that market characteristics interact with retailer characteristics to determine online prices. The retailer characteristics examined include—service quality of a retailer, channels of transaction provided by a retailer and the size of a retailer. The market characteristics capture the level and nature of competition, and the price level of a product. We utilize a Hierarchical Linear Model (HLM) framework for capturing and testing the proposed interactions. The better fit between the model and the online market structure is reflected by a twenty-five percent increase in explainable price dispersion over results from comparable studies. Our study demonstrates that while retailer characteristics do impact online prices, this influence is significantly enhanced or diminished by the accompanying market characteristics.