Intraday time and order execution quality dimensions

We examine intraday execution quality patterns on Nasdaq stocks using proprietary order-level data from a US broker dealer. Orders submitted midday execute slower than orders submitted around the open and close. However, midday orders have lower execution costs. Our results indicate that execution speed and execution cost exhibit offsetting intraday time-dependent patterns and these patterns appear to be induced by variations in informed trading levels. While some traders concentrate their trading activity around the open and close, others prefer to trade midday. Traders have varying preferences for when to trade, and offsetting patterns exist between speed and cost. These factors highlight the complexity in defining an optimal trading time, which, among other things, is dependent on the dimensional preferences of individual traders.     

The effects of between‐partner congruity on consumer evaluation of co‐branded products

Branding studies, especially those focusing on brand extension, have often centered on establishing the relationship between consumer evaluation and the match between a product concept and the brand (concept congruity). This study introduces an additional type of congruity that arises in the evaluation of co‐branded products, the congruity between brand partners (between‐partner congruity). Between‐partner congruity has not previously been explicitly considered in the co‐branding literature, but is potentially an important influence on consumer perceptions of a brand partnership. Thus, this study represents an initial attempt to understand how the level of between‐partner congruity will affect consumer response to cobranded products. Several findings in the marketing literature have suggested that when respondents have the motivation to resolve incongruity, the relationship between congruity level and evaluation is nonmonotonic. In other words, moderately incongruent concepts are preferred to congruent or highly incongruent concepts to form an “inverted‐U” data function. Yet, when motivation to process is low, evaluation becomes less favorable in a linear fashion as incongruity increases. This study examines whether these findings can be extended to co‐branding. When concept congruity is controlled across brand pairs, the nonmonotonic relationship between between‐partner congruity level and product evaluation is observed when consumers are encouraged to elaborate on the rationale for the partnership (high involvement). However, when consumers attend to the global similarity of the partners (low involvement), product evaluation becomes less favorable as between‐partner incongruity increases. © 2007 Wiley Periodicals, Inc.     

Who's in charge here? Co‐CEOs,power gaps,and firm performance

At the pinnacles of organizations, comparative tests of unity of command and shared command are nearly impossible because only one individual sits atop most organizations. In organizations led by co‐CEOs, however, such a test is possible because co‐CEOs can truly share power. But do they? Our research pits the unity‐of‐command principle against the shared‐command principle and finds overall support for the former, even within the co‐CEO context. Our sample of 71 co‐CEO pairs at publicly traded U.S. firms shows that increasing power gaps between co‐CEOs are positively associated with firm performance. This positive association wanes and turns negative, however, as power gaps become very large. We conclude that whatever benefits the co‐CEO structure might offer likely lie outside the shared command paradigm. Copyright © 2014 John Wiley & Sons, Ltd.     

Rethinking the new corporate philanthropy

More than ever, corporations are expected to practice “citizenship” by engaging in various community or social philanthropy programs. These corporate social responsibility (CSR) programs have broad appeal among business scholars, business executives, and the public. After first setting some theoretical boundaries for CSR as it relates to the legal and strategic management fields, the authors examine how CSR (both its implementation and expectations) can lead to unintended results, compromising the distinct roles business and government play in market-driven, democratic systems.     

Carving and tourism: A maori perspective

Maori retained high levels of self determination under the Treaty of Waitangi in 1840, although much of the subsequent history of the 19th century involved attempts both formal and informal by the colonial powers to subvert the Act. Therefore, while tourism has brought significant economic advantages for some tribes (iwi), and promises economic returns for others, Maori are insistent that they retain control over the process. The paper describes some of the significant impacts of tourism on Maori culture, but it is concluded that the truths of tourist impacts are plural, and can only be understood within an understanding of Maori cosmology. As such, Maori are adept at distinguishing between the signs and symbols of tourist artifacts.     

Modelling Heterogeneity and Uncertainty in Contingent Valuation: an Application to the Valuation of Informal Care

Both the lack of market data and the need to adopt a more holistic approach in the valuation of non‐market activities within health care have pointed towards the use of contingent valuation (CV) methods. However, to date, few studies have employed such techniques to value informal care, despite its provision being an important public policy question. We propose an analytical framework that through the use of random parameters models and respondents' certainty scales can incorporate both unobserved and observed heterogeneity in the CV modelling. This is the first CV study of informal care for Scotland (UK) and a £7.68 per hour value is estimated.     

How Online Product Reviews Affect Retail Sales: A Meta-analysis

A growing body of research has emerged on online product reviews and their ability to elicit performance outcomes desired by retailers; yet, a common understanding of the performance implications of online product reviews has eluded us. Scholars continue to navigate an array of studies assessing different design elements of online product reviews, and various research settings and data sources. We undertake a meta-analysis of 26 empirical studies yielding 443 sales elasticities to examine how these variables relate to retail sales. Building on well-established meta-analytical methods, we address the following questions: How does review valence influence the elasticity of retailer sales? What about review volume? For which product types and usage situations do online product reviews have a greater impact on retailer sales elasticity? Which types of online reviewers and websites exert the greatest influence on retailer sales elasticity? Our study answers these important questions and provides a much needed quantitative synthesis of this burgeoning stream of research.     

Retaining volunteers for the cause: Hope and pride associated with cause-related charity events in cancer control

Special charity events are an important source of revenue for non-profit organisations in cancer control yet volunteering is declining and turnover is high. Experiences at cause-related events may influence retention, particularly emotions connected to the cause and ceremonies which honour cancer survivors and remember loved ones. We explore the degree to which emotions associated with cause-related volunteering and collective action in the literature are felt in response to Relay For Life and what emotions predict three indicators of retention: intention to return for future events, satisfaction with volunteering, and organisational commitment. Volunteers (n = 410) completed a cross-sectional survey at Relay For Life events in Queensland, Australia. Multiple regression analyses examined whether emotions associated with events predicted each indicator of retention, adjusting for number of years spent volunteering for events. Sixty-two percent reported an intention to return the following year. The most commonly reported event-related emotions were hope, pride, and empathy (62–69%). Intention to return, satisfaction, and commitment were each significantly predicted by hope and pride. The findings suggest special charity events in cancer control could retain volunteers by fostering pride and hope (e.g., for a cancer free future); however, future prospective research which examines the mechanisms of these relationships is warranted.