Fund Advisor Compensation in Closed-End Funds

This paper examines the relation between the premium on closed-end funds and organizational features of the funds and advisors, including the compensation scheme of the investment advisor. We find that the fund premium is larger when: (a) the advisor's compensation is more sensitive to fund performance; (b) the assets managed by the advisor are concentrated in the fund in question; (c) the advisor manages other funds with low compensation sensitivity to performance and with low concentration of assets managed by the advisor; and (d) the advisor's compensation contract evaluates performance relative to a benchmark.     

Analyst following and count-data econometrics

This paper reexamines the determinants of the number of analysts following a firm using econometric models based on count distributions. We replicate Bhushan's (1989) analyst-following study to demonstrate the effects of using count-data econometrics, in lieu of OLS, in studying phenomena where the dependent variable ranges among nonnegative integers. In contrast with the original paper, our findings indicate the number of institutional investors is inversely related with analyst following. We also provide econometric evidence to support the preferred use of the negative binomial model in estimating cross-sectional, analyst-following regressions.     

Sales recruiting—A major area of underinvestment

How does a firm decide whether the amount now being spent to generate sales force applicants is too much, not enough, or about right? This question can be answered by using information routinely generated by corporate activities and a relatively straight forward decision theory technique. To illustrate that technique, an analysis was conducted for a hypothetical but by no means atypical firm. The results suggest that many corporations could appreciably increase their overall profitability by spending more on sales force recruitment and selection.     

Exploring transport to arts and cultural activities as a facilitator of social inclusion

This paper explores the relationship between travel and social inclusion in relation to a relatively rarely examined group of travel destinations—arts and cultural activities. This paper examines travel behaviour to arts and cultural activities and how this relates to social inclusion. Research literature associated with these issues is examined and then an analysis of a household travel survey in Melbourne, Australia, is undertaken to explore how travel to arts and cultural activities varies by income, car ownership and location. The paper outlines a range of evidence linking participation in arts and cultural activities and positive outcomes for social inclusion. Arts and cultural activities do not fit well into traditional household travel survey definitions of trip purposes. There is also no definitional difference between travel to activities and ‘participation’ or ‘attendance’ in arts and cultural activities. This is unfortunate since social outcomes may vary by participation or attendance. Travel survey analysis shows that like other activities trip rates to arts and cultural activities increase with income. However higher participation is demonstrated for zero- and one-car households, which contrasts with previous research of work, education and social travel. Higher participation is also demonstrated for those living in inner parts of the city. The paper suggests that most travel to arts and cultural activity is quite localised and hence much travel may be led by the diversity and range of local opportunities provided. These are particularly high in inner parts of the city. A high share of travel is also demonstrated for older people, who are thought to have the time and desire for greater participation in arts and cultural activities.     

Moderately thin advertising models are optimal,most of the time: Moderating the quadratic effect of model body size on ad attitude by fashion leadership

The authors hypothesize and find that an advertising model’s body size has an inverted U-shaped relationship with ad attitude in the apparel product category, in which moderately thin advertising models are optimal. They assess the moderating effect of consumers’ fashion leadership on this quadratic relationship, proposing that this moderation may shift the optimum and/or create a flatter inverted U-shape. In the empirical studies, the authors find both types of moderation may occur and that there may be conditions under which slightly larger, intermediate sized models are most effective for fashion followers and that under other conditions model body size seems to be irrelevant for fashion leaders. As expected, the authors find a positive effect of ad attitude on brand attitude and purchase intentions.     

A Proposed Model for Consumer-Based Brand Equity Analysis on Social Media Using Data Mining and Social Network Analysis

Online social networks have expanded their “virtual borders,” making the Internet more like an environment of social interaction than a business tool. However, even before the emergence and expansion of social media, marketing professionals were interested in identifying consumers' perceptions about brands. Thus, operational models have been proposed to facilitate such a task. Those models, however, can be expensive and inconvenient, since the models use questionnaires for data collection. To help overcome this problem, this article proposes a model for brand equity analysis from the consumer perspective expressed in social networks using opinion mining techniques and social network analysis. The application of the proposed model on data collected from Twitter made it possible to analyze five brand equity dimensions: brand awareness, brand loyalty, perceived sentiment, perceived quality, and brand associations. The results reached by the application of the model show that brand equity can be analyzed from data retrieved from virtual social networks, disclosing how consumers perceive brands in such an environment, without using questionnaires, enabling different brands in different contexts. Those data can be analyzed under both objective and replicable criteria for each of the brand equity elements that make up the model.     

Strategic Purity and Efficiency in the Motor Carrier Industry: A Multiyear Panel Investigation

Two questions facing motor carrier managers are (1) whether carriers should specialize in providing full truckload (TL) or less‐than‐truckload (LTL) services vis‐à‐vis offering mix of both and (2) whether this decision is contingent on carrier size. Yet, the literature provides little guidance because research to date has offered contradictory theoretical predictions and inconsistent empirical findings. Drawing on the theory of strategic purity and information processing theory, we explain why service specialization is likely to increase carriers' technical efficiency and why size will have a more pronounced effect on technical efficiency for carriers specializing in LTL services versus TL services. To test our theory, we assemble a panel data set from archival government sources regarding general freight motor carriers' provision of LTL and TL services. We measure carriers' technical efficiency using data envelopment analysis and test our hypotheses by fitting a series of panel data mixed‐effects models. Our results indicate that carriers are most technically efficient when they specialize in one service type. We also find that size positively affects technical efficiency but only for carriers specializing in LTL services; no returns to scale with regard to technical efficiency exist for carriers specializing in TL services.     

Chinese multinationals on the New Silk Route: Managing political risk by branding the nation

Though Chinese multinational enterprises (CMNEs) have brought investment and opportunities to countries along the Belt and Road Initiative, there has been scepticism regarding the content and context of their investment. On the one hand, infrastructural development contributes to GDP formation and enhances the efficiency of productive inputs where international trade enhances technology and export development, which jointly provides a path to economic growth. On the other hand, critical issues such as debt sustainability and national sovereignty among countries that have gone through the decolonization process mean that CMNEs need to grasp the implication of political risk when investing. This article focuses on South and Southeast Asia, where China has historical socio‐economic relationship, and proposes a nation branding model combining tradition and modernity which can be the way forward for CMNEs to mitigate political risk in relation to the Belt and Road Initiative (BRI) investment. Nation branding of BRI could be seen as a continuity of China's unfinished business in globalization that has preceded the modern polity; nevertheless, there is a need to communicate a coherent and authentic message that reflects the reality of business operations.