Media effects on sustainable food consumption. How newspaper coverage relates to supermarket expenditures

Information provision is often considered to have an important role to play in changing consumers' choices. However, there is still no consensus on the mechanisms by which information might influence specific consumer expenditures, especially in relation to environmentally friendly food products. This paper explores whether the public debate on sustainable consumption in UK broadsheets and tabloids relates to observed consumers' expenditures. It does so by relating the number of published articles on selected sustainability topics to consumers' food expenditure in a leading UK supermarket from May 2009 to May 2011, using regression analysis. We selected only regular supermarket's shoppers who frequently buy the Sunday editions of the analyzed newspapers. Results indicate very sparse and inconsistent correlations suggesting that the impact of information is only minimally effective. The number of newspaper articles relates mainly to expenditures on organic, wholegrain and low salt products, possibly indicating a preference for healthy food. No consistent effects are observed when media target a change in more general food categories (e.g. a reduction in food of animal origin), although we observed some influence on purchases of fish. Finally, results indicate some correlations with purchases of meat for the readers of the Telegraph. In order to contextualize some of the results, we applied content analysis to a subsample of published articles on organic food. The qualitative approach shows that the framing of the news is important: change is positively related to information proposed uncritically; and negatively to information contextualized as a highly structured debate.     

An Anticompetitive Effect of Eliminating Transport Barriers in Network Markets

This paper examines the welfare effects of physically interconnecting two (network) markets that were previously separated. In each market a different set of capacity-constrained firms operate. Firms engage in a supergame and collude whenever it is rational for them to do so.We find that, under certain parametric restrictions, interconnection of the two markets reduces total welfare. The collusive horizon may extend from a single market to the overall integrated market. In such case, interconnection can be viewed as “exporting” collusion, rather than competition.      

Angel Financing and the Performance of High‐Tech Start‐Ups

In this paper, we investigate what drives the performance of high‐tech start‐ups receiving angel financing, while taking a closer look at the capabilities (i.e., experience) and investment behavior of business angels (BAs). We exploit a new data set (extracted from Crunchbase), which consists of 1,933 high‐tech start‐ups that received at least one financing round from a BA. The results indicate that the experience of BAs in early stage investments is positively associated with additional receipt of follow‐on rounds of financing and sequential capital injections from venture capitalists (VCs). Later‐stage experience is positively associated with the start‐up's success (i.e., probability to be listed or acquired), but reduces the need for new VCs to invest in the start‐up. Furthermore, we find consistent evidence that start‐ups that combine BA and VC financing experience higher levels of funding amounts, additional VC financing, and an improved likelihood of success. Finally, we find that the co‐localization of BA investors and start‐ups in the same area facilitates the attraction of VC financing.     

The drivers of patent transactions: corporate views on the market for patents

In recent years, the proactive management of patents and their exploitation through licensing out and sales transactions have been enhanced by the development of intermediaries and trading platforms. This paper first investigates the main drivers of companies' decisions to engage in patent licensing and sales; then, it examines how improvements in the marketplace for patents and more intense involvement of patent brokers might impact the factors hindering the development of patent transactions. The study's findings are supported by the results found in the scientific literature and by evidence from a survey conducted on a sample of companies involved in patent transactions.     

A Conditional Role-Involved Purpose-Based Access Control Model

This paper presents a conditional role-involved purpose-based access control (CPAC) model, where users dynamically activate conditional roles in accordance with the context attributes. Based on conditional role, access permissions are assigned that represent what can be accessed for what purpose to roles under certain conditions. On the other hand, conditional purpose is applied along with allowed purpose and prohibited purpose in the model. It allows users using some data for certain purpose with conditions (for instance, Tony agrees that his income information can be used for marketing purposes by removing his name). The structure of a CPAC model is defined and investigated. Access purpose is verified in a dynamic behavior, based on user attributes, context attributes, and authorization policies. Intended purposes are dynamically associated with the requested data object during the access decision. An algorithm is developed to achieve the compliance computation between access purposes and intended purposes and is illustrated with role-based access control (RBAC). Access purpose authorization and authentication in the model are studied with the hierarchical purpose structure. The model separates authorization of access purpose from access decision that improves the flexibility of private data control.     

The role of customer loyalty as a brand extension purchase predictor

The paper explores the relationship between customer loyalty to the retail brand and the purchase of non-traditional products and services (NTPS) offered by grocery retailers with their private label (i.e. over-the-counter products, photo printing, mobile communication services and travel booking). Customer loyalty to the retail brand is measured through its behavioral and attitudinal components. A survey was conducted administering a questionnaire to 480 retail customers in two stores belonging to different retail grocers. A binary logistic regression was then applied using the buying of at least one NTPS as the dependent variable (1 = buy; 0 = no buy) and behavioral loyalty and attitudinal loyalty as independent variables. Results show that attitudinal loyalty plays a significant role as buying predictor, but this depends on the NTPS offered. Theoretical and managerial implications are derived.     

Real effects of private equity investments: Evidence from European buyouts

This study investigates the effects of buyout deals on the ex-post performance of target companies. The analysis is based on a sample of 241 private-to-private buyouts involving European companies between 1997 and 2004 and a control sample of non-buyouts selected through a propensity score matching methodology. The paper explores three different dimensions of firm performance: size, profitability and productivity. The results indicate a positive impact of buyouts on the growth of total assets and of employment in target firms in the short- and mid-term. An equivalent clear pattern cannot be identified for productivity, while we estimate a lower operating profitability for buyout companies with respect to the control group three years after a deal is made. When we restrict the analysis to the sub-sample of buyout companies, we find that generalist funds negatively and significantly impact the mean ex-post operating profitability of PE-backed firms, while turnaround specialists are positively associated with operating profitability. The evidence also highlights that target companies whose lead investor is located in the same country show relatively higher ex-post profitability performance.     

Using choice experiments to assess smallholder farmers' preferences for pig breeding traits in different production systems in North-West Vietnam

Livestock form key components of the livelihood strategies of many of the world's poorest people. However, despite the potential to alleviate poverty and improve food security through livestock development interventions, the lack of smallholders' participation in the planning and design of breeding programs has often been a major cause of the failure of such programs. Particularly in developing countries where livestock production is still mostly subsistence-oriented and livestock fulfil manifold functions a considerable number of livestock breeding programs have failed. The development of adequate tools to characterise these functions, bearing in mind that these are expressed only rarely in properly functioning markets, is therefore important.This paper seeks to advance the application of such methodologies to the smallholder pig sector in Vietnam. A choice experiment was applied across 140 households involved in pig breeding in order to assess farmers' preferences and the trade-offs for a list of adaptive and productive traits. These included growth, reproduction, disease resistance, feed requirements and appearance.The findings indicate that smallholders highly value both adaptive and performance traits, particularly in resource-driven (i.e. subsistence) production systems. Performance traits were more highly valued in the demand-driven (i.e. market-oriented) systems. These findings have implications for breeding program breed choice and breeding objectives.     

Political pressures and the credibility of regulation: can profit sharing mitigate regulatory risk?

When price-cap rules determine the structure of prices for a long period, they suffer a credibility problem and introduce an element of risk especially if a firm’s profits are “too large”. Profit sharing may be seen as a device to pre-determine price adjustments and thus to decrease regulatory risk. We analyse the effects of profit sharing on the incentives to invest, using a real option approach. Absent credibility issues, a well designed profit sharing system may be neutral relative to a pure price cap. With regulatory risk, profit sharing is preferable to a pure price-cap one, if it intervenes for high enough profit levels.

An Analytical Framework for Joint vs Separate Decisions by Couples in Choice Experiments: The Case of Coastal Water Quality in Tobago

This paper offers an analytical framework for analyzing joint and separate decisions by couples in the context of choice experiments for nonmarket valuation. It reports results from an attribute-based stated preference study in which members of couples are asked to conduct a choice-experiment first individually and then jointly. The choice context was the selection of which beach to visit while on vacation in Tobago. Available alternatives differed in attributes related to coastal water and beach quality such as level of coastal development and fish abundance. Tests of preference equality are reported and structured so as to identify the intra-couple decision-making patterns under taste heterogeneity with both finite and continuous mixed logit. Results from the latter suggest that women’s preferences are found to be predominant in the joint choice-experiment. Results suggest caution in using individual choice rather than joint couple choice when valuing quality changes impacting on couple activities, such as water and beach quality in Tobago, and call for further research on the topic.