When Satisfied Consumers Do Not Return: Variety Seeking's Effect on Short‐ and Long‐Term Intentions

Even satisfied consumers frequently do not come back, which challenges loyalty theory and marketing practice. It is reasoned that variety‐seeking tendencies will significantly affect short‐term revisit intentions, whereas satisfaction and regret will mostly determine long‐term revisit intentions. Thus, the influence of satisfaction on loyalty is hypothesized to be critically dependent on the time perspective of the intentions, now or later, and variety seeking. A representative survey (N = 400) in eight Spanish cities supported these predictions. Multivariate moderated‐mediation analyses revealed that indeed the influence of satisfaction, regret, and variety seeking critically depends on the time perspective of the behavioral intentions.     

Factors enhancing the choice of higher resource commitment entry modes in international new ventures

The choice of entry mode in foreign markets is an important strategic decision with major consequences for the success of international new ventures (INVs). It is generally accepted that these firms choose relatively low-resource commitment entry modes to operate in foreign markets. Nevertheless, some researchers have suggested that higher resource commitment entry modes in foreign markets also seem to be competitive strategies for INVs. In this study, from a marketing/international entrepreneurship interface perspective and focusing on organizational issues, we center our attention on international market orientation as a neglected yet important factor in INVs’ choice of higher resource commitment entry modes in foreign markets. We suggest that an entrepreneurial orientation and the timing of international entry are important correlates to an international market orientation. We also suggest that the international learning effort of INVs through their international market orientation has a direct, positive impact on the resources these companies commit to their foreign markets through the use of higher resource commitment entry modes. Accordingly, the model proposes a positive effect of entrepreneurial orientation and early international entry on international market orientation which, in turn, is positively related to higher resource commitment entry modes. The hypotheses were tested on country-level data from Spain, using a structural equation model to analyze relationships between the latent variables.This study extends previous international entrepreneurship research, including insights on antecedents of international new ventures’ choice of resource commitment entry modes in foreign markets. The paper also goes further than previous international entrepreneurship research, by addressing the strategic consequences of rapid entry into foreign markets. Additionally, the results of this work encourage international entrepreneurs to look beyond the explicit value of experiential market knowledge to realize the potential value of international market orientation as an antecedent to higher resource commitment entry modes.     

Revisiting the core-periphery view of EMU

This study extends Bayoumi and Eichengreen's (1993) empirical methodology in order to give a reappraisal of the core-periphery view of the enlarged euro area. We show how to derive two useful indices from the “correlation box” formed by aggregate demand and supply shocks. One measures the Euclidean distance to the core, while the other reveals whether shock asymmetry comes mostly from the production or the demand side. Using data over 1996–2008 on 21 countries and iterative VAR estimates, we find evidence of a gradual move to the symmetric core while new EMU Member States still remain at the very periphery.     

No-arbitrage, state prices and trade in thin financial markets

We examine how non-competitiveness in financial markets affects the choice of asset portfolios and the determination of equilibrium prices. In our model, potential arbitrage is conducted by a few highly specialized institutional investors who recognize and estimate the impact of their trades on financial prices. We apply a model of economic equilibrium, based on Weretka (, 2007a), in which price effects are determined endogenously as part of the equilibrium concept. For the case in which markets allow for perfect insurance, we argue that the principle of no-arbitrage asset pricing is consistent with non-competitive behavior of the arbitragers and extend the fundamental theorem of asset pricing to the non-competitive setting.     

Stereotypical Notions of the Entrepreneur: An Analysis from a Perspective of Gender

The principal objective of this paper is an analysis of the stereotypical figure of the entrepreneur in the Spanish context, from a perspective of gender. We provide evidence that the characteristics largely associated with an entrepreneurial individual are stereotypically male or androgynous, with a notable absence of female typologies. Our findings suggest that this relationship has an influence on the continued predominance of male entrepreneurial activity. This study contributes to the growing empirical literature on female entrepreneurship from an understudied perspective; gender stereotyping, demonstrating that socially constructed gender stereotyping persists in contemporary Spanish culture.     

Product Innovation in Resource‐Poor Environments: Three Research Streams

We explore the role and relevance of resource scarcity in product innovation. The literature tends to assume that the development of new products requires resource sufficiency for the process to be conducted systematically. But we are also taught that necessity is the mother of invention and that resource scarcity may be a trigger of innovation in adverse contexts. In this discussion, we organize the literature on product innovation in resource‐poor contexts in three streams. The paper contributes to a finer‐grained understanding of the role of scarcity in product innovation and suggests that creative approaches to scarcity may contribute to knowledge enrichment of product innovation theory and practice.     

The Impact of Bank Credit on Employment Formality: Evidence from Uruguay

This article examines the effect of bank credit on employment formalization in Uruguay. Using a difference-in-differences methodology the article finds that financial deepening decreases informality, especially in more financially dependent sectors. In addition, the effect is found to be greater among women and older workers. In the period under analysis the economy underwent a severe economic crisis and bank credit contracted sharply, but we find no evidence that the effect of bank credit on employment formality changed over time.     

Financial repression and economic development: towards a post-Keynesian alternative ∗

The Shaw–McKinnon framework, the foundation of mainstream thinking on the role of financial markets and institutions in economic development and the basis for policy-making in many LDCs for the last 18 years, is shown to be flawed when viewed in a post-Keynesian perspective. Three interrelated aspects of post-Keynesian theory are used to challenge the financial liberalization models and to posit an alternative post-Keynesian perspective on the role of financial institutions and markets in economic development. These aspects are: (1) the finance-investment-saving-funding circuit; (2) the financial fragility hypothesis; and (3) the evolution of institutions and conventions in an uncertain world.     

Neural network volatility forecasts

We analyse whether the use of neural networks can improve ‘traditional’ volatility forecasts from time-series models, as well as implied volatilities obtained from options on futures on the Spanish stock market index, the IBEX-35. One of our main contributions is to explore the predictive ability of neural networks that incorporate both implied volatility information and historical time-series information. Our results show that the general regression neural network forecasts improve the information content of implied volatilities and enhance the predictive ability of the models. Our analysis is also consistent with the results from prior research studies showing that implied volatility is an unbiased forecast of future volatility and that time-series models have lower explanatory power than implied volatility. Copyright © 2008 John Wiley & Sons, Ltd.