The role of perceived value in vertical brand extensions of luxury and premium brands

Abstract

This study examines the role of perceived value in the relationship between brand attitude, perceived fit, extension attitude and consumers’ purchase intention of downscale vertical extensions of luxury and premium brands in two product categories: cars and shoes. Results from 236 individuals with different income levels show that extension attitude is positively related to purchase intention both directly and indirectly, via the perceived value of the extension; the latter is more strongly correlated than extension attitude to consumers’ purchase intention. Brand attitude is also positively associated with perceived value. Overall, perceived value partially mediates the relationships of brand attitude and of extension attitude with purchase intention. The product category affects the strength of some of the relationships in the model, including the role of fit.     

Practising gender: The role of banter in young men’s improvisations of masculine consumer identities

Abstract

Although consumer researchers have explored the social, cultural and consumption-related tensions involved in being and becoming masculine, prior research has tended to focus on individual men’s experiences. This paper reviews literature in this area together with theories of gender as performed, performative and social practice. Our ethnographic study of male friendship groups in central Scotland explores the gender processes involved in improvising their masculine consumer identities within and across various social settings and interactions. In particular, through consumption-related banter, they played for and played with their ideas of masculinity, thereby engaging in the practising of gender. The boundaries between ‘safe’ and ‘danger’ zones of consumption varied across social groups and contexts, highlighting the complexity and contingency of contemporary masculinities.     

Loyalty‐Shares: Rewarding Long‐term Investors

In the face of growing concern about investors' excessive focus on quarterly earnings, recent research has found new evidence of the benefits of a committed long‐term shareholder base, whether in terms of higher profitability, R&D investment, greater integration of ESG factors, or a reduced cost of capital. In light of this evidence, this article takes up the challenge of proposing a market solution to this problem. Although much has already been done in the financial industry to lengthen the outlook of executives by imposing longer vesting periods for stock options, a significant fraction of institutional shareholders continues to have a short‐term orientation. The authors propose that companies try to attract a more long‐term‐oriented shareholder base by modifying the form of the common share contract to include a special reward for buy‐and‐hold investors. The type of contract proposed—called a “loyalty share”—is a call‐warrant attached to each share that is exercisable at a specified time‐horizon—say, three years—and exercise price, but is nontransferable and hence has value only if the share is held for the entire length of the specified “loyalty period.” Such a reward is expected to encourage a longer‐term valuation outlook, since those shareholders seeking the loyalty reward are likely to be those who are most confident about the company's ability to increase its value through the expiration of the loyalty period.     

Aircraft safety analysis using clustering algorithms

In recent years, there have been many cost-benefit studies on aviation safety, which deal mainly with economic issues, omitting some strictly technical aspects. This study compares aircraft accidents in relation to the characteristics of the aircraft, environmental conditions, route, and traffic type. The study was conducted using a database of over 1500 aircraft accidents worldwide, occurring between 1985 and 2010. The data were processed and then aggregated into groups, using cluster analysis based on an algorithm of partition binary ‘Hard c means.’ For each cluster, the ‘cluster representative’ accident was identified as the average of all the different characteristics of the accident. Moreover, a ‘hazard index’ was defined for each cluster (according to annual movements); using this index, it was possible to establish the dangerousness of each ‘cluster’ in terms of aviation accidents. Obtained results allowed the construction of an easy-to-use predictive model for accidents using multivariate analysis.     

A general class of distortion operators for pricing contingent claims with applications to CAT bonds

ABSTRACT

The current paper provides a general approach to construct distortion operators that can price financial and insurance risks. Our approach generalizes the (Wang 2000) transform and recovers multiple distortions proposed in the literature as particular cases. This approach enables designing distortions that are consistent with various pricing principles used in finance and insurance such as no-arbitrage models, equilibrium models and actuarial premium calculation principles. Such distortions allow for the incorporation of risk-aversion, distribution features (e.g. skewness and kurtosis) and other considerations that are relevant to price contingent claims. The pricing performance of multiple distortions obtained through our approach is assessed on CAT bonds data. The current paper is the first to provide evidence that jump-diffusion models are appropriate for CAT bonds pricing, and that natural disaster aversion impacts empirical prices. A simpler distortion based on a distribution mixture is finally proposed for CAT bonds pricing to facilitate the implementation.     

Supporting conceptual understandings of and pedagogical practice in technology through a website in New Zealand

This article reports on the up-date and development of an on-line resource to support of teachers’ conceptual understandings and pedagogical practice in New Zealand. Techlink is a website dedicated to supporting technology teachers, students and those with an interest in technology education. This research documents part of a Ministry of Education initiative to develop materials to support teaching and learning in technology education. The research was conducted by educational researchers contracted through Technology Education New Zealand the professional subject association. This research was a component of a larger contract with an overall aim of improving student achievement particularly at Years 12 and 13, the final 2 years of schooling in New Zealand. The aims of the initiative reported in this article were to provide ongoing evaluation of the effectiveness of the materials developed by the writing team, to support teacher shifts in understanding and pedagogical practice. This article gives an overview of the 3 year research study, focussing on teachers and teacher educators perceptions of Techlink as a professional development resource. An iterative process was used to critique and give feedback on existing and developed materials. The article also discusses enhancements made to ensure that the resource reflected the needs of technology teachers and The New Zealand Curriculum (Ministry of Education 2007).     

区域经济发展水平、女性董事对公司技术创新战略的影响

随着董事会中女性数量的不断增加,探索董事会结构中性别差异对公司战略的影响是非常重要的。文章采用跨层次分析方法,以2011~2014年我国上市公司的数据为样本,对区域经济发展水平、女性董事与公司技术创新的关系进行了实证研究。研究结果表明:女性董事对公司技术创新没有显著性影响,而区域经济发展水平正向调节女性董事与公司创新投入的关系,而且至少3名女性董事才能对公司创新战略发挥实质性的促进作用。研究结论对于上市公司完善董事会结构有较强的启发意义。     

EU Challenges,Investment in the EU and the Role of the European Investment Group

While monetary policy is close to the limits of what it can achieve, consensus on a more active fiscal policy is still lacking. Indeed, on the political front, Europe stands at something of a political crossroads, facing growing social, economic and political challenges. Efforts are now focused on pragmatically advancing on key common priorities. The urgency and ambition with which this co-operation proceeds will be critical to success.