Modeling to Relate Variables in the Context of Franchises in Brazil

The central objective of the research is to propose a model for the comparative study of the degree of relationship between the variables considered as most relevant in the context of franchises in Brazil. In terms of methodology, the research undertook a qualitative survey of the variables, which in a second phase provided a quantitative framework in order to fulfill the proposed objective, through concepts based on multicriteria methods, performance measurement systems, and linear correlation. Resulting from the practical implementation proposed for the General Food category, it was found that only two constants, denoted “Average Initial Investment” and “Financial Obligations,” are directly related to the base variable defined by “Gross Revenues.”     

Is Petrobras Options Market Efficient? A Study Using the Delta-Gamma Neutral Strategy

This study aims to verify if the Petrobras options market is efficient in its weak form. For this purpose, this work tries to make profits on a systematic basis through delta-gamma neutral strategies using the firm’s stocks and options. In order to simulate the strategy as it would be used in the real world, we built order books every five minutes considering all buy and sell orders sent for both the underlying asset and its options. We apply the strategy when we observe distortions between implied volatilities extracted from the options. The results show evidence that the Petrobras options market is not efficient, since in 371 day-trade transactions (with an average investment of R$81,000 and an average holding time of one hour and thirteen minutes), 85% of the options strategies were profitable and the average return was 0.49%, which corresponds to more than 1600% of the highest interbank interest rate for the period.     

Using AI Techniques in the Grocery Industry: Identifying the Customers Most Likely to Defect

The food retailing market has reached a mature stage where companies need to be competitive if they are to survive. Customers are ever more demanding and retailers need to design and introduce new ways of learning about their customers if they are to retain them (Leeflang & Van Raaij ). This article examines the efficiency of the LAMDA classifier (Learning Algorithm Machine for Data Analysis) (Aguado ; Aguado et al. ) in identifying customer's behaviour; specifically examining which customers are most likely to defect when a new retailer appears on the scene. The study carried out in this project is based on data gathered from a Spanish grocery chain: Supermercats Pujol, SA – ‘Plus Fresc’, winner of the 1998 Global Electronic Marketing Award, www.plusfresc.es     

The Effect of Product Innovation,Promotion, and Price on Consumer Switching to Private Labels

The channel conflict that exists between retailers and manufacturers of branded products has dynamically shifted as large retailers have expanded their offerings of private label products. This study investigates the ability of consumer packaged goods companies to exert influence in the channel by testing which marketing initiatives implemented by manufacturer brands are more efficient in preventing consumer switching to private labels. We use a hazard model to simultaneously measure the effects due to product innovation, promotion, and price on consumer switching and how strong those effects are. We find that as expected product innovation, promotion, and price exert a negative effect on the consumer likelihood of switching to private labels. However, we find the strongest effect on promotion suggesting the importance of understanding how consumers perceive value in the national brands offer.     

Unlocking the Potential of Greater Female Employment in Europe

This paper investigates the drivers of female labour force participation in Europe, as well as the implications of achieving greater gender diversity in senior corporate positions. Re-examining the drivers of women’s decisions to work is particularly important in the context of Europe. In many European countries, the process of closing gender gaps in labour force participation has stalled, despite greater gender equality in human capital investment, declining birth rates, changing social norms and equal legal access to employment opportunities.     

Partnerships Between Businesses and NGOs in the Field of Corporate Social Responsibility: A Model of Success From the Perspective of Relationship Marketing

Social alliances have become a mechanism that businesses and nongovernmental organizations (NGOs) have adopted in order to work together to address complex social problems that neither sector alone has the knowledge and resources needed to deal with appropriately. In combining the 2 different perspectives, these partnerships can create mutual value. Many such alliances have, however, been unsuccessful. The present work focuses on designing a theoretical model of successful partnerships between businesses and NGOs constructed within the perspective of relationship marketing—a theory that is found to be well suited to setting up and maintaining successful, long-term, relational exchanges.     

A Cooperative Bargaining Approach to the Assignment Market

For each assignment market, an associated bargaining problem is defined and some bargaining solutions to this problem are analyzed. For a particular choice of the disagreement point, the Nash solution and the Kalai–Smorodinsky solution coincide and give the midpoint between the buyers-optimal core allocation and the sellers-optimal core allocation, and thus they belong to the core.     

Fiscal sustainability across government tiers

This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of debt consolidation, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances.     

International working capital practices in the UK

This paper reports the results of a survey on the international working capital management practices of the top 200 companies in the UK. The purpose of the survey was to obtain information on some international aspects of working capital management in major British firms.     

Factors Influencing Social Responsibility Disclosure by Portuguese Companies

This study compares the Internet (corporate web pages) and annual reports as media of social responsibility disclosure (SRD) and analyses what influences disclosure. It examines SRD on the Internet by Portuguese listed companies in 2004 and compares the Internet and 2003 annual reports as disclosure media. The results are interpreted through the lens of a multi-theoretical framework. According to the framework adopted, companies disclose social responsibility information to present a socially responsible image so that they can legitimise their behaviours to their stakeholder groups and influence the external perception of reputation. Results suggest that a theoretical framework combining legitimacy theory and a resource-based perspective provides an explanatory basis for SRD by Portuguese listed companies.