From “Lemons” to Lemonade: Lessening the Impact of Adverse Selection through Buyer Trust

This research extends overlapping streams of research examining asymmetric information, adverse selection, and buyer trust by presenting an empirical investigation of the process by which a market for “lemons” emerges in the claiming market for thoroughbred racehorses. The study focuses attention on the potential of quality signals and buyer trust to lessen the impact of adverse selection. Incorporating concepts from economics, marketing, and psychology, a conceptual model suggests that adversely selected racehorses, distinguished by an unintentional signal from sellers to potential buyers, will be priced lower than otherwise similar racehorses perceived to be less subject to adverse selection. Data from one day of claiming races at 16 American racetracks (744 racehorses) are used to test this study hypothesis. Results provide evidence for adverse selection and a mitigating quality signal in the thoroughbred claiming market. Implications for buyers and sellers in this market, as well as more general implications, are discussed and an avenue for future research is proposed.     

Has the introduction of S&P 500 ETF options led to improvements in price discovery of SPDRs?

This study sets out to investigate trading in Standard and Poor's Depository Receipt Trust Series I (SPDR) options and the impact on the price‐discovery process of SPDRs. The empirical results reveal a significant rise in liquidity within the SPDR market following the introduction of SPDR options. Furthermore, the results also show that the introduction of SPDR options has led to a significant improvement in the information share of SPDRs, and that the contribution of SPDRs to price discovery has become very close to that of E‐mini index futures. These findings imply that developments in the derivatives market can lead to improvements in market quality, including the level of liquidity and price discovery of the underlying securities. © 2011 Wiley Periodicals, Inc. Jrl Fut Mark 32:683–711, 2012     

Does Consumer Well‐Being Affect Hedonic Consumption?

This article presents a theoretical model that reveals how consumers’ long‐term subjective well‐being (SWB) influences their spending on hedonic products. Using the longitudinal data from a large national panel survey, the study found that consumers’ SWB influences spending on hedonic products via the mediating effects of their positive interpretation of life circumstances and broadened set of activities resulting from positive emotions. The results are explained using cognitive tuning theory and broaden‐and‐build theory and have implications for hedonic products providers in terms of who their target audience is and how demand for their products is generated.     

An overview of Asian equity markets

This study overviews the development of 11 Asian equity markets, namely, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Prior to the onset of the global financial crisis, the Asian stock exchanges were generally bullish, underpinned particularly by China's robust economic performance. Innovations in financial products and services have been growing in importance, as stock exchanges in these countries have been making a concerted effort to introduce new features and best practices, with the objectives of raising market efficiency, enhancing service quality, and generally bringing operations up to par with international standards. But the potential to realize or support market efficiency can only be possible within an adequate legal framework, a sound market infrastructure, and appropriate corporate governance mechanisms. Thus, many challenges are still to be overcome in the region.     

The Effect of Scarcity on the Purchase Intentions of Prevention and Promotion Motivated Consumers

This study investigates the influence of consumers’ motivational orientations (“prevention” vs. “promotion”) on their susceptibility to demand‐based versus supply‐based scarcity, measured by purchase intention scores. Prevention‐focused participants were more inclined to adopt a product when it was perceived to be demand‐scarce rather than supply‐scarce, while those who were identified as promotion‐focused responded positively to scarcity attributed to supply shortfall. In addition, products that could be associated with a prevention motive enhanced purchase intentions when presented as demand‐scarce but not if perceived to be supply‐scarce; conversely, products associated with the promotion motive scored better if the scarcity was seen to be supply‐generated rather than demand‐generated. Lastly, messages focused on prevention were more effective than those focused on promotion in the case of perceived demand scarcity, whereas the converse holds true for supply scarcity. These findings highlight the importance of understanding the motivational differences underlying the effectiveness of scarcity appeals. They furthermore suggest the strategic implication that improved intention to purchase occurs when the regulatory focus evoked by a scarcity‐related message is compatible with the appeal it communicates.     

Market and technology shifts in the 1990s: Market fragmentation and mass customization

This paper highlights demographic and psychographic population shifts, which, together with a rapid increase in the flexibility and cost‐efficiency of production processes, will force marketers into more complex market segmentation and niche marketing strategies. The accelerating trends in market fragmentation and “mass‐customization” of production will challenge traditional marketing thinking and strategies during the 1990s.     

A Qualitative Analysis to Determine the Domains and Skills Necessary to Lead in Public Health

Leadership programs in public health have been declining in numbers since 2012. The decline in training programs could be due to the lack of outcome‐based results and the lack of a manageable set of standardized skills needed for public health leadership. A comprehensive study was completed in two phases to determine if the current model of public health leadership institutes is effective at generating outcome‐based results. The following paper will focus on the first phase of the study. The first phase included a qualitative analysis to determine the domains, definitions, and skills needed to lead. An analysis of the skills, domains, definitions, and traits included in five established and commonly used leadership models/theories in public health leadership development (Transformational, Servant, Appreciative, Collaborative, and Emotional Intelligence leadership) plus the National Public Health Leadership Development Network (NLN) Leadership for Community Health, Safety & Resilience Competency Framework was completed. Of the 161 different skills, definitions, traits, and/or competencies from the five leadership models and the NLN competency framework, 123 were determined to be related to one of six domains needed for leadership and were defined into 21 skills. The findings could lead to more uniformity in public health leadership development and evaluation.     

Motivations and Use Context in Mobile Tourism Shopping: Applying Contingency and Task–Technology Fit Theories

Mobile tourism shopping is an emerging market, but there is little theoretically based research on the topic. This study investigates the impact of motivations (value, enjoyment, time saving and mobility) on consumer satisfaction by applying contingency and task–technology fit theories in the mobile tourism shopping context. The results show that value and enjoyment have significant effects on satisfaction. Use context is found to have a full mediating role between time saving and satisfaction as well as between mobility and satisfaction. This study offers theoretical and practical contributions to the tourism literature and mobile tourism industry. Copyright © 2013 John Wiley & Sons, Ltd.     

An Empirical Analysis of Synthesizing the Effects of Festival Quality,Emotion, Festival Image and Festival Satisfaction on Festival Loyalty: A Case Study of Macau Food Festival

This study aims to examine the interrelationships among the festival quality dimensions, festival quality, emotion, festival image, festival satisfaction and festival loyalty. Analysis of data from 454 attendees in the 12^th Macau Food Festival indicates that the proposed model fits the data. The result of this study will assist festival management in developing and implementing market‐orientated service strategies to increase quality and image, and enhance the emotion and satisfaction of attendees in order to attain their loyalty toward food festivals. Copyright © 2014 John Wiley & Sons, Ltd.