The baby boomer market maven in the United Kingdom: an experienced diffuser of marketplace information

This study identifies and profiles market mavens among the baby boomer generation in the United Kingdom. Boomers are an important market segment, yet most advertising targets younger audiences, making word-of-mouth communications crucial among this older cohort. Findings suggest boomer mavens place great importance on ‘respect’ values, are particularly concerned with fashion and compared with non-mavens are more likely to try new brands, watch more television, hold positive attitudes towards advertising and seek out bargains. The study is useful to those businesses wishing to target a mature consumer who people perceive as a good source of marketplace information and who likes introducing new brands to others.     

Ethics, Governance and Risk Management: Lessons From Mirror Group Newspapers and Barings Bank

While corporate failures, such as Enron and WorldCom, have focused attention on issues of business ethics, corporate governance and risk management, there is nothing intrinsically new in the reasons behind their collapse. Neither is there anything fresh in the media's rush to identify a scapegoat. An examination of the financial collapse of Mirror Group Newspapers and Barings Bank, demonstrates failures within both these companies' corporate cultures and management systems, which allowed, if not encouraged, unethical behaviour by key individuals. It is argued that a combination of legislation, regulation, effective risk management and appropriate sanctions are needed, if such unethical behaviour, and resulting corporate failure, is to be prevented in future.     

Ethical Decision-Making by Consumers: The Roles of Product Harm and Consumer Vulnerability

The primary purpose of this study was to examine the effects of perceptions of product harm and consumer vulnerability on ethical evaluations of target marketing strategies. We first established whether subjects are able to accurately judge the harmfulness of a product through labeling alone, and whether they could differentiate consumers who were more or less vulnerable. The results suggest that without the presence of a prime, subjects who depended on implicit memory or guess were able to detect differences in “sin” and “non-sin” products and consumer vulnerability, but were far less likely to be able to distinguish among high and low levels of product harm and consumer vulnerability. The inability to accurately identify high and low levels of product harm and consumer vulnerability impacted their perceptions of the ethicality of target marketing strategies, such that only four out of 18 target marketing strategies were judged as unethical. Thus, our findings contradict previous research that found subjects judged many more of the integrated strategies as unethical [Smith and Cooper-Martin, J Market 61(1997) 1]. Our results suggest that assessing ethical evaluations of strategies varying in product harm, and consumer vulnerability may only be relevant if consumers can accurately identify product harm.     

Employer risk-adjustment transitions with inertial consumers: Evidence from CalPERS

Risk-adjustment policies, which transfer money from insurers with healthy consumers to those with sick consumers, are an important tool to contend with adverse selection in health insurance markets. While the steady-state properties of risk-adjustment have been studied extensively, there is less evidence on the transition phase of policy implementation. We study the introduction and removal of risk-adjustment at California Public Employees' Retirement System and show that these changes meaningfully impact premiums via plan differences in enrollee health status. Despite these premium differences, there is limited consumer resorting due to consumer inertia, though new active enrollees respond more fluidly. We show that, with inertial consumers, risk-adjustment changes have substantial distributional consequences, leading to worse outcomes for sicker consumers when removed and vice-versa when implemented. We estimate a model of plan choice with premium sensitivity, brand preferences, and inertia and use these estimates to study the interaction between risk-adjustment policies and the strength of inertia.     

It's OK to pay well,if you write well: The effects of remuneration disclosure readability

We examine whether, and how, shareholders’ votes in the Say-on-Pay (SOP) are affected by the readability of the Compensation Discussion and Analysis (CD&A). Despite the SEC's Plain English requirement, qualitative disclosures on executive remuneration are generally long and complex. Extant evidence on whether low readability results in higher or lower shareholder dissent in the SOP, however, is ambiguous. We resolve this debate by demonstrating that the effects of readability on SOP voting are heterogeneous; while obfuscation may reduce dissent when CEO compensation is close to “normal” levels, diminished readability results in increased scepticism when pay levels are clearly excessive. The moderating role of readability is most pronounced for firms with less sophisticated shareholders, consistent with readability acting as a heuristic cue. Our results are robust to propensity score matching, and are less pronounced (1) when shareholders have less time to review the CD&A, and (2) when shareholders are distracted by competing AGMs, suggesting they are driven by readability, directly. Overall, our results highlight that greater use of Plain English in remuneration disclosures can have a substantial persuasive impact on shareholders.     

Towards a $$Delta $$Δ-Gamma Sato multivariate model

Review of Derivatives Research - The increased trading in multi-name financial products has paved the way for the use of multivariate models that are at once computationally tractable and flexible...     

Paths into the economy: structural barriers and the job hunt for skilled PRC migrants in Canada

Well-educated and trained Chinese professionals immigrating to Canada face barriers in finding jobs. To understand this wastage of human capital, we see entry to the professions as mediated by frameworks. The social construction of careers influences the demand for labour. Human capital is a social construct defined by certification procedures in Canada and by the way Canadian employers perceive appropriate matches of jobs and job applicants. Their demand for people with 'Canadian experience' blocks entry into higher-level jobs. The study interviewed thirty-two couples in 1999-2001 using qualitative methods to learn about their experiences finding jobs in Toronto.     

Discrimination by Black Males Revisited:

ABSTRACT In an earlier article on faculty salary discrimination at a Southern, historically black, public university (SHBU), the authors presented evidence of salary discrimination by black males against other race-sex groups (Riggs and Dwyer 1995). The authors now contrast SHBU's salary model with the model of Riggs and Dwyer and apply the latter to new data to determine whether SHBU eliminated race and sex discrimination in faculty salaries. After equity adjustments, the evidence suggests that SHBU has eliminated the salary discrimination found by Riggs and Dwyer in their earlier study.