Value and risk in business-to-business e-banking

The purpose of this paper is to examine the role of risk in the formation of perceptions of value in the b2b domain, specifically within e-banking. The functional relationships between three types of risk (performance, financial and psychological) and the benefits and sacrifices components of value are tested within a broader nomological network that includes e-service quality (as an antecedent of value) and satisfaction, word-of-mouth and intention to switch (as outcomes of value). The hypothesised relationships are tested, using Partial Least Squares, on data collected through a postal survey from 167 UK-based SME organisations. The results confirm the significant but differential impact of the three types of risk on the two value components. Specifically performance risk and financial risk are found to be significant determinants of benefits, while psychological risk impacts on perceptions of sacrifices. We also provide evidence of the differential impact of the benefits and sacrifices components of value on satisfaction, and the existence of both direct and indirect (through satisfaction) impact of these components on word-of-mouth and intention to switch. This is the first documented empirical investigation of the impact of perceptions of risk in the study of perceptions of value within the domain of b2b marketing and consequently offers new insights into the subject matter. The theoretical and managerial implications of the findings are discussed and the manner in which the identified relationships can aid future research are explicated.     

Economics in the pre-college curricluum

This study analyzes the effects of integrating economics into the social studies curriculum and the effects of participation in the Stock Market Game (SMG) on the Maryland School Performance Assessment Program (MSPAP) economics outcome scores. The study was carried out using state summary and disaggregated data and summary data for each school system in Maryland. The 1992 and 1994 MSPAP economics outcome scores for grades 3, 5, and 8 constituted the dependent variable with the level of integration of economics in the curriculum and the level of participation in the SMG being the main explanatory variables. Using comparative static analysis, two related but separate questions were addressed. The first question asks how school systems with different levels of integration of economics in the curriculum and with different levels of participation in the SMG compare to the state average. The second question asks how these groupings compare to each other. It is this second question that lends itself to more rigorous hypothesis testing.Funding for this project was provided in part by the Securities Industry Foundation for Economic Education, the Council on Economic Education in Maryland, and the Towson State University Faculty Development and Research Committee.     

Valuation under imperfect information: Bayesian learning from the performance of the firm and the market

This paper develops a valuation model for a project or firm in the presence of uncertainty about the mean of the probability distribution of the cash flows generated by the project. Its major point is that in the presence of parameter uncertainty the value of the project is smaller than in the case where the mean cash flows is perfectly known. The second point is that when there is a known covariance between project cash flows and aggregate market cash flows investors can learn about the unknown mean cash flows by observing the market. This is referred to as ‘learning from the market’.     

Perceived value of corporate donations: an empirical investigation

• There is current recognition that value is the fundamental basis for all marketing activities. The present research provides an empirical examination of perceptions of value within the voluntary sector and specifically donations made by organisations towards the funding of charitable projects. The impact of a number of charity and project‐related variables on the formation of value and the corresponding effect of value on satisfaction and behavioural variables are examined.
• The results support claims that past experience with and information about a charity as well as information about a specific project are significant determinants of value. However, the impact of these constructs is differential between the two components of value (i.e. get/benefits and give/sacrifices). We confirm the significant effect of value on satisfaction and indicate that satisfaction and benefits derived from a donation have a direct impact on behavioural intention.

Copyright © 2008 John Wiley & Sons, Ltd.     

Innovation and upheaval: early growth in Greek capital market listings and IPOs from 1880 to the Second World War in the Athens Stock Exchange†

The establishment and growth of the Greek stock market were coincident with development episodes, financial upheavals, and geographic expansions of the country's economy over the period 1880–1940. This article explores the growth of the Athens Stock Exchange through new listings and initial public offerings (IPOs) in the late nineteenth and early twentieth centuries. We examine changes in exchange governance and listing requirements. On a theme not addressed before , we find that simple listings were far more numerous than actual IPOs. IPOs in Greece remained unregulated throughout the period. Their under‐pricing became pronounced in the later parts of the period, especially the 1920s. The study presents data on ‘quasi‐IPOs’ (that is, capital increases shortly after listing) and shows that they offer a more accurate assessment of the demand for the financing of listing firms in an emerging market. Robust evidence is presented to show that as the Exchange developed it also underwent a change in character, becoming more oriented to the domestic market and catering to smaller firms in domestic manufacturing in the post‐First World War era that marked the end of early globalization.     

The behavior of consumer loan rates during the 1990 credit slowdown

This study re-examines the 1990 credit slowdown by investigating the loan pricing behavior of commercial banks. We find strong evidence that large, undercapitalized banks contributed to the credit slowdown by charging consumers a higher-than-average loan rate relative to better-capitalized institutions. This disparity in lending exists even after accounting for bank funding costs. Thus, we argue that there was a lending slowdown that occurred among large, undercapitalized banks. The reluctance to lend among undercapitalized banks is at least suggestive of behavior that is consistent with a credit crunch.     

The ‘Polychronicity - Multiple Media Use’ (P-MMU) scale: a multi-dimensional scale to measure polychronicity in the context of multiple media use

Our paper details the development of a new multidimensional scale to measure polychronicity, ‘the preference for multiple media use’ (the P-MMU). Previous measures of polychronicity are predominantly developed for an organisational context, or do not reflect the complexity required for the measurement of the behavioural phenomenon of multiple media use, within the context of Integrated Marketing Communications. Scale development procedures follow a review of literature and prior qualitative study, uncovering motives for individuals’ preference for multiple media use. The nine dimensional P-MMU scale demonstrates stability across two data sets, using a total sample of 317 Digital Natives. In the evolving research area of multiple media use, the P-MMU scale provides an appropriate measure for the study of this phenomenon.