Improving customer-focused marketing capabilities and firm financial performance via marketing exploration and exploitation

Evidence within the marketing literature has shown that marketing capabilities are important drivers of firm performance. However, very little is known about how firms improve their marketing capabilities via the embedding of new market knowledge. Organizational learning theory provides us with a theoretical lens through which we can examine how existing customer-focused marketing capabilities may be improved and new customer-focused marketing capabilities may be created via marketing exploitation and exploration capabilities. In addition, this study investigates whether ambidexterity in marketing exploration and exploitation exists and finds that firms cannot do both at high levels without risking a negative impact on customer-focused marketing capabilities. This study also presents findings demonstrating how improving the two customer-focused marketing capabilities in our study, brand management and customer relationship management, impacts objective financial performance.     

Securitization without adverse selection: The case of CLOs

In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by collateralized loan obligations. We employ two different data sets that identify loan holdings for a large set of CLOs and find that adverse selection problems in corporate loan securitizations are less severe than commonly believed. Using a battery of performance tests, we find that loans securitized before 2005 performed no worse than comparable unsecuritized loans originated by the same bank. Even loans originated by the bank that acts as the CLO underwriter do not show under-performance relative to the rest of the CLO portfolio. While some evidence exists of under-performance for securitized loans originated between 2005 and 2007, it is not consistent across samples, performance measures, and horizons. Overall, we argue that the securitization of corporate loans is fundamentally different from securitization of other assets classes because securitized loans are fractions of syndicated loans. Therefore, mechanisms used to align incentives in a lending syndicate are likely to reduce adverse selection in the choice of CLO collateral.     

Child Labor and School Achievement in Latin America

Child labor’s effect on academic achievement is estimatedusing unique data on third and fourth graders in nine Latin-Americancountries. Cross-country variation in truancy regulations providesan exogenous shift in the ages of children normally in thesegrades, providing exogenous variation in the opportunity costof children’s time. Least squares estimates suggest thatchild labor lowers test scores, but those estimates are biasedtoward zero. Corrected estimates are still negative and statisticallysignificant. Children working 1 standard deviation above themean have average scores that are 16 percent lower on mathematicsexaminations and 11 percent lower on language examinations,consistent with the estimates of the adverse impact of childlabor on returns to schooling.     

构建“中国学派”必须正视历史

辛万翔和曾向红在《多国体系中行为体的不同行为逻辑及其根源——兼与许田波商榷》一文中指出,《战争与国家形成——春秋战国与近代早期欧洲之比较》一书中存有两个缺点:其一,春秋战国时期是一个从分裂到统一的转型期,不存在一个发育充分的国际体系。其二,大一统观念决定了秦国能够成功地统一中国,而《威斯特伐利亚和约》的多元化注定使欧洲走向均势体系。他们认为,该书作者(许田波)把欧洲的均势理论错用到中国春秋战国时期的多国体系,忽视了中国独特的传统和历史。本文作者对此的回应是,该文的批评缺乏根据,《战争与国家形成——春秋战国与近代早期欧洲之比较》提出的竞争性逻辑的动力学理论其实糅合了欧洲的均势逻辑和中国的支配逻辑。合纵战略不成功是因为集体行动的困难而非大一统观念的存在;而且,均势和主权规范在近代早期欧洲和中国的春秋战国时期都同样脆弱。因此,作者认为,辛万翔和曾向红的观点与历史实践不符,他们文中观点出现偏差的原因在于把历史(过去发生的事)和传统(对过去的看法)混为一谈。《多国体系中行为体的不同行为逻辑及其根源》的两位作者所说的大一统观念是中国传统的一部分并没有错,但错在他们以为这种观念是秦统一中国的主因。     

Factor analysis of the Big Five Questionnaire using polychoric correlations in children

Although the Big Five Questionnaire for children (BFQ-C) (C. Barbaranelli et al., Manuale del BFQ-C. Big Five Questionnaire Children, O.S. Organizazioni, Firenze, 1998) is an ordinal scale, its dimensionality has often been studied using factor analysis with Pearson correlations. In contrast, the present study takes this ordinal metric into account and examines the dimensionality of the scale using factor analysis based on a matrix of polychoric correlations. The sample comprised 852 subjects (40.90% boys and 59.10% girls). As in previous studies the results obtained through exploratory factor analysis revealed a five-factor structure (extraversion, agreeableness, conscientiousness, emotional instability and openness). However, the results of the confirmatory factor analysis were consistent with both a four and five-factor structure, the former showing a slightly better fit and adequate theoretical interpretation. These data confirm the need for further research as to whether the factor ‘Openness’ should be maintained as an independent factor (five-factor model), or whether it would be best to omit it and distribute its items among the factors ‘Extraversion’ and ‘Conscientiousness’ (four-factor model).     

National burden of road traffic injuries in Argentina

More than 1.2 million people die and as many as 50 million people are injured or disabled due to road traffic injuries (RTIs) every year worldwide. The lack of reliable data hinders efforts to describe the characteristics of the issue and prioritise prevention activities. The objective was to provide a snapshot of fatal and non-fatal RTI in Argentina. We used the methodology proposed by the Global Burden of Disease Injury Expert group. External causes of deaths with unknown codes were proportionately redistributed over the known categories. In 2007 in Argentina, we estimated 5915 RTI deaths, compared with 3983 RTI deaths reported previously by the Ministry of Health, accounting for 1931 additional cases. The highest number of deaths occurred in young men (15-29 years old), although the highest RTI death rates were in the age group of 55 years and older. Four-wheeled vehicle occupants were the most common road user type killed (59.1%); vulnerable road users represented one third (29.5%) of deaths and 64% of non-fatal RTI. The national and regional estimates of RTI in Argentina should help policy makers and public-health researchers to understand the importance of RTI prevention and design specific interventions to further reduce these preventable deaths and injuries.     

Financial counterparts of saving and investment and inconsistency in some simple macro models

Zusammenfassung Die finanziellen Aspekte von Sparen und Investieren und die Inkonsistenz einiger einfacher Makro-Modelle. — Ein System, in dem die finanziellen Aspekte der effektiven Nachfrage explizit gemacht werden, wird entwickelt und als Grundlage für die Kritik einiger gebr?uchlicher statischer MakroModelle verwendet: des IS-LM-Modells, des Modells, das die permanente Einkommenshypothese benutzt, und eines Modells, das eine Ersparnis-Verm?gensrelation enth?lt. Diese kritische Würdigung zeigt, da\, wenn die Finanzen ausdrücklich in die Betrachtung einbezogen werden, die Modelle dynamisch sind und die ?Gleichgewichtsl?sung? nur für einen Zeitpunkt gilt. Au\erdem führen die Interdependenzen, die durch die Einbeziehung der finanziellen Aspekte geschaffen werden, zu unannehmbaren Nachfragefunktionen auf dem Markt, der unter Berufung auf das Walrassche Gesetz au\er Betracht blieb. Es wird gezeigt, da\ diese Probleme nicht bei solchen Modellen auftreten, die nur die Anteile der verschiedenen Formen der Verm?genshaltung am Gesamtverm?gen bestimmen wollen und nicht sein absolutes Niveau. Sie fehlen auch bei einem Modell, das auf dem Prinzip der Bestandsanpassung basiert, in dem also Stromgr?\en direkt auf Bestandsungleichgewichte zurückgeführt werden.

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Résumé Les contreparties financières de l’épargne et de l’investissement et l’incontinence dans quelques modèles macro-économiques. — Un système qui éclaircit bien l’aspect financier de la demande effective est développé et employé comme fondament de quelques modèles statiques et macro-économiques en usage commun: les modèles SI-LM et de revenu permanent et, en outre, un modèle qui incorpore la relation entre l’épargne et la fortune. L’appréciation critique montre que les modèles sont dynamiques et que la solution d’équilibre n’est valable que pour un moment si les finances sont considérées expressément. En outre, les interdépendances créées par l’inclusion des finances conduisent aux fonctions de la demande inacceptables sur le marché qui fut omi en se référant à la loi de Walras. Il est montré que ces problèmes n’apparaissent pas aux modèles qui déterminent seulement la relation entre les actifs différents et pas leurs niveaux absolus. Ils manquent aussi dans un modèle dérivé du principe d’ajustement des stocks, dans lequel les flux sont rapportés directement aux déséquilibres des stocks.

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Resumen La concordancia financiera del ahorro y la inversión y su divergencia en modelos macroeconómicos simples. — El autor elabora un sistema que incluye la parte financiera de la demanda efectiva y que se utiliza como base para algunos modelos macroeconómicos estáticos y comunes, como lo son por ejemplo los modelos IS-LM, los modelos del ingreso permanente y un modelo que incluye la relación entre ahorros y patrimonio. La evaluación crftica demuestra que los modelos son dinámicos y que la ?solución de equilibrio? sólo vale para un breve momento, si se tienen en cuenta explicitamente los aspectos financieros. Además, las interdependencias que resultan de la inclusión de las finanzas originan funciones de demanda inadmisibles en el mercado, del cual se hizo caso omiso invocando la ley walrasiana. El autor demuestra que estos problemas no surgen en modelos que únicamente determinan la relación entre las distintas formas en que se tiene el partimonio, y no sus valores absolutos. Tampoco surgen en un modelo que se deriva del ?stock adjustment principle? y en el que ingresos se aplican directamente a los desequilibrios de existencias.

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Riassunto Corrispondenze finanziarie di risparmio ed investimenti e la loro non concordanza in alcuni macro-modelli semplici. — Viene sviluppato un sistema che chiarisce in pieno l’aspetto fmanziario della domanda effettiva e viene impiegato come base per un macro-modello statico di uso generale, cioè per i modelli IS-LM, per permanenti modelli di reddito e per un modello che includa il rapporto risparmiopatrimonio. Questo apprezzamento critico mostra che i modelli sono dinamici e che la ?soluzione di equilibrio? è valida solo per un breve momento, se le finanze sono espressamente comprese nella considerazione. Inoltre le interdipendenze, che sono create mediante le inclusioni delle finanze, conducono, a causa dell’inosservanza della legge di Walras, ad inaccettabili funzioni di domanda sul mercato. Viene mostrato che questi problemi non compaiono in modelli che determinano soltanto il rapporto del patrimonio tenuto in diverse forme e non i suoi livelli assoluti. Essi mancano anche in un modello che è derivato dal principio di ?adattamento delle scorte? (?stock adjustment?-principle) in cui gli afflussi vengono riferiti direttamente agli squilibri di scorte.

     

Placing emergency department crowding on the decision agenda

The causes of emergency department crowding (EDC), and the outcomes and strategies for resolution are reviewed. This is a call to the nursing profession to elevate EDC on hospital, community, and national agendas to garner resources to restore timely emergency care.     

New competitors in banking services

In this paper the authors investigator the evolution of new competition in banking. As a consequence of the deregulation of this market and the opportunities the new technologies offer, new non-banking competitors — companies whose main activity is not finance — have decided to venture into a promising sector that is unknown to them. This conceptual paper aims to present an overview of the competitive situation that has arisen from the entrance of new participants in the banking industry, and to describe the different strategies that banks may use in order to face this new situation. Data were sourced from a literature review and new entrants' websites in order to ascertain their origin, their promoters and partners as well as their actual situation.     

TV advertising of OTC medicines and its effects on child viewers

The influence of over-the-counter (OTC) medicine commercials on children's choices concerning use of OTC medicines was investigated in two experiments. In the first, 115 third and fourth graders were exposed to commercials for six different OTC medicines or commercials for other products. They were then asked to recommend either a medicine or nonmedicine remedy for a child and an adult with various illnesses and/or problems. The OTC medicine commercials appeared to influence children's recommendations only with respect to use of sleeping pills. In the second experiment 234 third and fourth graders were exposed to either fever and cold medicine commercials, all of which were directed toward the child viewer, or nondrug commercials. Only the fever medicine commercials appeared to influence the children. It was concluded that OTC medicine commercials do not, in general, influence children's choices concerning use of those medicines. Possible exceptions to this general case are noted.