Impact of customer experience on loyalty: a multichannel examination

This article examines the relation between the five dimensions of customer experience advocated by Schmitt [1999a. Experiential Marketing. Journal of Marketing Management, 15, 53–67] (cognitive, affective, sensory, behavioural and social) and service provider loyalty. The examination focuses on two different channels, namely branch/agency (physical) and online (Web-based). A total of 484 panellists of a large Canadian polling firm self-administered a Web-based questionnaire regarding banking experience. The exercise was subsequently replicated in the tourism sector. Findings demonstrate that the main dimension impacting loyalty is the affective dimension (negative), thereby contributing handsomely to experiential marketing literature since negative emotions are rarely investigated. Findings also reveal that choice of channel exerts a moderating effect on the different dimensions influencing loyalty and that results vary from one sector to another. The multidimensional, multichannel, multisector approach selected for this study substantiates customer experience as complex and context specific. The authors also suggest practical implications and set out avenues of future research.     

中国农村大龄未婚男性的自慰行为——基于性别失衡背景的研究发现

利用2008年8月在安徽省CH市JC区27岁以上的农村男性调查数据,对中国性别失衡背景下的农村大龄未婚男性的自慰行为进行了深入研究.大龄未婚男性的自慰频度显著高于已婚男性,但性交频度和自慰性高潮均显著低于已婚男性.对于大龄未婚男性而言,自慰频度并不能替代性交频度,但却可能是正常或稳定性活动的有效替代;同时自慰频度能有效提高自慰性高潮,因而从一定程度上可以帮助大龄未婚男性释放性压抑,改善性福利.     

Fee-for-service payments and consultation length in general practice: a work–leisure trade-off model for French GPs

This article presents an adaptation of the labour supply model applied to the independent medical sector. First, we model simultaneous General Practitioner (GP) decisions on both the leisure time and the consultation length for two payment schemes: fixed fees and unregulated fees. The objective of this econometric study is to validate the theoretical prediction that doctors under unregulated fees may make choices about the length of patient consultations independent of their personal leisure decision. Indeed, according to our empirical results, the bidirectional link between leisure choice and consultation length – verified with fixed fees – does not hold any longer under unregulated fees. Our findings can be seen as a necessary but not a sufficient condition to legitimize unregulated fees in general practice.     

Wine Tourists’ Destination Region Brand Image Perception and Antecedents: Conceptualization of a Winescape Framework

This study conceptualizes the winescape framework using a wine region's image as perceived by wine tourists, in the process integrating grounded theory, namely servicescape, destination choice, and place-based marketing theories. Using an a priori approach, it identifies the winescape construct in a framework of eight dimensions within the wine tourism environment in a study with 996 respondents in a well-known Canadian wine region. The most important dimension of the winescape is the region's natural beauty/setting (landscape). Other high impact characteristics are the service staff and friendly local people, overall ambience and the diversity of wine estates. The dynamic of first-time and repeat visitation plays a key role in visitors’ wine tourism behavior and their perception of the winescape. The decision to engage in wine tourism is generally impulsive, even spurious, and the motivations guiding the visitors’ behavior predominantly hedonic in nature.     

DYNAMIC SPANNING: ARE OPTIONS AN APPROPRIATE INSTRUMENT?1

Ross (1976) has shown, in a static framework, how options can complete financial markets. This paper examines the possible extensions of Ross's idea in a dynamic setup. Surprisingly enough, we find that the answer is very sensitive to the choice of the stochastic model for the underlying security returns. More specifically we obtain the following results: In a discrete-time model, classical European options typically become redundant with some probability (Proposition 2.1). Obnly path dependent (“exotic”) options may generate dynamic spanning (Proposition 4.1). In a continuous-time model with stochastic volatility of the underlying security, and under reasonable assumptions, a European option is always a good instrument for completing markets (Proposition 5.2).     

Predicting rating changes for banks: how accurate are accounting and stock market indicators?

We aim to assess how accurately accounting and stock market indicators predict rating changes for Asian banks. We conduct a stepwise process to determine the optimal set of early indicators by tracing upgrades and downgrades from rating agencies, as well as other relevant factors. Our results indicate that both accounting and market indicators are useful leading indicators but are more effective in predicting upgrades than downgrades, especially for large banks. Moreover, early indicators are only significant in predicting rating changes for banks that are more focused on traditional banking activities such as deposit and loan activities. Finally, a higher reliance of banks on subordinated debt is associated with better accuracy of early indicators.     

Which Dimensions of Social Responsibility Concern Financial Investors?

Social and environmental ratings provided by social rating agencies are multidimensional. The first goal of our paper is to identify a small number of independent and relevant socially responsible (SR) dimensions reflecting a firms’ coherent posture toward social issues. We put forward that these dimensions are not exactly the same as the ESG ones (Environment, Social, and Governance). Using the six sub-ratings provided by the Vigeo rating agency, we perform a principal component analysis and we highlight three main independent SR dimensions related to (1) business stakeholders (employees, customers, and suppliers), (2) societal stakeholders (environment and society), and (3) financial stakeholders (stockholders and debt holders). The second objective of our paper is to explore the link between stock returns and these three SR dimensions. Our most notable finding is that for each SR dimension, investors ask for an additional risk premium when they accept to hold non-socially responsible stocks. The cost of equity is thus lower for SR firms. The average premium over the period 2003–2010 is larger for the components “business stakeholders” and “financial stakeholders” than for the component “societal stakeholders.” The premium for this last component has only existed since the end of 2008. Since that time, environment and community involvement have become important risk factors strongly considered by investors. For the three dimensions, investors notably penalize large non-social firms and reward small social firms.