Financial service preferences and patronage motives of older consumers

The 2000 US Census reported that nearly one in eight Americans is 65 years of age or older. This suggests that financial institutions in the USA and in other developed countries have an excellent market opportunity if they stay abreast of the preferences of the elderly population. Responding to these changes involves an understanding of demographic trends and an understanding of the growing diversity within the older population. Using a national random survey of 1,727 adults this paper explores a segmentation approach based on factors directly related to the older consumers' needs and lifestyles, which in turn are influenced by changing life conditions. The cluster analysis suggests four gerontographic segments that best describe the financial service preferences and motives of the mature consumer market. These segments are explained and managerial implications are highlighted.     

Understanding the intergenerational transmission of cherished possessions: Insights for estate planning,trust officers and other end-of-life professionals

In order to survive in today's increasingly competitive marketplace, retail banks must focus on emphasising relationships and must personalise service interactions, differentiating their organisation. Trust departments have an opportunity to build credibility and gain a competitive advantage by expanding the scope of advice given, and in doing so can build intergenerational business with spouses, children and grandchildren. Recent research suggests that the conflicts resulting from estate settlements are on the increase and are commonly due to the disposition of possessions, not financial assets that can often be easily divided. In this paper the authors focus specifically on how professionals dealing with end of life issues can better understand the phenomena of cherished possessions. The managerial implications of this research can have a profound impact on financial service providers and their ability to build loyalty and to increase customer retention.     

The Effect of Illegal Insider Trading on Takeover Premia

This paper empirically investigates whether illegal insider trading increases the premium a bidder pays for a target. Illegal insider trading is trading by traditional corporate insiders, as well as others in a position of trust and confidence (e.g. investment bankers, lawyers), based on material, non-public information (inside information). The paper examines the premia of takeovers with known illegal insider trading and compares them to a control sample of takeovers matched by industry, time period, and size that do not have detected illegal insider trading. After controlling for differences in merger characteristics, such as number of bidders, type of offer, form of payment, etc., we find that takeovers with detected illegal insider trading have takeover premia which are approximately 10 percentage points, or almost one-third, higher than the control sample. We conduct additional tests in an attempt to determine the direction of causality between illegal insider trading and takeover premia size and explore the effect of potential detection bias. The results suggest both that illegal inside traders base their trades on factors other than premia size, and that illegal insider trading in takeovers with large premia is not necessarily more likely to be detected. Our findings are consistent with the hypothesis that the illegal insider trading itself tends to create larger takeover premia.     

The effect of client management bargaining power, moral reasoning development, and belief in a just world on auditor independence

In two studies, practising auditors' responses to hypothetical audit conflict scenarios were used to test hypotheses that moral reasoning development and belief in a just world influence resistance to client management power. Based on a mixed factorial ANOVA design, results confirmed that auditor independence is interactively determined. Three styles of auditor decision-making emerged: “autonomous”, “accommodating” and “pragmatic”. Autonomous auditors were responsive to personal beliefs, such that those with strong just world beliefs were more likely to resist client management power. Pragmatic auditors were responsive to client management power, irrespective of beliefs. Accommodating auditors responded both to personal beliefs and client management power; they comprised the least resistant group, especially when they believed in an unjust world.     

E时代的金融创新与监管(待续)

编者按 对于入世后受冲击最强烈的金融业来说,最大的考验并不是作为金融市场主体的商业银行、保险公司、证券公司以及其他非银行金融机构,而是政府对金融市场的监管水平和监管的有效度.所谓金融监管,是指金融主管机关根据法律赋予的权力,依法对金融机构及其运营情况实施监督和管理,以维护正常的金融秩序,保护存款人和投资者的利益,保障金融体系安全、健康、高效运行.在市场经济体制下,金融机构依法经营、监管当局依法监管是确保金融体系稳定的前提.     

Off-ramps and on-ramps: keeping talented women on the road to success

Most professional women step off the career fast track at some point. With children to raise, elderly parents to care for, and other pulls on their time, these women are confronted with one off-ramp after another. When they feel pushed at the same time by long hours and unsatisfying work, the decision to leave becomes even easier. But woe to the woman who intends for that exit to be temporary. The on-ramps for professional women to get back on track are few and far between, the authors confirm. Their new survey research reveals for the first time the extent of the problem--what percentage of highly qualified women leave work and for how long, what obstacles they face coming back, and what price they pay for their time-outs. And what are the implications for corporate America? One thing at least seems clear: As market and economic factors align in ways guaranteed to make talent constraints and skill shortages huge issues again, employers must learn to reverse this brain drain. Like it or not, large numbers of highly qualified, committed women need to take time out of the workplace. The trick is to help them maintain connections that will allow them to reenter the workforce without being marginalized for the rest of their lives. Strategies for building such connections include creating reduced-hour jobs, providing flexibility in the workday and in the arc of a career, removing the stigma of taking time off, refusing to burn bridges, offering outlets for altruism, and nurturing women's ambition.     

The retention of CEOs that make poor acquisitions

Does the failure to replace CEOs following a bad takeover represent a cost-effective strategy or a failure of boards of directors and the market? We study 104 white knight contests to examine why poorly performing firms retain their CEOs. We find the majority are poor performers before they enter the control contest (q?相似文献