A probabilistic analysis of guided tours for tourists during the slack season

Issues germane to the provision of guided tours for tourists wishing to visit a particular location during the slack season have received scant theoretical attention in the tourism literature. Therefore, we conduct a stochastic analysis of guided tours for tourists during the slack season. We first delineate a general model that accounts for the common features of guided tours to city attractions and to other scenic locations. Second, we determine the long run fraction of demand that is lost to the firm providing the guided tours. Third, we ascertain the long run fraction of time that the guided tour providing firm is unable to satisfy the demand for such tours. Finally, we use the stationary Poisson process and show how our previous two general results might be used to shed practical light on the slack season provision of guided tours to tourists.     

Changes in the options contract size and arbitrage opportunities

We examine the impacts of changes to the options multiplier on market efficiency by analyzing their effects on arbitrage proxies based on the performance of options spread strategies. Despite the intentions of the reforms, both decisions to raise and reduce the multiplier significantly increase the frequency and probability of arbitrage opportunities. Whereas the increment in the multiplier also deteriorates market efficiency by increasing the duration and average size of the arbitrage opportunities in a day, the decrement does not affect these proxies. Our results overall provide evidence that reforms to the options multiplier do not enhance market efficiency and suggest that retail investors are not homogeneously noisy.     

Market selection with endogenous information revelation

This paper uses the dynamic general equilibrium model developed by Mailath and Sandroni (2003) but allows information revelation to be determined endogenously. The paper establishes sufficient conditions on the exogenous information arrival process that ensure that an investor who receives unique information infinitely often drives out an investor who receives unique information only finitely often.     

A tool for evaluating advertising concepts: Desirable characteristics as viewed by creative practitioners

Creativity is critical to advertising yet highly subjective. Testing to evaluate alternatives, if done, is often conducted at later stages that are expensive and wasteful. This study examined a set of characteristics about creativity from creative advertising practitioners. These characteristics were subjected to a three-part quantitative analysis that produced a model with four dimensions – novelty, utility, affect, and humor. Further testing showed that the model was useful in predicting the level of creativity in print advertisements, and the tool may be useful for the early evaluation of concepts.     

The influence of college students' shopping orientations and gender differences on online information searches and purchase behaviours

Using the data collected from a survey of 1277 US college students, this study investigated college students' shopping orientations, and examined the relationships between their shopping orientations and searches for information about and purchases of apparel products online and the differences between male and female students in their shopping orientations, online information searches and purchase experiences. Seven shopping orientation constructs were identified: shopping enjoyment, brand/fashion consciousness, price consciousness, shopping confidence, convenience/time consciousness, in‐home shopping tendency and brand/store loyalty. Results showed that participants' shopping orientations were significantly related to their searches for information about and purchases of apparel items online. In addition, male and female participants showed significant differences in their shopping orientations, online information searches and purchase experiences. This study provided suggestions for apparel e‐tailors to develop effective marketing strategies to reach their target market, for consumer educators and for educators in the retail merchandizing area to prepare their students for future careers.     

The performance dimension in symbolic management revisited: the functional role of traditional mechanisms in large Korean firms*

Symbolic management perspective argues that newly adopted shareholder-oriented mechanisms promote positive market responses, whereas traditional mechanisms assume sociopolitical power struggle for their sustainability. Beyond the dichotomous understanding, this study proposes that the continuation of traditional mechanisms is also attributable to their performance contribution. Using panel data on 100 large Korean firms (1998–2011), this study found that the positive influence of traditional mechanisms such as business group on performance, measured by ROA and R&D intensity, improves market responses, i.e. market capitalization and Tobin’s q. In the process, shareholder-oriented mechanisms, such as foreign ownership, positively moderates the influence of traditional mechanisms. For corporate governance reform, this study suggests that balanced attention should be paid to the performance contribution of traditional mechanisms in interaction with shareholder-oriented mechanisms.     

Professors on the Board: Do They Contribute to Society Outside the Classroom?

According to our data, 38.5 % of S&P 1500 firms have at least one professor on their boards. Given the lack of research examining the roles and effects of academic faculty as members of boards of directors (professor–directors) on corporate outcomes, this study investigates whether firms with professor–directors are more likely to exhibit higher corporate social responsibility (CSR) performance ratings. Results indicate that firms with professor–directors do exhibit higher CSR performance ratings than those without. However, the influence of professor–directors on firm CSR performance ratings depends on their academic background—the positive association between the presence of professor–directors and firm CSR performance ratings is significant only when their academic background is specialized (e.g., science, engineering, and medicine). Finally, this positive association weakens when professor–directors hold an administrative position at their universities.     

Reverse Transfer Effect of Celebrity-Product Congruence on the Celebrity's Perceived Credibility

In contrast with traditional celebrity endorsement research, this study examines the effect of celebrity advertisement on the celebrity himself/herself, that is, a reverse transfer effect, in terms of the celebrity's perceived attractiveness, trustworthiness, and expertise. Online questionnaires were conducted for sport and film celebrities using an identical 2 (Korean vs. non-Korean) X 3 (very congruent, moderately incongruent, very incongruent) design. The results show that a celebrity's perceived expertise, trustworthiness, and attractiveness were significantly decreased when the celebrity-product congruence was low, whereas no significant effects were found when the congruence level was high. Theoretical and managerial implications as well as directions for future research are discussed.     

Five Seconds to the Ad: How Program-Induced Mood Affects Ad Countdown Effects

The study examines how program-induced mood and a five-second countdown warning affect reception of midroll video commercials. Building on mood regulation theory, findings from three studies suggest that program-induced moods and five-second countdowns systematically influence advertising effectiveness. When the main program is tragic (comedic) and when a countdown precedes (does not precede) the midroll ad, viewers have more positive attitudes toward the ad and purchase intentions. The findings are replicated in realistic (Study 1) and controlled (Studies 2A and 2B) settings.