The relationship between waiting in a service queue and evaluations of service quality: A field theory perspective

Both empirical evidence and logic suggest that there is a strong negative correlation between waiting time and a customer's evaluation of the quality of a service. The evaluation of service, in turn, is related strongly to customers' loyalty and other important outcomes. A conceptual model, based on field theory, is developed. The model integrates key variables derived from recent studies of consumer waiting behavior. Also incorporated are relevant constructs from the extant services literature, including the roles of the disconfirmation of consumers' wait time expectations, prior service encounters, and the quality of the customer's encounter with the contact employee. Finally, data from actual consumers in a natural queueing context are used to test the theoretical framework. Analysis of the data, with the use of multiple regression, demonstrates a strong pattern of support for the field-theory-based hypotheses, confirming the important role of queue wait management in customer evaluations of service quality. © 1998 John Wiley & Sons, Inc.     

An analysis of credit risk spreads for high yield bonds

The overall growth and volatility in the high yield (HY) bond market has provided a viable source of capital and an interesting investment asset class. The result has been strong interest in the HY bond credit risk spread (CRS) because this series is very volatile and has a significant impact on the availability of capital to issuers and the rates of return and risk results for investors. Given these trends in the HY bond market, our study has two purposes. The first is to examine statistical properties of the CRS series for the aggregate HY bond market and the three rated components. The second purpose is to interpret the influence that a set of variables are expected to have on future CRSs and, therefore, HY bond performance. In summary, the statistical analysis indicates a significant business cycle effect, but does not show a monetary policy impact. Additionally, the study finds significant differences in characteristics among bonds with alternative ratings. The analysis of specific variables highlights the strong influence of direct and indirect measures of default risk, capital market risk factors, a specific measure of monetary policy, and an impact from liquidity within the HY bond market. There was also evidence of segmentation within the HY bond market because the empirical results indicate that we should consider separate models across rating classes that employed different variables as well as coefficients that were significantly different for the same variables.     

Contractionary effects of devaluation

A simple model is developed to illustrate a number of contractionary effects of currency devaluation, some of which have been noted previously. In a Keynesian model, it is shown that depreciation can lead to a reduction in national output if (i) imports initially exceed exports: (ii) there are differences in consumption propensities from profits and wages; (iii) government revenues are increased by devaluation, e.g. when there are significant export taxes. Similar effects are also shown to exist in monetarist models, via reductions in both real balances and the nominal money supply. A numerical example illustrates the results for an economy ‘typical’ of semi-industrialized countries.     

Determinants of financial covenants and pricing of debt in private debt contracts: the UK evidence

This paper presents details of financial covenants given by a sample drawn from the largest 200 non-financial quoted firms in the UK in private debt contracts and analyses these data to see whether there are relationships between the nature of the covenants given and firm characteristics. Data were obtained from 72 firms, of which 17 gave no financial covenants. Firm size was found to be the only significant factor influencing whether firms did or did not give covenants as well as the only factor which influenced the margin given on debt. Some types of covenants given were found to be different from those found in previous research. In particular, there is greater use of EBITDA as a base for both interest cover and gearing covenants. This shows the importance of cash flow based lending as opposed to asset based lending for general financing for large firms.     

Effects of underdog (vs. top dog) positioning advertising

The study investigates individual differences in attitudes towards brands being positioned as underdogs in advertising from an emotional perspective. We argue that the personality trait of empathic concern moderates the underdog effect on brand attitude and that the moderating effect is mediated by empathic response to the advertisement. We conducted three experiments with ads using top-dog and underdog appeals. Those who have stronger empathic concern showed more favourable attitudes towards the brand advertised through underdog positioning, and the effect of empathic concern was mediated by the empathic response to the underdog positioning advertisement. For managers, targeting consumers who have high levels of empathic concern could result in more favourable attitudes towards underdog businesses when using underdog appeals.     

Post‐secondary attendance by parental income in the U.S. and Canada: Do financial aid policies explain the differences?

We examine the extent to which tuition and needs‐based aid policies explain important differences in the relationship between family income and post‐secondary attendance relationships between Canada and the U.S. Using data from recent cohorts, we estimate substantially smaller attendance gaps by parental income in Canada relative to the U.S., even after controlling for family background, cognitive achievement, and local‐residence fixed effects. We next document that U.S. public tuition and financial aid policies are actually more generous to low‐income youth than are Canadian policies. Equalizing these policies across Canada and the U.S. would likely lead to a greater difference in income‐attendance gradients.     

Alternative Methods of Estimating Export Demand: A Monte Carlo Comparison

A simple two-country trading model is used to compare three methods of estimating export demand: ordinary least squares, two stage least squares, and two stage least squares applied to importer domestic equations (from which were derived excess demand). The performance of the estimators depends primarily on relative error variances around excess supply and demand. While there are situations where ordinary least squares performs well, it often gives very poor estimates. The third method is superior in the general case.
On utilise un modèle classique d'analyse du commerce extérieur entre deux pays afin de comparer trois méthodes d'estimation de la demande pour l'exportalion. Ces méthodes utilisées pour quantifier la demande excédemaire correspondent respectivement à:

• 1.

   un simple modèle line'aire
• 2.

   un modèle général àéquations multiples
• 3.

   un modèle àéquations multiples s'appliquant uniquement aux fonctions d'offres et de demandes du pays importateur

Le rendement des coefficients estimés dépend, en majeure partie, de la variation relative de l'erreur associée aux offres et demandes excédentaires. En particulier, le simple modèle linéaire ne permet pas, sauf exception, d'estimer correctement les coefficients. Dans le cas général, la troisième méthode donne lieu à de meilleures estimations des coefficients.     

A new class of asymptotically efficient estimators for moment condition models

In this paper, we propose a new class of asymptotically efficient estimators for moment condition models. These estimators share the same higher order bias properties as the generalized empirical likelihood estimators and once bias corrected, have the same higher order efficiency properties as the bias corrected generalized empirical likelihood estimators. Unlike the generalized empirical likelihood estimators, our new estimators are much easier to compute. A simulation study finds that our estimators have better finite sample performance than the two-step GMM, and compare well to several potential alternatives in terms of both computational stability and overall performance.     

Absentee landowners and conservation programs: Mind the gap

In this research report, we examine determinants of absentee landowner participation in USDA set-aside and cost share programs. Previous research on these landowners suggests they have a high interest in conservation yet minimal involvement in government conservation programs on their land (e.g. [Petrzelka et al., 2009] and [Roggenbuck and Kushman, 1980]). Our aim is to better understand this gap in hopes of attracting absentee landowners as participants to USDA conservation programs.     

Change-oriented organizational citizenship behaviors: the direct and moderating influence of goal orientation

Organizational learning in a retail setting relies on the motivation of boundary-spanning retail associates to identify and implement organizationally functional changes with respect to work methods, policies, and procedures within the context of their jobs, stores, or organizations-referred to as change-oriented organizational citizenship behaviors (OCBs). A theoretical model of situation and person antecedents of change-oriented OCBs is developed and tested with a sample of 183 full-time boundary-spanning employees of a national retail sales organization. The results reveal that learning goal orientation and leader-member exchange quality are direct positive antecedents of these behaviors. The results also demonstrate interesting Person × Situation interactions. Direct relationships between transformational or contingent reward leadership behaviors and change-oriented OCBs are moderated by employee performance goal orientation. A positive relationship between organizational commitment and change-oriented OCBs is moderated by employee learning goal orientation. Contingent reward leadership and transformational leadership behaviors also have indirect positive relationships with change-oriented OCBs via leader-member exchange quality.