Shutting up shop: understanding the international exit process in retailing

Internationalisation is a much-studied phenomenon. Exit from international markets has been less analysed. Where it has been studied, most work has been on motives and causes, with relatively little on processes. This article explores the process of international exit in a retail context. It examines the run-up to, announcement of and fall-out from the decision by Marks and Spencer (one of Britain's leading retailers) to close its French stores. The article concludes that understanding the process of market exit is at least as important both for theoretical and practical reasons as understanding the decision to exit or divest. Further research needs to be undertaken on market exit and the processes involved, in order to contribute further to the theory and practice of internationalisation.     

Fictitious persons and real responsibilities

I believe that corporations should be held responsible for their actions. Traditional discussions about the moral responsibility of an organization have relied on a model of criminal intent. Demonstrating intent demands that we find a moral agent capable of intending, and this has led to problems. Here I replace the analysis based on criminal law by one based on tort law. Under this framework I suggest that corporations can be held responsible for the harms caused by their activities even if no person or persons in their decision making structure had formed malicious intent, since the sheer fact that the corporate environment encouraged or allowed negligence will be sufficient.Kevin Gibson is an Assistant Professor and associate of the Center for Ethics at Marquette University, Milwaukee. Dr. Gibson's research interests are in applied ethics, including business ethics and the ethics of negotiation. He is presently working on a major study examining unintended moral lapses.     

Planning Behavior Variables in Small Firms

Much of the empirical data that identifies the incidence of planning in small firms and the variables associated with that planning is based on small samples subject to geographic and industry constraints. The intent of this article is to partially overcome those limitations by testing relationships using results from a large Australian-wide, multiple-period sample. For each of three years, the frequency with which firms maintained documented business plans was determined and tested for associations with a range of traditional "business structure" demographic variables and a group of "management structure" variables. Results support expectations that size, volume, training, intention to change operations, and the major decision-maker's education are positively associated with business planning. Results also indicate that a significant number of firms change planning behavior states over time.     

The EU's evolving stance on the international dimension of competition policy: A critical commentary

In recent years there has been a rapid increase in both the numbers and the value of cross-border mergers and acquisitions. As more and more competition cases fall within the jurisdiction of two or more competition authorities, the possibility of divergent and unpredictab]le outcomes increases. This article explores the response of the European Union to international competition concerns that impact on its, jurisdiction.     

A Basket-mix Model to Identify Cherry-picked Brands

Extreme cherry pickers, those shoppers who visit a target retailer infrequently and buy only a few promoted items when they do visit, reduce that retailer's profitability. If the retailer could identify a particular brand that draws extreme cherry pickers, the retailer could use that information when negotiating with the brand's manufacturer to obtain wholesale promotional support that compensates the retailer for extreme-cherry-picker-related losses. Researchers have been successful in developing methods to identify those shoppers who are extreme cherry pickers, but they have been less successful in developing methods that identify the brands’ that draw extreme cherry pickers. In this paper, we present a method that can determine whether a brand, when promoted, draws extreme cherry pickers.     

Development of an inclined plate jet reactor system

A new design combines reaction or extraction and separation in one unit. Here are practical working details.     

Impact of BSE on Beef Purchases in Alberta and Ontario Quick-Serve Restaurants

This analysis employed a highly disaggregated household data set of Alberta and Ontario fast food purchases from May 2000 to May 2005. A double-hurdle count data model allowed tests of the hypotheses that frequency of Bovine spongiform encephalopathy ( BSE) media coverage affected neither a household's monthly probability of purchasing a beef entree, nor the household's monthly quantity of beef entrees purchased. Ontario consumers were more likely to stop purchasing beef entrees immediately following a surge in BSE media coverage, but those who did buy beef entrees maintained stable quantity levels. BSE media coverage did not systematically affect fast food purchases among Alberta consumers .
Dans la présente analyse, nous avons utilisé un ensemble de données fortement désagrégées sur les achats de repas–minute effectués par des ménages de l'Alberta et de l'Ontario, entre mai 2000 et mai 2005. Un modèle de comptage à deux étapes (double hurdle count data model) a permis de vérifier les hypothèses selon lesquelles la concentration de la couverture médiatique de la crise de l'ESB n'influence pas la probabilité mensuelle d'un ménage d'acheter des repas–minute de bœuf ni la quantité mensuelle de repas–minute de bœuf achetés par un ménage. Les consommateurs ontariens étaient plus susceptibles de cesser d'acheter des repas–minute de bœuf immédiatement après une poussée de la couverture médiatique de la crise de l'ESB, mais ceux qui achetaient des repas–minute de bœuf ont maintenu les quantités achetées. La couverture médiatique de la crise de l'ESB n'a pas systématiquement influencé les achats de repas–minute chez les consommateurs albertains .     

An experimental approach to valuing new differentiated products

An experimental store was created to evaluate initial demand for locally produced and guaranteed tender steak products as a more realistic alternative to contingent valuation (CV) and dichotomous-choice experimental methods. Strengths of the approach are incentive compatibility, a realistic consumption set, and a familiar choice environment. Consumers selected among USDA Choice, premium quality, lean, guaranteed tender and locaily produced strip steaks. A double-hurdle count data model indicated initial willingness-to-pay (WTP) for locally produced steak comparable to prior CV results, but demand was highly elastic. Demand for premium quality steak crowded out demand for the guaranteed tender product, contrasting with prior dichotomous-choice experimental results.     

Dynamic estimation of volatility risk premia and investor risk aversion from option-implied and realized volatilities

This paper proposes a method for constructing a volatility risk premium, or investor risk aversion, index. The method is intuitive and simple to implement, relying on the sample moments of the recently popularized model-free realized and option-implied volatility measures. A small-scale Monte Carlo experiment confirms that the procedure works well in practice. Implementing the procedure with actual S&P500 option-implied volatilities and high-frequency five-minute-based realized volatilities indicates significant temporal dependencies in the estimated stochastic volatility risk premium, which we in turn relate to a set of macro-finance state variables. We also find that the extracted volatility risk premium helps predict future stock market returns.