AN ASSESSMENT OF SUPPLIER — CUSTOMER RELATIONSHIPS

This research develops a classification framework of supplier‐customer relationships. Data were collected from active relationship managers and provided the empirical basis for the classification scheme. The resulting relationships were classified into seven groups. Names for each type of relationship were developed based on a set of Delphi group responses.     

Redesigning Product Lines with Conjoint Analysis: How Sunbeam Does It

Sunbeam Appliance Company, faced with the task of redesigning its lines of small appliances, developed a procedure that couples consumers' evaluations of possible new designs with a marketing research technique—conjoint analysis. In this article, Albert Page and Harold Rosenbaum describe Sunbeam's redesign of its food processor product line. They report detailed information, including key design attributes, alternative product designs, market segments, and competitive positions, and describe the use of a simulation model that predicts the market share of alternative product line configurations before they are even developed or introduced into the market. The procedure provides product line managers with a powerful tool to assist them in redesigning their lines.     

Stock options and capital structure

We show that value-maximizing CEOs compensated with stock options prefer debt to equity. Our pecking order result does not depend on managerial risk aversion, managerial firm-specific human capital, or asymmetric information. Moreover, our result holds at least weakly regardless of the distribution of firm cash flows and strictly as long as the support of the cash flow distribution is big enough to bring all features of the stock option contract into play with positive probability JEL Classification Numbers: G0, G3 An earlier version of this paper was completed while Page was visiting CERMSEM at Paris 1 and the University of Warwick. Page gratefully acknowledges the support and hospitality of CERMSEM, Paris 1 and Warwick. Page also gratefully acknowledges financial support from the Department of Economics, Finance, and Legal Studies and the Culverhouse College of Business at the University of Alabama. Both authors are grateful to seminar participants in the Financial Markets Group Workshop at LSE for many helpful comments and both authors are especially grateful to an anonymous referee whose detailed and insightful comments led to substantial improvements in the paper     

汇丰亚太区信贷总监 裴志（Chris Page）

银行必须建立良好的榜样，推动商业运转，特别是国际贸易的发展。我希望交通银行能帮助我进一步学习——特别是汇丰如何能提高其在中国的风险管理技术。同时，在许多领域，亚太信贷风险管理部可以进一步提高与交行的合作，分享汇丰在其他市场的经验。     

Marketing technology for adoption by small business

The adoption of technology for marketing is essential for the survival of small businesses and yet little is understood about owner-manager practice in this area. This paper aims to address that gap through a qualitative study of 24 owner-managed small businesses operating in the visitor economy. It found that there was a strong appetite for the adoption of technology for marketing and a clear recognition of its opportunities particularly related to how it could create a stronger market orientation and more agile marketing, adhering to the principles of effectual reasoning. However, the ability to take advantage of these opportunities was constrained by a lack of knowledge and in particular an inability to measure the return on investment. While the wider implications of the study are limited by the niche sample, a planning model for the adoption of technology for marketing is presented which can be tested through future research.     

The emergence of zoning policy games in exurban jurisdictions: Informing collective action theory

Theoretical urban policy literature predicts the likelihood of free riding in the management of common goods such as forested open space; such outcome is often characterized as a Prisoner's Dilemma game. Numerous cases exist in which neighboring jurisdictions cooperate to maintain public goods, challenging the expected results, yet theoretical explanations of these cases have not been fully developed. In this paper, we use an agent-based model to explore how underlying micro-behaviors affect the payoffs obtained by two neighboring municipalities in a hypothetical exurban area. Payoffs are measured in terms of regional forested space and of local tax revenue at the end of the agent-based simulations; the municipalities affect these payoffs through their choice of residential zoning policies and the spillover effect between the neighboring jurisdictions. Zoning restrictions influence the conversion of farmland into residential subdivisions of different types, and consequently the location of heterogeneous residential households in the region. Developers and residents respond to the changing landscape characteristics, thus establishing a feedback between early and future land-use patterns. The structure of the simulated payoffs is analyzed using standard game theory. Our analysis shows that a variety of games, in addition to Prisoner's Dilemma, can emerge between the neighboring jurisdictions. Other games encourage coordination or subsidization, offering some explanations for the unexpected observations. The game realized in any given context depends on the initial characteristics of the landscape, the value given to the objectives each township seeks to maximize, and the income distribution of the population.