The Role of Brand Names and Visual Cues in Enhancing Memory for Consumer Packaged Goods

The research focuses on the degree of association between brand names and accompanying visuals featured on packages to improve consumer learning. It was found that when visuals are associated with the target information (such as a brand name), then memory for the brand is enhanced. It was also found that memory will be greater for brand names that are prior-associated in consumers' memory than for family and novel brand names. The findings are congruent with associative network theory that would suggest easier processing and greater memory for target elements that are prior- and/or visually linked to existing memory pathways.     

The effect of widowhood on housing and location choices

The number of elderly persons living alone is increasing and their influence on the housing market is getting larger. This paper investigates the effect of the loss of a spouse on housing and location choices. A partner’s death induces a decrease in income which may lead to downsizing. Widowhood may also reveal new preferences, such as the need to be close to care givers and health services. We estimate the effect of a transition to widowhood on housing consumption and location choices using the French Housing Surveys. Widowhood significantly increases residential mobility, especially at older ages and for those who have children. Mobile widows tend to live closer to their relatives but do not move to co-reside with a child. Housing and location adjustments are consistent with new widows moving to dwellings that are smaller, more often apartments and in the rental sector, and on average located in larger municipalities where services are more accessible. The housing demand of widows will be significant in the next 20 years, especially the demand for small dwellings.     

Book review

Book reviewed The Connecticon: Learning for the connected generation Frank Rennie and Robin Mason, 2004. Published by Information Age Publishing, Greenwich, CT. ISBN 1‐59311‐209‐2 (paperback) and 1‐59311‐210‐6 (hardback).     

Corporation Tax Asymmetries and Cartel Unity

This paper examines the impact of changing the extent to which tax losses are refunded to firms in a model of imperfect competition. It proposes a particular collusive equilibrium in a repeated oligopoly with homogeneous quantity-setting firms. The industry sustains tacit collusion by using credible and severe punishments of deviations. The analysis of the most collusive equilibrium with losses indicates that a tax policy which increases refunds reduces output, increases market price, and therefore strengthens tacit collusion. In addition, the policy increases government revenue. An increase in the corporation tax rate has similar effects.     

A Study of Mutual Insurance for Bank Deposits

This article displays a study on the mutual insurance of bank deposits. A system where deposits are first insured by a consortium then by the Government is envisaged. We wish to compute the fair premia due to both the consortium and the Government. Various types of covenants aiming at making banks reduce their risks are detailed. These provisions can be, as is the case in Chapter 11, of a Parisian type. This means that surveillance is based on the path followed by the assets or the leverage. We compare these various types of covenants and conclude on the proposal for new regulatory provisions. JEL Classification No: G13, G21     

Reviews

Regions. ERA 1998: 21st CENTURY REGIONS. London: Economic & regional analysis, 23. Buckingham Gate, London SW1E 6LB, £30 + £1 p&p paper.

Environmental management standards. Krut, R. and Gleckman, H. 1998: ISO 14001: A MISSED OPPORTUNITY FOR SUSTAINABLE GLOBAL INDUSTRIAL DEVELOPMENT. London: Earthscan Publications Ltd, £14.95 paper.

Environmental jobs. Hale, M. and Lachowicz, M. 1998: THE ENVIRONMENT, EMPLOYMENT AND SUSTAINABLE DEVELOPMENT. London: Routledge, £17.99 paper.

Sustainability and regeneration. Carley, M. and Kirk, K. 1998: SUSTAINABLE BY 2020? A STRATEGIC APPROACH TO URBAN REGENERATION FOR BRITAIN'S CITIES. Bristol: The Policy Press, £11.95 paper.

Gambling. Frey, J.H. (ed) 1998: GAMBLING: SOCIOECONOMIC IMPACTS AND PUBLIC POLICY. The Annals of the American Academy of Political and Social Science. London: Sage Publications, £14.99 paper.

Informal employment. Williams, C. C. and Windebank, J. 1998: INFORMAL EMPLOYMENT IN THE ADVANCED ECONOMIES: IMPLICATIONS FOR WORK AND WELFARE. London: Routledge, £15.99 paper.

TECS. Jones, M. 1999: NEW INSTITUTIONAL SPACES: TECS AND THE REMAKING OF ECONOMIC GOVERNANCE. London: Regional Studies Association, £27.50 paper.

The New Regional Agenda. Dungey, J. and Newman, I. 1999: THE NEW REGIONAL AGENDA. London: Local Government Information Unit, £15.00 paper.

Mutual aid and self-help. Burne, Danny and Taylor, Marilyn, 1998: MUTUAL AID AND SELF-HELP: COPING STRATEGIES FOR EXCLUDED COMMUNITIES. Bristol: The Policy Press, £10.95.     

ON THE MARTINGALE PROPERTY IN STOCHASTIC VOLATILITY MODELS BASED ON TIME‐HOMOGENEOUS DIFFUSIONS

Lions and Musiela give sufficient conditions to verify when a stochastic exponential of a continuous local martingale is a martingale or a uniformly integrable martingale. Blei and Engelbert and Mijatovi? and Urusov give necessary and sufficient conditions in the case of perfect correlation (). For financial applications, such as checking the martingale property of the stock price process in correlated stochastic volatility models, we extend their work to the arbitrary correlation case (). We give a complete classification of the convergence properties of both perpetual and capped integral functionals of time‐homogeneous diffusions and generalize results in Mijatovi? and Urusov with direct proofs avoiding the use of separating times (concept introduced by Cherny and Urusov and extensively used in the proofs of Mijatovi? and Urusov).     

Price Clustering on the Tokyo Stock Exchange

This paper examines price clustering on the Tokyo Stock Exchange (TSE). Regardless of tick and lot size, prices ending in zero and five are the most popular. The TSE has no market makers or direct negotiation between traders; therefore, clustering is not explained by collusion or negotiation. Our evidence supports the attraction hypothesis. Clustering also extends to order book depth. There is evidence of strategic trading behavior as traders place orders one price tick better than zero and five to avoid queuing orders at prices ending in these digits. Strategic trading behavior declined and clustering increased when the market became anonymous.     

Anonymity,liquidity and fragmentation

We examine the effects of the removal of broker identifiers from the central limit order book of the Australian Stock Exchange. We find that spreads and order aggressiveness decline, and order book depth increases, with the introduction of anonymous trading. This is consistent with the hypothesis that limit order traders are more willing to expose their orders when they can do so anonymously. Anonymous markets attract order flow from non-anonymous substitute markets, but this effect is only seen in large stocks. Our results suggest that exchanges operating in fragmented markets should consider anonymous trading to improve price competition and liquidity, although some of these benefits may be significant only if the stocks are sufficiently large and liquid.