Marketing hedonics: Toward a psychoanalysis of advertising response

The author advances a psychoanalytic theory of advertising response to theorize the intersection of brand positioning, the semiotics of gender, and consumer desire in advertising discourse. Researchers traditionally focus on the iconic representation of desire in advertising imagery. However, by drawing upon Lacan's theory of scopophelia, the author focuses on the dialectical implication of the spectator/consumer's psychic drives in the visual semiotics of advertising discourse. The consumer identifies with the brand discourse primarily by means of projective identification with the voyeuristic gaze of the camera referenced in the image, and only secondarily because of perceived parallels between consumer lifestyle and the content of the advertisement. By way of illustration, the author analyzes the positioning of consumer desire in homoerotic advertising for Calvin Klein and Dolce & Gabbana, which draws upon resistance discourses in contemporary art to hold the consumer in a passion play of alternative sexualities and subject positions. Though these campaigns deconstruct the conventional binary opposition of male voyeur/female object of the gaze, they have contributed to the broad popularity of these brands because the brand discourse – logo, product placement, and rhetoric – restores a conventional logic to these advertisements that would have been censored from the worlds of popular culture and fine art.     

‘It made me feel powerful’: women’s gendered embodiment and physical empowerment in the martial arts

This paper presents data collected from 11 females and explores their gendered and embodied experiences of the martial arts. Our research suggests that through their involvement in the martial arts, women develop physical strength, which leads to individual physical empowerment. Furthermore, the women note their involvement in the martial arts increases their confidence to defend themselves and challenge their gendered embodiment. However, despite acquiring physical strength that challenges their previous forms of gendered embodiment, their experiences remain predominantly at the level of individual empowerment. Thus, the women do not problematise normative views of gendered embodiment which position women as weak and men as strong. Nor do the women in this study question the pressure on females’ bodies to be toned and feminine. Drawing predominantly on physical feminism, we question and problematise the concepts of women’s empowerment and gendered embodiment through women’s experiences of the martial arts.     

Do environmental variables affect the performance and technical efficiency of the European banking systems? A parametric analysis using the stochastic frontier approach

The paper compares the efficiency of the European banking systems in view of the constitution of the European Monetary Union. Since competition among banks will increase, it is important to identify the most efficient banking system able to play a role in that market. A parametric approach is adopted, based on the estimation of a stochastic cost frontier. This methodology enables one to measure X-inefficiency and to model it as a function of environmental variables which may influence firms' efficiency. By means of this analysis it is possible to identify the most efficient banking systems and to focus on the determinants of deviations from cost minimizing. The analysis highlights significant efficiency gaps among the performances of banks in different countries and of different institutional types. In particular, it is found that the Mittel-European model is the one that operates closest to the efficient frontier. This may indicate that, compared with separated banks, the universal banking system allows for production plans which come closer to the optimal frontier. The analysis suggests that, at the beginning of European Monetary Union, national barriers and regulatory frameworks are still responsible for deviation from the efficient frontiers.     

Information sufficiency and attribution of responsibility: predicting support for climate change policy and pro-environmental behavior

This study extends the central part of the risk information seeking and processing model to examine how message elaboration influences individuals’ support for climate change mitigation policy and their intention to engage in pro-environmental behavior. Data were collected through online experimental surveys at two large universities in the Northeastern United States. Results indicate that perceived issue salience triggered negative affect and information insufficiency, both of which prompted systematic processing, which subsequently led to greater policy support and stronger intention to adopt more pro-environmental behaviors. From an applied perspective, this study suggests important pathways to encourage greater message elaboration, which may lead to increased public support for mitigation policies and adoption of pro-environmental behavior.     

Foreign Exchange Exposure Elasticity and Financial Distress

Financially distressed firms have limited ability to manage exchange rate exposure over time which could cause their fundamental value to be sensitive to the cash flow volatility related to currency movements. Accordingly, we hypothesize that the likelihood and costs of financial distress help explain cross‐sectional variations in return sensitivity to currency movements. We find that the level of exchange rate exposure elasticity is related to proxies for the likelihood of financial distress, growth opportunities, and product uniqueness. Further, firms with a greater likelihood and higher costs of financial distress exhibit greater abnormal returns in response to large exchange rate shocks.     

A three-objective social welfare function for cost–benefit analysis

This article applies quantile regression to assess the factors that influence the risk of incurring high trading costs. Using data on the equity trades of the world's second largest pension fund in the first quarter of 2002, we show that trade timing, momentum, volatility and the type of broker intermediation are the major determinants of the risk of incurring high trading costs. Such risk is increased substantially by either high or low momentum and by strong volatility. Moreover, agency trades are substantially more risky in terms of trading costs than similar principal trades. Finally, we show that the quantile regression model succeeds well in forecasting future trading costs.     

Spanish hotel industry: indebtedness determinants

This article analyses the indebtedness of the companies belonging to the Spanish hotel industry. The internationalization process of Spanish hotel companies requires a new approach to their financial strategies. The form of expansion chosen in this process has an impact on the pace and volume of the funds needed for it. Other items are incorporated to observe different behaviour among hotel companies in relation with their indebtedness process. Among analysed factors, we can observe the importance of solvency, liquidity, and asset structure. The hotel industry's means to explain individual indebtedness is also relevant, demonstrating the fact that firms usually follow the sector's benchmark when determining the level of indebtedness. Studies such those of Grinblatt and Titman (2003) or Frank and Goyal (2009) confirm this same hypothesis.     

Assessing the effect of educational programs on public schools’ performance

This paper provides evidence on the effectiveness in the implementation of an educational program which offered public schools in Catalonia (Spain) the opportunity to improve the quality of educational provision. We employ a difference-in-differences approach on rich balanced panel data of public schools. The results confirm that the program did effectively improve students’ achievement and reduce absenteeism, albeit not for all modules and school types or across all years. Our results highlight that it is important to condition the delivery of resources upon specific academic goals depending on the characteristics of the treated population. Additionally, program results suggest the need to enhance educational program design in order to get better evaluation feedback.

Abbreviations: DoE: Department of Education; EU: European Union; PMQCE: Projecte per a la Millora de la Qualitat dels Centres Educatius; DiD: Differences-in-Differences; SFDC: Schools Facing Disadvantaged Conditions; OECD: Organization for Economic Co-operation and Development; REA: Regional Educational Authority     

Filtering and email pricing as solutions to spam

We analyze the success of filtering as a solution to the spam problem when used alone or concurrently with sender pricing, receiver pricing, or both. We find that filtering alone may exacerbate the spam problem in terms of both the total number of spam message sent and the expected number of spam messages received, because it may cause the spammer to send multiple variants of his message to each customer in an attempt to evade the filter. Sender and receiver prices work as expected. The effectiveness of each instrument improves as the levels of other instruments are increased.