Petroleum Mergers and Competition in the Northeast United States

Sunoco’s 2004 acquisition of El Paso’s, New Jersey refinery and Valero’s 2005 acquisition of Premcor’s Delaware refinery significantly consolidated refinery control in the US Northeast. The Federal Trade Commission investigated both transactions but challenged neither. We examine the FTC’s enforcement rationale and test whether these mergers were associated with post-merger price increases in either gasoline or diesel at retail and wholesale. Our findings indicate that the transactions were largely competitively neutral. There was some indication that some unbranded rack prices may have increased after the mergers, but this result was not robust across controls or assumptions. In some other instances, prices in merger-affected areas may have fallen relative to prices elsewhere.     

Jumps,cojumps and macro announcements

We use recently proposed tests to extract jumps and cojumps from three types of assets: stock index futures, bond futures, and exchange rates. We then characterize the dynamics of these discontinuities and informally relate them to US macroeconomic releases before using limited dependent variable models to formally model how news surprises explain (co)jumps. Nonfarm payroll and federal funds target announcements are the most important news across asset classes. Trade balance shocks are important for foreign exchange jumps. We relate the size, frequency and timing of jumps across asset classes to the likely sources of shocks and the relation of asset prices to fundamentals in the respective classes. Copyright © 2010 John Wiley & Sons, Ltd.     

The sceptical consumer? Exploring views about food assurance

The problem of trust in food production and regulation has increasingly been raised as a practical and policy issue in recent years and one solution has been to provide more and better information about food production and regulation, especially through food assurance schemes. To look for evidence that this might be successful, this paper uses a small empirical study of how UK consumers think about food information and food assurance claims, using a statement sorting exercise (Q methodology) to identify key factors or shared views. We found that our consumers, despite differences in sociodemographics, gender, diet and shopping habits, tended to share a baseline of scepticism about food information and food assurance claims. We speculate that such scepticism may mean that, rather than providing a solution to the problem of distrust, food assurance schemes may themselves come to be distrusted.     

Ordinal notions of submodularity

We consider several ordinal formulations of submodularity, defined for arbitrary binary relations on lattices. Two of these formulations are essentially due to Kreps [Kreps, D.M., 1979. A representation theorem for “Preference for Flexibility”. Econometrica 47 (3), 565–578] and one is a weakening of a notion due to Milgrom and Shannon [Milgrom, P., Shannon, C., 1994. Monotone comparative statics. Econometrica 62 (1), 157–180]. We show that any reflexive binary relation satisfying either of Kreps’s definitions also satisfies Milgrom and Shannon’s definition, and that any transitive and monotonic binary relation satisfying the Milgrom and Shannon’s condition satisfies both of Kreps’s conditions.     

Corruption, decentralization and yardstick competition

Several empirical studies have found a negative relationship between corruption and the decentralization of the powers to tax and spend. In this paper we explain this phenomenon using a model of Yardstick Competition. Using data on federal corruption-related convictions in U.S. states, we also provide new evidence that points to the existence of a spatial autoregressive component to explaining corruption. We interpret this as consistent with the theoretical findings.     

How arbitrary are international accounting classifications? Lessons from centuries of classifying in many disciplines,and experiments with IFRS data

The process of classification is central to the daily task of doctors and librarians; and it is the foundation of study and research in chemistry and biology. Double-entry bookkeeping and the preparation of financial statements are classification activities of accounting practice. Classifying national accounting systems has long been an aspect of accounting research. This paper seeks to extract lessons for accounting researchers from anthropology, biology, chemistry, cosmology and medicine. In particular, we examine how the classifiers themselves and the characteristics that they choose can affect classification. We observe that objectivity is neither possible nor desirable in classification. Despite the arbitrariness, some classifications can be more reasonable or more useful than others. For previous accounting classifications, we analyze the classifiers, the scope, the characteristics used, the data and the classification techniques. We report various problems. We then empirically investigate the sensitivity of classifications to such issues as the characteristics chosen, and the countries and sectors included. For this, we hand pick data on the practices of large listed companies from 12 jurisdictions relating to 14 accounting topics under International Financial Reporting Standards. We show how different researchers could produce different classifications, particularly depending on which accounting topics are used to represent the countries.     

RETRACTED ARTICLE: Two decades of the Journal of Marketing Channels: Impacting the present and directing the future of marketing channel research

Abstract

We, the Publisher of Journal of Marketing Channels, have retracted the following article:

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Zemanek Jr., J. E., Taylor, E. C., Tran, T. P., & Loomis, D. C. (2019). Two decades of the Journal of Marketing Channels: Impacting the present and directing the future of marketing channel research. Journal of Marketing Channels. Advance online publication. doi:10.1080/1046669X.2019.1647914

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This article has been retracted as it was published in error by the publisher whilst still in the peer review process. The authors have been notified of the retraction.

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We have been informed in our decision-making by our policy on publishing ethics and integrity and the COPE guidelines on retractions.

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The retracted article will remain online to maintain the scholarly record, but it will be digitally watermarked on each page as “Retracted.”     

Twisting Tradition: Consumers' Behavior Toward Alternative Closures

Consumer evaluations of products are not entirely based on the absolute attributes or value of the product, but rather on the discrepancy between the product's attributes and the expectations consumers have for that product. Following the Dowling and Staelin model on perceived risk, an evaluation was made of how alternative product closures interplay with consumers' situational use, subjective knowledge, level of self-confidence, and gender to influence the purchase decision.

The results provide support for the importance of such factors as situational use, the consumer's gender, level of self-confidence, and subjective knowledge, and how the style of closure affects the purchase decision. Managerial implications of the findings are mentioned.     

Innovation and Pet Food SMEs in the United Kingdom

The market for prepared pet food in the United Kingdom (UK) is worth just over $2.3 billion a year. As a consequence, the pet food industry needs to be responsible, efficient, and at the forefront of technology. This research investigates the technological and industrial environment for innovation, which currently exists in the UK pet food industry. It draws primarily on existing research and secondary data sources including organisations such as the Pet Food Manufacturers' Association. The pilot study involved a detailed analysis of the issues regarding technological innovation in the pet food industry in the UK. In particular the results of the study have been analysed in detail using a “cross indicator analysis.” The research reveals that pet food SMEs in the UK are key players in the pet food industry and are willing to innovate to enhance their product lines even if at a moderate level.     

Consumers' Choice Factors of an Upscale Ethnic Restaurant

The demand for ethnic foods has increased worldwide, due to the influences of ethnic diversity, globally sourced food, cultural experiences, and media exposure. Despite the importance of restaurant choice criteria and a growth in the popularity of ethnic foods, published research on consumers' restaurant selection behavior that focuses on the ethnic restaurant segment is sparse. This research aims to fill this gap in the literature by empirically identifying the factors (and their relative importance) that influence consumers to dine at an upscale ethnic restaurant.

Focus group discussions and the literature review assist in identifying a set of factors that influence restaurant choice. A mail survey is used to collect the data. Factor analysis is applied to refine the decision factors. Logistic regression analysis identifies five significant factors that influence restaurant choice: dining experience, social status, service quality, food quality, and value for money.