Negative interest rate policy and the yield curve

We evaluate the implications of the ECB's negative interest rate policy (NIRP) on the yield curve. To capture various shapes of the short end of the yield curve induced by the NIRP, we introduce two policy indicators, which summarize the immediate and longer horizon future monetary policy stances. We find that the four NIRP events lowered the short-term interest rate by the same amount. The impact is dampened at longer maturities for the first two event dates, due to lack of forward guidance. By contrast, for the last two dates, forward guidance drives the largest effects in two years.     

A review of the effect of cigarette advertising

Because of the inconsistency in the findings from past decades of research and the lack of consensus regarding the relationship between advertising exposure and cigarette consumption, the large body of extant research on the effectiveness of cigarette advertising has generated equivocal conclusions on this subject. Therefore, we conducted a comprehensive meta-analysis of cigarette advertising research to determine what impact, if any, cigarette advertising has on cigarette consumption. Unlike previous attempts to synthesize the cigarette advertising literature, this study examined three specific levels of the criterion (i.e., initiation, continuation, and brand behavior) rather than examining only aggregate consumption.     

Learning through engagement: undergraduate students engaging in community-based participatory research (CBPR) in hospitality and tourism education

This paper discusses how instructors can engage their students in community-based participatory research (CBPR) projects that involve not only research on a topic but also include community stakeholders in the research process and provide opportunities for service learning. CBPR is defined, examples of effective CBPR student projects are presented, the possible benefits and drawbacks of CBPR student projects are offered, and tips for conducting successful CBPR projects with hospitality and tourism students are provided.     

The politics,satisfaction, loyalty,and success of Ph.D. students in hospitality and tourism

The purpose of this study was to explore the roles of organizational politics in educational institutions with regard to graduate students’ satisfaction with supervision and loyalty toward advisors, and thereby success of students in the Ph.D. program, within the hospitality and tourism discipline. The findings demonstrate that satisfaction and loyalty play important roles in doctoral students’ experiences in graduate education. Several implications for students and faculty are discussed.     

Strategies for Retrenchment: Reconciling Individual and Organizational Needs

Résumé Le retranchement, c'est-à-dire la réduction des ressources humaines, mate*** rielles et financières est devenu un problème familier dans plusieurs pays. L*** taux de chǒmage a augmenté de façon dramtique en Europe comme en Amer*** que du Nord, indiquant des redondances dans les secteurs public et privé ain*** que chez les cols bleus, les cols blancs et les cadres à la suite de conditior*** économiques défavorables, de coupures gouvernementales et de changemen*** technologiques. Les statistiques stériles cachent cependant un problème tri*** humain: celui des employés qui doivent accepter la perte involontaire de lei*** emploi. Plusieurs études parues récemment accentuent l'importance des b*** soins des employés lors des coupures. Les demandes peuvent cependant ět*** ignorées dans un climat de coupures lorsque les besoins de l'entreprise o*** précédence dans un effort de réduction des coǔts.*** Pour sensibiliser les employeurs aux besoins des employés, ils doivent ěti*** informés des avantages commerciaux associés à cette approche, alors que 1*** chercheurs doivent reconnaǐtre l'importance des préoccupations de l'emloyei*** en période de coupures. Cet article explore certaines des raisons économique*** justifiant l'intérět pour les préoccupations individuelles et présente un cadi*** destiné à aider les cadres à concevoir des stratégies de retranchement qui tiei*** nent compte à la fois des besoins de l'entreprise et de l'employé. Une etude c*** huit entreprises qui ont adopté une variété de programmes de coupures impl*** quant des employés de divers niveaux est discutée, démontrant comment *** cadre peut ětre appliqué     

Operational planning and competitive strategies of male and female retailers

Interest in the managerial practices of females in business has increased over the past decade due to women's increased representation in business. Anecdotal evidence has suggested that women approach decision making differently from men. The purpose of this study is to determine if gender differences regarding managerial strategies exist in the retail setting. Targeted managerial strategies focused on short-term planning processes (personnel, financial, inventory and market planning) and competitive strategies in operation (differentiation, cost leadership and focus). In a sample of 459 retailers from a twelve-state region, MANOVA was used to determine if significant differences in managerial strategies existed between genders. The data on retail competitive strategies suggest that men and women more likely than male business owners to recognize in the importance of differentiation and focus as retail competitive strategies in their business operations. Gender differences were also found in the operational planning areas of market and inventory planning.     

Music to Your Brain: Background Music Changes Are Processed First,Reducing Ad Message Recall

Background music captures attention, evokes images, and creates ambience, but may interfere with processing of advertised messages, reducing recall. Brains are hardwired to process unexpected background sound changes first, automatically preempting processing of brand message elements and reducing recall. The degree of this recall reduction depends on the structural characteristics of the music, as well as the advertised brand. Backgrounds with more frequent harmonic and textural changes create more frequent distraction, reducing message recall. Faster tempos increase the frequency of those distractions. However, faster tempos also enable streaming of like distractions, improving message recall. In Experiment 1, backgrounds, varying in harmonic, textural, and temporal characteristics, were compared across ads for six brands. Message recall was higher for ads with backgrounds with less‐frequent change. Message recall from ads for new, unfamiliar brands suffered more from background music interference than from ads for established brands. In Experiment 2, background change frequency was reduced in two ads, holding all else constant, which improved message recall.     

Consumer insights into luxury goods: Why they shop where they do in a jewelry shopping setting

The question that guides this research concerns why consumers prefer to shop where they do for luxury goods. This study applies Tauber's (1972) motives, as representative of Sheth's (1983) nonfunctional shopping motives for luxury goods purchases. The study examines how well Tauber's motives describe consumers’ shopping motivations at each retail outlet in a jewelry shopping setting. These retail outlets consist of store- and non-store formats. The study identifies motives that are considered most important by consumers and that contribute to their shopping preferences. This study also identifies demographic profiles of jewelry shoppers at each retail outlet. Jewelry shoppers are more influenced by functional motives than nonfunctional motives.