On the importance of matching strategic behavior and target market selection to business strategy in high-tech markets

Business strategy is fundamentally concerned with the actions required to create superior customer value in the firm’s target markets with the ultimate goal of achieving superior performance. Marketing theory suggests that two critical marketing activities required to achieve this end are: (1) the adoption of appropriate strategic behaviors (i.e., customer-oriented, competitor-oriented, technology-oriented) and (2) targeting of the appropriate market segments (i.e., innovators, early adopters, early majority, late majority, laggards). This study builds on prior research which demonstrates that the strategic behavior—firm performance relationship is contingent on the firm’s strategy by examining this relationship in high tech markets and by considering the incremental contribution of appropriate target market selection. Responses from 160 senior marketing managers in high-tech firms reveal strong support for our framework. Thus, this study provides useful guidance to executives and managers in high-tech firms regarding the steps that they should take to increase their probability of success.

股票市场发展对经济增长的贡献:中国的实证分析

本文首先回顾了有关股票市场发展与经济增长关系的理论和已有的重要实证检验，并且分析了主要的研究发展方向。其次，实证检验我国股票市场发展和经济增长关系，结论是我国股市的规模发展与经济增长之间没有任何因果关系；股市的流动性指标与经济增长指标之间是正相关关系，但是统计上不显著；股市的波动性指标与经济增长之间呈现负相关关系，说明股市中可能存在过度波动，对经济增长产生了负面的影响。第三，在股市促进经济增长的路径分析中，本文发现我国股市规模扩大对储蓄的影响有限，而储蓄受到股市流动性和波动性的影响较大，股市对货币需求存在一定的替代效应。最后，在分析了上述检验结果形成的原因之后，本文提出了发展和完善我国股票市场的措施建议。     

非金融企业债务融资工具非公开定向发行研究

为促进银行间债券市场需求的差异化、多样化,活跃市场交易、推动市场发展,中国银行间市场交易商协会于2011年4月29日发布《银行间债券市场非金融企业债务融资工具非公开定向发行规则》。这是我国银行间债券市场发行方式上的一大创新。本文在对银行间债券市场发展历程进行回顾的基础上,对非公开定向发行的主要特点与运行制度安排进行了详细分析。比较了非公开定向发行与公开发行的六点差异。在此基础上,本文列举了推出非公开定向发行方式的四点重要意义。最后,本文对发展中应予重视的五类风险进行了系统剖析。     

碳排放权市场价格发现功能的实证分析

碳期货市场在碳市场扮演着极为重要的角色,通常具有价格发现的功能。本文分析了国际碳排放权交易市场两种主要商品EUA、CER的期货价格关系．通过向量误差修正模型和公共因子模型对欧盟碳期货EUA与CER期货进行了实证研究。结果显示：EUA、CER这两种主要碳排价格指标之间具有很高的相关性,存在长期均衡的协整关系,均扮演着重要的价格发现角色,同时EUA期货价格引导CER期货价格变化。     

基于CPI与PPI差值的资产配置效果评估：2005-2010

本文在众多的宏观经济指标中合成出反映企业利润变化的关键指标CPI-PPI,分析该指标与股票市场、债券市场波动的相关性,并根据这一指标的变化模拟资产配置的动态调整过程,检验使用该指标进行资产配置的有效性。     

Event segmentation: A review and research agenda

Event academics and practitioners have long recognized the importance of segmenting event attendees. Despite a relatively long level of enquiry into event segmentation, there is little consistency in the methods, data analysis techniques and segmentation variables that are used. A review of 120 event segmentation studies incorporating an attendee-orientated approach was conducted to identify how event attendees are currently segmented. This study will serve as a reference guide to current event segmentation researchers on the segmentation approach/s and data analysis techniques utilized in previous studies. Recommendations for future research are suggested.     

Market structure and demand-side substitutability of chained urban hotel segments

This study analyzes how the demand in hotel markets is divided amongst chained hotel segments. Hypotheses regarding consumers’ switching behavior due to changes in income levels and relative prices are tested using data from 25 major urban markets in the United States, encompassing segments ranging from luxury to economy over 43 quarters. The effects of differentiation and market concentration are also investigated in this context. The results suggest that leisure and individual consumers of the low-scale segments may be trading “up” to higher scales when their income increase, but that upscale segments’ corporate consumers are not necessarily trading “down” when Corporate Income fall. In addition, only low-scale segments appear to be substitutes to upscale segments, but the inverse seems not to be true. Also, properties in mid-range segments are found to be the only ones benefiting from a high market concentration, while low-scale properties turn out to be the ones gaining from differentiation through price.     

Performance analysis of the Gulf hotel industry: A Malmquist index with bias correction

This study uses the Malmquist index with bias correction to analyze the performance of hotel chains from the UAE, Saudi Arabia and Oman. We show that Saudi Arabia hotel chains have the highest productivity growth, followed by the UAE and Omani hotel chains. A further decomposition of productivity indicates that a small number of hotel chains experienced an increase in revenues for lower occupancy rate, while most other hotel chains experienced an increase in occupancy rate for lower revenues. Related market discussions of the results are provided.     

Market knowledge of the travel industry from knowledge-based view: a case of two Taiwanese travel agencies

There has been a lack of comprehensive model elaborating the key dimensions of knowledge management in the tourism field. Based on market orientation literature, market knowledge could be illustrated from consumer and competitor dimensions. However, what knowledge topics are in these two dimensions (e.g. knowledge depth) or do any dimensions of market knowledge exist (e.g. knowledge breadth)? These questions can be clearly answered. Drawing on knowledge-based view of firms, this study explores market knowledge from four characteristics: depth, breadth, tacitness, and specificity. It seeks to contribute to the existing literature through a series of semi-structured interviews and behavioral observation with senior managers of Taiwan’s leading travel agencies. Four market knowledge categories emerge: customer knowledge, employee knowledge, competitor knowledge, and partner knowledge. It is suggested that high levels exist as to the importance of knowledge acquisition, classification, dissemination, and usage, and this represents a significant change over past findings.     

A contrast analysis of online hotel web service purchasers and browsers

Ever since the introduction of Internet technology to general business, websites have played an important role in the business and promotional efforts of hotels. However, the existing tourism and hospitality literature contains only a limited number of articles that examine the perceived importance of the different attributes of a hotel website. This paper reports a study that analyzed the different perceptions of specific hotel website attributes between online purchasers and browsers and between Western and Asian users. The empirical findings reveal a set of attributes that are the most important in developing effective hotel websites. The findings also indicate the necessity of designing English- and Chinese-language hotel websites differently, based on the significant differences in the responses obtained from these two groups of online users.