Regular Price $299; Pre-order Price $199: Price Promotion for a Pre-ordered Product and the Moderating Role of Temporal Orientation

Retailers typically use the strategy of providing a discount to induce the sale of a new product at a pre-order stage. Despite the prevalence of this strategy, providing discounts might not be effective for all consumers. The present research shows that the positive effect of a discount depends on consumer temporal orientation. Results from four experimental studies reveal that a large discount positively affects present-oriented, but not future-oriented, consumers. The findings suggest that perceived financial risk and perceived product quality sequentially mediate the effect of discount size on value toward the deal and purchase intention. A third-party product quality rating boosts quality perceptions, which in turn reduces perceived financial risk and positively enhances value toward the deal along with purchase intention. Our findings demonstrate that when the brand itself acts as a reliable signal of quality, a discount has its intended effect for both present- and future-oriented consumers. Overall, the findings of this research suggest that a retailer can use quality cues along with a discount, especially for a new brand, to appeal to the broadest group, as it will attract both future- and present-oriented consumers.     

Typologies of Banner Advertisements’ Attributes: A Content Analysis

The web has received significant amount of attention from advertising and consumer researchers investigating the impact of banner advertisement on consumers’ psychological and behavioral responses. However, no typology of banner advertisement has been identified yet, and the selection of banner advertisements as advertising stimuli has been carried out on the premise of personal judgment rather than scientific methodology. The identification of typology is important because different banner advertisement, such as static and pop-up, elicit different consumers’ responses. In addition the identification of a typology constitutes an advance to mid-range theory in a research domain. Hence, the purpose of this research is to identify the typologies of banner advertisements’ attributes such as type, number, shape, location, and size using content analysis. Specifically, nine banner advertisement types are identified as well as the typology of number, shape, location, and size of banner advertisements. Contributions of the research are discussed.     

On the emergence of scale-free production networks

We propose a simple dynamical model for the formation of production networks among monopolistically competitive firms. The model subsumes the standard general equilibrium approach à la Arrow–Debreu but displays a wide set of potential dynamic behaviors. It robustly reproduces key stylized facts of firms׳ demographics. Our main result is that competition between intermediate good producers generically leads to the emergence of scale-free production networks.     

住宅套型的物理性能质量衡定标准探讨

本文从住宅套型的声环境、光环境、热舒适环境和通风环境四大方面入手,对影响住宅套型性能质量之物理性能质量进行探讨。     

The extent of nonstationarity of beta

This paper investigates the extent of nonstationarity of beta across the firm size and the beta magnitude by suggesting the sequential parameter stationarity model and estimating change-points of betas. The high-beta firm has shorter stationary interval, which means that its beta changes more frequently than do the low-beta firm's. The firm size, however, does not have a monotonic relation with the length of stationary interval. The small and large firms have relatively shorter stationary interval than do the mid-sized firms. The average length of stationary interval is estimated about five years (exactly 54.19 months). This fact could support the currently widely-used arbitrary 5-year assumption of beta stationarity. The fluctuation of the large firm's beta is more severe than the small firm's, and the high- and low-beta firms have the relatively greater fluctuating betas than do the mid-beta firms. The frequency of detected change-points is found to be positively related to market returns. When the market return is high, the systematic risk changes more frequently, and vice versa.     

Portfolio Returns,Market Volatility,and Seasonality

This paper examines three important issues related to the relationship between stock returns and volatility. First, are Duffee's (1995) findings of the relationship between individual stock returns and volatility valid at the portfolio level? Second, is there a seasonality of the market return volatility? Lastly, do size portfolio returns react symmetrically to the market volatility during business cycles? We find that the market volatility exhibits strong autocorrelation and small size portfolio returns exhibit seasonality. However, this phenomenon is not present in large size portfolios. For the entire sample period of 1962–1995, the highest average monthly volatility occurred in October, followed by November, and then January. Examining the two sub-sample periods, we find that the average market volatility increases by 15.4% in the second sample period of 1980–1995 compared to the first sample period of 1962–1979. During the contraction period, the average market volatility is 60.9% higher than that during the expansion period. Using a binary regression model, we find that size portfolio returns react asymmetrically with the market volatility during business cycles. This paper documents a strongly negative contemporaneous relationship between the size portfolio returns and the market volatility that is consistent with the previous findings at the aggregate level, but is inconsistent with the findings at the individual firm level. In contrast with the previous findings, however, we find an ambiguous relationship between the percentage change in the market volatility and the contemporaneous stock portfolio returns. This ambiguity is attributed to strongly negative contemporaneous and one-month ahead relationships between the market volatility and portfolio returns.

     

用分组垫片法解装配尺寸链的研究

本文系统研究了用分组垫片法解装配尺寸链时的计算方法。提出了改进和完善用分组垫片法解装配尺寸链的四个问题:组成环经济公差的标准化;理论计算垫片分组数的取整;每组垫片的分配数量和装配尺寸链的概率计算法。并给出了相应的分析和计算方法,使其理论能够更准确、更方便地运用于实际设计过程中。     

Gross national accumulation

Low birth rates, longevity, family disintegration, and other factors have reduced the size of the average household. At the same time household size is shrinking, new housing offers twice the floor space per occupant of old housing. Small households are inefficient users of space, utilities, furniture, and equipment. As these factors converge, the result is over consumption of durables and vast stockpiles of possessions just awaiting disposal when the baby boom generation passes on. The rightful heirs to these possessions are themselves accumulators, and will most likely have little use for what is left to them. What does the future hold for consumption, savings, and demand for housing? Booming flea markets, bigger homes as warehouses, a decline in consumption, or an epidemic of display and collection? Public policies have limited leverage on private behavior.     

我国开放式基金规模确定模型初探

通过对美国共同基金关于基金规模的数学模型分析,我们发现基金规模与基金经理人能力和流动性赎回密不可分。从美国的有关模型分析与优秀经验来谈我国为确定基金规模所采取的措施:首先讨论了保证基金管理人发挥其能力的一些政策性建议,其次讨论了减少流动性赎回所采取的措施。     

Unobserved firm heterogeneity and the size-exports nexus: Evidence from German panel data

This paper starts from the stylized fact that firm size and exporting tends to be positively related. Using large sets of establishment panel data for three different industries from official statistics, evidence is presented that the familiar picture of an export/sales ratio that increases (at a decreasing rate) with firm size vanishes if unobserved firm heterogeneity is controlled for in a fixed-effects fractional logit regression model. This finding is well in line with the fact that many small firms are “hidden export champions.” JEL no. F10, D21, L60