The time‐varying performance of UK analyst recommendation revisions: Do market conditions matter?

This study examines the time‐varying performance of investment strategies following analyst recommendation revisions in the UK stock market, with specific emphasis on the impact of changing market conditions. We find a negative relationship between the recommendation performance and market conditions as measured in terms of past market return and market volatility. In particular, the upgrade (downgrade) portfolio generates significantly positive (negative) net abnormal returns in bad market conditions (e.g., the dot‐com bubble burst in 2000 and the credit crisis in 2007), but not in other periods of time. Moreover, our non‐temporal threshold regression analysis shows that the reported negative relationship disappears when market conditions become better, i.e., when the past market return (market volatility) is higher (lower) than a certain level, indicating the importance of taking non‐linearity into account in the long sample period as examined in this study. Our time‐series bootstrap simulations further confirm that the superior recommendation performance in bad market conditions is not due to random chance; analysts have certain skills in making valuable up/downward revisions in bad markets.     

消费者个体差异对品牌资产的影响研究——基于可辩解型产品伤害危机

本文认为,在可辩解型产品伤害危机中,与轻度消费者相比,重度消费者会在更大程度上维持对品牌态度、感知质量、购买意向、品牌合意性的认知,因此,基于重度消费者的品牌资产受损程度也更小。这样的结果,可以从社会心理学的角度得到解释。社会心理学研究表明,行为会影响态度,所以危机发生前的重度购买行为会形成对产品的正面态度;在可辩解型产品伤害危机发生以后,虽然客户接收到了负面信息,但为了减少自身的焦虑情绪和不协调感,重度消费者会在更大程度上维持对产品品牌的知识构成。     

证券分析师荐股的市场影响能力研究

本文利用上海证券报每周一"本周股评家最为看好的个股"这一栏目的长期荐股统计数据对A股市场中证券分析师荐股的市场影响能力进行了非正常收益率和成交量的实证研究。实证的结果发现证券分析师荐股受到整个市场行情发展状况的影响很大,而对市场量价的影响只存在短期效应,最终影响不大。     

South African Business Dynamics

ABSTRACT

This study attempts to develop a scale to measure the individual entrepreneurial orientation (IEO) of persons in South Africa. Respondents were subjected to a survey instrument and provided information on items pertaining to their demographics, entrepreneurial orientation, and values. The results showed substantial differences on the range of items between black and white entrepreneurs.     

Cross-Selling

Abstract

Cross-selling is an old and valuable technique used by salespeople to increase order size and to transform single-product buyers into multi-product ones. More recently, cross-selling has evolved into a strategy for customer relationship management. This article starts with a discussion of the benefits and pitfalls of cross-selling as a strategy for customer development within the context of CRM, oriented towards increasing the firm's share of the customer wallet, broadening the scope of the relationship with the customer, and increasing customer retention. This discussion is followed by a review of some of the analytical tools for identifying prospects for cross-selling, and by a discussion of technological and organizational requirements for the successful implementation of cross-selling.     

我国农业土地规模经营的现状、前景与政策建议

改革开放后,家庭承包责任制的逐步实施使广大农民获得了生产经营的自主权,解决了农民温饱问题、改善了农民生活。但随着经济的发展,我国的小农生产已经严重制约了我国农业生产的进一步发展。为提高我国农产品在国际上的竞争力,必须改变我国农地小规模分散经营的格局。在稳定土地产权关系的前提下,促进土地使用权流转,发展适度规模经营。本文在综合国内外已有研究的基础上,结合我国各典型区域的土地规模经营现状,总结了我国目前在推进土地规模经营的进程中普遍存在的问题,提出了我国各典型区域土地规模经营的发展前景,从而给出政策建议。     

Celebrity endorsement: How celebrity–brand–user personality congruence affects brand attitude and purchase intention

The present study provides and tests a conceptual framework aimed at comparing the relative effectiveness of celebrity–user, brand–celebrity, and user–brand personality congruence on brand attitude and brand purchase intention (BPI) thereafter. The data collection was done via an online survey of a representative group of consumers (n = 431) located across India. Hypotheses were tested using regression analysis with mediation approach. The results indicate that while user–brand and brand–celebrity personality congruence have a significant impact on brand attitude and purchase intention, celebrity–user congruence does not. Further, brand attitude is found to be a partial mediator on the relationship between the pair-wise personality congruence on BPI. The findings have major implications for marketers in understanding the significance of personality congruence among celebrity–brand–user in the formation of brand attitude and purchase intention that can be used in positioning and in increasing the advertising effectiveness of brands using celebrity endorsement. The present study is a pioneer in contributing to the celebrity endorsement literature by investigating the relative impact of three pairs of personality congruence: celebrity–brand, brand–user, and celebrity–user, on brand attitude and BPI, thereby supporting the applicability of McCracken's Meaning Transfer Model [McCracken (1989), The Journal of Consumer Research, 16 (3) 310–321) and the Hierarchy-of-effects model (Lavidge and Steiner (1961), Journal of Marketing, 25 (6) 59–62].     

基于TAM的网络培训教育系统使用行为的影响因素分析

网络培训教育以其优秀的学习资源和方便灵活的学习方式,近年来得到了迅速的发展。本文基于技术接受模型和用户满意理论,结合网络培训教育自身的特性,对学习者系统使用意向的影响因素:信息质量、系统质量、服务质量、用户满意、感知有用性、感知易用性和沉浸体验进行了深入分析,提出了针对网络培训教育系统的用户接受模型和研究假设。     

北京市十八区县投资环境实证分析

本文主要利用AHP法（层次分析法）,对北京市十八区县的投资环境进行实证研究,通过对各区县、各功能区影响投资环境的各种因素的比较评价,分析其投资环境上存在的问题,并在此基础上提出了改善投资环境的相关政策建议。     

Examining Antecedents and Consequences of Brand Personality in the Upper-Upscale Business Hotel Segment

ABSTRACT

Relying on Aaker's (1996 Aaker, D. A. 1996. Building strong brands, New York: Free Press.  [Google Scholar]) dimensions of brand personality, this study investigated the relationships between brand personality and its antecedents and consequences in the upper-upscale business hotel segment. Two dimensions of brand personality––competence and sophistication––were confirmed. User imagery was found to be the strongest predictor of brand personality, while trust had the significant mediating effect on the relationship between brand personality and loyalty. The theoretical and practical implications of this study's findings are included to assist both academicians and practitioners in the lodging industry in enriching their understanding of customers' perceptions of and attitudes toward hotel brand.