Marketing strategy and the hunt for era V

ABSTRACT

This paper is a response to a recent special issue of the Journal of Marketing Management in which Shelby Hunt celebrates the achievements of 40 years of marketing strategy. In noting the passing of the ‘old guard’, Hunt calls on a new generation of scholars to meet the challenges confronting marketing and to develop new theories and frameworks to advance Marketing Strategy into Era V. We take for our inspiration Hunt’s own words, specifically his reference to the ‘promising’ and ‘problematic’ that he uses to characterise the current and latent state of marketing strategy. To build our vision and map out our agenda we offer an alternative reading of this discipline through the idea of Marketing Strategy as Discourse (MSAD). Within the paper, we outline the role that discourse can perform as a resource to reconfigure our appreciation of marketing strategy.     

The relation between municipal and government bond yields in an era of unconventional monetary policy

In this paper, we investigate how the 5‐year Swedish municipal bond yield has been related to the corresponding yield on government bonds during the period that the Riksbank has conducted unconventional monetary policy in terms of bond purchases. Using daily Swedish data on bond yields from February 2015 to January 2018, we first conduct an event study to assess the short‐run effects of the Riksbank's bond‐purchase announcements. We then estimate bivariate vector autoregressive models to study the dynamic relationship between the yields. Results from the event study suggest that the accumulated short‐run effect of the Riksbank's announcements was to lower the government bond yield by approximately 40 to 50 basis points and municipal bond yields by 30 to 35 basis points. Our vector autoregressive analysis indicates—in line with the event study—that an unexpected decrease in the government bond yield initially increases the municipal bond‐yield spread. However, after approximately 4 weeks, the effect has been reversed and the municipal bond‐yield spread is lower than it was initially. By conducting this analysis, we contribute to the understanding of the transmission of unconventional monetary policy.     

The Theory of Planned Behavior in the Context of a Food and Drink Event: A Case Study

The present case study seeks to contribute to the culinary event management literature, investigating key motivators among participants to the Derbyshire Food and Drink Fair, United Kingdom. A questionnaire, which was partly based on predictors related to the theory of planned behavior was designed and distributed; 308 usable responses were collected. The validity and impact of attitude toward the behavior, perceived behavioral control, and subjective norms on behavioral intention was confirmed. Additionally, several motivators, such as “commitment and perceived importance,” “consumption and entertainment,” “attendance and discovery,” and “joining others” were identified as key factors. Finally, statistically significant differences were noticed among various participating groups, namely, in terms of age, gender, or distance traveled to the event. The findings have important implications for event managers and organizers, in terms of promotion, and addressing the needs and wants of various segments of food festival attendees.     

Visions and scenarios of democratic governance in Asia 2030

Using the Six Pillars foresight workshop process, forty-five Asian political, policy and activist leaders explored the futures of democratic governance. Organized and funded by Oxfam and the Rockefeller Foundation, the organizing hypothesis was that without a change in the nature of governance in Asia, poverty could not truly be uprooted. Changes in governance needed to be imagined and created from the ground up, not just imposed by the past or the elite. Five visions with accompanying causal layered analysis were developed by participants. Generally, these visions focused on more inclusion not just at the level of voting, but in terms of the participatory creation of alternative futures of culture, technology, economy and polity.     

The land sparing – land sharing controversy: Tracing the politics of knowledge

Feeding 9 billion people by 2050 on one hand, and preserving biodiversity on the other hand, are two shared policy goals at the global level. Yet while these goals are clear, they are to some extent in conflict, because agriculture is a major cause of biodiversity loss, and the path to achieve both of them is at the heart of a public controversy around ‘productive’ land use and biodiversity conservation. Over the years, the scientific, policy, civil society and agri-business communities have been engaged in producing evidence that can support a land sparing policy (separating intensive agricultural production from biodiversity conservation) or a land sharing policy (integrating the two in larger and more extensive landscapes). This paper contributes to this debate by analyzing land sparing and land sharing (LSS) as a socio-technical controversy. Through the analysis of large and small corpora of scientific, policy, corporate social responsibility and sustainability standards documents we explore the ethical underpinnings and social networks that support the opposing sides of this controversy. We explore these linkages in order to explain how the concept of land sparing achieved dominance in the scientific literature and how the concept has been taken up in international policy, business and civil society circles. We examine the convergences and divergences in alliances between actors in this controversy in order to map how specific actors have promoted the concept of land sparing as the best way to used land for biodiversity and food production.     

The Brexit effect: the case of UK ADR performance one year later

In an unexpected outcome, UK voters decided that it was time to exit the European Union based on the results of a vote held on 23 June 2016. Studies of the affects and implication of Brexit include a study showing that the vote was met with a negative short-term wealth effect for UK American depository receipts (ADRs). This study examines the one-year anniversary holding period returns of these ADRs along with the British Pound and the FTSE 100 to discover any lingering effects from the historical vote. Results indicate that the one-year holding period returns for the ADRs averaged 5.8% for the year while the FTSE gained 4.8%, the S&P 500 gained 15.4% and the Pound lost 13.2% of its value.     

A three-frequency dynamic factor model for nowcasting Canadian provincial GDP growth

This paper estimates a three-frequency dynamic factor model for nowcasting the Canadian provincial gross domestic product (GDP). The Canadian provincial GDP at market prices is released by Statistics Canada annually with a significant lag (11 months). This necessitates a mixed-frequency approach that can process timely monthly data, the quarterly national accounts, and the annual target variable. The model is estimated on a wide set of provincial, national and international data. In a pseudo real-time exercise, we find that the model outperforms simple benchmarks and is competitive with more sophisticated mixed-frequency approaches (MIDAS models). We also find that variables from the Labour Force Survey are important predictors of real activity. This paper expands previous work that has documented the importance of foreign variables for nowcasting Canadian GDP. This paper finds that including national and foreign predictors is useful for Ontario, while worsening the nowcast performance for smaller provinces.     

Ethnic discrimination in hiring,labour market tightness and the business cycle - evidence from field experiments

Several studies using observational data suggest that ethnic discrimination increases in downturns of the economy. We investigate whether ethnic discrimination depends on labour market tightness using data from correspondence studies. We utilize three correspondence studies of the Swedish labour market and two different measures of labour market tightness. These two measures produce qualitatively similar results, and, opposite to the observational studies, suggest that ethnic discrimination in hiring decreases in downturns of the economy.     

Corporate Real Estate Sale and Leaseback Effect: Empirical Evidence from Europe

Corporate real estate disposals have increased in Europe during the past few years. In this research paper, we study market reactions of publicly traded European companies' real estate sale and leaseback announcements during 1998–2004. This study is one of the first ones to study the sale and leaseback impact on corporate value with a pan‐European data. We find that the sale and leaseback announcements have on average positive impact to firm's value which is in line with the previous studies. However, we also find that the positive effect is mainly caused by the deals with high transaction value to company market value ratio. Smaller transactions do not create on average any abnormal returns. Our results support the hypothesis that the positive sale and leaseback announcement effect is a consequence of revealed hidden value of the company's assets. Thus, sale and leaseback can also be seen as a mechanism for revealing the hidden value of company's assets to the market.     

基于DEA模型的贵州区域科技投入产出效率研究

科技水平是经济发展的重要指标,科技的投入产出效率直接关系到科技的发展。以贵州2014-2016年的科技投入产出数据为样本,运用DEA方法对贵州各区域进行相对绩效评价。结果显示：贵州各市（州）科技投入产出综合效率、纯技术效率和规模效率均存在明显改善的趋势,其中综合效率DEA有效的决策单元占比从33.3%提高到了44.4%,但各市（州）之间的纯技术效率存在较大差异。贵州各区域应加强对科技资源的合理配置,注重基础研究,完善科技成果的转换机制。