Brand experience as a moderator of the negative impact of promotions

While price promotions are generally believed to have a positive impact on immediate sales, their effects on attitude towards repurchase, quality perceptions, and repurchase are far less clear. We present a study that tests the effect of brand experience in moderating the negative impact of promotions. The results of the laboratory study indicate that the negative impact of a discount on perceptions of quality and subsequent intent to purchase at full price is eliminated among those who had tried the brand. The moderation of the negative impact of promotions has not been previously shown to occur despite its prediction by a variety of behavioral theories.     

The time frames of entrepreneurs

This study investigated past and future temporal depths (distances into the past and future) of entrepreneurs. The results provide the first statistics describing these depths in a sample of entrepreneurs. A significant positive correlation was found between past and future temporal depths, and relationships were examined between both temporal depths and polychronicity, preference for working fast, perceived temporal flexibility of work, emphasis on schedules and deadlines, emphasis on punctuality, and general life stress. Entrepreneurs' ages, lengths of future temporal depth, and perceived temporal flexibility were all found to be negatively related to life stress in a hierarchical regression analysis.     

Market competition,earnings management,and persistence in accounting profitability around the world

We examine how cross-country differences in product, capital, and labor market competition, as well as earnings management affect mean reversion in accounting return on assets. Using a sample of 48,465 unique firms from 49 countries, we find that accounting returns mean revert faster in countries where there is more product and capital market competition, as predicted by economic theory. Country differences in labor market competition and earnings management are also related to mean reversion in accounting returns—but the relation varies with firm performance. Country labor competition increases mean reversion when unexpected returns are positive but slows it when unexpected returns are negative. Accounting returns in countries with higher earnings management mean revert more slowly for profitable firms and more rapidly for loss firms. Thus earnings management incentives to slow or speed up mean reversion in accounting returns are accentuated in countries where there is a high propensity for earnings management. Overall, these findings suggest that country factors explain mean reversion in accounting returns and are therefore relevant for firm valuation.     

Higher risk,lower returns: What hedge fund investors really earn

The returns of hedge fund investors depend not only on the returns of the funds they hold but also on the timing and magnitude of their capital flows in and out of these funds. We use dollar-weighted returns (a form of Internal Rate of Return (IRR)) to assess the properties of actual investor returns on hedge funds and compare them to buy-and-hold fund returns. Our main finding is that annualized dollar-weighted returns are on the magnitude of 3% to 7% lower than corresponding buy-and-hold fund returns. Using factor models of risk and the estimated dollar-weighted performance gap, we find that the real alpha of hedge fund investors is close to zero. In absolute terms, dollar-weighted returns are reliably lower than the return on the Standard & Poor's (S&P) 500 index, and are only marginally higher than the risk-free rate as of the end of 2008. The combined impression from these results is that the return experience of hedge fund investors is much worse than previously thought.     

Productivity Trends in Europe: Implications for Real Exchange Rates, Real Interest Rates, and Inflation

The paper examines a long–run (neoclassical) framework in which differences in productivity growth across sectors and countries lead to inflation differentials. In a currency union, these inflation differentials imply cross–country differentials in real interest rates. The authors estimate the likely size of these differentials for European Union countries, discuss the potential costs of persistent inflation differentials, and comment on the conflicts they may cause within Economic and Monetary Union (EMU). The analytical framework is a variant of the Balassa–Samuelson "productivity hypotheisis," which relates sectoral productivity trends to trends in the relative price of home goods.     

Uptake of organisational work–life balance opportunities: the context of support

This research examines the relationship between structural and cultural dimensions affecting managerial decision-making about work–life balance (WLB) opportunities. Through a top-down study of two contrasting Irish organisations, we identify how each of five dimensions of work–life culture: ‘managerial and organisational support’, ‘organisational time expectations’, ‘career consequences’, ‘gendered perception of policy use’ and ‘co-worker support’ are mediated through managers to affect availability and uptake of WLB opportunities and creating gaps between policy and practice. This study demonstrates how marked distinctions between the personal opportunities managers may wish to offer and the discretion available to them arise. Secondly, the concept of organisational work–life culture is advanced by elaborating the ‘context of support’, namely interdependencies between organisational culture and structure that affect the uptake of WLB opportunities. Implications for researchers and practitioners are also discussed.     

Recruitment and retention in front‐line services: the case of childcare

This article highlights how problems of recruitment and retention in front‐line services create a particular challenge to traditional HRM models and solutions. Private day nurseries make an interesting example of the challenges facing managers in the service sector as the combination of a feminised workforce, a price‐sensitive service, public–private competition and state regulation create particular difficulties. We report on a study of 33 day nurseries involving interviews with managers and employees over an eight‐month period. Our findings show that childcare providers have to cope with recruitment and retention problems associated with high‐end interactive service provision compounded by gender segregation and small business characteristics. Our analysis of employer and employee perspectives examines labour market issues affecting recruitment, and categorises the reasons for staff turnover into internal ‘push’ factors, external ‘pull’ factors, outside factors and functional turnover.     

„Drum prüfe,wer sich bindet...” — eine empirische untersuchung zur wirkung von markenkooperationen

ZusammenfassungMarkenkooperationen sind en vogue, kaum ein Markenhersteller, der in der jüngsten Vergangenheit nicht an eine solche Form der Zusammenarbeit gedacht h?tte. Warum auch nicht? Die damit einhergehenden Nutzenm?glichkeiten sind vielseitig und reichen von der Halbierung der Marketingkosten, der Steigerung von Reichweite- und Bekanntheitsgrad bis hin zur übertragung von markenindividuellen Assoziationen. Das nachfolgende Fallbeispiel des FreshSurfer zeigt, dass man sich beim Aufbau von langfristigen Markenkooperationen jedoch nicht nur von kurzfristigen Opportunit?ten verleiten lassen sollte, sondern eine solche Zusammenarbeit vorab auf verschiedenen Dimensionen gewissenhaft abgekl?rt werden muss.