Tail risk in emerging markets of Southeastern Europe

This article examines the left-tail behaviour of returns on stocks in Southeastern Europe (SEE). We apply conditional extreme value theory (EVT) approach on daily returns of six stock market indices from SEE between 2004 and 2013. Predictive performance of value-at-risk (VaR) and expected shortfall (ES) based on EVT is compared against several alternatives, such as historical simulation and analytical approach based on GARCH with a single conditional distribution. Model backtesting with daily returns shows that EVT-based models provide more reliable VaR and ES forecasts than the alternative models in all six markets. Unlike the alternatives, the EVT-based models cannot be rejected as VaR confidence level is increased. This emphasizes the importance of extreme events in SEE markets and indicates that the ability of a model to capture volatility clustering accurately is not sufficient for a correct assessment of risk in these markets.     

Nonfinancial reporting regulation and challenges in sustainability disclosure and corporate governance practices

This paper aims to investigate how the shift from voluntary to mandatory nonfinancial information started by the European Union (EU) Directive 95/2014 may influence corporate practices. In particular, this research presents a paradigmatic case study to highlight relevant changes in reporting strategy and corporate governance adopted by an Italian listed company that never disclosed sustainability information before the transposition of the EU Directive into the Legislative Decree 254/2016. In this scenario, new obligations on nonfinancial reporting were not perceived as mere additional administrative duties and the nonfinancial statement became an opportunity to communicate company's paths towards sustainability, guaranteeing transparency and greater stakeholders' engagement. Our findings go beyond prior studies pointing out how organisations adopt strategic and tactical responses to the pressure stemming from the external environment. Additionally, it highlights the pivotal function played by the internal audit in setting up the direction of change. This research has theoretical and practical contributions for academic communities, policymakers and practitioners.     

Neuromarketing and the “poor in world” consumer: how the animalization of thinking underpins contemporary market research discourses

Consumption research has been informed traditionally by cognitive psychology but it has now incorporated the diagnostic techniques of neuroscience to give rise to neuromarketing. Using bio-imaging technologies to track how consumers respond to advertising stimuli, neuromarketing aims to predict and manage consumer buying behaviour by decoding how instinctive drives can be triggered to enact buying habits. This paper examines the primary discursive reduction that occurs in the popular text/talk of neuromarketing: the reduction of the consumer to the state of a poor in world animal (animalization of thinking). Using a hybrid analytic of textual analysis and a Heideggerian philosophical frame, this work traces how discourses used to sell neuromarketing represent specific kinds of non-knowledgeable consumers. This hybrid approach offers consumption scholars a new perspective for understanding how animal representations of the consumer are deployed in neuromarketing as a discursive world.     

Fear advertisements: influencing consumers to make better health decisions

From a goal-theoretic framework, this paper proposes that fear-based framing of health messages can lead to positive decision intentions, thus helping consumers make better future health-related choices. Across two experiments, findings demonstrate that the type of advertisement (fear versus hope) and food prime (indulgent versus non-indulgent) interact to determine goal-related choice focus – such as subsequent indulgence intention or intention to implement an exercise health goal. Research implications include the suggestion that if marketers properly execute fear-primed promotional messages with non-indulgent food offerings, they can satisfy the notion that ‘One good health decision can lead to another.’     

Online Reputation Monitoring: An Exploratory Study on Italian Hotel Managers’ Practices

This study aims to understand current Italian hotel managers’ practices in monitoring online reviews included on travel websites and online travel agencies. Results obtained by a web survey indicate what hotel managers monitor (rating, rankings, guest comments regarding different service elements) and managers’ orientation in replying to customer reviews. Findings may support online reputation management tools providers and consulting firms by highlighting the degree of hoteliers’ interest in UGC monitoring and providing insights on possible factors that differentiate current management practices and should be considered in order to offer technical solutions coherent with the distinctiveness of Italian context.     

The frustrations of digital fabrication: an auto/ethnographic exploration of ‘3D Making’ in school

Following initial educational enthusiasms for ‘Making’ technologies and the ‘Maker Movement’, increasing numbers of students are now using digital fabrication programs and equipment in school. Given the current lack of empirical research exploring the realities of Making as a school activity, this paper presents an in-depth auto/ethnographic account of 3D printing—currently, one of the most popular Maker technologies in schools. Investigating the case of an 8 week Year 9 design project, this paper seeks to broaden understandings of how 3D printing technologies and practices are shaping “what counts” as learning within contemporary school settings. In particular, this research focuses on the experiences of Making within a school context; what is learned through these experiences; and how the process of Making in school feels. This paper highlights three key issues that have been marginalised to date in discussions of Making in schools: (1) lack of pragmatic engagement, (2) affective labour of failing; and (3) mediated alienation.