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Market pricing of liquidity risk: evidence from China
No full textInternational audienceThe purpose of this paper is to investigate whether liquidity risk (i.e. the returns’ vulnerability to the unexpected changes in overall market liquidity) is a priced risk factor in China. Moreover, it investigates the potential role of a stock’s information quality in reducing its liquidity risk during the period of post-non-tradable shares reforms in China
Brand hate: the case of Starbucks in France
No full textInternational audienceThe purpose of this paper is to use the concept of brand hate as part of an exploratory study in order to investigate the antecedents and consequences of extreme negative affect within the food category
Brand equity and firm performance: the complementary role of corporate social responsibility
No full textInternational audiencePrevious studies have demonstrated the impact of corporate brand equity on firm performance but have not yet investigated moderating effects on this relationship from other dimensions of firm strategy. This study puts forward a contingency model of the relationship between corporate brand equity and firm performance and investigates the moderating effect of one important contingency variable which is the firm’s corporate social responsibility (CSR) strategy. It is tested on a panel dataset of 62 US firms/corporate brands. The results of this study corroborate previous evidence that corporate brand equity has a significant positive impact on market-based performance, measured by market share, as well as on financial performance, measured by Tobin’s q. In addition, the findings indicate that CSR plays a complementary role, positively moderating the relationship between corporate brand equity and firm performance. That is, there is a synergistic connection between brand equity and CSR which increases long-term value over and above the direct impact of corporate brand equity
Spillover across Eurozone credit market sectors and determinants
No full textInternational audienceWe examine spillover and its determinants among Eurozone sector level credit markets using time and frequency domain spillover approaches. Based on network theory and connectedness analysis, we identify the sectors that are major transmitters and receivers of spillover during normal and crisis periods. The rolling window analysis shows that short-run spillover among credit market sectors intensifies during global and Eurozone crisis periods. Further, using Bayesian model averaging, we find that overall financial conditions and stock market volatility are the main drivers of total and sector-level spillover. Our findings have important implications for policymakers and investors interested in Euro-area credit risk at the sector level
External debts, current account balance and exchange rates in emerging countries
No full textInternational audienceThis article aims to study the relationship between exchange rates, current account balance, and external debts in a sample of 13 emerging countries. We use quarterly data over the period 2000Q1–2016Q4. Based on VECM approach and ARDL model, the main common finding for the selected countries is that for most countries the fluctuation of exchange rates is driven by the accumulation of external debts and/or large current account imbalance, especially in the long-run. While in some countries, only unidirectional causality is pointed out, in other countries, we find bidirectional causality between variables, implying that external debts and current account balance are also influenced by the trend of exchange rates
An Introduction to the Special Issue “Virtual Reality in Marketing”: Definition, Theory and Practice
No full textInternational audienceVirtual reality is an emergent technology of keen interest for marketers based on the novelty, uncertainty, complexity, and potential conflict it presents for marketing. The Special Issue provides insights into several aspects of virtual reality and its implications to the field of marketing. This article introduces the special issue and focuses on highlighting the articles in the special issue relative to offering a definition of virtual reality, highlighting theoretical contributions of the papers, and recommending managerial action for marketers wishing to leverage the opportunities provided by virtual reality
What drives pricing behavior in Peer-to-Peer markets? Evidence from the carsharing platform blablacar
No full textInternational audienceWe examine how price and demand are determined on peer-to-peer platforms and whether experience and reputation have the same impact as in traditional markets. We use data from the world's leading intercity carsharing platform, BlaBlaCar, which connects drivers with empty seats to riders. We find that pricing decisions evolve as drivers gain experience with the platform. More-experienced drivers set lower prices and, controlling for price, sell more seats. Our interpretation is that more-experienced drivers on BlaBlaCar learn to lower their prices as they gain experience; accordingly, more-experienced drivers earn more revenue per trip. In total, our results suggest that peer-to-peer markets such as BlaBlaCar share some characteristics with other types of peer-to-peer markets such as eBay but remain a unique and rich setting in which there are many new insights to be gained
Impact of the usage of social media in the workplace on team and employee performance
No full textInternational audienceHow does the usage of social media in the workplace affect team and employee performance? To address this cutting edge and up-to-date research question, we ran a quasinatural field experiment, collecting data of two matched-sample groups within a large financial service firm in China. We find that work-oriented social media (DingTalk) and socialization-oriented social media (WeChat) are complementary resources that generate synergies to improve team and employee performance. The instrumental value provided by work-oriented social media is reinforced by the expressive value provided by socialization-oriented social media, which help firms to create business value from information technology investments
Influence of Investor and Advisor Big Five Personality Congruence on Futures Trading Behavior
No full textInternational audienceThis study attempts to assess the influence of investor-advisor personality congruence on the trading behavior of futures investor. This research tested the hypotheses based on the unique data set collected from 408 investor-advisor dyads in the Chinese futures market. Our main data source is the actual trading data of futures investors that we obtained directly from futures brokerage firms in China. We performed Ordered Probit estimation to investigate the influence of investor-advisor personality congruence on trading frequency. Our results provide empirical evidence that investors tend to trade more futures when investor and advisor have congruence on openness, conscientiousness, and agreeableness. In contrast, investor-advisor congruence on neuroticism dampens investor's futures trading. This research postulates that individual investors trade differently if they have personality congruence (incongruence) with their advisors. Therefore, it is recommended that policymakers should consider investor-advisor personality congruence to enhance their business performance in the retail investor services industry