1,375 research outputs found
Are buybacks back? Menu-driven debt-reduction schemes with heterogenous creditors
Get PDFThere is always some price that is low enough so that a debtor country gains by buying back some of its debts. Similarly, there is always some price that is high enough so that creditors gain by selling their debt claims. What is needed is a mechanism that allows trades to take place at some price within this range. One mechanism, the market buyback, has been called a boondoggle. However, market buybacks are too expensive from the debtor's point of view and faced with a buyback bid, each creditor has incentives to hold onto its claim unless the bid is larger than the value of debt after the deal. Concerted debt-reduction agreements can overcome this type of coordination failure, but they may be difficult to reach in practice because of the heterogeneity of creditors. The authors argue that the menu approach to debt reduction retains the advantages but not the inconvenience of buybacks and concerted agreements. They introduce a model of bank asset pricing in the presence of tax incentives and deposit insurance. They then derive the equilibrium level of exit and new money for a distributionof creditors facing a given menu program. They show that the optimal menu includes some positive level of debt repurchase in almost all cases - challenging the argument that buybacks are undesirable. The authors conclude that the menu program dominates the standard buyback and new money approaches.Banks&Banking Reform,Economic Theory&Research,Financial Intermediation,Financial Crisis Management&Restructuring,Municipal Financial Management
The menu approach to developing country external debt : an analysis of commercial banks'choice behavior
Get PDFThis study provides evidence that bank characteristics are significant determinants of commercial-bank choice behavior when confronted with a menu of options. It develops a theoretical model of bank choice behavior and empirically tests its implications using data from the 1988 Brazilian financing package. The empirical results show that bank characteristics are capable of explaining over 80 percent of this choice. One of the main implications of the theoretical model is that under risk-neutrality assumption, financially stronger and more exposed banks prefer to exit. The findings have several important implications for the new debt reduction strategy. (i) First, larger debt reductions operated on a market basis are more costly, per unit of debt reduced. In order to increase debt reduction, weaker banks must be convinced to exit, increasing the needed exit price. (ii) Second, the exit price depends on the strength of the banking industry, and thus, the effectiveness of the present debt strategy is affected by changes in the world economy. In periods of booms, banks become stronger and exit prices are reduced. (iii) Third, regulators can affect the cost of debt reduction by altering the regulatory framework within which the banks operate. (iv) Fourth, LDC debt reductions are beneficial to the deposit insurance agencies of the major creditor nations.Financial Intermediation,Economic Theory&Research,Municipal Financial Management,Financial Crisis Management&Restructuring,Banks&Banking Reform
Inventories, Markups, and Real Rigidities in Menu Cost Models
Get PDFReal rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available.We study a menu cost economy in which firms hold inventories in order to avoid stockouts and to economize on fixed ordering costs. We find that, for low rates of depreciation similar to those in the data, inventories are highly sensitive to changes in the cost of holding and acquiring them over the cycle. This implies that the model requires an elasticity of real marginal cost to output approximately equal to the inverse of the elasticity of intertemporal substitution in order to account for the countercyclical inventory-to-sales ratio in the data. Stronger real rigidities lower the cost of acquiring and holding inventories during booms and counterfactually predict a procyclical inventory-to-sales ratio.Business fluctuations and cycles; Transmission of monetary policy
Inventories, Markups, and Real Rigidities in Menu Cost Models
Get PDFReal rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available. We study a menu cost economy in which firms hold inventories in order to avoid stockouts and to economize on fixed ordering costs. We find that, for low rates of depreciation similar to those in the data, inventories are highly sensitive to changes in the cost of holding and acquiring them over the cycle. This implies that the model requires an elasticity of real marginal cost to output approximately equal to the inverse of the elasticity of intertemporal substitution in order to account for the countercyclical inventory-to-sales ratio in the data. Stronger real rigidities lower the cost of acquiring and holding inventories during booms and counterfactually predict a procyclical inventory-to-sales ratio.
Investigating the Effect of Restaurant Menu Labelling on Consumer Food Choices Using a Field Experiment
Get PDFPurpose The aim is to explore the impact of new menu labels on consumers' actual meal purchases with a field experiment undertaken in a local restaurant. Design/methodology/approach The author used a field experiment in a natural eating environment at a restaurant to investigate the effect of restaurant menu labelling on consumers' meal choices and opinions on the use of nutritional labels on menus. The experiment included control and treatment conditions in which we offered customers unlabelled and labelled menus, respectively. After individuals' dining experience, the data on meal choices and attitudes to menu labelling was collected via a brief questionnaire. The author then performed inferential statistical analysis to test differences between the control and treatment conditions and logistic regression analysis to explore further what predicts the probability of labels being influential on meal choice. Findings The study finds that the information provided to the consumers on restaurant menus matters. The more useful the information is perceived by consumers, the more likely the labels will influence their choices. Calorie content and the walking minutes to burn those calories on labels were considered the most useful aspect of the menu labels. Originality/value The study contributes to a better understanding of the impact of menu labelling on actual meal purchases, as well as the best way to communicate calorie and nutrient information to consumers. The author also shares her experience designing a field experiment with a restaurateur for future research.Output Status: Forthcoming/Available Onlin
THE IMPACTS OF MENU QUALITY ON CUSTOMER SATISFACTION: BASIS FOR A PROPOSED HEALTHY MENU OPTION FOR FOOD SQUARE CONCESSIONAIRES IN DE LA SALLE UNIVERSITY - DASMARIÑAS
No full textAbstract: A concessionaire is one who has the authority to sell food and beverages in a designated area. One of the main objectives of a food concessionaire is to meet the expectations of his customers to be able to satisfy them. This research aimed to determine the impacts of menu quality on customer satisfaction in food square concessionaires. The study was conducted in De La Salle University-Dasmariñas, a private institution located in Dasmarinas City, Cavite because the researchers would want to investigate if the food concessionaires inside the university premises are able to provide the nutritional needs of the students as well as meet their satisfaction. The study made use of a researcher-made online survey questionnaire which was administered to 150 respondents. The study reached the following conclusion that the most important menu quality factor that customers consider when choosing the food/dishes to buy is the Food Quality which is composed of the following: overall food flavor, availability of delicious meals and tasty dishes, aroma/smell of the food, proper food temperature, and the method of cooking and preparation. Guided by the findings and conclusions of this study, food concessionaires must improve the quality of food by meeting the nutritional needs of each student on a regular basis. The final output of this study is a set of proposed healthy menu options for the food concessionaires in DLSU-Dasmarinas.
Keywords: Menu Quality, Customer Satisfaction, Healthy Menu, Food Concessionaire.
Title: THE IMPACTS OF MENU QUALITY ON CUSTOMER SATISFACTION: BASIS FOR A PROPOSED HEALTHY MENU OPTION FOR FOOD SQUARE CONCESSIONAIRES IN DE LA SALLE UNIVERSITY - DASMARIÑAS
Author: Bianca C. Buenaventra, Laika Mari C. Salvatus, John Alecs G. Tuliao, Ms. Anna-Liza A. Tibayan
International Journal of Thesis Projects and Dissertations (IJTPD)
Vol. 10, Issue 3, July 2022 - September 2022
Page No: 74-87
Research Publish Journals
Website: www.researchpublish.com
Published Date: 25-July-2022
DOI: https://doi.org/10.5281/zenodo.6900184
Paper Download Link (Source)
https://www.researchpublish.com/papers/the-impacts-of-menu-quality-on-customer-satisfaction-basis-for-a-proposed-healthy-menu-option-for-food-square-concessionaires-in-de-la-salle-university---dasmariasInternational Journal of Thesis Projects and Dissertations (IJTPD), Research Publish Journals, Website: www.researchpublish.co
Recent experience with commercial bank debt reduction
Get PDFThe authors review the case for market-based debt reduction and concerted debt reduction. They explain the new menu-based approach to debt reduction and discuss why it may be preferred to market-based and concerted debt reduction. In a review of the five recent debt-reduction agreements, they find that the menu approach indeed achieved debt reduction at substantially lower costs than a comparable market-based operation. By one measure, the five countries may have saved more than $8 billion. Even a menu-based approach to debt reduction, however, is unlikely to directly benefit the debtor financially. They find that the debtors suffered financial losses equal to a few percent of their GDPs. Indirect benefits, or efficiency gains associated with debt reduction, are necessary to make the operation benefit the debtor.Strategic Debt Management,Economic Theory&Research,Financial Intermediation,Environmental Economics&Policies,Banks&Banking Reform
Active Courts and Menu Contracts
Get PDFWe describe and analyze a contractual environment that allows a role for an active court. The model we analyze is the same as in Anderlini, Felli, and Postlewaite (2006). An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties’ welfare under a veil of ignorance. In Anderlini, Felli, and Postlewaite (2006) the possibility of “menu contracts” between the informed buyer and the uninformed seller is described but not analyzed. Here, we fully analyze this case. We find that if we maintain the assumption that one of the potential objects of trade is not contractible ex-ante, the results of Anderlini, Felli, and Postlewaite (2006) survive intact. If however we let all “widgets” be contractible ex-ante, then multiple equilibria obtain. In this case the role for an active court is to ensure the inefficient pooling equilibria do not exist alongside the superior ones in which separation occurs.optimal courts, informational externalities, ex-ante welfare, informed principal, menu contracts
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On The Efficacy of Alternate Menu Configurations
No full textExtensive research has been conducted to improve the menus that allow navigation of digital world, most of it focused on the most common varieties of menu. Radial menus, a less common menu variety designed so that menu entries are aligned on a polar coordinate system, have largely been ignored. Early studies focused on radial menus predicted significant user experience benefits in certain applications, but the relative dearth of modern work has made it difficult to determine the optimal applications for radial menu interfaces. One specific area of study that has been neglected is the application of radial menus in an Internet setting. The goal of this research is to establish a baseline comparison between an extremely simplistic nested radial menu and a similar list menu, of the kind that can be found throughout the Internet. The test platform consists of a brief web navigation exercise. Participants will navigate through a web-page using either a radial menu or a list menu and the website will collect the completion times for the different menu types
DUM (dynamic user menu)
Get PDFA menu that is modified automatically by usage. For example, right clicking a file name displays a menu of canned options; however, items may be added to the menu by new applications at time of installation. Proposed by Alan Freedman, author of the ComputerLanguage.com encyclopedia, a dynamic user menu (DUM) adjusts over time based on which items the user routinely clicks. As of 2022, there is little evidence of a DUM menu in use, but there are countless dumb menus in use
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