CSN: Business (Topic)最新文献

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Temporal Reframing Elicitations Can Improve the Emergency Savings Intentions of Gig Workers 时间重构启发可以提高零工工人的应急储蓄意愿
CSN: Business (Topic) Pub Date : 2021-09-14 DOI: 10.2139/ssrn.3923886
Stephen Shu, Steve Thomas, David A. Smith
{"title":"Temporal Reframing Elicitations Can Improve the Emergency Savings Intentions of Gig Workers","authors":"Stephen Shu, Steve Thomas, David A. Smith","doi":"10.2139/ssrn.3923886","DOIUrl":"https://doi.org/10.2139/ssrn.3923886","url":null,"abstract":"Gig Economy workers often face do-it-yourself financial savings, more granular earnings structures (versus being salaried employees), and proportionally greater financial uncertainty whether psychologically perceived or real (e.g., income uncertainty). This paper extends prior work on temporal reframing (e.g., which has used specific amounts, such as saving a set amount per day) to explore in a lab setting with UK-based participants whether eliciting emergency savings decisions in temporal frames may make a difference even without specific amounts (e.g., how much would you like to save per day in pounds) and relative to completely unstructured savings decisions (e.g., how much would you like to save). Given the emergency savings context, we further examine exogenously varying levels of income risk on intentions to participate in recurring savings into an emergency saving fund. The investigation provides evidence that eliciting savings using more granular temporal frames (e.g., how much would you save per day versus how much would you save per month) increases savings, but likely through different psychological mechanisms as compared to when savings choices are offered with specific amounts. Whereas prior literature has shown mixed evidence for the independent worker segment and precautionary savings, this investigation supports the perspective that under moderate income variability, independent workers will also increase their intentions for precautionary savings, although under high income variability these increases may start to reverse (e.g., inverted U-shaped outcome response to increasing income variability) after controlling for small stakes risk and loss aversion and other demographics.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133699467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pharmaceutical Lottery Stocks: Investors’ Reaction to FDA Announcements 医药彩票类股:投资者对FDA公告的反应
CSN: Business (Topic) Pub Date : 2021-08-26 DOI: 10.2139/ssrn.3911774
D. Kliger, Tiran Rothman, S. Mousavi
{"title":"Pharmaceutical Lottery Stocks: Investors’ Reaction to FDA Announcements","authors":"D. Kliger, Tiran Rothman, S. Mousavi","doi":"10.2139/ssrn.3911774","DOIUrl":"https://doi.org/10.2139/ssrn.3911774","url":null,"abstract":"We investigate return patterns of lottery-type-stocks around FDA announcements regarding New-Drug-Applications (NDAs), Biological-Licensing-Applications (BLAs), and New-Molecule-Entities (NMEs). Focusing on post-event returns, we document negative abnormal returns (‘bio-run-down’) for the 176 NDAs and BLAs, whether the FDA approved the firms’ applications or not. We document also negative abnormal returns for the 313 NMEs, mainly for small firms. We attribute these results to investors’ desire to participate in the ‘lotteries’ of FDA announcements and lack of interest in the firms’ stocks after the announcements. Employing Bloomberg’s Abnormal-Institutional-Attention (AIA) we suggest abovementioned pricing behavior is due to individual investors, rather than to professionals.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129543294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Review Studies: Lifestyle and Social Class in Consumer Behavior for Services Industries 回顾研究:服务业消费者行为中的生活方式和社会阶层
CSN: Business (Topic) Pub Date : 2021-07-26 DOI: 10.2139/ssrn.2630570
I Gusti Bagus Rai Utama
{"title":"Review Studies: Lifestyle and Social Class in Consumer Behavior for Services Industries","authors":"I Gusti Bagus Rai Utama","doi":"10.2139/ssrn.2630570","DOIUrl":"https://doi.org/10.2139/ssrn.2630570","url":null,"abstract":"Lifestyle studies share all about how the people do activities, how their attitudes to get values, how they become as a unique individual and as a group, how they reflect experiences, how they interact in their group, where they are living, how they used their freedom to choose. These characteristics can influence consumer behavior. The power of consumer behavior can be explained by social class studies, these powers can become from occupation, education and qualifications, income, wealth or net worth, ownership of land, property, and means of production, economical factor, political factor, and cultural factor. Lifestyle and social class can influence consumer behavior. It is an important case for a marketer because they can begin a marketing plan, who as consumers, where they are when they need the product. Market segmentation can be played by characteristics of consumers' behavior base on lifestyle and social class.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130175145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Market Distraction and Near-Zero Volatility Persistence 市场分散和接近零波动的持久性
CSN: Business (Topic) Pub Date : 2021-05-18 DOI: 10.2139/ssrn.3848600
Jian-xin Wang
{"title":"Market Distraction and Near-Zero Volatility Persistence","authors":"Jian-xin Wang","doi":"10.2139/ssrn.3848600","DOIUrl":"https://doi.org/10.2139/ssrn.3848600","url":null,"abstract":"This study shows that during the FIFA World Cups, the Olympic Games, and Christmas and New Year, the average daily volatility persistence is near zero across 17 equity indices in 14 developed economies. During the World Cups, the volatility persistence decreases with proxies for the intensity of distraction and negative sentiment. The evidence indicates reduced information production by distracted financial analysts and journalists. In addition, volatility persistence is low in June and high in January and October, consistent with reduced attention during holidays and heightened attention afterwards. The seasonal variations in volatility persistence explain 8.7% of variations in volatility level across global markets.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127958970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do Preferences for Private Labels Respond to Supermarket Loyalty Programs? 对自有品牌的偏好会对超市忠诚度计划做出反应吗?
CSN: Business (Topic) Pub Date : 2020-12-06 DOI: 10.2139/ssrn.3324595
Jorge Florez-Acosta
{"title":"Do Preferences for Private Labels Respond to Supermarket Loyalty Programs?","authors":"Jorge Florez-Acosta","doi":"10.2139/ssrn.3324595","DOIUrl":"https://doi.org/10.2139/ssrn.3324595","url":null,"abstract":"Abstract This paper examines the effects of supermarket loyalty programs (LPs) on the demand for private labels (PLs). Using transaction level data on grocery purchases and individual level information on the membership of loyalty programs, I estimate a model of demand in which membership may affect the consumers’ valuation for PLs, their sensitivity to price changes and have spillover effects on both named brands (NBs) and rivals’ PLs. My identification strategy of the membership effect exploits observed variation in shopping patterns at the consumer level over time and includes a control function using LP characteristics as instrumental variables to account for a potential selection bias related to unobserved factors of the membership decision. I find a significant effect of LPs on consumer preferences for PLs. Compared to non-members, membership reduces consumers’ price sensitivity for the products sold by the supermarket they are members of, but increases it for products sold by supermarkets they are not members of. These effects are weaker for households that are members of the LPS of multiple supermarkets. Further, I use my demand model along with a supply model to simulate counterfactual scenarios in which supermarkets unilaterally modify their LPs to make it more difficult for customers to benefit from them. I find a considerable decrease in the demand for PLs and an increase in the demand for NBs. In response, supermakets decrease PLs’ prices and increase NBs prices in order to partially offset the impact on PLs’ demand.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115007670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Resource Allocation in the Brain and the Equity Premium Puzzle 大脑中的资源配置与股权溢价之谜
CSN: Business (Topic) Pub Date : 2020-02-01 DOI: 10.2139/ssrn.3609062
Hammad Siddiqi
{"title":"Resource Allocation in the Brain and the Equity Premium Puzzle","authors":"Hammad Siddiqi","doi":"10.2139/ssrn.3609062","DOIUrl":"https://doi.org/10.2139/ssrn.3609062","url":null,"abstract":"What happens when information reaches the human brain? In economics, a black box approach to information absorption is generally taken with an implicit assumption that, information, once it reaches the brain, is correctly processed. In sharp contrast, research in brain sciences has established that when information reaches the brain, a pre-existing knowledge structure or schema is first activated, which influences information absorption. The process through which these knowledge structures are created is resource intensive. It involves using a pre-existing schema as a starting point and attempting to adjust it appropriately by using finite brain resources. We apply this approach to the thinking process of investors trying to work out the worth of various stocks. We show that with a binding resource constraint, a new multiplicative term emerges on the right-hand-side of the standard Sharpe-ratio expression in asset pricing. This new term provides a unified explanation for the equity premium puzzle, generates counter-cyclical equity premia, and gives rise to size, value, and momentum effects. A novel prediction of the approach is negative correlation of momentum with value and size","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"320 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115564966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Time Encoding in Languages and Investment Efficiency 语言时间编码与投资效率
CSN: Business (Topic) Pub Date : 2019-11-29 DOI: 10.1287/MNSC.2019.3555
Jaehyeong Kim, Yongtae Kim, Jian Zhou
{"title":"Time Encoding in Languages and Investment Efficiency","authors":"Jaehyeong Kim, Yongtae Kim, Jian Zhou","doi":"10.1287/MNSC.2019.3555","DOIUrl":"https://doi.org/10.1287/MNSC.2019.3555","url":null,"abstract":"Linguistics research shows that languages differ as to how they differentiate future from present events. Economics research finds that when the grammatical structure of a language disassociates the future from the present, speakers of the language also disassociate the future from the present in their behaviors. This study examines how linguistically induced time perception relates to cross-country variation in investment efficiency. We find that underinvestment is less prevalent in countries where there is a weaker time disassociation in the language. The results from both a within-country analysis based on firms headquartered in different regions of Switzerland and an analysis based on the birthplace information of U.S. firms’ chief executive officers confirm the relation between languages and investment efficiency. Collectively, the results suggest that time encoding in languages influences speakers’ cognition and their investment decisions. This paper was accepted by Shivaram Rajgopal, accounting.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122651102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
The Hidden Costs of Whistleblower Protection 保护举报人的隐性成本
CSN: Business (Topic) Pub Date : 2019-09-27 DOI: 10.2139/ssrn.3111844
N. Wallmeier
{"title":"The Hidden Costs of Whistleblower Protection","authors":"N. Wallmeier","doi":"10.2139/ssrn.3111844","DOIUrl":"https://doi.org/10.2139/ssrn.3111844","url":null,"abstract":"We conduct a laboratory experiment to analyze cooperative behavior between a manager and an employee in the presence of misbehavior and protected whistleblowing. Before taking part in a trust game with her employee, a manager has the opportunity to embezzle money at the expense of a third party. Her behavior is observed by the unaffected employee who may trigger an investigation by a report. We vary the framework with respect to monetary incentives and anonymity in case of a report and compare misbehavior, reporting and cooperative behavior across treatments. Our results suggest that a whistleblower law could deter wrongdoing, but could also have a detrimental effect on cooperation in organizations when it increases the probability for false whistleblowing.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131868129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Demand Estimation and Forecasting Using Neuroeconomic Models of Consumer Choice 使用消费者选择的神经经济学模型进行需求估计和预测
CSN: Business (Topic) Pub Date : 2019-07-10 DOI: 10.2139/ssrn.3397895
Nan Chen, J. Clithero, Ming Hsu
{"title":"Demand Estimation and Forecasting Using Neuroeconomic Models of Consumer Choice","authors":"Nan Chen, J. Clithero, Ming Hsu","doi":"10.2139/ssrn.3397895","DOIUrl":"https://doi.org/10.2139/ssrn.3397895","url":null,"abstract":"A foundational problem in marketing and economics involves accurately predicting purchase decisions at both individual and aggregate levels. Building on recent advances in neuroeconomic models of decision making, we investigate the possibility of improving upon the prediction accuracy of popular existing approaches based on the multinomial logit model (MNL). Specifically, using a neuroeconomic model that incorporates response times in addition to choice data, we compare the out-of-sample prediction accuracy of both approaches using a series of consumer choice experiments. We show that our neuroeconomic model robustly outperformed the standard MNL approach in providing accurate forecasts on diverse measures including revenue, market share, and market cannibalization. Finally, we develop a generalizable framework to assess the relative strengths and weaknesses of our neuroeconomic approach compared to current modeling techniques.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126864707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mental Temporal Accounting 心理时间会计
CSN: Business (Topic) Pub Date : 2019-06-03 DOI: 10.2139/ssrn.3398451
Julia M. Puaschunder
{"title":"Mental Temporal Accounting","authors":"Julia M. Puaschunder","doi":"10.2139/ssrn.3398451","DOIUrl":"https://doi.org/10.2139/ssrn.3398451","url":null,"abstract":"This paper introduces Mental Temporal Accounting – the behavioral economics application of mental accounting in the time domain. While most discounting studies are in the finance domain, social and environmental components have not gotten as much attention as appearing to require based on the novel perspectives this research grants. Theoretically we may also derive conclusions for contact theory and point at opening monetary gains focuses to social and environmental cues that may nudge people to perceive time differently and act on it accordingly. As mental accounting was successfully introduced to be extendable onto time, traditional mental accounting theory (Thaler 1999) should be revisted for attention to time discounting in the social and environmental spheres alongside the economic attention. Elucidating how contexts and experiencing critical life stages of parenthood influence temporal activity allocation choices promises to improve manifold decisions on education, health, asset management, career paths and common goods preservation throughout life for this generation and the following.","PeriodicalId":365298,"journal":{"name":"CSN: Business (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128500221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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