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  • ECONIS (ZBW)  (2,773)
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  • 1
    Language: English
    In: Journal of Financial Economics, September 2012, Vol.105(3), pp.565-580
    Description: We extend the measure of integration to provide an estimate of systemic risk within international equity markets. Our measure indicates an increasing likelihood of market crashes. The conditional probability of market crashes increases substantially following increases of our risk measure. High levels of our risk measure indicate the probability of a global crash is greater than the probability of a local crash. That is, conditional on high levels of systemic risk, the probability of a severe crash across multiple markets is larger than the probability of a crash within a smaller number of markets.
    Keywords: Financial Crises ; Systemic Risk ; Crash ; Fragility ; Business ; Economics
    ISSN: 0304-405X
    E-ISSN: 1879-2774
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  • 2
    In: Journal of Product Innovation Management, November 2013, Vol.30(6), pp.1199-1211
    Description: This study examines how information communications technologies (s) can be implemented effectively to provide financial service innovations to the poor who live in developing countries, a market collectively known as the “Base of the Pyramid” or . The needs—but commonly lacks—basic financial services, a situation that perpetuates poverty. With a dearth of formal banks especially in rural areas of developing countries, the has almost no access to savings accounts, credit lines, and other necessary services. However, s have the potential to overcome cost, infrastructure, and other barriers to service delivery, and are being used to offer new financial services such as mobile phone banking to the . The purpose of this study is to determine ways of successfully implementing these technology‐enabled service innovations. The study draws on the ocio‐echnical iew for theoretical girding, and uses case method to examine multiple implementation projects in five sub‐aharan frican countries (hana, enya, alawi, ozambique, and ganda). The projects, which were carried out by a leading microfinance banking organization named pportunity nternational, provided mobile banks, point‐of‐service, and mobile phone banking services to the . Several techniques were applied to gather data in the field over a two‐year period: depth interviews, direct observations, and internal document and data analysis. Multiple forms of evidence were triangulated against one another, and analyzed across cases until themes emerged and converged. In doing so, two specific forms of analysis, explanation building and cross‐case synthesis, were employed to make sense of the data. The findings, summarized as research propositions, collectively conclude that implementation is effective when the unique socio‐human, governmental‐regulatory, and market conditions of the are accounted for, such that fit is achieved between the technologies and environments they are situated in. More specifically, effectiveness comes when implementation (1) addresses customer and agent limits with the technologies, and is accepted and supported by trained staff who monitor technology use and make responsive system adjustments; (2) exploits and promotes supportive governmental regulations and actions, as well as leverages sound electronic fund transfer () switches, whether government or bank established; and (3) accounts for low business capabilities and evolving market competition, along with the underdeveloped financial sector and financial literacy of the population. In sum, there are multiple factors that should be considered in the design and installation activities surrounding these technologies to ensure they provide cost‐effective, quality financial services to the poor.
    Keywords: Electronic Funds Transfer Systems -- Innovations ; Developing Countries;
    ISSN: 0737-6782
    E-ISSN: 1540-5885
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  • 3
    Language: English
    In: Journal of Accounting and Economics, 2011, Vol.51(1), pp.204-218
    Description: review the financial reporting literature related to voluntary and mandatory firm disclosures, and sell-side analyst reports. The discussion summarizes their approach, highlights some of their main conclusions, and presents alternative ideas about promising avenues for future research. ► Mixed Data Sampling (MIDAS) regression is a good alternative to return decomposition. ► Voluntary disclosure models incorporating real effects on production are promising. ► Empirical research on voluntary disclosure's costs and benefits has limitations. ► Transparency may reduce welfare in mandated disclosure models with production effects. ► Empirical tests of investment effects of disclosure confront endogeneity issues.
    Keywords: Financial Reporting ; Disclosure ; Regulation ; Business
    ISSN: 0165-4101
    E-ISSN: 1879-1980
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  • 4
    Language: English
    In: Journal of Banking and Finance, April 2012, Vol.36(4), pp.1107-1121
    Description: ► Sentiment-prone stocks exhibit opaque characteristics, such as high volatility. ► Our conditional alpha model offers advantages when performance varies by states. ► Opaque stocks offer strong marginal performance following low sentiment periods. ► Translucent stock performance is relatively constant across levels of sentiment. ► Sentiment is a systematic risk that is not subsumed by additional risk factors. Economists have long recognized the importance of information veracity in valuing risky securities. Market participants concerned about the credibility of information measures may require additional compensation to entice them to hold stocks with less transparent information. These same securities are expected to display greater sensitivities to measures of market sentiment. We find that investor sentiment sensitivities increase directly with multiple measures of opacity in the cross-section. Next we examine the extent to which sentiment sensitivities are priced in an asset pricing context. Using the model of conditional performance evaluation, we find an inverse relation between known investor sentiment and the marginal performance of opaque stocks. In contrast, translucent stocks exhibit relatively little variability in performance across levels of sentiment.
    Keywords: Investor Sentiment ; Asset-Pricing ; Conditional Performance ; Business
    ISSN: 0378-4266
    E-ISSN: 1872-6372
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  • 5
    Language: English
    In: Journal of Consumer Research, 01 October 2013, Vol.40(3), pp.580-593
    Description: How does controversy affect conversation? Five studies using both field and laboratory data address this question. Contrary to popular belief, controversial things are not necessarily more likely to be discussed. Controversy increases likelihood of discussion at low levels, but beyond a moderate level of controversy, additional controversy actually decreases likelihood of discussion. The controversy-conversation relationship is driven by two countervailing processes. Controversy increases interest (which increases likelihood of discussion) but simultaneously increases discomfort (which decreases likelihood of discussion). Contextual factors such as anonymity and whether people are talking to friends or strangers moderate the controversy-conversation relationship by impacting these component processes. Our framework sheds light on how, when, and why controversy affects whether or not things are discussed.
    Keywords: Studies ; Social Interaction ; Correlation Analysis ; Public Interest ; Disputes ; Experiment/Theoretical Treatment ; Social Trends & Culture;
    ISSN: 00935301
    E-ISSN: 15375277
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  • 6
    Language: English
    In: Journal of Consumer Research, 01 October 2013, Vol.40(3), pp.567-579
    Description: Consumers share word of mouth face to face, over social media, and through a host of other communication channels. But do these channels affect what people talk about and, if so, how? Laboratory experiments, as well as analysis of almost 20,000 everyday conversations, demonstrate that communicating via oral versus written communication affects the products and brands consumers discuss. Compared to oral communication, written communication leads people to mention more interesting products and brands. Further, this effect is driven by communication asynchrony and self-enhancement concerns. Written communication gives people more time to construct and refine what to say, and self-enhancement motives lead people to use this opportunity to mention more interesting things. These findings shed light on how communication channels shape interpersonal communication and the psychological drivers of word of mouth more broadly.
    Keywords: Business;
    ISSN: 00935301
    E-ISSN: 15375277
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  • 7
    Language: English
    In: Journal of Marketing Research, 1 April 2012, Vol.49(2), pp.192-205
    Description: Why are certain pieces of online content (e.g., advertisements, videos, news articles) more viral than others? This article takes a psychological approach to understanding diffusion. Using a unique data set of all the New York Times articles published over a three-month period, the authors examine how emotion shapes virality. The results indicate that positive content is more viral than negative content, but the relationship between emotion and social transmission is more complex than valence alone. Virality is partially driven by physiological arousal. Content that evokes high-arousal positive (awe) or negative (anger or anxiety) emotions is more viral. Content that evokes low-arousal, or deactivating, emotions (e.g., sadness) is less viral. These results hold even when the authors control for how surprising, interesting, or practically useful content is (all of which are positively linked to virality), as well as external drivers of attention (e.g., how prominently content was featured). Experimental results further demonstrate the causal impact of specific emotion on transmission and illustrate that it is driven by the level of activation induced. Taken together, these findings shed light on why people share content and how to design more effective viral marketing campaigns.
    Keywords: Behavioral sciences -- Psychology -- Cognitive psychology -- Home pages ; Behavioral sciences -- Psychology -- Cognitive psychology -- Home pages ; Business -- Business administration -- Corporate communications -- Home pages ; Behavioral sciences -- Psychology -- Cognitive psychology -- Home pages ; Applied sciences -- Technology -- Communications technology -- Home pages ; Social sciences -- Communications -- Advertising -- Home pages ; Behavioral sciences -- Psychology -- Cognitive psychology -- Home pages ; Behavioral sciences -- Psychology -- Cognitive psychology -- Home pages ; Applied sciences -- Research methods -- Observational research -- Home pages ; Behavioral sciences -- Psychology -- Cognitive psychology -- Home pages
    ISSN: 00222437
    E-ISSN: 15477193
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  • 8
    Language: English
    In: Journal of Marketing Research, 1 October 2011, Vol.48(5), pp.869-880
    Description: Word of mouth (WOM) affects diffusion and sales, but why are certain products talked about more than others, both right after consumers first experience them and in the months that follow? This article examines psychological drivers of immediate and ongoing WOM. The authors analyze a unique data set of everyday conversations for more than 300 products and conduct both a large field experiment across various cities and a controlled laboratory experiment with real conversations. The results indicate that more interesting products get more immediate WOM but, contrary to intuition, do not receive more ongoing WOM over multiple months or overall. In contrast, products that are cued more by the environment or are more publicly visible receive more WOM both right away and over time. Additional analyses demonstrate which promotional giveaways in WOM marketing campaigns are associated with increased WOM. Overall, the findings shed light on psychological drivers of WOM and provide insight into designing more effective WOM campaigns.
    Keywords: Business -- Business administration -- Corporate communications ; Social sciences -- Communications -- Informal communication ; Business -- Business information -- Consumer research ; Education -- Educational resources -- Instructional materials ; Business -- Business administration -- Corporate communications ; Applied sciences -- Research methods -- Modeling ; Education -- Specialized education -- Global education ; Economics -- Microeconomics -- Economic costs and benefits ; Philosophy -- Applied philosophy -- Philosophy of science ; Business -- Business administration -- Corporate communications
    ISSN: 00222437
    E-ISSN: 15477193
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  • 9
    Language: English
    In: Journal of Financial Economics, July 2013, Vol.109(1), pp.146-176
    Description: This paper empirically examines how capital affects a bank’s performance (survival and market share) and how this effect varies across banking crises, market crises, and normal times that occurred in the US over the past quarter century. We have two main results. First, capital helps small banks to increase their probability of survival and market share at all times (during banking crises, market crises, and normal times). Second, capital enhances the performance of medium and large banks primarily during banking crises. Additional tests explore channels through which capital generates these effects. Numerous robustness checks and additional tests are performed.
    Keywords: Financial Crises ; Survival ; Market Share ; Profitability ; Banking ; Business ; Economics
    ISSN: 0304-405X
    E-ISSN: 1879-2774
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  • 10
    Language: English
    In: Research Policy, 2012, Vol.41(1), pp.216-225
    Description: ► So-called “essential patents” included in standards have compared to control patents higher number of claims. ► They are also amended more often than the patents of the control group. ► The results have implications for the policies of patent offices. This article addresses companies’ filing behaviour in respect of patents relevant for standard-setting (“essential patents”). We discuss applicants’ incentives to achieve conformity of patent applications with technology standards under development. Based on these incentive structures, we hypothesise that the claims of essential patents are amended more often than those of comparable patents. Additionally, we argue that applicants have incentives to delay the grant decision. As a result, essential patents are hypothesised to have longer pendency times than comparable patents. This implies more possibilities for applicants to exploit the flexibility within the patent application process to amend the claims of pending patent applications. For empiric validation, we use procedural patent data from the European patent application process. We adopt a one-to-one matching approach, pairing essential patents in telecommunications with control patents on the matching criteria of technology class, filing date and applicant name. Additionally, we compare these essentials with patents from companies that do not hold standards-relevant patents. We detect higher numbers of claims and amendments to claims as well as other relevant characteristics for the essential patents. Using survival analysis, we show that the higher numbers of amendments and claims and the higher share of X references are responsible for higher pendency times, since they significantly decrease hazard rates in the survival analysis. We discuss the general implications for the functioning of the patent system and address the detrimental effects caused by the high degree of uncertainty generated by these filing strategies. Possible solutions such as better co-ordination are devised.
    Keywords: Intellectual Property Rights ; Patent Strategy ; Standards ; Telecommunication ; Sciences (General) ; Business
    ISSN: 0048-7333
    E-ISSN: 1873-7625
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