The objective of this study is to evaluate the mutual fund tournament, i.e., an agency issue between fund managers and investors, in the presence of structural changes in an emerging fund market. This study extends BHS (1996), Busse (2001), and Kempf and Ruenzi (2008b). A switching regression model is employed to investigate the effects of structural changes on the mutual fund tournament. We find that structural changes in the Korean fund market alter the tournament type from a segment to a family tournament. We believe that the family tournament comes from more competition since 2005 within large families. Our evidence of tournaments is robust to return frequency. Our results indicate that regulators and fund families should exercise greater caution than is currently the case to prevent conflicts of interests between fund investors and managers.

This study investigates determinants of green buying behavior. Using structural equation modeling, the effects of collectivism, values and attitudes on ecological purchase and their hierarchical relationships are investigated. Furthermore, a moderated multiple regression is applied to test whether the link between attitude and behavior is enhanced by the degree of perceived consumer effectiveness (PCE). The results suggest that collectivism is important in predicting green purchase. The positive influence of collectivism on consumer greenness flows through selftranscendence values. However, PCE fails to moderate the strength of the relationship between environmental attitudes and green purchase behavior. Implications for public policy and marketing communication efforts are discussed.

I investigate the relation between the structure of CEO compensation and the investment horizons of a firm’s institutional investors and find results consistent with the assertion that short-sighted institutions’ focus on shortterm earnings leads firms to grant more options with higher sensitivity to stock price. In contrast, the percentage holdings of long-term investors are negatively correlated with the use of options and the sensitivity of total CEO equity incentives to changes in stock price. Further results suggest that firms with higher short-term institutional ownership are more concerned about a negative earnings surprise and that when determining annual bonuses, they punish their CEOs more severely. In total, the analyses provide evidence that the investment horizon of institutional investors is associated with firms’ CEO compensation policies.

This study utilizes a rich data set from multiple retail chains to investigate the determinants of retail prices identified from marketing literature: wholesale price, retail competition, time elapsed since last promotion. The empirical results indicate that although all three factors are statistically significant in explaining the observed retail prices, they differ in the extent to which they explain retail price variation. The competing retail prices appear to explain more of variations in retail prices than other factors do. It is also found that a substantial variation in the pass-through of a brand exists across retailers. I also find positive cross-retail price responses, i.e., price reductions in competing retailers tend to lower the prices in a retailer. Regarding the impact of time since last promotion, the result supports the concavity of the effect of the variable. In terms of the direction, the overall effect of TLP is positive initially and then decays.

This paper conducts a content analysis of a total of 480 advertisements from three popular Chinese women’s magazines—Rayli, Fashion Cosmo, and Bazaar—to assess the Consumer Cultural Positioning (CCP) of the ads. The results show that Global CCP is more commonly utilized for brand positioning strategies than Foreign CCP or Local CCP. Five elements of the advertisements—the language used for brand name, the pronunciation of brand name, the intended meaning rooted in original foreign country for brand name, the product’s appearance of either utilitarian or symbolic, and a modern or westernized advertising appeal for brand positioning—are found to be indeed differentially related to GCCP and FCCP compared to LCCP.

The Influence of Temporal Fit/Nonfit on Creativity in the Leader-Subordinate Context: The Moderating Role of Task Enjoyment versus Performance Concern

Object-Oriented Simulation Model for and Tandem Tollbooth Operations using Pro-Model

The Role of the State in Industrial Relations

Why Firms Provide Goods to Foreign Markets Using a Combination of Entry Modes: Foreign Direct Investment and Export

How Do Investors in the Korean Stock Market React to Nuclear Threats from North Korea?