The purpose of this paper is to propose a nonparametric interest rate term structure model and investigate its implications on term structure dynamics and prices of interest rate derivative securities. The nonparametric spot interest rate process is estimated from the observed short-term...

The paper considers a (static) portfolio system that satisfies adding-up contraints and the gross substitution theorem. The paper shows the relationship of the two conditions to the weak dominant diagonal property of the matrix of interest rate elasticities. This enables to investigate the...

Rising levels of advertising competition have made it increasingly difficult to attract and hold consumers' attention and to establish strong memory traces for the advertised brand. A common communication strategy to break through this competitive clutter is to increase ad originality. However,...

This study investigates consumers' attention to retail feature ads and proposes a method to optimize the design of the ads. Utilizing a large dataset of consumers' attention to over 1,100 individual feature ads collected with eye-tracking technology, we analyze the effects of the five key design...

We provide the theory of visual attention and eye-movements that serves as a basis for evaluating eye-tracking research and for discussing salient and emerging issues in visual marketing. Motivated from its rising importance in marketing practice and its potential for theoretical contribution,...

We develop a conceptual framework about the impact that branding activity (the audiovisual representation of brands) and consumers' focused versus dispersed attention have on consumer moment-to-moment avoidance decisions during television advertising. We formalize this framework in a dynamic...

The number of brands in the marketplace has vastly increased in the 1980s and 1990s, and the amount of money spent on advertising has run parallel. Print advertising is a major communication instrument for advertisers, but print media have become cluttered with advertisements for brands....

Brand salience—the extent to which a brand visually stands out from its competitors—is vital in competing on the shelf, yet is not easy to achieve in practice. This study proposes a methodology to determine the competitive salience of brands, based on a model of visual search and...

Most ads in practice receive no more than a single eye fixation. This study investigates the limits of what ads can communicate under such adverse exposure conditions. We find that consumers already know at maximum levels of accuracy and with high degree of certainty whether something is an ad...