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We propose that the variety a brand offers can influence brand quality perceptions, and consequently, affect brand choice, even when the available option set is held constant. Specifically, brands that offer greater variety of compatible (i.e., focused and internally consistent) options are...
Persistent link: https://www.econbiz.de/10005755295
We study how tape drive producers respond to the almost continuous emergence of new drive formats across the technology's history. The analysis characterizes the technological formats of tape drives according to their degree of contrast (distinctiveness and visibility) from other formats. High...
Persistent link: https://www.econbiz.de/10005755296
According to system justification theory, people are motivated to preserve the belief that existing social arrangements are fair, legitimate, and justifiable (Jost & Banaji, 1994). The strongest form of this hypothesis, which draws on the logic of cognitive dissonance theory, holds that people...
Persistent link: https://www.econbiz.de/10005755297
This paper investigates the extent to which the economic challenges faced by symphony orchestras in the United States reflect collectively bargained wage increases and work rules. Since the late 1960s, collective bargaining agreements have transformed the artistic expenses of orchestras from...
Persistent link: https://www.econbiz.de/10005755298
Research on the macroeconomic impact of capital account liberalization finds few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The...
Persistent link: https://www.econbiz.de/10005755299
In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 4.1 percentage points. Cross-sectional changes in investment are significantly correlated with the signals about fundamentals...
Persistent link: https://www.econbiz.de/10005755300
In a choice between any two options, decision makers can be divided into three segments: those who strongly prefer the first option, those who strongly prefer the second option, and those who might choose either option depending on the particular conditions ("switchers"). In any reference state,...
Persistent link: https://www.econbiz.de/10005755301
We investigate the relation between two market anomalies to provide insights into analysts' role as information intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the accrual and forecast revision strategies generate...
Persistent link: https://www.econbiz.de/10005755302
When countries liberalize their stock markets, firms that become eligible for purchase by foreigners (investible), experience an average stock price revaluation of 15.1 percent. Since the covariance of the mean investible firm's stock return with the local market is roughly 200 times larger than...
Persistent link: https://www.econbiz.de/10005755303
As is becoming increasingly widely known, mutual funds often calculate their net asset values using stale prices, which causes their daily returns to be predictable. By trading on this predictability, investors can earn 35-70 percent per year in international funds and 10-25 percent in asset...
Persistent link: https://www.econbiz.de/10005755304