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This paper aims to identify the conditions under which encroachment is a viable strategy for a manufacturer to gain competitive advantage and achieve higher profitability in the presence of the store-brand.

This paper proposes game-theoretic models in a two-echelon supply chain consisting of a manufacturer (him) and a retailer (her), in which he distributes his national brand through the retailer, and endogenously determines whether to establish a new direct sales channel to sell the national brand when the retailer introduces her store-brand.

Analytical results show that the bar for the manufacturer to encroach the end market in the presence of the store-brand is always higher than that for him to encroach in the absence of the store-brand. Although incurring channel competition, encroaching with the national brand in the presence of the retailer's store-brand can lead to either a win-lose or win-win result for the manufacturer and the retailer. Numerical studies claim that, higher brand substitution can push down the retailer's enthusiasm to introduce her new brand. Counterintuitively, when the retailer introduces her store-brand, higher brand substitution does not necessarily push up the manufacturer's enthusiasm to respond with national-brand encroachment. When consumer preferences for the two brands are heterogeneous, a higher consumer preference for the retailer's store-brand results in the retailer's higher enthusiasm to introduce her store-brand and the manufacturer's lower enthusiasm to encroach with his national brand.

This study can help researchers to better understand the retailer's store-brand introduction, manufacturer encroachment and their interaction theoretically, and further provide decision support for enterprises to choose brand and channel strategies in practice.

The purpose of this study is to determine stock market reactions to the news about innovations and other types of publications for illiquid stocks.

(1) The authors opt for machine learning techniques and expert analysis and propose their own lexicon of innovations based on the news articles published on the professional website; (2) the dataset consists of the data on 2,000 US companies for 6 years; (3) the text analysis including BERT and Top2 Vec models which are superior to Latent Dirichlet allocation (LDA) in information criteria allows for more accurate evaluation of news sentiment and idea; and (4) furthermore, random forest and gradient boosting were applied to increase validity of results and demonstrate factor importance.

(1) The paper presents theoretical findings adding to signalling theory and efficient market hypothesis for US illiquid stocks; (2) this study suggests that information on product innovations (unlike other types of innovations) has a direct and significant effect on the return of illiquid stocks; (3) the results also give evidence that under uncertainty innovation-related publications do not affect the return of illiquid stocks; and (4) the analysis of the news topics (narratives) demonstrates that only the narrative related to important corporate announcements has a positive impact on the return of illiquid stocks.

(1) The authors are the first to conduct a large-scale study of the impact of various information on the return of illiquid stocks; (2) the paper focuses on information on several types of innovations with regard to the return of illiquid stocks; (3) based on Top2 Vec model, this study identifies the key topics-narratives discussed by investors and assesses their impact on the return of illiquid stocks; and (4) as an information source, the authors use the sample comprising a total of 1.4m news articles released on the professional website for investors “Benzinga”.

This study examined the reciprocal influence of demand learning and preference matching in the context of store brand customization. The demand-learning effect refers to the collection of market demand information through production, based on pre-order demands, enabling retailers to accurately predict and allocate product quantities, thus improving inventory management. The preference-matching effect involves engaging consumers in the production and design processes of store brands to align fully with their preferences, thereby increasing the purchase impact of store brand products and promoting consumption.

We employ game-theoretic models to analyze a two-echelon supply chain consisting of a manufacturer and a retailer. The retailer offers both national brands, manufactured by the supplier and in-house store brands. To enhance their competitive edge, the retailer can adopt a customized strategy targeting the store brand to attract a wider consumer base.

The analysis reveals that, under low commission fees, the manufacturer consistently opts for high production quantities, irrespective of the level of demand uncertainty. However, when the perceived value of a store brand is low and demand uncertainty is either low or high, the retailer should choose a minimal or zero production quantity. The decision-making process is influenced by the customization process, wherein the effects of demand learning and preference matching occasionally mutually reinforce each other. Specifically, when the perceived value of a store brand is low, or the product cost is high, along with high customization costs, the interplay between demand learning and preference matching becomes mutually inhibiting. Consequently, the significance of store brand customization diminishes.

This study enhances the current body of knowledge by providing a deeper understanding of the theoretical value of store brand customization. In addition, it offers valuable decision-making support to enterprises by assisting them in selecting appropriate inventory and customization strategies.

This study aims to synthesize two different benzoxazines (Bz) monomers using bio-based and petroleum-based primary amines, respectively, and they have been compared to study their thermal and mechanical performances.

A bio-based bisphenol, Divanillin (DiVa), was formed by reacting two moles of vanillin with one mole of ethylenediamine (EDA) which was then reacted firstly with paraformaldehyde and EDA to form the benzoxazine DiVa-EDA-Bz, and secondly with paraformaldehyde and furfuryl amine (FFA) to form the benzoxazine DiVa-FFA-Bz. The molecular structure and thermal properties of the benzoxazines were characterized by fourier transform infrared spectroscopy and nuclear magnetic resonance (1H,13C) spectroscopies, differential scanning calorimetry (DSC) and thermogravimetric analysis (TGA), respectively. The benzoxazines were further coated on mild steel panels to evaluate their mechanical properties and chemical resistance.

The DSC results of DiVa-FFA-Bz showed two exothermic peaks related to crosslinking compared to the one in DiVa-EDA-Bz. The DiVa-FFA-Bz also showed a higher heat of polymerization than DiVa-EDA-Bz. The TGA results showed that DiVa-FFA-Bz exhibited higher thermal stability with a residual char of 54.10% than 43.24% for DiVa-EDA-Bz. The chemical resistance test results showed that DiVa-FFA-Bz showed better chemical resistance and mechanical properties due to its higher crosslinking density.

This study shows the use of bio-based materials, vanillin and FFA, for synthesizing a benzoxazine resin and its application at high temperatures.