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While studies about business-to-business (B2B) relationships have mainly addressed buyer–supplier long-term exchanges, focusing on social outcomes such as trust, commitment and cooperation, there is little research that explores the social outcomes which stem from short-term B2B transactions. The purpose of this paper is to explain buyers’ intention to renew a contract after discrete and time-delimited transactions by suggesting a model that complements social exchange theory with theories of fairness. In detail, this study aims to determine how evaluations of economic and social outcomes are complemented by both procedural fairness and distributive fairness.

The hypotheses are tested in the social couponing industry with a survey of a sample of 199 firms purchasing advertising services from daily deal websites. Data are analyzed using covariance-based structural equation modeling (CB-SEM).

The findings reveal direct effects of procedural fairness on social outcomes (satisfaction) and distributive fairness on the intention to renew a contract, negative moderating effect of procedural fairness on the relationship between economic outcomes (campaign effectiveness) and social outcomes (satisfaction).

In discrete, time-delimited transactions, high levels of procedural fairness may partially compensate for low levels of economic outcomes and prevent a reduction in social outcomes. Hence, when economic outcomes are influenced largely by external, uncontrollable conditions, the buyer seems to appreciate the supplier’s efforts to behave fairly.

Social outcomes matter even in discrete transactions and considerations of fairness should be integrated in the management of discrete transactions. Sharing economic outcomes fairly is not sufficient to secure the buyer’s intention to renew the contract.

This study proposes and tests a model that complements social exchange theory with theories of fairness and explains contract renewal in discrete, time-delimited transactions, encompassing both economic outcomes and social outcomes.

We study whether the integrity of local governments has effects on municipal bond coupon rate. We conjecture that higher integrity is associated with lower bond coupon rate. One of proxies for the integrity is the integrity index which Anti-Corruption and Civil Rights Commission of Korea announces annually. The high degree of the index implies high integrity. We also use the number of crimes by local government officials as the integrity measure. Empirical results show that Increasing a unit of integrity is equivalent to decreasing 0.34% of municipal coupon bond. The sensitivity of the integrity to municipal bond coupon rate is stronger before 2007-2008 financial crisis, when the coupon rate was higher, than after the crisis. Overall, our results imply that local governments could save financing cost by improving the integrity of the governments.

This paper aims to compare the relative importance of tangible compensation across the offline and online service mediums, and assess tangible compensation as a trust recovery tactic.

This study is based on a 3 (compensation level: 20%, 50%, 100%) × 2 (compensation type: refund, coupon) × 2 (service medium: offline, online) scenario-based experimental design.

The offline and online customers exhibit different satisfaction for the respective values of both the immediate and delayed compensation types. Moreover, offline customers exhibit more trust in the firm when they receive a refund, whereas their online counterparts demonstrate a higher trust when provided with a coupon.

For a service failure such as the one presented in the experimental study’s scenario, a lower (higher) value coupon will generate more (less) satisfaction compared to providing the same value as a refund. Firms will be better off by providing partial compensation in the form of a coupon, rather than a refund.

Unlike most studies of service recovery, this research takes into account the perceived differences of various tangible compensations to provide a comparison of offline and online customers’ recovery preferences. Furthermore, the previous studies have not focused on trust restoration and assessed causes and effects of trust based on trust at one point in time i.e. trust after recovery. While this study has included restored trust as a variable in the conceptual model.

Esta investigación tiene como objetivo comparar la importancia relativa de la compensación tangible en los medios de servicio offline y online, y evaluar la compensación tangible como táctica de recuperación de la confianza.

Este estudio se basa en un diseño experimental basado en 3 (nivel de compensación: 20%, 50%, 100%) x 2 (tipo de compensación: reembolso, cupón) x 2 (medio de servicio: offline, online).

Los clientes offline y online muestran una satisfacción diferente para los valores respectivos de los tipos de compensación inmediata y diferida. Además, los clientes offline muestran más confianza en la empresa cuando reciben un reembolso, mientras que sus homólogos online demuestran una mayor confianza cuando se les proporciona un cupón.

Para un fallo del servicio como el presentado en el escenario del estudio experimental, un cupón de menor (mayor) valor generará más (menos) satisfacción en comparación con proporcionar el mismo valor como reembolso. Las empresas saldrán ganando si ofrecen una compensación parcial en forma de cupón, en lugar de un reembolso.

A diferencia de la mayoría de los estudios sobre la recuperación de servicios, esta investigación tiene en cuenta las diferencias percibidas de varias compensaciones tangibles para ofrecer una comparación de las preferencias de recuperación de los clientes offline y online. Además, los estudios anteriores no se han centrado en el restablecimiento de la confianza y han evaluado las causas y los efectos de la confianza basándose en la confianza en un momento determinado, es decir, la confianza después de la recuperación. En cambio, este estudio ha incluido la confianza restaurada como una variable en el modelo conceptual.

本研究旨在比较有形补偿在离线和在线服务媒介中的相对重要性, 并评估有形补偿作为一种信任恢复策略。

本研究基于3（补偿水平：20%, 50%, 100%）×2（补偿类型：退款, 优惠券）×2（服务媒介：线下, 线上）的情景实验设计。

线下和线上的顾客对即时和延迟补偿类型的各自数值表现出不同的满意度。此外, 离线顾客在收到退款时表现出对公司的更多信任, 而他们的在线顾客在得到优惠券时表现出更多的信任。

对于像实验研究中提出的那种服务失败, 与提供相同价值的退款相比, 价值较低（较高）的优惠券会产生更多（更少）的满意度。企业通过以优惠券的形式提供部分补偿, 而不是退款, 会有更好的效果。

与大多数关于服务恢复的研究不同, 这项研究考虑到了各种有形补偿的感知差异, 以提供离线和在线顾客恢复偏好的比较。此外, 以前的研究没有关注信任的恢复, 而是基于一个时间点的信任, 即恢复后的信任来评估信任的原因和影响。而本研究将恢复的信任作为概念模型中的一个变 量。

This study aims to deal with the valuation and accounting of complex derivative instruments. This study attempts to propose a convergence plan by presenting a pricing (fair value evaluation) alternative that considers the accounting process. In this paper, we choose a ZCCB as a representative structured derivative and conduct a case study.

Regarding the expected maturity of ZCCB, there is a need to adjust the historical expected maturity by reflecting the implied expected maturity. As a result of simulation and empirical analysis, it can be seen that the greatest feature of the expected maturity distribution is the Bi-Modal distribution redeemed immediately after the non-call period or at the maturity of the ZCB. Therefore, when using expected maturity, it would be more meaningful to use ZCB maturity date or just after non-call period date rather than the average.

Regarding whether ZCCB's SPPI test is satisfied, the ZCCB return rate is determined according to market input variables and bond issuance conditions and is already fixed at issuance, so it can be judged that the SPPI condition is satisfied.

In this paper, the authors document the existence of price clustering in the US corporate bond market.

Using a sample of 8,422,593 corporate bond trades in 2014, the authors find that over 18% (1,522,284 trades) of all bond trades end in a clustered price, defined as a price ending in 00, 25, 50, or 75.

Overall, the authors find that both bond rating category and risk, as measured by standard deviation of prices, play a role in price clustering; speculative grade bonds account for the majority of clustered prices. Clustered prices are more likely to have higher coupon rates, higher prices, and higher standard deviations of price than bonds with non-clustered prices. Regardless of size, both buy and sell dealer trades with customers (relative to interdealer trading) lead to an increase in price clustering. Dealers appear to use clustered prices when purchasing from and selling to institutions and, therefore, may use a clustered price to insulate themselves from the risk of asymmetric information. Additionally, the prevalence of clustered prices for retail-sized dealer sell trades suggests that dealers exercise dealer power over retail-sized traders.

This paper contributes to the literature on price clustering by examining trade price clustering of corporate bonds. It is different from previous papers on price clustering in equities. Given that bonds tend to be priced off of yield, it is unusual that trade prices cluster. It also demonstrates what kind of bonds cluster and with which customers dealers trade at clustered prices. It parallels other research in demonstrating dealer power over retail-sized traders.