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Press reports have indicated that firms frequently underprice restricted stock and employee stock options. I test for underpricing of stock and options.

I examined a sample of 5,333 private firm stock and option issuances between 1985 and 2017. I tested for underpricing using two approaches: assuming investors have no special market-timing ability and assuming instead they have perfect market-timing ability.

I find evidence of widespread stock and option underpricing by private firms before they go public reflecting large discounts that exceed reasonable compensation for lack of marketability. Unreported underpricing is more frequent in the last pre-IPO private equity transactions that offer the last opportunity to give such discounts before the stock is publicly traded, but the discounts are greater in the earlier pre-IPO transactions where unreported discounts are presumably tougher for the SEC to detect. Underpricing is still detected even when the actual DLOMs are tested against a benchmark that assumes investors have perfect market-timing ability.

Firms frequently underprice restricted stock and employee stock options. Firms tend to underprice stock options more frequently than restricted stock, but restricted stock tends to be priced at deeper discounts when recipients are assumed not to have any special market-timing ability.

Private firms issue restricted stock and options as incentive compensation. Lowballing the valuation transfers wealth from outside stockholders to employees/insiders. Wealth transfers take place through the issuance of equity claims to employees/insiders before firms go public. I found that more than a quarter of the DLOMs exceed the theoretical maximum by, on average, between 16% (median) and 20% (mean). This finding raises two questions worthy of investigation. First, to what extent do the frequency and magnitude of DLOMs above the theoretical maximum depend on whether a board of directors obtains an independent appraisal of a stock’s fair market value? Second, if DLOMs above the theoretical maximum are observed even when the stock is independently appraised, how do appraisers justify such large DLOMs?

The wealth transfers that take place through the issuance of equity claims to employees/insiders before firms go public benefit employees/insiders at the expense of outside shareholders.

My paper is the first to furnish evidence of widespread stock and option underpricing by private firms before they go public; demonstrate that the unreported underpricing is more frequent in the last pre-IPO private equity transactions that offer the last opportunity to give such discounts before the stock is publicly traded and show that the discounts are greater in the earlier pre-IPO transactions where unreported discounts are presumably tougher for the SEC to detect.

The study explores the relationship between self-control and various online promotional methods faced by consumers simultaneously, simulating how consumers with distinct levels of self-control act in the current Chinese Internet market.

The sample was collected from response of participants to the survey containing a self-control test and attitudes towards different promotional methods. This is a quantitative study using regression and analysis of variance (ANOVA).

Initially, the empirical study focuses on discount margin for both price-discounts and full-discounts, which implies that high discount margin has a negative impact on the quality perception of consumers. However, this impact is weakened under full-discounts. Subsequently, the study identifies that the negative influence of high discounts on quality perception is insignificant for the high self-control group facing various promotional activities simultaneously. Furthermore, it is found that consumers with a high level of self-control rely more on their quality perception rather than the discount margin of products.

The study covers self-control of consumers, a variety of promotional methods and simulation of the present Chinese online market, enriching the research topic of consumer behavior as well as Internet marketing.

As an important form of the e-commerce industry, online group buying is under the spotlight from with two sides: cheaper price but longer waiting time. The purpose of this paper is to adequately investigate the interaction between saving and waiting time of group buying comprehensively.

To fill the research gap, the authors elaborate a dual-channel supply chain (SC) with regular retail (individual buying) and group-buying channel, and formulate the demand based on the consumer utility with the positive effect of saving money and the negative effect of wasting time.

The authors find that power structure only changes the optimal prices, instead of the waiting time. The selling price mainly influences consumer demands, instead of the price discount of group buying. The SC profits are only positive to the channel preference, and it is the decisive parameter of consumers' choice. The price sensitivity lays a more remarkable impact on the SC compared to the time sensitivity. Above all, the price is the main factor of group buying, instead of time.

These results underscore the improvement for the dual-channel SC of group buying, providing managerial insights for the group-buying industry.

With revolutions in the telecommunication sector having led to wide unprecedented consequences in all facets of human life, this paper aims to examine the relationship between cell phone tower base stations (CPTBSs) and residential property prices within the City of Johannesburg (CoJ), South Africa.

The authors align their work with global literature and assess how the impact of CPTBSs influences residential property values in South Africa. The authors use a semi-log hedonic pricing model to test the hypothesis that proximity of CPTBSs to residential properties does not account for any variation in residential property prices.

The results show a significant impact that proximity of CPTBS has on residential property sale prices. However, the impact of CTPBSs’ proximity on residential property prices depends on their distance from the residential properties. The closer a residential property is to the CTPBS, the greater the impact that the CTPBS will have on the selling price of the residential property.

With international studies offering mixed findings on the impact of CPTBSs on residential property values, there is limited research on their impact in South Africa. The findings of this study offer crucial insights for the real estate practitioners, property owners, telecommunications companies and the public, providing a nuanced understanding of the relationship between CPTBSs and property values. This research helps property owners understand the effects of CPTBSs on their properties, and it assists property valuers in gauging the impact of CPTBSs on property values.

Given the heated academic and policy debate regarding the fate of garment manufacturing in a high-wage developed economy in the 21st century, this study aims to explore the production and export strategies of apparel “Made in Ireland.”

A logistic regression analysis of 4,000 apparel items at the stock keeping unit (SKU) level sold in the market from January 2018 to December 2021 was conducted to evaluate the production and export strategy of apparel “Made in Ireland” versus foreign-made imported items sold in Ireland.

The statistical results showed that Ireland’s apparel manufacturing sector survived the market competition by leveraging non-price competing factors, such as distinct product assortment, cultural heritage, history and traditional craftsmanship.

The findings challenged the conclusions of the classic trade and economic development theories regarding the trajectory of the garment manufacturing sector and called for a rethink about the strategies for expanding garment manufacturing in a high-wage developed country in today’s global economy.

The objective of this study is to elucidate the influence of reference price on consumers' willingness to buy (WTB). Additionally, the study seeks to investigate the impacts of consumer perceived value (CPV): emotional, social, and monetary levels in relation to reference price and WTB. Furthermore, it aims to identify the moderating effect of product type, distinguishing between hedonic and utilitarian products.

Data collection was conducted through an anonymous questionnaire survey using a web-based platform called Prolific. The sample consisted of 258 individuals. The study performed experimental studies to assess the connections among variables and used structural equation modeling as well as Hayes' PROCESS macro models 4 and 8.

Presenting reference price alongside regular prices for products significantly enhances WTB. Furthermore, the mediating effect of the CPV exhibited a significant influence, particularly in the emotional and monetary dimensions but not although the social aspect. Additionally, the findings unveiled substantial variations in the mediating effect of CPV when examining hedonic versus utilitarian products.

Presenting reference price alongside regular prices for products significantly enhances WTB. Furthermore, the mediating effect of the CPV exhibited a significant influence, particularly in the emotional and monetary dimensions but not although the social aspect. Additionally, the findings unveiled substantial variations in the mediating effect of CPV when examining hedonic versus utilitarian products.

The study contributes to the literature by integrating emotional values into pricing strategies. Furthermore, the findings provide insight for managers into establishing a consistent method for implementing price display advertisements on the basis of the product type within the retail industry.

Online brand is becoming a popular and major gateway for consumers for booking various services specifically when they travel for several purposes. The present study aims to explore whether exposure to two separate yet similar modes of communication intervene consumer's brand trust and their subsequent loyalty intention toward the brand. The study further aims to investigate whether consumer's price consciousness has any influence on association between brand trust and brand loyalty in the process of decision -making.

The present study follows a different approach to data collection. The data have been retrieved from online brand (Oyo) page on Facebook through Google Form application. In all, 289 useable responses were retrieved from the travelers aged between 18 and 30. Structural equation modeling using SPSS 25.0 and Amos 26.0 has been applied to examine the effects of brand communication and online reviews on brand loyalty through brand trust.

Empirical evidence supports that even after having strong brand communication, online reviews play a crucial role in consumer's brand loyalty through brand trust. The study further reveals that price consciousness acts as a significant moderator in the relationship between consumer's brand trust and brand loyalty.

The current research contributes to the online brand and marketing knowledge by empirically showing the pertinence of consumer–brand relationship in an online brand context through a parsimonious model by examining how the two distinct mechanisms of communication influences consumer brand trust and loyalty intention.

The parsimonious framework of consumer–brand relationship adds to explicating the dual marketing challenges of communication and to draw a positive consumer response (i.e. consumer brand loyalty). The study attempts to examine the impact of two distinct yet identical modes of communication which facilitate shaping consumer brand trust that reinforce the strategic value of the circumstance and equips it with solid theoretical structure within an endeavor of the strategic significance of online brand managers.

This article investigates the impact of the COVID-19 pandemic on the consumer preference for the attributes of online food delivery (OFD) services in India. It also shows how the order size influences the consumer's willingness to pay (WTP) for the attributes of OFD services.

This work incorporates a conjoint analysis-based approach to determine the consumer preference for the attributes of OFDs such as price, delivery time, restaurant rating and packing quality during the COVID-19 pandemic. The fractional factorial design is applied for the data collection. The relative importance of the attributes and the part-worth utility of the attributes' levels have been determined. Further, the utility associated with the attributes' levels is used to find the consumer's WTP for different attributes.

The COVID-19 pandemic has changed consumer preference from price to food and packing quality in India. When the order is small, consumers exhibit a higher preference to the delivery time than packing quality. In contrast, consumers show a higher preference to packing quality than delivery time with the increase in order size. The consumer's WTP attains the highest level in case of food quality, followed by convenience and packing quality. The WTP for the attributes rises with the increase in order size.

The insights highlight the need for the online food delivery industry to redesign the business framework in the post-pandemic era. The hygiene and safety measures maintained by the consumers during the pandemic have significantly changed their purchasing behaviour, raising their preference for service quality (food and packing quality) of the OFD services apart from price.

This work determines the consumers' utility for each attribute level of OFDs, along with their relative importance. Moreover, this study contributes to the existing literature by exhibiting the impact of the COVID-19 pandemic on the consumer preference and order size on consumer's WTP for the attributes.

Hedonic shopping is a growing phenomenon designed to enhance gamers’ virtual content shopping experience with increasing economic significance, yet limited attention has been dedicated to this area. Our study explores key hedonic motivations of virtual content shopping and how hedonic shopping value builds trust (trust in virtual content and trust in virtual retailers) that enhances the intention to pay for premium.

This research adopts a mixed-methods approach. Study 1 is qualitative; 19 semi-structured interviews were conducted with virtual game retail platform users. Study 2, based on the literature review and qualitative inquiry findings (obtained from Study 1), proposes a research model empirically validated by analyzing survey data administered to 437 online gamers from gaming zones, cybercafés and e-sports centers.

The results show that in-game shopping-related adventure-, gratification-, role- and idea-seeking motivations significantly influence gamers' perceived hedonic shopping value. In turn, perceived shopping value has a significant indirect effect through trust on gamers’ intention to pay for premium.

This research contributes to gaming literature by offering a comprehensive model that elucidates the role of hedonic shopping in increasing gamers’ trust, which explains purchase behavior in the virtual game retail context. The findings deepen the understanding of the game retailing landscape and offer strategies to build gamers’ trust, increase premium usage and retain existing spenders.

This study differentiates pure impulse buying behaviour from suggestive impulse buying behaviour in using mobile shopping applications (apps). This study aims to assess the moderating effects of instant discount and cashback promotional offers along with the mediating effects of impulse buying intention (IBI) and user satisfaction (US), using the app stimuli (performance expectancy, effort expectancy, layout, atmosphere, privacy and security).

The study was done in three stages: analysis of variance, followed by structural equation modelling (SEM) and paired t-tests.

The results showed that instant discounts and cashback offers are different from each other for the mediating variable IBI. The SEM results for pure impulse buying showed that, except for layout, the remaining variables have a positive relationship with IBI. For suggestive impulse buying, effort expectancy and layout were significantly related to both the mediating variables. Finally, pure and suggestive impulse buying behaviour showed significant differences.

Previous studies have looked into impulse buying in its generic sense and not through the “types” of impulse buying they were measuring. As impulse buying behaviour is a predominant theme for discussion today, marketing professionals and researchers must comprehend the impact of app stimuli in the context of select types of impulse buying behaviour.