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After completion of the case study, the students will be able to understand the different risks associated with a business, focusing on price risk and the importance of price risk management in business; understand and evaluate the products available for hedging price risk through exchange-traded derivatives in the Indian scenario; and understand and evaluate the different strategies for price risk management through exchange-traded derivatives in the Indian scenario.

The case study pertains to a small business, M/s Sethi Jewellers. The enterprise is being run by Shri Charan Jeet Sethi and his son Tejinder Sethi. The business is located in Jain Bazar, Jammu, UT, in Northern India. The business was started in 1972 by Charan Jeet’s father. They deal in a wide range of jewelry products and are well-established jewelers known for selling quality ornaments. Tejinder (MBA in marketing) was instrumental in revamping his business recently. Under his leadership, the business has experienced rapid transformation. The business has grown from a one-room shop fully managed by Tejinder’s grandfather to a multistory showroom with several artisans, sales staff and security persons. Through his e-store, Tejinder has a bulk order from a client where the client requires him to accept the order with a small token at the current price and deliver the final product three months from now. Tejinder is in a dilemma about accepting or rejecting the large order. Second, if he accepts, should he buy the entire gold now or wait to buy it later at a lower price? He is also considering hedging the price risk through exchange-traded derivatives. However, he is not entirely sure, as he has a few apprehensions regarding the same, and he is also not fully aware of the process and the instruments he has to use for hedging the price risk on the exchange.

The case study is aimed to cater to undergraduate, postgraduate and MBA students in the field of finance. This case study can be used for students interested in commodity derivatives, risk management and market microstructure.

Teaching notes are available for educators only.

CSS 1: Accounting and finance.

The gift-giving literature has documented several cases in which givers and recipients do not see eye-to-eye in gift-giving decisions. To help integrate this considerable segment of the gifting literature, this paper aims to develop a social norms-based framework for understanding and predicting giver-recipient asymmetries in gift selection.

Five experimental studies test the hypotheses. Participants in these studies evaluate gifts used in previous research, choose between gifts as either gift-givers or gift-recipients, and/or indicate their level of discomfort with choosing different kinds of gifts. The gifts vary in ways that allow the authors to test the social norms-based framework.

Gift-giving asymmetries tend to occur when one of the gifts under consideration is less descriptively, but not less injunctively, normative than the other. This theme holds for both asymmetries recorded in the gift-giving literature and novel ones. Indeed, the authors document new asymmetries in cases where the framework would expect asymmetries to occur and, providing critical support for the framework, the absence of asymmetries in cases where the framework would not expect asymmetries to emerge. Moreover, the authors explain these asymmetries, and lack thereof, using a mechanism that is novel to the literature on gift-giving mismatches: feelings of discomfort.

This research has multiple theoretical implications for the literatures studying gift-giving and social norms. A limitation of this work is that it left some (secondary) predictions of its model untested. Future research could test some of these predictions.

Billions of dollars are spent on gifts each year, making gift-giving a research topic of great practical importance. In addition, the research offers suggestions to consumers giving gifts, consumers receiving gifts, as well as marketers.

The research is original in that it creates a novel framework that predicts both the presence and absence of gift-giving asymmetries, introduces a psychological mechanism to the literature on giver-recipient gift choice asymmetries, and unifies many of the mismatches previously documented in this literature.

Social media marketing has become a powerful strategic tool for many brands, but scholarly research in this domain is still in its infancy. This study aims to examine the effects of social media marketing activities on consumer online impulse buying intentions via brand resonance and emotional responses by incorporating the direct and moderating effects of social network proneness toward fashion retail brands.

By using snowball sampling, this study recruited 441 netizens (who were using fashion retail brands) and obtained their responses through an online survey. Structural equation modeling was applied to 394 responses for analysis.

The findings discovered that social media marketing activities significantly influenced brand resonance, consumer emotional responses and online impulse buying intentions. Likewise, brand resonance and emotional responses were positively associated with online impulse buying intentions and acted as decisive mediators. Social network proneness’s direct and moderating effects significantly increased consumer online impulse-buying intentions toward fashion retail brands.

This study provides recommendations to retail managers for creating and executing brand positioning, segmenting and targeting strategies to enhance consumers’ intentions for engaging in online impulsive purchases for fashion brands.

This original research contributes to the branding literature and stimulus–organism–response theory by focusing on social media marketing activities, brand resonance, emotional responses, social network proneness and consumer online impulse buying intentions toward fashion retail brands.

The purpose of this paper is to investigate a distinct set of characteristics that influence Muslim customers’ intentions to purchase Ar-Rahnu Islamic financing contract in Malaysia.

The study studied the impact of perceived value, perceived quality, perceived financial advantages, religious commitment and product knowledge on the purchase intention Ar-Rahnu Islamic financing contract using a quantitative research approach. A Google Form-based online survey was created and distributed through Twitter, Facebook and Instagram, among others. The survey data were analysed using structural equation modelling with a partial-least-square estimation property (PLS-SEM).

The study results suggested that Muslim customers in Malaysia had a greater propensity to buy Ar-Rahnu Islamic financing contract. Analysis of the data revealed that perceived value, perceived quality, perceived financial benefits and religious commitment had direct effects on the desire to buy Ar-Rahnu Islamic financing contract in Malaysia. In addition, the results reveal that religious commitment, perceived quality and perceived financial benefit are the top three important factors in explaining Ar-Rahnu Islamic financing contract buying intentions in this country.

Muslim customers may use Ar-Rahnu Islamic financing contract as a short-term credit alternative to enhance their financial standing. Ar-Rahnu Islamic financing contract generates a substantial quantity of credit demand and supply, which not only allows Muslim customers to adhere to Islamic standards but also contributes to the expansion of the economy. The result would aid and advise Ar-Rahnu finance resources and legislators in measuring the efficacy of the program in Malaysia, especially among Muslim customers.

Ar-Rahnu Islamic financing contract as a financing alternative has been explored extensively, but this study takes a whole new approach to the subject by looking at dimensions of perceived value, perceived quality and perceived financial benefit along with individual product knowledge and religious commitment. Consequently, this study will contribute to the understanding of how Muslim customers will respond to the Ar-Rahnu Islamic financing contract and will assist financial institutions in increasing the possibility that Muslim consumers would acquire Ar-Rahnu Islamic financing contract.

This theoretical paper introduces a conceptual framework for Personal Cultural Heritage Management (PCHM), derived from prior research on migrants' information practices. It elaborates on the literature background and the development of the PCHM framework, highlighting the role of personal information management (PIM) and personal collections in the creation, access and utilization of cultural heritage information.

The study describes and explains the construction of the PCHM framework as a structured and self-motivated approach to personal heritage and identity learning.

Following the theoretical background and assumptions, along with the presentation of the key building blocks, the paper describes the key components of the framework, outlines their definitions and provides examples.

Theoretically, PCHM extends the current literature by encapsulating processes and actions employed by individuals to manage personal collections for cultural identity purposes, thereby underscoring the critical role personal collections play in both preserving and communicating cultural heritage.

PCHM can guide the development of support systems and policies to enhance cultural continuity and integration, thus empowering individuals to navigate their cultural identities confidently.

The PCHM framework creates a unique intersection between PIM and cultural heritage, providing a new perspective for understanding the dynamic evolution and formation of cultural identity among migrants.

This paper aims to use the cognitive appraisal theory to investigate the effects of brand engagement and materialism on the positive emotions of joy and excitement evoked by a product at different stages of the purchase process.

Two complementary studies were conducted to achieve the research objectives. Study 1 used a longitudinal design, examining the pre-purchase stage and a moment shortly after the purchase. Study 2 adopted a cross-sectional approach, focusing on the post-purchase stage. Relationships among variables were analyzed through hierarchical regression and moderation analyses.

The findings indicate that materialism is not significantly associated with consumers’ positive product-evoked emotions (joy and excitement) before and shortly after purchase. At these two stages, brand engagement predicts positive emotions. In the post-purchase stage, where materialism is weakly related to joy and excitement, a robust positive link exists between brand engagement and positive product-evoked emotions. Moreover, higher levels of materialism reduce the experience of joy and excitement among participants with high levels of brand engagement.

Experiencing joy and excitement is crucial in consumer behavior. However, little is known about the determinants of these emotions in the consumption context, especially concerning internal consumption-related factors and different stages of the purchase process. This paper contributes to the field by shedding light on the role of brand engagement and materialism in the experience of positive product-evoked emotions. The findings provide evidence that brand engagement significantly enhances consumers’ positive product-evoked emotions, highlighting its importance in consumer behavior research.

This study examines the influence of consumer skepticism on cause-related marketing (CRM) campaign participation intentions of Generation Z consumers from emerging market perspective. This study was undertaken due to the paucity of relevant literature in the public domain to directly investigate whether and how consumers' skepticism affects CRM participation intentions, specifically in the luxury retailing context.

A survey was conducted among 552 Generation Z consumers and path analysis was used to examine the direct and indirect effects of skepticism. The mediation and moderation analysis was used to explore and test the authors' hypotheses via partial least squares structural equation modeling (PLS SEM).

The authors' findings provide empirical evidence that corporate social responsibility, religiosity and cause involvement positively affects consumer participation intentions, and this link is also established indirectly through skepticism toward the CRM campaign. These findings provide novel theoretical contributions by establishing skepticism's complex role in determining the CRM participation intention in the Generation Z consumers' context. This study further demonstrates the moderating effect of gender and luxury store format on consumer skepticism and CRM participation intentions.

The Generation z group will represent a quarter of the Asia–Pacific region's population by 2025. However, little is known about Generation z consumers' CRM participation intentions. This research would help practitioners, including luxury retailers, CRM managers and advertising professionals, to effectively design CRM campaigns. The paper contributes by highlighting the theoretical implications and managerial implications based on the current findings in the emerging market context.