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A stylized fact in finance literature is the belief in positive relationship between ex ante return and risk. Hence, a rational investor, by utility preference axiom can only consider committing fund in asset which promises commensurate higher return for higher risk. Questions have been asked as to whether this holds true across securities, sectors and markets. Empirical evidence appears less convincing, especially in developing markets. Accordingly, the author investigates the nature of reward for taking risk in the Nigerian Capital Market within the context of individual assets and markets.

The author employed ex post design to collect weekly stock prices of firms listed on the Premium Board of Nigerian Stock Exchange for period 2014–2022 to attempt to answer research questions. Data were analyzed using a unique M Vec TGarch-in-Mean model considered to be robust in handling many assets, and hence portfolio management.

The study found that idea of risk-expected return trade-off is perhaps more general than as depicted by traditional finance literature. The regression revealed that conditional variance and covariance risks reveal minimal or no differences in sign and sizes of coefficients. However, standard errors were also found to be large suggesting somewhat inconclusive evidence of existence of defined incentive structure for taking additional risk in the market.

In terms of choice of methodology and outcomes, this research adds substantial value to body of knowledge. The adapted multivariate model used in this paper is a rare approach especially for management of portfolios in developing markets. Remarkably, the research found empirical evidence that positive risk-expected return trade-off, as known in mainstream literature, is not supported especially using a typical developing country data.

We study five exogenous shocks: climate, violence, price hikes, spoilage and the COVID-19 lockdown. We analyze the association between these shocks and trader characteristics, reflecting trader vulnerability.

Using primary survey data on 1,100 Nigerian maize traders for 2021 (controlling for shocks in 2017), we use probit models to estimate the probabilities of experiencing climate, violence, disease and cost shocks associated with trader characteristics (gender, size and region) and to estimate the probability of vulnerability (experiencing severe impacts).

Traders are prone to experiencing more than one shock, which increases the intensity of the shocks. Price shocks are often accompanied by violence, climate and COVID-19 shocks. The poorer northern region is disproportionately affected by shocks. Northern traders experience more price shocks while Southern traders are more affected by violence shocks given their dependence on long supply chains from the north for their maize. Female traders are more likely to experience violent events than men who tend to be more exposed to climate shocks.

The data only permit analysis of the general degree of impact of a shock rather than quantifying lost income.

This paper is the first to analyze the incidence of multiple shocks on grain traders and the unequal distribution of negative impacts. It is the first such in Africa based on a large sample of grain traders from a primary survey.

The city of Quito is a World Heritage Site (WHS) in Ecuador and the city owns one of the best-preserved and extensive historic centers in Latin America for cultural tourism. This study aims to identify the factors that constitute perceived value construct at the WHS of Quito.

This research collects data from tourists who have visited the city of Quito, Ecuador. A total of 381 on-site questionnaires are used. Data have been analyzed using exploratory factorial analysis.

Results regarding the dimensional structural framework of perceived value indicate that perceived value at the WHS of Quito has five factors: (1) monetary and non-monetary costs (MNC), (2) staff service quality (SSQ), (3) tourist offer accessibility (TOA), (4) destination attractiveness (DA) and (5) information accessibility (IA).

Two new factors of accessibility have been proposed in this study for measuring consumer value at a WHS. Perceived value and accessibility have been treated as two separate subjects in academic literature before. However, this article contributes to the understanding of perceived value at WHS, including factors linked to accessibility. Both managerial and theoretical implications for WHS are discussed.

The purpose of this study is to explore how the personal traits of the informal entrepreneurs influence their formalization decisions.

This study adopted a qualitative approach using a multicase design in which 28 informal entrepreneurs situated in Kampala district, Uganda, were engaged. An interview guide, recorders and note books were used in data collection.

The results indicate that the traits of informal and semiformal entrepreneurs are distinct. Informal entrepreneurs have been noted to be more courageous and resilient, while their semiformal counterparts have greater passion for their businesses. It is thus observed that the formalization prospects are higher for the semiformal entrepreneurs than for their informal counterparts. Entrepreneurs that would be willing to formalize their businesses are discouraged by distance, technology and the cost of involving middlemen. Whereas the resilient entrepreneurs are noted to work through these challenges, the passive ones in both the informal and semiformal categories will not formalize their businesses by giving such excuses.

This study contributes to the extant literature on informal entrepreneurship by providing initial empirical evidence on how the personal traits of the entrepreneurs influence their formalization decisions specifically.

The objective of this research is to analyze how omnichannel consumer journey design (OCJD) influences the online customer experience (OCE) and e-satisfaction in consumers' multirooming behavior (searching for information in online and offline channels and purchasing the product online).

The problem-solving theory and experiential marketing perspective are the theoretical background that enables the establishment of five hypotheses. A survey is conducted on multiroomers who had purchased a product online, following an online and offline research journey.

The results showed that OCJD directly and indirectly (through online consumer experience) influences e-satisfaction. Females and younger individuals exhibited higher levels of e-satisfaction.

First, this research analyzes consumers' multichannel search strategies. Second, the consumer journey is incorporated into the study of multichannel retailing. Third, an emergent typology of cross-channel free-riding behavior is analyzed: multirooming.

Brazil uses the dollar as a vehicle currency to invoice its exports. This fact produces a tendency toward equalizing the prices of products in dollars in the international market and reducing the ability of firms to practice pricing-to-market (PTM). This study aims to evaluate the hypothesis by estimating error correction models in panel data, obtaining estimates of PTM for 25 manufacturing products exported by Brazil between 2010 and 2020.

This study uses the correlated common effect estimator proposed by Pesaran (2006) and Chudik and Pesaran (2015b) to estimate the PTM coefficients.

Results of this study indicate that exporters practice local-currency pricing stability for dollar prices. This study obtains that Brazilian exporters tend to stabilize their dollar price for exports, reducing heterogeneity between destination markets. The results are in agreement with the hypothesis of the prevalence of the coalescing effect of Goldberg and Tille (2008) and lower sensitivity of the markup adjustment to the specific market, as pointed out by Corsetti et al. (2018). The pricing of Brazilian exports in dollars reflects a profit maximization strategy that considers an international price system based on global demand for products.

In addition to analyzing the dollar role in the pricing of Brazilian exports through the triangular decomposition, this study also shows the importance of examining the cross-section dependence of errors, considering the heterogeneous cointegration in export pricing models and producing PTM estimates for short-term and long-term.

The purpose of this study is to discover what attributes of casino buffet restaurants are the most important for customers’ willingness to pay (WTP).

Choice-based conjoint analysis was used in this study to test seven attributes: food, price/value, real price, service, atmosphere, the number of reviews and user-generated star ratings. Sawtooth Software was used to do the conjoint analysis, and a series of significance t-tests were run to determine the significance of each attribute on WTP with Statistical Package for the Social Sciences (SPSS).

Based on a survey of 483 respondents who had visited a buffet at a casino within the last two years, this study found that food is ranked as the most significant attribute of a casino buffet restaurant, followed by real price and service quality.

Theoretically, this work is the first to the authors’ knowledge to apply the antecedents of behavioral intention to willingness-to-pay for niche restaurants. Practically, the results of this study will help casino buffet operators as they re-open after COVID-19. Future studies could collect data in the post-pandemic environment and examine WTP at casino buffets in different geographic locations.

The purpose of this article is based on the unit patent license fee model in the closed-loop supply chain.

This paper analyzes the impact of the bundling strategy of the retailer selling new products and remanufactured products on the closed-loop supply chain under the condition that the original manufacturer produces new products and the remanufacturer produces remanufacturing products.

The results show that alternative products can be bundled, and in many cases, the bundling of remanufactured products and new products is better than selling alone.

If the retailer chooses bundling, for the remanufacturer, when certain conditions are met, the benefits of bundling are greater than the separate sales at that time; for the original manufacturer, when the recycling price sensitivity coefficient is high, the bundling is better than separate sales.

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

This study aims to examine consumer perception during COVID-19 and identifies cruise industry marketing strategies to fill a gap in crisis management and product pricing literature.

This study developed and validated two-factor measurement scales (vaccine perception and protective behavior), which predicted cruise intents well. This study revealed how geo-regional factors affect consumer psychology through spatial analysis.

This study recommended pricing 7-day cruises at $1,464 (the most preferred length). The results also showed that future price hikes would not affect demand and that coastal marketing would help retain customers.

This study contributed to the business, hospitality and tourism literature by identifying two new and unique factors (vaccine perception and protective behaviors), which were found to affect consumers’ intention to travel by cruise significantly. The result provided a better understanding of cruise tourists’ pricing preferences and the methods utilized could easily be applied to other cruise markets or tourism entities.