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The US insurance industry has long faced the spectrum of large unexpected losses from natural catastrophes such as hurricanes and earthquakes. However, the September 11, 2001 terrorist attack clearly demonstrated a new form of catastrophic risk of man‐made origin. The damages in property and life are now well known as estimates of insured losses deriving from this event range from $40 to $54 billion. The 9/11 terrorist attacks renewed the capacity problem faced the insurance industry in the underwriting of large catastrophic risk. In that regard, this paper explores the feasibility of capital market alternatives to the conventional insurance mechanism, and analyses whether the capital market could provide extra capacity to absorb terrorism risk.

The purpose of this paper is to review the existing literature on sponsorship‐linked marketing and to present a set of research propositions.

The approach to the research propositions was to explore the existing literature to discover areas where opportunities for further research exist.

The authors propose that not only does sponsorship‐linked marketing influence attitudes towards the sponsor, but that the relationship is that of an S‐shaped curve where the incremental impact of sponsorship is slight for brands with very little or very strong attitudes established towards the brand. The most dramatic influence that sponsorship‐linked marketing will have is for those sponsors with a moderate amount of established brand attitude. The authors also present an argument that extreme congruity or extreme incongruity will drive brand awareness more dramatically than an expected level of sponsor‐property congruity, thus suggesting a U‐shaped relationship between awareness and congruency. Moreover, while an extremely incongruent partnership may gain widespread attention, it is unlikely to positively influence an emotional or behavioral response for either the property or sponsor.

The majority of the previous literature regarding sponsorship‐linked marketing proposed or assumed a linear relationship between current brand attitudes and the impact of a sponsorship. This paper suggests that this relationship is actually non‐linear and is, in fact, an S‐shaped relationship. Further, while congruency was believed to be linearly related to awareness, this paper proposes that the association between awareness and congruency is a U‐shaped phenomenon.

Attempts to clarify the concept and scope of internal marketing and its strategic role in the implementation of change programmes. Shows the manner and the extent to which marketing techniques can be used internally by presenting an alternative conceptual model. This model uses a multi‐level schema which interlinks strategic dimensions to an internal marketing mix framework. The model′s usefulness in being able to direct attention to relevant issues in practice is illustrated by a case study. The case study research serves to highlight how the model can be operationalized by presenting it in the context of a change programme, namely that of a large financial company trying to change its customer mix in face of internal resistance.

The purpose of this paper is to investigate the influence of internal capabilities and environmental turbulence on market (e.g. cost leadership and differentiation) and nonmarket (e.g. political and social) strategies (NMS), and considers how these strategies impact financial and non-financial performance in firms in the United Kingdom.

A survey was administered online to 215 practicing managers in the UK. Measures for competitive strategy (i.e. cost leadership and differentiation), NMS, strategic capabilities, market turbulence and firm performance were adopted from or based on previous work. Hypotheses were tested via SmartPLS.

Findings underscore the impact of market turbulence across all market and nonmarket strategy dimensions. Multiple links between capabilities and strategies were identified. Both cost leadership and differentiation were significantly linked to non-financial performance, but only differentiation was significantly linked to financial performance. An increased emphasis on social NMS was linked to higher financial performance, but not non-financial performance. Political NMS was linked to neither financial nor non-financial performance.

The sample included managers in multiple industries. Self-typing scales were utilized to measure market turbulence, emphasis on capabilities, strategic emphasis and firm performance.

Emphasis on social NMS can promote financial performance, but political NMS does not appear to drive either financial or non-financial performance.

This paper provides empirical support for a UK-based model linking market turbulence, strategic capabilities, market and nonmarket strategies, and both social and firm performance. It supports NMS as a key performance driver, but with caveats.

The purpose of this paper is to investigate the effect of four types of cause-related marketing (CRM) strategies on consumer responses to a fashion brand and to assess the relative effectiveness of each.

An experiment was conducted with young adult consumers (n=344) and undergraduates (n=415). Using a between-subject design, each participant was randomly assigned to one of four CRM scenarios and completed a questionnaire.

Across all CRM conditions, the effect of CRM strategy on consumer responses (e.g. perceived brand distinctiveness/credibility/attractiveness, customer–brand identification, brand attitude, customer loyalty) was significant. The effect of corporate social responsibility image on perceived brand distinctiveness was strongest for cause-related event marketing, followed by cause-related experiential marketing, transaction-based CRM and sponsorship-linked marketing.

By providing information about the relative effectiveness of four types of CRM strategies, this research aids fashion marketers in their selection of the CRM strategy that generates the best performance. Adding an event component to their CRM activity would increase the effect of CRM strategies on consumer responses.

This research contributes to the extant literature on CRM by identifying types of CRM strategies, their relative effectiveness, and key variables (e.g., C–B identification) that explain the impact of CRM strategies on consumer responses.

The purpose of this paper is to examine the potential gains in hedge ratio calculation for agricultural commodities by incorporating market linkages and prices of related commodities into the hedge ratio estimation process.

A vector autoregressive multivariate generalized autoregressive conditional heteroskedasticity (VAR‐MGARCH) model is used to construct a time‐varying correlation matrix for commodity prices across linked markets and across linked commodities. The MGARCH model is estimated using a two‐step approach, which allows for a large system of related prices to be estimated.

In‐sample and out‐of‐sample portfolio variance comparison among no hedge, bivariate GARCH, and MGARCH models indicates that hedge ratios estimated using the MGARCH approach reduce agricultural producers' and commercial consumers' risks in futures market participation.

The application is limited to an examination of Montana wheat markets.

Agricultural producers who use futures markets to reduce market risk will have a better method for determining hedging positions, because MGARCH estimated hedge ratios incorporate more information than hedge ratios estimated using existing practices.

Portfolio variance reduction is analogous to utility improvement for agricultural producers. More efficient hedging strategies can lead to better implementation of futures markets and increased social welfare.

This research substantially extends current literature on agricultural hedge strategies by illustrating the advantages of using an hedge ratio estimation approach that incorporates important information about prices at linked markets and prices of other commodities. Providing evidence that market portfolio variance can be lowered using the multivariate estimation approach, the research offers commercial agricultural producers and consumers a practical tool for improving futures market strategies.

The recent trend of integrated risk management has resulted in corporations reassessing their risk management practices. Insurance derivatives and insurance‐linked securities are emerging as alternatives or complements to traditional resisurance capacity. Despite its theoretical benefits, the market for insurance‐linked transactions has not matured, due to problems of information asymmetry and lack of transparency. This article proposes a solution to resolve the conflicting interests preventing insurers/reinsurers and investors from more widely trading insurance risk.

Technological advances in the last decade have caused both business and economic sectors to seek for new ways to adapt their business models to a connected data-centric era. Family businesses have also been forced to leave behind traditional strategies rooted in family stimuli and ties and to adapt their actions in digital environments. In this context, this study aims to identify major online marketing strategies, business models and technology applications developed to date by family firms. Methodology: Upon a systematic literature review, we develop a multiple correspondence analysis (MCA) under the homogeneity analysis of variance by means of alternating least squares (HOMALS) framework programmed in the R language. Based on the results, the analyzed contributions are visually analyzed in clusters.

Upon a systematic literature review, we develop an MCA under the HOMALS framework programmed in the R language. Based on the results, the analyzed contributions are visually analyzed in clusters.

Relevant indicators are identified for the successful development of digital family businesses classified in the following three categories: (1) digital business models, (2) digital marketing techniques and (3) technology applications. The first category consists of four digital business models: mobile marketing, e-commerce, cost per click, cost per mile and cost per acquisition. The second category includes six digital marketing techniques: search marketing (search engine optimization and search engine marketing (SEM) strategies), social media marketing, social ads, social selling, websites and online reputation optimization. Finally, the third category consists of the following aspects: digital innovation, digital tools, innovative marketing, knowledge discovery and online decision making. In addition, five research propositions are developed for further discussion and future research.

To the best of our knowledge, this study is the first to cover this research topic applying the emerging programming language R for the development of an MCA under the HOMALS framework.

Current economic conditions have identified a complication if not conflict in the application of valuation analysis assumptions with the free fall in asset prices observed since 2007. Discrepancies in debt obligations (from prior periods) with underlying collateral value have been opined to be an unforeseen anomaly. This investigation aims to observe an alternative perspective using data from 1900 to the present.

This 110‐year period of observation shows that return (value) volatility is the characteristic norm of the market system. Showing volatility as a fundamental characteristic of economic and property performance supports conjecture by definition, observation and rationality that valuation analysis had to be successfully employed in prior down cycles and across divergent economic regimes. A systematic literature search was conducted to identify the application of specific value theory, premises and concepts with appropriate valuation techniques in given economic regimes. The variables derived from the literature and practices observed and designated as operating across time emphasizing recorded recessions are then tested for statistically significant associations using χ² tests.

The findings show that traditional value techniques are successfully applied in stabilized and even accelerated growth periods, but weaken and even break down during down markets. Alternative approaches and techniques are emphasized and developed during these periods that address specific problems but are befitting more general issues. The alternative perspectives are then observed to operate, generating much debate for extended periods. They are then incorporated as orthodox or disappear as issues. This study identifies a statistical link between the economic and valuation concerns of the Great Depression of the 1930s and the current Great Recession of 2007‐2009. The more relevant finding, however, is that the period following the depression of the 1930s, which shows a period characterized as using innovation and alternative valuation techniques, was continued into a period that ran from the 1950s into the mid‐1990s. This was a period of stabilization, at least into the early 1980s. The deregulation of the 1980s generated a period of fewer cycles but major magnitude shifts in the less frequent measures of volatility. Unfortunately, the sophistication in debate concerning valuation procedure and valuation premises, as statistically measured, declined from the 1990s into the present period. The present economy reflects statistical measures similar to those observed from 1900‐1930.

Given the 110 years considered in the study, the findings should not be considered original with regard to assisting the general welfare or professional decision making. However, given that the market shifted from being a useful institution to assist in the allocation and distribution of property to being a religious caveat that could only result in perfect solutions to solve all social needs, wants and ills, the findings emphasizing valuation techniques based on rational value premises that can operate to assist inference of future events subject to divergent and cyclical operations might be calmed to offer very useful assistance with procedure based on fundamentals and expression of behaviour that has long been vilified. The uses of the patterns identified in this study need to be incorporated into causal analysis.

This study aims to explore the nature of the interactions between two strategies, innovation and market orientation. By examining the components of these constructs the paper seeks to identify key components of market orientation that are antecedent factors of the innovation performance of the firm.

Correlation analysis was undertaken on data from a survey of 73 manufacturing firms in the Greater Western Sydney economic development zone in Australia. The data were supplemented by information obtained from the firm's annual reports.

Innovation was found to be positively correlated to market orientation (customer orientation, competitor orientation and inter‐functional co‐ordination) and both of these constructs were found to be positively correlated to firm performance and the degree of change in the firm's competitive environment.

Possible limitations are: the low survey response rate; the nature of the sampled population; and the spread of industries involved, which could limit the generalisability of the results. The next steps will be to conduct deeper analysis into the factors that make up the subscales of the two constructs and to determine how market orientation or its associated activities interact with the innovation process.

In order to maximize a firm's financial performance, organizations should increase both their market orientation and their innovation activities as these factors operate synergistically.

This study is arguably the first to establish the finding that the degree of change in the competitive environment and the level of market orientation are linked, and the identification of the components of market orientation that are linked to firm innovation. These findings suggest that firm innovation and firm market orientation are strategic reactions to changes in the firm's competitive environment.