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This study aims to investigate how strongly Generation Y consumers differ in their values, attitudes and wine and alcoholic beverage consumption behaviour from older generations. The comparison spans seven culturally different markets.

Large representative samples totalling 11,622 wine consumers responded to a standardised survey. A factorial analysis of variance was used to determine the main and interaction effects of markets and generations.

Although significant differences were found between generations, their explained variance is very low. There were significant trans‐cultural similarities in generational differences for values and wine consumption behaviour: Gen‐Y is more oriented towards hedonic success and status and less towards social values; Gen‐Y is more likely to consume white and rosé than red wine and is most promiscuous in its alcoholic beverage consumption. A number of noticeable differences appeared between countries: wine involvement and consumption increases with age in traditional European wine markets, while they decrease in North America; environmental concerns and purchase channel usage hardly differ between generations but vary strongly between markets.

This is the first study to quantify the effect size of generational differences using large representative samples across countries with different cultural backgrounds, including traditional and established wine consumption nations.

Understanding the impact of marketing-related investments on market-based assets is a fundamental issue for marketers. In this study we address the relationship between product-related investments and communication-related efforts, with respect to a basic intangible market-based asset: consumer-based dimensions of brand equity. We draw from a longitudinal study of pre-purchase brand attribute data derived from consumer panels, conducted within the context of the U.S. automotive market. Brand equity dimensions are statistically related to marketing investments and contextual factors of “region of origin” and “global brand reach,” employing a seemingly unrelated regression model. The results reveal a positive effect of communication-related investments, as measured by annual advertising expenditures, on all dimensions of brand equity except luxury image. Product-related investments, as indicated by a brand's innovativeness, positively affect brand image but negatively affect perceived economy. Region of origin and global brand reach have mixed effects on the consumer-based dimensions of brand equity.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

Platform certification constitutes an effective mechanism for managing the lemon problem concerning food e-commerce. This work aims to evaluate the market effect of platform certification and analyzes its correction mechanism for lemon problem combined with reputation mechanism.

Utilizing the Gold Seller certification of Taobao.com to serve as an illustration, the authors conducted an empirical study based on the sales data of hairy crabs among 2,239 sample sites over six points in time from October to December 2019, systematically examining the market effect of food e-commerce platform certification along with the interaction between food e-commerce platform certification and reputation mechanisms, followed by a heterogeneity test by product price.

This study finds that sellers with platform certification can significantly increase their sales. The market effect of platform certification is more easily observed in the low-price product market. In addition, platform certification and reputation mechanisms have complementary effects. In a low-price product market, the complementary effect of platform certification and product reputation diminishes, while the complementary effect of platform certification and seller reputation disappears.

This study explores the market effect of food e-commerce platform certification, reveals the market effect of certification mechanism when multiple signaling mechanisms exist simultaneously and conducts an empirical test based on real market data. It provides a better comprehension of how platform certifications work in food e-commerce.

This study aims to identify which elements of the vending marketing mix are the main sources of competitive advantage for the industry, how they impact vending profitability, and what are their related synergistic effects.

A full factorial experiment was developed to determine the effect of eight marketing mix scenarios on the profitability of a new vending channel in a French university library and assess the synergistic effects among three elements of a marketing mix (i.e. product quality, payment system, internal location) identified in a focus group as new sources of industry competitive advantage.

Although the main effects of product quality and payment system were weak-to-modest and insignificant, their interaction effect significantly impacted the daily net profit of the vending channel and generated the highest net synergy. The results partially challenge the marketing synergy axiom as internal location separately had a stronger impact on profitability than product quality and higher-order interaction effects do not necessarily translate into higher synergistic effects.

This research was conducted in a real-life setting and has its limitations, which future researchers can overcome by extending the temporal, geographic and product scope of the study.

The distinction that we introduced between gross and net synergy allowed us to partially challenge the prevailing marketing mix assumption that synergy is always positive (i.e. that a vending retailer can achieve synergy by selecting a combination of marketing mix elements instead of relying on them separately). Moreover, by demonstrating that marketing synergy is not a uni- but a bi-dimensional concept, we provide vending retailers with a better methodological understanding of why they may have already fallen into the synergy trap and how to avoid it in the future.

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

The purpose if this paper is to examine the turn-of-the-month effect in the equity market of three major emerging countries – Brazil, India and China – from January 2000 to December 2017.

Ordinary least square regression analysis is used to examine the presence of the turn-of-the-month effect and to test the efficiency of the emerging stock markets. The characteristics of the returns during the turn-of-the-month days are compared with that of the non-turn-of-the-month trading days.

The average returns during turn-of-the-month days for all the considered emerging market indices are significantly higher than the non-turn-of-the-month days for the full sample. For the subsample analysis, the average returns for Brazil and India for pre-GFC period are higher on the turn-of-the-month days than on the non-turn-of-the-month days. However, the effect disappears in China during the GFC period. During the crisis period, the results show that the turn-of-the-month effect disappears in Brazil and India, whereas for China, the effect is significant. For the post-GFC period, the-turn-of-the-month effect reappears for all the countries.

The results have important implications for both traders and investors. The authors’ results indicate that the market participants can time the stock markets of these countries by taking long positions especially during the times when the turn-of-the-month effect is highly significant.

To the best of the authors’ knowledge, this paper is the first to study the turn-of-the-month effect, in the key emerging countries such as Brazil, China and India. Second, the authors divide the sample into three subperiods based on the 2008 GFC such as pre-GFC, GFC and post-GFC to understand the dynamic behavior of turn-of-the-month effect over time. Most importantly, the authors control for the day-of-the-week effect while examining the turn-of-the-month effect.

The existing literature about return reversal effect in Chinese stock markets is inconclusive and controversial. Therefore, the purpose of this paper is to investigate the presence of return reversal effect in the Shanghai A stock market.

The authors used the late-stage contrarian strategy of Malin and Bornholt (2013) for the period March 2011‒March 2016.

The results show that there is a long-term return reversal effect in the Shanghai A stock market for the period March 2011‒March 2016. When portfolios are in the formation period (P=24 months), the excess returns are significant in the holding period, Q=6, 9, 12, 24 months. Further, there is also a significant short-term momentum effect in the Shanghai A stock market. For the robustness check, a new reversal factor was introduced into the Fama‒French three-factor model. Results show that portfolios have a smaller size and have lower book-to-market ratios; the return reversal factor explains a portion of the abnormal returns and coefficient of the reversal effect is significant.

The authors caution readers from generalizing the findings of this study, as the sample is small and the focus is only on A stocks listed on the Shanghai Stock Exchange.

The present research expands the current literature by providing a comprehensive information about the presence of the long-term and short-term return reversal effects in Shanghai A stock market. Furthermore, the Chinese stock markets have distinctive features in comparison to the developed stock markets in terms of government control, institutional structure, liquidity, cultural background, etc. Such differences affect the pattern in stock returns compared with those observed in developed stock markets. Contrary to previous studies, the present study also accounts for robustness checks. Finally, it also evaluates the possible reasons for the return reversal effect in the Shanghai market.