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The British North American colonies were the first western economies to rely on legislature-issued paper monies as an important internal media of exchange. This system arose piecemeal. In the absence of banks and treasuries that exchanged paper monies at face value for specie monies on demand, colonial governments experimented with other ways to anchor their paper monies to real values in the economy. These mechanisms included tax-redemption, land-backed loans, sinking funds, interest-bearing notes, and legal tender laws. I assess and explain the structure and performance of these mechanisms. This was monetary experimentation on a grand scale.

Over 15 years ago Goodwin created the first open-ended, non-traded real estate investment trust (REIT) with regular sales and redemptions at net asset value (“NAV REIT”). While NAV REITs are now well established, there is still room for improvement.

We traced the evolution of the NAV REIT’s innovative, investor-friendly features – transparent valuation to strike NAV, liquidity via redemption at NAV per share, indefinite life, lower/simpler selling and management fees, share classes with different upfront loads and trailing distribution fees.

To improve the liquidity feature of NAV REITs, share classes could be used to lower the drag on performance and match available liquid assets with expected redemption requests. The goal: balance inflows and outflows, optimize portfolio construction, and better safeguard liquidity.

One need not look far for the dark side of liquidity in open-ended real estate funds. The UK experience with regulated property funds is a painful object lesson. There is a better way: while traditional non-traded REITs were designed and marketed for investment by retail investors, NAV REITs appeal to a diverse range of investors, and share classes could be enhanced to offer both a menu of selling loads and a menu of liquidity and dividend-rate options to produce a smooth curve blending cost and time.

Innovation in structuring real estate investment vehicles has broadened choices for all and the NAV REIT is flexible, scalable, open-ended and cost-efficient. Fund sponsors, fund managers, financial advisors, investors and even regulators could find food for thought in our analysis.

The purpose of this study is to evaluate the impact of reward structure on the customer's value perception of the program, loyalty to the program and loyalty to the firm.

A 2 (type of reward) x 2 (timing of redemption) between subjects experimental design was conducted. In addition, the indirect effect of the customer's value perception of the program on loyalty to the firm via loyalty to the program is tested with Hayes and Preacher's mediation procedure.

Study results indicated that type of reward has a positive impact on the perceived value of a loyalty program. Program loyalty mediates the relationship between the perceived value of the loyalty program and customer loyalty, as well as the relationship between type of reward and customer loyalty.

The findings of this study demonstrate the importance of the type and timing of loyalty program rewards on customer perceptions of the value of the loyalty program. In addition, this study is a step forward in providing a deep understanding of the impact of such perceptions on loyalty. These findings fill a number of research gaps and provide tangible guidance for practitioners.

Loyalty programs (LPs) in a business-to-business (B2B) context have been under-researched when compared to consumer markets. The purpose of this paper is to investigate if and to what extent the loyalty program activity (LPA) based on recency, frequency and monetary framework reflects the effectiveness of a specific LP.

Using the data obtained from 818 business customers enrolled in a LP, logistic regression models are run to find the impact of LPA on the company’s sales.

The results suggest that in a linear LP, the frequency of rewards impacts sales the most, compared to recency and amount of points redeemed. The intensity of a LPA is influencing the expected sales in a company.

The current study is not focused on the redemption patterns and the value of the rewards offered in the program. Limitation of the study only to one country and in a single company does not allow to generalize presented findings.

Companies should focus their efforts on defining the best level of frequency rewards in their LPs. Reward timing should be considered as a factor that influences the change in customer purchasing behavior more than the amount of points accumulated.

The research provides empirical evidence to support the highest influence of frequency of rewards on sales, compared to recency and amount of points redeemed. This is one of the few LP studies conducted in the context of the B2B market.

To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940.

Explains the background, including problems during the financial crisis, the USA Treasury’s temporary guarantee program in 2008, earlier SEC proposals, and the USA Financial Stability Oversight Council’s recommendations. Details the amendments to Rule 2a-7, including the authorization to impose liquidity fees and redemption gates, the floating net asset value (NAV) requirement, the impact of the amendments on unregistered money funds operating under Rule 12d1-1, guidance on fund valuation methods, disclosure requirements, requirements for money fund portfolios to be diversified as to issuers of securities and guarantors, stress testing requirements, and compliance dates.

The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately.

Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance.

Practical guidance from experienced financial services lawyers.

In 2009, US coupons set a new record of 367 billion coupons distributed. Yet, while coupon distribution is on the rise, redemption rates remain below 1 percent. This paper aims to show how recognizing context variables, such as proximity, weather, part of town and financial incentives interplay to determine a coupon campaign's success.

The paper reports an empirical study conducted in co‐operation with a restaurant chain: 9.880 Subway coupons were distributed under different experimental context conditions. Redemption behavior was analyzed with the help of logistic regressions.

It was found that even though proximity drives coupon redemption, city center campaigns seem to be much more sensitive to distance than suburban areas. The further away the distribution place from the restaurant, the less does the amount of monetary incentive determine the motivation to redeem.

When designing a coupon campaign for a company, coupon distribution should not follow a “one‐is‐good‐for‐all‐strategy” even for one marketer within one product category. Instead each coupon strategy should carefully consider contextual influence.

This paper is the first to the authors' knowledge that systematically investigates the impact of context variables on coupon redemption. It focuses on context variables that electronic marketing channels will be able to easily incorporate into personalized mobile marketing campaigns.

The purpose of this paper is to examine how the moderating effect of restaurant type (fast food versus casual dining) affects the Generation Y’s customers’ reaction to reward time redemption (immediate versus delayed) and reward type (economic versus social).

A 2 × 2 × 2 full-factorial, randomized, between-subject experimental design is conducted to test the research framework. The treatment groups are different from each other by manipulating reward type, reward timing and restaurant type through eight different scenario exposures.

The findings of the study reveal that the loyalty is significantly higher for immediate than delayed rewards in the both examined restaurant segments. In the casual dining restaurant segment, the effect of rewards increases for social rewards more than economic ones. On the other hand, for fast food restaurant context, there is no difference in the effect of reward type, whether they are economic or social.

Due to the limitations of fine dining restaurants in Iran, the present study consists of only two types of restaurants (fast food vs casual dining).

This study aims to contribute towards the understanding how restaurant type (fast food versus casual dining) affects the impact of restaurant reward programs on the loyalty of Generation Y’s customers.

To introduce the concepts of interval funds and tender offer funds and compare them to other pooled investment vehicles.

This article provides an overview of the interval fund and tender offer fund structures, including the law, regulations and market practices regarding redemptions, liquidity, fees and expenses and other key terms.

Interval funds and tender offer funds should be considered by alternative investment managers seeking to expand into public markets or traditional fund managers that seek additional portfolio flexibility.

In addition to a plain English analysis of the rules and regulations applicable to interval funds and tender offer funds, the article analyzes market practices regarding redemption frequency and amount.

Now that debt has replaced equity as the preferred source of finance for many UK companies, the correct calculation of the cost of debt assumes even greater importance than it has done formerly. While financial management textbooks are in agreement on how to calculate the pre‐tax cost of debt, there is much less agreement on how to calculate the after tax cost of debt. The different approaches taken by different authors leave students and practitioners confused and unsure as to how they should proceed. This article explores the calculation of the after tax cost of debt in order to help both students and practitioners to understand the interaction of tax and debt in the current UK environment and to be aware of the limitations of the various simplifications which are made, explicitly or implicitly, in the textbooks.

The purpose of this paper is to present the views and challenges from a range of accounting professionals, regulators and preparers with the introduction of a standardised approach to accounting for customer loyalty programmes (CLPs). It aims to highlight the ambiguities of the classification of commercial transactions, particularly the nature and timing of revenue recognition.

Comment letters in response to the exposure draft D20 CLPs are analysed together with an exposition of the effect of International Financial Reporting Interpretations Committee (IFRIC) 13 on an early adopter, Qantas airlines.

Despite limited support for the consensus view advocated in D20, the International Accounting Standards Board (IASB) has upheld the deferred revenue approach consistent with the anticipated outcome of the IASB and Financial Accounting Standards Board revenue recognition project.

The paper analyses the characteristics and views of lobbyists using the IFRIC process. The use of other discourse methodologies may present issues of power within this process.

The paper highlights how the implementation of IFRIC interpretations has the potential to alter reported financial results.

The paper highlights the lobbying process and interpretation process at an international level. It also illustrates how companies can engage accounting interpretations to manage earnings, particularly in times of economic challenges.