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The purpose of this paper is to uncover common and outdated misconceptions about couponing and present new, updated strategies that can improve redemption statistics.

ICOM sought to understand the landscape of couponing by examining data from a 20‐year database compiled through the course of designing 6,300 targeted direct mail programs and issuing 425 million coupons to 28 million US and Canadian households that voluntarily provide information about purchasing preferences.

The paper exposes important information about current consumer behavior with regards to coupons and coupon redemption. The research identifies a “sweet spot” which, when coupon value and expiration length criteria sync, creates perfect conditions and drives coupon redemption.

Marketers must rethink coupon campaign strategies to accommodate the changing consumer and couponing market. This paper offers straightforward recommendations for altering approach.

The paper provides a fresh profile of the couponing market and variable drivers of consumer redemption, derived from an unprecedented amount of consumer data gathered over an extended period of time.

This paper aims to identify the factors affecting the redemption of reward points, a form of customer loyalty program used by many Chinese credit card issuers. In addition it also assesses Chinese credit card users' level of awareness about the reward‐point programs.

A total of 401 telephone surveys were conducted in five major cities in China in 2007. Regression analysis was also conducted in the exploratory study.

Results show both low customer awareness about point‐based reward programs and, not surprisingly, low redemption rates. More specifically, lack of awareness about the reward points programs and the redemption procedure was shown. The important conditions positively affecting redemption of reward points were found to include awareness of the reward point program, a positive attitude about the incentives, and average frequency of credit card usage. Also, redemption rates were higher for cards that had been issued more recently.

The paper suggests that credit card marketers could communicate with their customers more effectively in order to spread and reinforce awareness about point‐based reward programs and encourage them to experience their benefits.

The study provides an original insight into an important element of consumer behavior with credit card reward programs in the banking industry serving a lower‐middle‐income segment in a developing region such as China. Guidance is also offered for marketing managers responsible for promoting credit card usage and reward programs.

This study tests empirically the impacts that the issue and redemption of index-typed ELS has on KOSPI200 & KOSPI200 Future Index and the performance of ELS redemption by using daily stock market data of year 2010-2015. The first one of research results is that net amount of ELS issue has significantly negative (-) effect on KOSPI200 Index and KOSPI200 Future Index, which ascertains that the amount of ELS issue becomes larger as KOSPI200 Index gets lower. It shows that index-typed ELS has reverse-hedging effect while underlying stock-typed ELS has hedging effect. This phenomenon seems to have arisen in the complex conditions of ELS structural traits and vulnerable situations of security market where KOSPI Index has moved up and down with in-box pattern and KOSPI200 trading volume and KOSPI200 Future trading amount & volume have been decreasing consistently. Second result is that ELS performance in advanced redemption fund (principal non-guarantee type) shows the fact that return of private equity fund has been significantly 0.37% higher than that of public offering fund, while performance in maturity redemption fund (principal guarantee type) shows the fact that return of public offering fund has been significantly 1.26% higher than that of private placement. Considering of the meager difference of return in advanced redemption fund and the higher return of public offering fund in maturity redemption fund, we can infer that efficiency of ELS market would leave no information asymmetry by the difference between the fund-raising types.

The purpose of this paper is to contribute to a better understanding of the impact of market liquidity on the daily tracking error of exchange-traded funds (ETFs). It puts a special focus on the liquidity cost of individual underlying stocks as well as the process of creation/redemption of ETF shares as key determinants of tracking ability.

The study is based on daily observations of fund data for eight fully replicating German equity ETFs for July 2001-October 2013. A regression model with fund fixed effects is chosen to determine the effect of liquidity cost, creation/redemption and other control variables on daily tracking error. Data were compiled from issuer websites and Datastream. Proprietary XETRA Liquidity Measure, which was used as proxy for liquidity cost was supplied by Deutsche Börse.

The study finds daily tracking error to significantly depend on the liquidity of underlying stocks. This finding emerges even though the ETFs in this study predominantly use in-kind creation/redemption. Even after controlling for creation/redemption, the liquidity impact remains basically unchanged. One reason might be imperfect replication of index weights: Either the in-kind-basket delivered in the course of creation/redemption does not perfectly match the benchmark-weights or the internal rebalancing of weights causes liquidity cost.

To the best of the authors’ knowledge, this is the first paper that uses a specific liquidity measure for each single stock underlying an ETF. The findings extend the literature by corroborating the view that liquidity of individual stocks in the underlying portfolio has an impact on tracking error.

The purpose of this paper is to illustrate how managers can strategize different aspects of mobile coupon promotions to enhance their redemption rates.

A secondary dataset of campaign designs and responses were provided by a Midwestern mobile marketing firm. The data were further analyzed using analysis of variance and mean comparisons.

Consumers are more responsive to coupon designs which are congruent with the nature of the product. For utilitarian products, they respond more to “smarter” deals with dollar or percent off, and for hedonic products, they respond more to the timing of receiving the message.

Marketers need to better understand local customer demographic profiles to be able to identify their lifestyle – convenient timings, needs, and cravings, so that coupons can be accordingly designed.

This paper examines behavioral data in a new (mobile) medium of direct marketing, which allows the authors to capture data across a wider range of physical situations than traditional media, adding more richness and validity to the findings of the paper.

The purpose of this paper is to use current loyalty market landscape data to examine differences in loyalty‐program participation among key consumer segments.

Using data from the Loyalty Census research study conducted by COLLOQUY (JCM v24i5), this paper applies the information to six demographic segments of high interest to loyalty‐marketing practitioners – affluent, young adult, senior, core women, emerging Hispanic, and general adult – to determine rends related to participation, needs, redemption, and satisfaction.

The paper identifies the emergence of underserved and important demographic segments looking for attention in the world of loyalty marketing. The paper also establishes the new battlegrounds for loyalty programs in regards to rewards and redemption. Finally, the research reveals fresh strategies for marketers designing loyalty offerings.

Personalization is key to driving participation in contemporary loyalty marketing programs. Companies must identify the individual and tailor rewards, offers and benefits ‐ constructing a “difference engine” to serve all markets, build advocacy, retention and return on investment.

The paper further deconstructs the current loyalty marketing landscape and spotlights budding demographic segments previously overlooked or understudied. The text derives ten concrete suggestions from the data for building successful loyalty programs in today's changing 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.

Since 2008, the German open-ended real estate fund (GOEREF) industry has experienced a critical phase of suspensions of redemption of fund shares, announced fund terminations and, eventually, introduction of a new regulation. With assets under the management of over 80 billion, GOEREFs are the dominant indirect real estate investment vehicle in Germany. Thus, it is extremely important to study the effects of this crisis on the risk and return characteristics of the respective funds. The paper aims to discuss these issues.

Both net asset values (NAVs) and potential secondary market prices of the shares of funds with suspended redemptions are used. The resulting total return patterns are analysed on an index basis for fund groups that best represent the most important investor groups for GOEREFs.

Groups that comprised a higher number of funds with suspended redemptions were considerably worse off and less attractive in an asset allocation context than the others given the often much lower secondary market prices. However, changes in return and risk must also be considered in terms of NAVs. The fund group comprising co-operative savings banks' funds was virtually unaffected by the liquidity crisis and continued to deliver stable and non-volatile returns, while the other fund groups exhibited a clear shift in their respective return profiles.

This study analyses fund groups that reflect the most important investor groups by using both types of important prices in a comprehensive industry sample. It, thus, provides valuable insights into the changing profiles of the funds and groups and their favourability from an asset allocation perspective.

Beyond the economic determinants, non-economic criteria of land affordability are also of great importance. From the context of emerging economies, this study investigated the affordability of low-cost land allocation through the lens of non-economic criteria.

Given that the non-economic criteria considered are those related to religion and politics, data were elicited from the owners of residential plots at Redemption City and Ikosi Residential Scheme respectively in Nigeria. The data collected were analysed using statistical methods of analysis: mean and standard deviation.

The result showed that safety and comfort, quality management, proximity to market, proximity to public transportation and proximity to health facilities were the significant non-economic criteria at Redemption City. On the other hand, the non-economic criteria found to be significant at Ikosi Residential Scheme were proximity to public transport, safety and comfort, low presence of environmental problems and income ratio.

This study informs the promotion of private and public partnerships towards reducing the housing deficit in emerging economies. Also, it would help in the formulation and review of land policies, which would benefit not only their members.

This study is among the few that have looked at the non-economic criteria of land affordability, especially in emerging economies.

To discuss a September 22, 2015 Securities and Exchange Commission (“SEC”) proposal for a set of broad and sweeping rules mandating that open-end mutual funds and exchange-traded funds (“ETFs”) develop and implement formalized and written liquidity risk management programs (“LRMPs”).

Describes the purpose of an LRMP, the six “liquidity buckets,” the nine factors that must be considered in determining an instrument’s liquidity, the need to continuously monitor the liquidity of each position, the set of eight mandated factors used to assess a fund’s liquidity risk, the requirement for a fund to define a three-day liquid asset minimum, the role of the fund’s board of directors, a separate rule permitting “swing pricing” to adjust net asset value to take into account the costs of unexpected redemptions or cash infusions, disclosure requirements, and proposed compliance dates.

In proposing this new program, the SEC stated that its goal was to enhance effective liquidity risk management practices by funds and thereby reduce the risk that funds will be unable to meet redemptions under reasonably foreseeable stressed market conditions.

Expert guidance by experienced financial services lawyers.