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Permanent URI for this collectionhttps://hdl.handle.net/20.500.14288/3
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Publication Metadata only Macro-financial spillovers(Elsevier Sci Ltd, 2023) Cotter, John; Hallam, Mark; Department of Economics; Yılmaz, Kamil; Department of Economics; College of Administrative Sciences and EconomicsWe analyse spillovers between the real and financial sides of the US economy, and between those in the US and other advanced economies. The approach developed allows for differ-ences in sampling frequency between financial and macroeconomic data. We find that financial markets are typically net transmitters of shocks to the real side of the economy, particularly during turbulent market conditions. This result holds both for domestic US macro-financial spillovers, and also those between the US and other advanced economies. Our macro-financial spillover measures are found to have significant predictive ability for future macroeconomic conditions in both in-sample and out-of-sample forecasting envi-ronments. Furthermore, the predictive ability frequently of our macro-financial measures frequently exceeds that of purely financial systemic risk measures previously employed in the literature for the same task.Publication Metadata only Local market reaction to brand acquisitions: evidence from the craft beer industry(Informs, 2024) Misra, Kanishka; Singh, Vishal; Department of Business Administration; Güler, Ali Umut; Department of Business Administration; College of Administrative Sciences and EconomicsA large stream of literature shows that the emotional bond between consumer and brand can induce a sense of psychological ownership, and shocks to this relationship, such as brand repositioning or acquisitions, can induce a negative consumer reaction. This article provides a large-scale empirical study on such brand "transgressions" in the context of acquisition of local breweries by large conglomerates. Our analysis covering 40 brand acquisitions shows a strong negative reaction to acquisitions on social media. Analysis of transaction data shows that this adverse sentiment results in a 15% drop in baseline demand in the local market following the acquisition. This represents a significant negative shock to the acquired brand, as the local region accounts for more than one-fifth of brand sales on average, even in the long run. The decline begins immediately following the acquisition and manifests in both sales and product ratings. Our findings indicate a more pronounced reaction to acquisitions by "big business" and provide evidence of demand spillover in the home market to competing brands that remain locally owned. The theoretical and managerial implications of our findings are discussed.Publication Metadata only The impact of Covid-19 on the willingness to work in teams(Elsevier B.V., 2024) Divle, Sunduz; Gumren, Mert; Department of Economics; Ertaç, Seda; Department of Economics; College of Administrative Sciences and EconomicsThis paper studies the impact of the COVID-19 pandemic on individuals’ willingness to work in teams, using an online experiment. We implement a setup where individuals can choose to work on a real effort task either individually or together with a partner through online interaction. We find that although working in a team is more profitable and participants also expect this, a large fraction makes a financially costly decision by shying away from teamwork. Moreover, participants primed with COVID-19 are less likely to self-select into teamwork in a dynamic setting with two team selection periods, with the effect coming mainly from the second selection period, after a random fraction of participants are exogenously assigned to teamwork. We find that in addition to COVID-19 salience, social confidence, the willingness to socialize, and prior exposure to teamwork are significant predictors of the decision to join or avoid socially interactive work environments. Our findings provide insights into the potential impact of the pandemic on social interactions in a work setting. © 2024 Elsevier B.V.Publication Metadata only How consumers' economic and psychological vulnerabilities impact their consumption regulation during crisis(Wiley, 2024) Karaosmanoğlu, Elif; Okan, Mehmet; Altıniğne, Neşenur; Demir, Özge; İdemen, Elif; Işıksal, Didem Gamze; Graduate School of BusinessThis paper focuses on the economic and psychological vulnerabilities that are intensified due to the effects of the COVID-19 pandemic on individuals' health, education and living standards. The deteriorating mental and financial conditions of individuals, called psychological and economic vulnerability, have made an impact on consumers' consumption patterns and habits. This study has proposed that when consumer vulnerabilities increase, consumers will be more likely to express prosocial behaviours and assume higher social capital change that may influence their consumption regulations. The findings are based on a panel survey of 786 individuals via CATI in two waves of data collection in Turkiye (Wave I: 20 July-10 August 2020;Wave II: 20 November-10 December 2020). In Wave I, it is found that when individuals face economic and psychological vulnerability, their tendency to show prosocial behaviour is negatively affected. In Wave II, when the COVID-19 cases peaked, while economic vulnerability still leads to lower prosocial behaviour, psychological vulnerability gets reversed and results in higher prosocial behaviour. Interestingly, in both waves, when consumers perceive positive social capital change due to increased prosocial behaviour, they are less likely to show consumption regulation.Publication Metadata only Firm complexity and post-earnings announcement drift(Springer) Barinov, Alexander; Park, Shawn Saeyeul; Department of Business Administration; Yıldızhan, Çelim; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 328466We show that the post-earnings announcement drift (PEAD) is stronger for conglomerates than single-segment firms. Conglomerates, on average, are larger than single segment firms, so it is unlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that market participants find it more costly and difficult to understand firm-specific earnings information regarding conglomerates, as they have more complicated business models than single-segment firms. This in turn slows information processing about them. In support of our hypothesis, we find that, compared to single-segment firms with similar firm characteristics, conglomerates have relatively low institutional ownership and short interest, are covered by fewer analysts, and these analysts have less industry expertise and make larger forecast errors. Finally, we find that an increase in organizational complexity leads to larger PEAD and document that more complicated conglomerates have even greater PEAD. Our results are robust to an extensive list of alternative explanations of PEAD as well as alternative measures of firm complexity.Publication Metadata only Net promoter, recommendations, and business performance: a clarification on morgan and rego(Informs, 2008) Keiningham, Timothy L.; Cooil, Bruce; Andreassen, Tor Wallin; Department of Business Administration; Aksoy, Lerzan; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; N/AOne of the most controversial findings in Morgan and Rego (2006) was that two widely advocated loyalty metrics, "Net Promoter" and "Number of Recommendations," have little or no value in predicting the financial outcomes of firms. We argue that neither measure was actually examined and that conclusions about the predictive value of these measures cannot be drawn from their analysis. A primary problem is that the measures used in Morgan and Rego (2006) do not adequately adjust for the presence of neutral word-of-mouth activity. Nevertheless, Morgan and Rego (2006) provide important information regarding other common customer metrics and firm financial outcomes. We are unaware of another longitudinal study that examines the predictive value of satisfaction and loyalty metrics in such a comprehensive way.Publication Metadata only The interplay between global and local brands: a closer look at perceived brand globalness and local iconness(Sage Publications inc, 2012) N/A; Department of Business Administration; Tunalı, Ayşegül Özsomer; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 108158By studying consumer samples in an emerging market, Turkey, and two mature markets, Singapore and Denmark, the author tests the chain of relationships that drive consumers' likelihood of purchasing the global brand in the presence of a local brand in a linear structural relations framework. the results indicate that perceived brand globalness is positively related to local iconness in an emerging market, but the relationship is negative in advanced markets. Developing local iconness helps build the perception of prestige in all three markets. Furthermore, local iconness is positively related to local brand quality perceptions in the culturally grounded categories of food in an emerging market, whereas in nonfood categories, local iconness has no connection to quality. in terms of cross-effects, As expected, the perceived quality of the local brand is negatively associated with global brand purchase likelihood in all markets and categories studied. in contrast, local brand prestige dampens global brand purchase likelihood for older consumers in an emerging market. the article concludes with implications for global and local brand managers.Publication Metadata only Open access the wrong response to a complex question: the case of the finch report(Wiley, 2013) Baruch, Yehuda; Ghobadian, Abby; Department of Business Administration; Özbilgin, Mustafa; Other; Department of Business Administration; College of Administrative Sciences and Economics; N/AN/APublication Metadata only Effects of system parameters on the optimal cost and policy in a class of multidimensional queueing control problems(The Institute for Operations Research and the Management Sciences (INFORMS), 2018) Vercraene, Samuel; Gayon, Jean-Philippe; Department of Industrial Engineering; Karaesmen, Fikri; Faculty Member; Department of Industrial Engineering; College of Engineering; 3579We consider a class of Markov Decision Processes frequently employed to model queueing and inventory control problems. For these problems, we explore how changes in different system input parameters (transition rates, costs, discount rates etc.) affect the optimal cost and the optimal policy when the state space of the problem is multidimensional. To address a large class of problems, we introduce two generic dynamic programming operators to model different types of controlled events. For these operators, we derive sufficient conditions to propagate monotonicity and supermodularity properties of the value function. These properties allow to predict how changes in system input parameters affect the optimal cost and policy. Finally, we explore the case when several parameters are changed at the same time.Publication Metadata only Competing perspectives in international marketing strategy: contingency and process models(American Marketing Association (AMA), 2000) Prussia, GE; Department of Business Administration; Tunalı, Ayşegül Özsomer; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 108158Empirical studies investigating the relationship between marketing standardization and performance have generated mixed results. This study investigates the causal ordering between marketing strategy and marketing structure as determinants of subsidiary performance. The authors propose a multiple contingencies approach that tests both the contingency (e.g., Chandler 1962) and the process (e.g., Bower 1970) frameworks in the subsidiary context. Findings based on a two-phase longitudinal study provide initial support for the framework that suggests that marketing structure follows marketing strategy. In response to increased target market similarity, companies in the study opted for more standardized marketing strategies. Furthermore, centralization of structure mediated the relationship between marketing strategy and subsidiary performance. The performance impact of centralization, however, was cross-lagged and negative. Results suggest adapting marketing strategies to local markets as a way of enhancing performance.