Publications with Fulltext
Permanent URI for this collectionhttps://hdl.handle.net/20.500.14288/6
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Publication Open Access United we stand: the impact of buying groups on retailer productivity(American Marketing Association (AMA), 2015) Geyskens, Inge; Gielens, Katrijn; Department of Business Administration; Wuyts, Stefan; Faculty Member; Department of Business Administration; College of Administrative Sciences and EconomicsIn diverse industries, from grocery retailing to health care, retailers join buying groups to achieve better terms with suppliers. The authors track the buying group membership of Europe's largest grocery retailers over a 15-year period and evaluate why some buying groups are better than others in increasing retailer performance and why different members belonging to the same group do not always benefit equally from their membership. They find that, on average, buying groups indeed generate scale advantages for their members: group scale increases group members' productivity and sales and decreases their cost of goods sold. Still, bigger is not always better. Retailers benefit less from buying group scale when the group is more heterogeneous in terms of member size and when it extends its scope across too many markets. Moreover, the smaller a member is within the group and the more it overlaps with fellow members, the less it benefits.Publication Open Access Base-rate information in consumer attributions of product-harm crises(American Marketing Association (AMA), 2012) Lei, Jing; Dawar, Niraj; Department of Business Administration; Department of Business Administration; Canlı, Zeynep Gürhan; Researcher; Department of Business Administration; College of Administrative Sciences and Economics; 16135Consumers spontaneously construct attributions for negative events such as product-harm crises. Base-rate information influences these attributions. The research findings suggest that for brands with positive prior beliefs, a high (vs. low) base rate of product-harm crises leads to less blame if the crisis is said to be similar to others in the industry (referred to as the "discounting effect"). However, in the absence of similarity information, a low (vs. high) base rate of crises leads to less blame toward the brand (referred to as the "subtyping effect"). For brands with negative prior beliefs, the extent of blame attributed to the brand is unaffected by the base-rate and similarity information. Importantly, the same base-rate information may have a different effect on the attribution of a subsequent crisis depending on whether discounting or subtyping occurred in the attribution of the first crisis. Consumers who discount a first crisis also tend to discount a second crisis for the same brand, whereas consumers who subtype a first crisis are unlikely to subtype again.Publication Open Access Looming losses in future time perception(American Marketing Association (AMA), 2010) LeBoeuf, Robyn A.; Department of Business Administration; Department of Business Administration; Bilgin, Baler; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 108641It is proposed that a future time interval's perceived length will be affected by whether the interval ends with a gain or loss. Confirming this, several experiments indicate that consumers perceive intervals ending with losses as shorter than equivalent intervals ending with gains. The authors explore the mechanisms underlying these effects, and they identify several parallels between the current effects and loss aversion. The authors further show that these changes in time perception influence consumption decisions, and they consider the implications of the findings for theories of time perception and intertemporal choice.Publication Open Access Global dynamics, domestic coalitions and a reactive state: major policy shifts in post-war Turkish economic development(Middle East Technical University, 2007) Şenses, Fikret; Department of International Relations; Öniş, Ziya; Faculty Member; Department of International Relations; College of Administrative Sciences and Economics; 7715The main objective of this study is to propose an analytical framework to explain the major policy shifts that has characterized post-war Turkish economic development; divided into four phases, starting respectively in 1950, 1960, 1980, and 2001. Its main contribution is to incorporate external and internal factors into this framework within a broadly political economy perspective, attaching particular significance to the role of economic crises in moving from one phase to the other. While the role of external agents is identified as the main factor behind policy shifts, the role of domestic coalitions in support of policy regime in each phase is also recognized. Drawing attention to the role of state in the impressive recent growth of countries such as China, India, and Ireland, the paper argues that there is still room for the state taking on a developmental role. The paper recommends that Turkey follows a similar path by improving state capacity not only with respect to its regulatory role but also in more developmental spheres, encompassing its redistributive and transformative role on the basis of a domestically-determined industrialization strategy.Publication Open Access The case against active pension funds: evidence from the Turkish Private Pension System(Elsevier, 2015) Yalçın, Atakan; Department of Business Administration; Gökçen, Umut; Department of Business Administration; College of EngineeringUsing data on private Turkish pension funds we show that most active managers are not able to provide performance beyond what could be achieved by passive indexing. The average fund beats its benchmark by only 26 basis points, before fees. We also observe herding behavior among managers' asset allocation decisions which can potentially explain their lack of overperformance. Our results strongly support the need for low-cost index funds in emerging market countries that are reforming their pension schemes. We further recommend regulatory oversight on the "activeness" of funds and introduction of default plans with more balanced asset allocations.Publication Open Access The long-term stock market valuation of customer satisfaction(American Marketing Association (AMA), 2008) Cooil B., Groening C., Keiningham T. L.; Yalçın, Atakan; Department of Business Administration; Aksoy, Lerzan; Faculty Member; Department of Business Administration; College of Administrative Sciences and EconomicsFirm valuation has been an important domain of interest for finance. However, most financial models do not include customer-related metrics in this process. Studies in marketing have found that one particular customer metric, customer satisfaction, improves the ability to predict future cash flows, long-term financial measures, stock performance, and shareholder value. However, most of these studies predominantly employ models that are not directly used in finance practice. This article extends existing literature by examining the impact of customer satisfaction on firm valuation by employing multiples and risk-adjusted abnormal return models borrowed directly from the practice of finance. Data include 3600 firm-quarter observations from the American Customer Satisfaction Index, COMPUSTAT, and Center for Research in Securities Prices databases from 1996 to 2006. The results indicate that a portfolio of stocks consisting of firms with high levels and positive changes in customer satisfaction will outperform the other three possible portfolio combinations (low levels and negative changes, low levels and positive changes, and high levels and negative changes in customer satisfaction) along with Standard & Poor's 500. Initially, the stock market undervalues positive satisfaction information, but the market adjusts in the long run.Publication Open Access A transaction utility approach for bidding in second-price auctions(Elsevier, 2020) Akçay, Yalçın; Department of Business Administration; Sayman, Serdar; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 112222In both the Vickrey and eBay auctions, bidding the reservation price is the optimal strategy within the conventional utility framework. However, in practice, buyers tend to bid less than their reservation prices, and bid multiple times, thus increase their bids, in the course of an auction. In this paper, we show that both underbidding and multiple bidding behaviors can be consistent with utility maximization, if buyer's utility incorporates a transaction utility (reference price dependent) component. Transaction utility is based on the difference between the buyer's reference price and actual price paid; it captures the perceived value of the deal. More specifically, we show that the optimal bid is lower than the reservation price, but higher than the reference price. Furthermore, buyer may re-bid (above the prior optimal level) if the reference price is revised upon observing a higher current price.Publication Open Access Heterogeneous price effects of consolidation:evidence from the car rental industry(The Institute for Operations Research and the Management Sciences (INFORMS), 2020) Misra, Kanishka; Singh, Vishal; Department of Business Administration; Güler, Ali Umut; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 143349We study the price effects of consolidation in the car rental industry using three cross-sections of price data from U.S. airport markets spanning the years 2005 to 2016. The auto rental industry went through a series of mergers during this period, leading to a significant increase in market concentration. We find that the concentration of ownership affects the business (weekday) and leisure (weekend) segments differently. Average weekday prices rose by 2.1% and weekend prices fell by 3.3% with the increase in market concentration. Given the periodic differences in demand from business and leisure travelers, we explain this finding with a model of horizontal product differentiation that allows for heterogeneity in customer types and firms’ marginal costs. Consolidation leads to marginal cost savings, but the extent to which these savings are passed onto different customer types depends on the magnitude of switching costs. In particular, weekday customers with high switching costs are charged higher prices because of suppliers’ augmented market power whereas the more price-sensitive weekend segment enjoys the lower prices facilitated by efficiency gains. Our findings highlight that consolidation can have differential welfare effects on different customer groups and merger analyses should account for the heterogeneous impact based on firms’ price discrimination practices rather than just considering average effects.Publication Open Access A longitudinal analysis of customer satisfaction and share of wallet: investigating the moderating effect of customer characteristics(American Marketing Association (AMA), 2007) Cooil, B.; Keiningham, T. L.; Hsu, M.; Department of Business Administration; Aksoy, Lerzan; Faculty Member; Department of Business Administration; College of Administrative Sciences and EconomicsCustomer loyalty is an important strategic objective for all managers. Research has investigated the relationship between custom̀er satisfaction and loyalty in various contexts. However, these predominantly cross-sectional studies have focused on customer retention as the primary measure of loyalty. There has been little investigation into the impact on share of wallet. Using data from the Canadian banking industry, this research aims to (1) provide the first longitudinal examination of the impact of changes in customer satisfaction on changes in share of wallet and (2) determine the moderating effects of customer age, income, education, expertise, and length of relationship. Data from 4319 households using 12,249 observations over a five-year period indicate a positive relationship between changes in satisfaction and share of wallet. In particular, the initial satisfaction level and the conditional percentile of change in satisfaction significantly correspond to changes in share of wallet. Two variables, income and length of the relationship, negatively moderate this relationship. Other demographic and situational characteristics have no impact.Publication Open Access Household demographics and preference for organic products in seven major food categories(Anadolu Üniversitesi, 2022) Department of Business Administration; Güler, Ali Umut; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 143349Amid increasing health concerns about industrially processed packaged consumer products, demand for organic products has risen in recent decades. Using rich panel data on food purchases of more than 60 thousand U.S. households, this study examines consumer profiles of organic products in seven major food groups with the aim of identifying household characteristics that predict preference for organic product options. The results of the regression analyses show that demand for organic products increases with income and education level. The preference for organic products is higher in younger households and peaks in the 30-34 age group, while it decreases in large households with more than four members. At the same time, the results show that consumption of organic products increases in households with a young child, especially in categories that typically form an important part of a young child's diet, such as eggs and dairy products. These results suggest significant nonlinearities in the effects of age and household size, as well as differences in the effects of demographic variables by product category, that should be taken into consideration in the marketing of organic products. / Endüstriyel olarak işlenmiş tüketici ürünleriyle ilgili sağlık endişelerinin artmasıyla birlikte, yakın dönemde organik ürünlere olan talep artmıştır. Bu çalışma, organik ürün tercihini belirleyen hanehali demografik özelliklerini ortaya koymak amacıyla, 60 binin üzerinde ABD hanehalkının gıda alımlarına ilişkin verişini kullanarak, yedi ana gıda grubu temelinde organik ürünlerin tüketici profillerini incelemektedir. Regresyon analizlerinden elde edilen sonuçlar, organik ürünlere olan talebin gelir ve eğitim düzeyi ile arttığını ortaya koymaktadır. Organik ürün tercihi genç hanelerde daha yüksek olup, 30-34 yaş grubunda en yüksek seviyeye çıkmakta, buna karşın dört ve daha çok birey içeren geniş haneler için düşüş göstermektedir. Küçük çocuklu evlerde, özellikle yumurta ve süt ürünleri gibi tipik olarak çocuk beslenmesinde önemli yeri olan gıda kategorilerinde organik ürünlerin payı artmaktadır. Bu bulgular, organik ürün pazarlamasında, demografik etmenlerde yaş ve hanehalkı büyüklüğüne göre ve ürün kategorisine göre oluşabilen tercih farklarının gözönünde bulundurulması gerektiğine işaret etmektedir.
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