Research Outputs
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Publication Metadata only A dynamic asset pricing model with time-varying factor and idiosyncratic risk(Oxford University Press (OUP), 2009) Department of Economics; Glabadanidis, Paskalis; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AThis paper uses a multivariate GaRCH model to account for time variation in factor loadings and idiosyncratic risk in improving the performance of the CaPM and the three-factor Fama-French model. I show how to incorporate time variation in betas and the second moments of the residuals in a very general way. Both the static and conditional CaPM substantially outperform the three-factor model in pricing industry portfolios. Using a dynamic CaPM model results in a 30% reduction in the average absolute pricing error of size/book-to-market portfolios. ad hoc analysis shows that the market beta of a value-minus-growth portfolio decreases whenever the default premium increases as well as during economic recessions.Publication Metadata only A gender- and class-sensitive explanatory model for rural women entrepreneurship in Turkey(Emerald Group Publishing Ltd, 2020) N/A; N/A; Kurtege Sefer, Bengü; Researcher; The Center for Gender Studies (KOÇ-KAM) / Koç Üniversitesi Toplumsal Cinsiyet ve Kadın Çalışmaları Araştırma ve Uygulama Merkezi (KOÇ-KAM); N/A; 364663Purpose The purpose of this paper is to offer a new gender- and class-sensitive framework for research on rural women entrepreneurship by focusing on the women's agricultural cooperatives in Turkey. Although these cooperatives have been promoted as ideal bottom-to-top organizations to integrate women into economy as entrepreneurs, there has been significant decline in their numbers. This paper tackles with this contradictory situation and intends to offer an alternative research framework on the viability of the women's agricultural cooperatives in Turkey. Design/methodology/approach The paper is built on a critical assessment of the existing literature. It argues that a framework that brings together macro-, meso- and micro-factors will provide a springboard to unfold the gendered processes integral to rural female entrepreneurship in Turkey. Drawing on intersectional theory, the multilayered factors which operate to rural women's (dis)advantages through the cooperatives are unfolded as policymaking, policy implementation and everyday experiences. Findings For policymakers and implementers, it points out the need for a holistic and integrated understanding of rural female entrepreneurship and for re-formulation of policies at the state level. For rural women, it draws attention to the measures required to be taken at the cooperative level to overcome inequalities. Originality/value This paper is original in making explicit social, political and economic embeddedness of female entrepreneurship in rural Turkey.Publication Metadata only A global brand management roadmap(Elsevier, 2012) Batra, Rajeev; Chattopadhyay, Amitava; ter Hofstede, Frenkel; Department of Business Administration; Tunalı, Ayşegül Özsomer; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 108158N/APublication 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 A longitudinal examination of net promoter and firm revenue growth(American Marketing Association (AMA), 2007) 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 EconomicsManagers have widely embraced and adopted the Net Promoter metric, which noted loyalty consultant Frederick Reichheld advocates as the single most reliable indicator of firm growth compared with other loyalty metrics, such as customer satisfaction and retention. Recently, however, there has been considerable debate about whether this metric is truly superior. This article (1) employs longitudinal data from 21 firms and 15,500-plus interviews from the Norwegian Customer Satisfaction Barometer to replicate the analyses used in Net Promoter research and (2) compares Reichheld and colleagues' findings with the American Customer Satisfaction Index. Using industries Reichheld cites as exemplars of Net Promoter, the research fails to replicate his assertions regarding the "clear superiority" of Net Promoter compared with other measures in those industries.Publication Metadata only A near-optimal order-based inventory allocation rule in an assemble-to-order system and its applications to resource allocation problems(Springer, 2005) Xu, Susan Hong; Department of Business Administration; Akçay, Yalçın; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 51400Assemble-to-order (ATO) manufacturing strategy has taken over the more traditional make-to-stock (MTS) strategy in many high-tech firms. ATO strategy has enabled these firms to deliver customized demand timely and to benefit from risk pooling due to component commonality. However, multi-component, multi-product ATO systems pose challenging inventory management problems. In this chapter, we study the component allocation problem given a specific replenishment policy and realized customer demands. We model the problem as a general multidimensional knapsack problem (MDKP) and propose the primal effective capacity heuristic (PECH) as an effective and simple approximate solution procedure for this NP-hard problem. Although the heuristic is primarily designed for the component allocation problem in an ATO system, we suggest that it is a general solution method for a wide range of resource allocation problems. We demonstrate the effectiveness of the heuristic through an extensive computational study which covers problems from the literature as well as randomly generated instances of the general and 0-1 MDKP. In our study, we compare the performance of the heuristic with other approximate solution procedures from the ATO system and integer programming literature.Publication Metadata only A note on the valuation of compound options(John Wiley & Sons Inc, 2002) N/A; Department of Economics; Lajeri-Chaherli, Fatma; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AThe value of a compound option, an option on an option, has been derived by Geske (1976) using Fourier integrals. This article presents two alternative proofs to derive the value of a compound option. One proof is based on the martingale approach, which provides a simple and powerful tool for valuing contingent claims, The second proof uses the expectation of a truncated bivariate normal variable. These proofs allow for an intuitive interpretation of the three elements constituting the value of a compound option.Publication Metadata only A resource-based model of market learning in the subsidiary: the capabilities of exploration and exploitation(Sage Publications Inc, 2003) N/A; Department of Business Administration; Department of Business Administration; Tunalı, Ayşegül Özsomer; Gençtürk, Esra; Faculty Member; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; College of Administrative Sciences and Economics; 108158; 107322The literature reflects remarkably little effort to develop a framework for understanding market learning at subsidiaries Of multinational corporations. This article develops a model that incorporates exploratory and exploitative learning as two capabilities that need to be effectively nurtured and managed in subsidiaries. The authors integrate the organizational-learning and resource-based view of the firm; present field interviews with managers; and Propose that resources derived from the parent, the subsidiary, and the parent-subsidiary relationships are related to the creation of new knowledge and the use of existing knowledge in subsidiaries. The authors develop research propositions that capture the differential impacts of each learning capability on subsidiary performance. It is suggested that the turbulence of subsidiary markets moderates the strength of the relationships between market-learning capabilities and performance.Publication Metadata only A review of consumer embarrassment as a public and private emotion(John Wiley and Sons Ltd, 2019) Krishna, Aradhna; Herd, Kelly B.; Department of Business Administration; Aydınoğlu, Nilüfer Zümrüt; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 114037Whether the result of mispronouncing a fancy brand name, miscalculating a tip, purchasing a sensitive product, or stumbling into a product display, embarrassment is an important part of the consumer landscape. Embarrassment has traditionally been considered a social emotion, one that can only be experienced in public. In this paper, we offer a comprehensive review of consumer embarrassment and consider situations in which embarrassment can affect consumer behavior in both public and private contexts. We define embarrassment using this broader conceptualization and outline the transgressions that might trigger embarrassment in consumption contexts. We also discuss the diverse implications of embarrassment for consumer behavior, and review the strategies that both consumers and practitioners can use to mitigate embarrassment and its negative consequences. We hope this framework will stimulate new research on consumer embarrassment in both public and private contexts.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.