Do retail option traders know better about market volatility?

This paper examines the informational content and predictive power of implied volatility over different forecasting horizons in a sample of European covered warrants traded in the Hong Kong and Singapore markets. The empirical results show that time-series-based volatility forecasts outperform implied volatility forecast as predictors of future volatility. The finding also suggests that implied volatility is biased and informationally inefficient and that covered warrants are typically overvalued. The results are attributable to the fact that, in Hong Kong and Singapore, the covered warrants markets are dominated by retail investors who tend to use covered warrants' leverage to speculate on the price movements of the underlying assets rather than to express their view on volatility. Arbitrage is not possible in the markets as short-selling of covered warrants is prohibited.

Structural equation modelling of complex sample survey : an application to brand signalling data

The purpose of this paper is to present an empirical analysis of complex sample data with regard to the biasing effect of nonindependence of observations on standard error parameter estimates. In a two-factor confirmatory factor analysis model, using real data, we show how the bias in standard errors can be derived when the nonindependence is ignored. We demonstrate that the standard error bias produced by the nonindependence of observations can be considerable and we briefly discuss solutions to overcome the problem.

Brand salience and purchasing for consumer banking services : an empirically-based model

The research reported in this paper proposed and tested a model of brand salience for banking services, which incorporates knowledge and brand image as antecedents. A full model of brand salience has not been tested previously, nor has a model of brand salience for services been tested. A quasi-experimental method was utilised. Respondents undertook a free recall exercise using category cues, and then completed multi-item measures of brand knowledge, brand associations, and purchase likelihood. Past purchase was tested via a recall exercise. A usable sample of 270 respondents was gained, and the data were analysed using Structural Equation Modelling (SEM). Analysis of the data found support for a model of brand salience for the banking services category, and found a relationship between brand salience and most recent brand purchased. This paper contributes to the field of branding by proposing and testing a model of brand salience. The research reported in this paper may suggest that advertisers need to design their communications to increase accessibility of brands in the memory of consumers, and that the last brand purchased by consumers will have an effect on their next purchase decision, especially in the consumer banking category.

The measurement of the number, uniqueness, and valence of brand associations across three product categories

The research reported in this paper investigated the measurement of brand associations across three product categories. Brand associations had not been tested previously across all three categories of fast-moving consumer good, service, and durable in the one study. A free association method was used to generate brand associations for a fast-moving consumer good (shampoo), a service (banks) and a durable good (cars). The findings indicate that the first brand a respondent recalled has the greatest number of positive, unique and total brand associations. In addition, the findings indicated that durable goods have the highest number of associations, and the greatest number of unique and favourable brand associations. Further, banks and financial services had the fewest positive associations, which may have reflected attitudes to banks at the time of the research. These findings have implications for the manner in which respondents use information to recall brands, and how they process brand information when faced with a cue. Respondents use a depth and breadth of brand associations to generate brand information.

Retail franchising : management and support within the franchise network

Management and support within the franchise network has been an underdeveloped area in the literature to date, especially in the international context. In light of this acknowledgment, the current paper will focus on management and support within the franchise network, by looking at coercive and non-coercive power sources, as methods used for control in the franchisor-franchisee relationship. The relationships between these power sources, the degree of uniformity and the franchise offering will subsequently be addressed.

Building brand identity : Does it pay? An investigation into cultural and recreational services

This conceptual paper aims to contribute to current services branding literature by conceptualising the relationship between brand identity and critical antecedents and empirically verifying whether the creation of a strong brand identity results in the ultimate pay off in terms of improved organisational performance. A conceptual model is developed in the context of the cultural and recreational services sector and central constructs and subsequent propositions are discussed.

Re-imagining the cultural brand : postmodernism and next wave

The traditional interpretation of a brand, and the means by which an organisation communicates its brand, might be considered a product of a modernist managerial paradigm, with its focus on consistency, control, and coherence (Brown 1995, 1999; Firat and Shultz 1997). With the emergence of postmodernism, this logic has been challenged by one of flexibility and openness, since consumers are no longer willing to commit or conform to any unified and consistent idea, system, or narrative. In order to explain this change in the management of brands, this paper will examine the Australian cultural brand, Next Wave, as a paradigmatic example. Next Wave offers an innovative brand management model founded on the interaction between the organisation and the content provider, i.e., the artist. Based on both aesthetic and conceptual experimentations, Next Wave is a dynamic brand in which shape and content are continually redefined in an interactive and mutual relationship between the artist and the organisation. Therefore, it can be argued that paradoxically, the organisation does not own its own brand. In fact, the ownership exists only from a legal point of view (as a trademark); the real artificer of the brand is the artist. Since it is not possessed nor controlled at all by the organisation, but is always subject to continuous evolutions and redefinitions, the Next Wave brand can be considered as a postmodern brand that is not strictly tied to marketing rules, but involves the target as an active participant in the brand creation process.

Consideration of corporate social orientation in managing sport organisations' internal stakeholders

Increasing pressure from the public has raised the expectations on corporations to be better citizens of their communities and society as a whole (Bennet 2002; Carroll 1999; Epstein 1989; Van Marrewijk 2003; Wood 1991). As a result, corporations have engaged in corporate social responsibility efforts with most of the subsequent research focused on its impact on consumer response (e.g., attitudes, behaviours, etc.) (Bhattacharya & Sen 2001, 2004; Porter & Kramer 2002). Similarly, research interest on corporate social responsibility in the sport industry has risen, yet no research studies have explored the influence and perceptions about corporate social responsibility of important internal constituents (employees and volunteers) of sport organisations. Particular interest would be in uncovering what employees and volunteers specifically believe are important among CSR elements (ethical, discretionary, legal, economic) and what impact a sense of 'shared CSR values' with the respective sport organisation would have on employee and volunteer response. Will understanding how shared social values influence organisational commitment provide insight on recruitment, retention and/or development strategies of employees and volunteers? Further, assessing any difference in sensemaking between these two groups would be of additional value to this line of enquiry, as the perceptions of the organisation are understood as "tantamount to reality, since organisations are social constructions made up of and acting in accordance with shared perceptions," (Brickson 2007, p. 865) particularly those of employees and volunteers of sport organisations. With increasing academic and industry interest of corporate social responsibility in sport and to address the obvious gap on CSR and employees and volunteers in the literature, the present study will explore how CSR impacts internal constituents (employees and volunteers) of sport organisations. Specifically, the main purpose of the present study is to assess the level of perceived shared values as they related to CSR (measured as corporate social orientation) between employees- organisation and volunteers- organisation. Further, the influence of the level of perceived shared corporate social orientation (CSO) on organisational identification will be evaluated in the context of a proposed model, which includes the relationship of perceived shared corporate social orientation>organisational identification> attitudinal and behavioural outcomes (i.e., commitment, satisfaction, and organisational behaviour). Using a sample of employees and volunteers of a sport organisation, the respondents will be asked to complete an online survey composed of demographic items, the corporate social orientation scale, and items that measure organisational identification, value commitment, job/ volunteer satisfaction, and organisational citizenship behaviours. Discussion of how other stakeholder (e.g., sponsors, consumers, etc.) perceptions on CSR potentially impacts the model and outcomes (e.g., corporate reputation, consumer behaviour) will be addressed. Analyses and results will support discussion and conclusions made to provide evidence for practitioner and researcher implications.

Passive flow through an unstalked intertidal ascidian: Orientation and morphology enhance suspension feeding in Pyura stolonifera

Passive flow is believed to increase the gains and reduce the costs of active suspension feeding. We used a mixture of field and laboratory experiments to evaluate whether the unstalked intertidal ascidian Pyura stolonifera exploits passive flow. We predicted that its orientation to prevailing currents and the arrangement of its siphons would induce passive flow due to dynamic pressure at the inhalant siphon, as well as by the Bernoulli effect or viscous entrainment associated with different fluid velocities at each siphon, or by both mechanisms. The orientation of P. stolonifera at several locations along the Sydney-Illawarra coast (Australia) covering a wide range of wave exposures was nonrandom and revealed that the ascidians were con- sistently oriented with their inhalant siphons directed into the waves or backwash. Flume experiments using wax mod- els demonstrated that the arrangement of the siphons could induce passive flow and that passive flow was greatest when the inhalant siphon was oriented into the flow. Field exper- iments using transplanted animals confirmed that such an orientation resulted in ascidians gaining food at greater rates, as measured by fecal production, than when oriented perpendicular to the wave direction. We conclude that P. stolonifera enhances suspension feeding by inducing pas- sive flow and is, therefore, a facultatively active suspension feeder. Furthermore, we argue that it is likely that many other active suspension feeders utilize passive flow and, therefore, measurements of their clearance rates should be made under appropriate conditions of flow to gain ecolog- ically relevant results.

Identifying linkages between generations and the property market : the effect on residential and retail property

In the analysis of property markets, especially the retail and residential sectors, increasing importance is being given to the role of demography. The impact of economic influences such as interest rate movements, inflation and changes in the labour market are well documented and although these variables are clearly important. they do not incorporate the changing characteristics of the local inhabitants who actually generate the demand. However, demography can provide an invaluable insight into retail and residential property trends, especially over the long term, and are assisted by reliable population datasets with a relatively high level of detail. For example, the emergence of the 'baby boom' generation and the trend towards geographical relocation had a substantial effect on demand for retail and housing products, although little consideration has been given to the effect from the subsequent cohorts, namely generations X,Y and Z. This paper examines the role of demography when researching property markets, with the focus placed on demographic shifts. It discusses trends in arange of demographic variables that have been observed in society. In addition, it highlights linkages with property markets, especially residential and retail property, and draws inferences for long term trends.The study concludes that when conducting research into property markets. it is essential to have a thorough understanding of various demographic variables to predict how they affect demand. An appreciation of the drivers behind generations will assist property researchers to identify future needs, and the subsequent effect this will have on community development involving retail and residential property.

Identifying linkages between generations and community development: the effect on residential and retail property

In the analysis of property markets, especially the retail and residential sectors, increasing importance is being given to the role of demography. The impact of economic influences such as interest rate movements, inflation and changes in the labour market are well documented and although these variables are clearly important, they do not incorporate the changing characteristics of the local inhabitants who actually provide the demand. However, demography can provide an invaluable insight into retail and residential property trends, especially over the long term, and are assisted by reliable population datasets with a relatively high level of detail. For example, the emergence of the 'baby boom' generation shift had a substantial effect on demand for retail and housing products, although little consideration has been given to the effect from the subsequent cohorts, namely generations X, Y and Z.

This paper examines the role of demography when researching property markets, with the focus placed on demographic shifts. It discusses trends in a range of demographic variables that have been observed in society. In addition, it highlights linkages with property markets, especially residential and retail property, and draws inferences for long term trends. The study concludes that when conducting research into property markets, it is essential to have a thorough understanding of various demographic variables to predict how they affect demand. An appreciation of the drivers behind generations will assist property researchers to identify future needs, and the subsequent effect this will have on community development involving retail and residential property.

Market fit, market orientation, and business performance : an empirical investigation

This thesis investigated the congruence of an organisation to its intended target markets. It was hypothesised that the internal activities of an organisation are, potentially, structured in response to its market dynamics with the ultimate aim of achieving the organisational objective(s). Market fit has been conceptualised to represent the fit of an organisation to its operating market environment. The information for this study was collected from senior marketing decision makers, using a self-administered questionnaire. The sample comprised 216 companies from a mix of industries and organisational sizes in Australia. There is evidence to suggest that the association of market orientation and business performance is inconsistent under different business operating circumstances, due to the exclusion of the influence of key environmental moderators. The model of market fit attempts to overcome this condition. The results suggest that market fit is associated with measures of business performance, and the levels of association are different from those related to the market orientation measures, reflecting the influence of moderators. The categories of environmental moderators contributing at different levels to the market fit measure include: (1) marketing planning, (2) implementation of marketing decisions, (3) market orientation, (4) market strength, (5) generic strategies, (6) organisational culture, (7) familiarity with the marketing audit, and (8) the external environment. The marketing audit procedure has been recommended as a tool to assist with the establishment and maintenance of market fit. The results of this study indicate that organisational familiarity with, and the conduct of, the marketing audit periodically are low, and that market fit may be a better predictor of business performance, than is market orientation.