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 a predictor of future volatility. The finding also suggests that implied volatility is biased and informationally inefficient. The results are attributable to the fact 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 rather than to express their view on volatility.

The explanatory potential of congruence in the relationship between retail image, brand image and retail customer satisfaction

This paper aims to contribute to current customer satisfaction and retailing literature by conceptualising the relationship between retail image, brand image and whether a congruent relationship between the two influences customer satisfaction. Whilst most literature pertaining to customer satisfaction tends to consider the concept in terms of an independent variable, this paper seeks to explore retail image and brand image as antecedents to achieving this state and further proposing the mediating explanatory potential that a congruent relationship between the two plays. A conceptual model is developed, central constructs and subsequent research propositions are discussed.

What women want in a relationship (with retail salespeople)

The purpose of our study was to examine what women shoppers seek in establishing relationships with sales associates and stores. Based on 70+ personal interviews in 4 countries, we found that women seek a variety of relationship types. It is incumbent upon the retailer and sales associates to assess each customer and determine the level and type of interaction each customer is seeking. "One size does not fit all" when it comes to forging relationships with customers.

Online retail loyalty strategies

This paper investigates how e-tailers design and implement their loyalty marketing strategies. The majority of the research was carried out via interviews with directors or senior managers from multi-channel and pure-play online retailers from across the world, and supported by secondary research. The main finding is that the loyalty marketing strategy employed is dependent upon the fundamental structure of the retailer-customer relationship. Other findings indicate that the importance of new customer acquisition and customer retention (loyalty) online depends on how long the retailer has been operating online; customer loyalty is created by implementing actions throughout the firm, rather than just relying on isolated marketing actions; communications with the customer should be at a frequency relative to customer purchasing frequency; and successful e-tailing practices consists of continually measuring and modelling customer sales, satisfaction and value, both in terms of absolute figures and trends.

Retail internationalisation : drivers, impediments and business strategy

In light of recent changes in the international environment it is important to consider whether the drivers and impediments of retail internationalisation and the business strategy adopted have also changed. The findings from 12 qualitative interviews with UK and US retailers indicate that a variety of factors, ranging from historical precedence and investor pressures to saturation of the domestic market and foreign market attractiveness, drive retail internationalisation. In terms of impediments to foreign expansion, issues such as political and economic instability, previous experience and perceived cultural differences presented obstacles to internationalisation. Interviewees also expressed a desire for increased standardisation, while acknowledging a substantial degree of adaptation in response to cultural differences.

The mediating role of competitive advantage in the relationship between organisational capabilities and retail performance

This paper investigates the relationships between market, learning and brand orientation with competitive advantage and organisational performance in the context of the UK retail industry. The results indicate that competitive advantage contributes to strategic effectiveness and mediates the relationship between learning and brand orientation and strategic effectiveness. No significant relationship was found in relation to financial performance. Moreover, market orientation was not found to have a significant direct effect on competitive advantage or indirect affect on performance.

The importance of retail strategy for pharmacies

Limited academic research has focused on the retail management of pharmacies since prior studies have primarily addressed the professional service aspect of pharmacy operations. Particularly absent is the investigation of a pharmacist’s retail strategy and its relationship with non-prescription pharmacy performance. Moreover, this paper postulates that a pharmacy’s natural abilities in the form of organisational characteristics, resources and capabilities are important antecedents to the development of a retail strategy. We propose that the retail strategy and pharmacy performance relationship, which is the focus of this paper, does not operate in isolation and critical organisational antecedents are an influencing factor.

A resource-based view of retail competitive advantage

This paper investigates the relationships between brand, market and learning orientation with competitive advantage in the context of the UK retail industry. The results indicate that both brand and learning orientations have a significant positive relationship with competitive advantage. However, market orientation was not found to have a significant influence on retail competitive advantage. These findings suggest that market orientation may result in competitive parity only, while superiority in the retail sector is dependent on the speed of earning and the application of knowledge in the form of a strong brand orientation.

Perceptions of power and dependence between retail buyers and fresh produce suppliers within the Australian fresh produce industry

The research aims to gain a deeper understanding of direct buyer-supplier relationships within the Australian fresh produce industry. Specifically, dependence and power within the buyer-supplier relationship are considered in terms of their antecedents and their relationships their-in. In-depth interviews with buyers and suppliers provided the means by which to expose perceptions with regard to the relative importance of dependence and power within the relationship. The research reveals that relationship antecedents (trading offer: price and quality) impact power and dependence and are, in tum, impacted by them.

Psychic distance : antecedents, retail strategy implications and performance outcomes

The authors propose a conceptual model of the psychic distance–organizational performance relationship that incorporates organizational factors (international experience and centralization of decision making), entry strategy, and retail strategy implications. The findings suggest that when entering psychically distant markets, retailers should adopt low-cost/low-control entry strategies and adapt their retail strategy to a greater extent than in psychically close markets. However, the authors find that such strategic responses have an adverse effect on performance. They find that international experience, psychic distance, entry strategy, and retail strategy adaptation are significant drivers of organizational performance and factors that determine critical success in international retailing.

Revisiting retail internationalisation drivers, impediments and business strategy

Purpose: – In the light of recent changes in the international environment, the purpose of this paper is to consider whether the drivers of, and impediments to, retail internationalisation and the business strategy adopted have also changed.

Design/methodology/approach: – Interviews were conducted with 12 UK and US retailers. These exploratory data were combined with a review of the literature to explore changes in the drivers and impediments of retail internationalisation.

Findings: – Findings of this study suggest that, while a variety of factors drive retail internationalisation, profit growth is the most dominant motivator. In terms of impediments to foreign expansion, domestic market conditions were a barrier to the initiation of foreign expansion, whilst the regulatory environment and previous experiences presented obstacles in the process of internationalisation. Interviewees also expressed a desire for increased standardisation, while acknowledging the need for a substantial degree of adaptation in response to cultural differences.

Research limitations/implications: – The research findings are limited in terms of their generalisability.

Originality/value: – Much of the existing research into retail internationalisation was conducted in the 1990s. Given the substantial changes that have occurred over the past 15 years, the value of this paper lies in the updating of knowledge.

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.

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.