The Effect of Reputation Shocks to Rating Agencies on Corporate Disclosures

This paper explores the effect of credit rating agency’s (CRA) reputation on the discretionary disclosures of corporate bond issuers. Academics, practitioners, and regulators disagree on the informational role played by major CRAs and the usefulness of credit ratings in influencing investors’ perception of the credit risk of bond issuers. Using management earnings forecasts as a measure of discretionary disclosure, I find that investors demand more (less) disclosure from bond issuers when the ratings become less (more) credible. In addition, using content analytics, I find that bond issuers disclose more qualitative information during periods of low CRA reputation to aid investors better assess credit risk. That the corporate managers alter their voluntary disclosure in response to CRA reputation shocks is consistent with credit ratings providing incremental information to investors and reducing adverse selection in lending markets. Overall, my findings suggest that managers rely on voluntary disclosure as a credible mechanism to reduce information asymmetry in bond markets.

Dionne Brand, Austin Clarke, and Tessa McWatt: Blackening Canada

This project analyzes contemporary black diasporic writing in Canada, arguing that Dionne Brand, Austin Clarke and Tessa McWatt evince a unique form of double-consciousness in their writings. Their work transforms African-American double-consciousness by locating it simultaneously within both the black diaspora and the practice of Canadian multiculturalism. The objective of this project is to offer a critical framework for situating these writers within the legacy of both Black Atlantic and Canadian cultural production. These writers do not aim to resolve their double-consciousness but rather dwell within that contradictory doubleness and hyphenation, forcing nation and diaspora to contend with one another in a discomfiting and unsettling dialogue. These authors employ the absences of the black diaspora to imagine new forms of black cultural production, multicultural citizenship and national identity. Their works produce a grammar of diasporic double-consciousness that locates the absented origins of diaspora within Canada. Brand’s depiction of temporality and Clarke’s tracing of movement explore the continuities between nation and diaspora while re-membering neglected aspects of the history of black Canada, such as the life and death of Albert Johnson. McWatt extends this blackening of nation by depicting coalitions between diasporic, indigenous, raced and sexed subjects. These authors transform hegemonic Canadian narratives of nation by dwelling in the hyphen, while their evocation of memory, absence, trauma, and desire gives blackness new meaning and legitimacy.

Reputation performance: a portfolio selection approach

This paper introduces a normative view on corporate reputation strategic management. Reputation performance is conceptualised as the outcome of complex processes and social interactions and the lack of a holistic reputation performance management framework is identified. In an attempt to fill this gap, a portfolio-based approach is put forward. Drawing on the foundations of modern portfolio theory we create a portfolio-based reputation management algorithmic model where reputation components and priorities are weighted by decision makers and shape organisational change in an attempt to formulate a corporate reputation strategy. The rationale of this paper is based on the foundational consideration of organisations as choosing he optimal strategy by seeking to maximise their reputation performance while maintaining organisational stability and minimising organisational risk.

Reputation Performance: a portfolio selection approach

This paper introduces a normative view on corporate reputation management; an algorithmic model for reputation-driven strategic decision making is proposed and corporate reputation is conceptualized as influenced by a selection among organizational priorities. A portfolio-based approach is put forward; we draw on the foundations of portfolio theory and we create a portfolio-based reputation management model where reputation components and priorities are weighted by decision makers and shape organizational change in an attempt to formulate a corporate reputation strategy. The rationale of this paper is based on the foundational consideration of organizations as choosing the optimal strategy by seeking to maximize performance on corporate reputation capital while maintaining organizational stability and minimizing organizational risk.

Media amplification of brand crisis and its affect on brand trust

This paper explores the ways in which consumers’ brand trust during a brand crisis is affected through direct experience versus when it is amplified through mass media. By using case-study methodology, our findings reveal that generalised public images of a product crisis initiate a public perception of risk, which provides more negative effects on brand trust than the actual consumers’ experience does. We introduce the media as a third partner influencing the trust relationship between consumers and brands, and offer suggestions for restoring and preserving customers’ brand trust.

Introducing Corporate Reputation Continuity to Support Organizational Resilience Against Crises

As Corporate Reputation (CR) evolves into an important asset for organizations, crises and disasters stand as threats to the preservation of the reputation capital since they usually result to negative projections to their audiences and to problematic evaluations by their stakeholders. Viewing CR as the accumulated trust and positive evaluations of the stakeholders, this paper proposes a conceptual and normative framework for Reputation Continuity, which enhances the ability of organizations to preserve their reputation, instead of working for its recovery in the post-crisis period. In our approach, we propose a process of maintaining trusted links, instead of restoring them and establishing a reputation resilient organization, instead of one struggling to recover from reputation losses, after the crisis has emerged. Working closely with stakeholders during the crisis, injecting a sense of normality continuity through effective leadership and mitigating image problems are seen as critical concerns, alongside a set of managerial practices to be followed. Ultimately, it is argued that, the value-based and strategically integrated view of Business Continuity must be enhanced and supported by Reputation Continuity activities.

Trademark Licensing in Keyword Advertising

This article examines the use of trademarks as keywords in sponsored links campaigns - in particular the impact of such usage on consumer confusion. It is thus important to highlight that there are a number of reasons why a consumer uses search engines. For example, it may be that a consumer searches for a type of product or service that appeals to them; the consumer may engage in comparison-shopping; or the consumer may already know the specific brand that he or she intends to purchase. Secondly, this article explores the possibility of infringement on other functions of trademarks in the case of the double-identity rule. Thirdly, the article discusses the negative aspects of broadening the concept of taking advantage and isolates this concept from the possibilities of confusion, detriment to the distinctive character, or the reputation of the trademark. Lastly, the article proposes possible remedies to the current situation – in particular the introduction of licensing models for the use of trademarks in keyword advertising and the application of the law on comparative advertising regarding the way the licensee uses those trademarks.

Justified assessments of service provider reputation

Abstract Reputation, influenced by ratings from past clients, is crucial for providers competing for custom. For new providers with less track record, a few negative ratings can harm their chances of growing. In the JASPR project, we aim to look at how to ensure automated reputation assessments are justified and informative. Even an honest balanced review of a service provision may still be an unreliable predictor of future performance if the circumstances differ. For example, a service may have previously relied on different sub-providers to now, or been affected by season-specific weather events. A common way to ameliorate the ratings that may not reflect future performance is by weighting by recency. We argue that better results are obtained by querying provenance records on how services are provided for the circumstances of provision, to determine the significance of past interactions. Informed by case studies in global logistics, taxi hire, and courtesy car leasing, we are going on to explore the generation of explanations for reputation assessments, which can be valuable both for clients and for providers wishing to improve their match to the market, and applying machine learning to predict aspects of service provision which may influence decisions on the appropriateness of a provider. In this talk, I will give an overview of the research conducted and planned on JASPR. Speaker Biography Dr Simon Miles Simon Miles is a Reader in Computer Science at King's College London, UK, and head of the Agents and Intelligent Systems group. He conducts research in the areas of normative systems, data provenance, and medical informatics at King's, and has published widely and manages a number of research projects in these areas. He was previously a researcher at the University of Southampton after graduating from his PhD at Warwick. He has twice been an organising committee member for the Autonomous Agents and Multi-Agent Systems conference series, and was a member of the W3C working group which published standards on interoperable provenance data in 2013.

A Comparison of the Performance of Brand-Affiliated and Unaffiliated Hotel Properties

Research has shown that performance differences exist between brand-affiliated hotels and unaffiliated properties. However, the extant empirical results are mixed. Some research has shown that brands outperform unaffiliated hotels on various metrics, whereas other research has shown the opposite. This article analyzes this issue using a matched-pair approach where we compare the performance differences of brand-affiliated and unaffiliated properties between 1998 and 2010. The matched-pair approach ensures that local competitive conditions as well as hotel characteristics are the same across the comparison pair. In addition, all potential omitted-variable bias and model misspecifications are avoided. Thus, to address our research question, we compare branded hotels with unaffiliated properties that are identical in age, market segment, location, and duration of operation, as well as having a similar number of rooms. Our analysis shows that performance differentials are present, albeit not systematic. We found no consistent advantages in all segments for either the affiliated hotels or the comparable unaffiliated properties, taking into account our comparison factors. That said, the methodology of our approach yields results that are more informative to the affiliation choice of owners and to the growth strategies of hotel brand–owner companies than those of previous empirical studies.

La marca come strategia: un'analisi dei tassi di royalty nel brand licensing

La tesi si sviluppa attraverso 5 capitoli volti a mostrare l'importanza della valutazione economica del marchio. Si andrà a definire il concetto di marchio e di brand licensing per passare così a descrivere uno dei principali metodi di valutazione: il Relief from Royalty, che pone come input chiave di tale valutazione il tasso di royalty. Si è inoltre svolta un'analisi di tale tasso, in 2 settori merceologici diversi ma collegati, per poter evidenziare i termini che incidono maggiormente sul suo valore e quindi sul valore del marchio.

Lexical Interference in Semantic Processing of Simple Words: Implications for Brand Names

This study provides evidence for a Stroop-like interference effect in word recognition. Based on phonologic and semantic properties of simple words, participants who performed a same/different word-recognition task exhibited a significant response latency increase when word pairs (e.g., POLL, ROD) featured a comparison word (POLL) that was a homonym of a synonym (pole) of the target word (ROD). These results support a parallel-processing framework of lexical decision making, in which activation of the pathways to word recognition may occur at different levels automatically and in parallel. A subset of simple words that are also brand names was examined and exhibited this same interference. Implications for word recognition theory and practical implications for strategic marketing are discussed.