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Turning complainers into fans : towards a framework for customer services in social media channels
(2012)
In recent years, marketing scholars have invested heavily in exploring the role of social media in marketing theory and practice. One valuable strategy for using social media in marketing communication is to provide customer services in applications like Facebook or Twitter. This paper evaluates a) the concept of perceived service quality in different service channels and b) the impact customer service strategies have on customer loyalty, word of mouth communication, and cross-sell preferences. The framework presented here is tested cross-channel against data collected from the customer service department of a large telecommunication provider. The results elucidate the effectiveness of customer service strategies in different channels.
The intention of this paper is to show that the statistical approach to risk is not enough to explain the behavior of investors. It furthermore proposes ideas and alternative approaches on how to deal with risk. Psychological findings are of particular interest as they might enhance our understanding of risk perception and assessment. The chapter “From the normal distribution to fat tails” starts with the rejection of the normal distribution as a simplifying basis for risk and return. This rejection is supported by several empirical observations like clustering of volatility and fat tails. This leads to a two-step approach for modeling risk and return based on the distinction of conditional and un-conditional changes. Conditional time series models (ARMA, ARCH, GARCH) and alternative distributions are presented (Stable Paretian, Student’s T, EVT) as a way to improve the art of risk and return modeling beyond the normal distribution assumption. The chapter ends with the conclusion that each model is only a statistical approximation and never encompasses the unpredictability of black swans and the nature of human behavior in the financial markets. After having discussed the limitations of the purely statistical approach to risk and return this paper goes beyond the standard theory of finance for two purposes. Firstly, behavioral finance provides some arguments for the limitation of statistics in assessing risk. Secondly, an alternative approach to risk perception is presented. This alternative is called Prospect Theory, a rather psychology-based approach using preferences to explain investors’ actions by human behavior in decision making processes. Starting point is the utility function and the value function followed by a description of the two phases: framing and evaluation. The value function is then clearly distinguished from the utility function by elaborating certain effects like reference points, loss aversion or the weighting function. In this section the paper enters the arena of human risk perception which is far from being monetarily rational in the sense of the homo oeconomicus. With Cumulative Prospect Theory there exists an extension to multiple outcome scenarios where risk does not necessarily have to be known. In such a situation, besides risk, there also exists immeasurable uncertainty. Current research confirms and rejects parts of (Cumulative) Prospect Theory which is not necessarily a bad sign as human behavior is rarely exactly replicable and the complexity does not really allow generalizations. Therefore, even if the theory is not completely correct it still enhances our understanding of risk perception and human decision making which can be a very valuable input for agent-based models. The next chapter analyses in more detail possible distortions from psychological biases in the assessment of risk. In this context the law of small numbers, overconfidence and feelings/experience are discussed. Knowing these biases complicates the idea of developing a risk model even further. However, this is again another step to better understand the underlying processes and motives of decision making in the context of financial markets. The last chapter is an attempt to link the different aspects to get a holistic view on risk behavior. Two possibilities are discussed: Hedonic psychology, with the distinction between blow up and bleeding strategy, and heuristic-based explanations for real observations like clustering of expectations and trust in experts. This leaves space for further research as we do not have a tool that is based on current findings and can actually help us in explaining and predicting behavior in financial markets. One possibility would be to link all these aspects in the approach of computational finance to develop agent-based models in which market observations, psychological findings and the situational context can be integrated.
This study analyses the impact of Basel III on the fair pricing of bank guarantee facilities.Guarantees are an important risk mitigation instrument between exporters and importers in international trade and regularly a prerequisite for cross border sales contracts to be closed. Basel III – which shall be introduced from 2013 onwards - is a new regulation stipulating higher capital requirements for banks compared to the predecessor Basel II. It will therefore have an impact on the pricing of guarantee facilities which banks provide to exporting companies, making it also a crucial regulation for the cost of exportation overall. The study compares those contents of Basel III and Basel II which are particularly relevant for guarantees in order to identify and crystallize pricing-relevant changes in the regulations and their respective impact potential. The Basel frameworks are analyzed part by part and reviewed in terms of relevance for guarantees. In case of ambiguity the analysis is verified by complementary expert interviews. References and examples are mainly focusing on the German banking system but the basic conclusions can be generalized for those countries adopting Basel III.1 As the result, a case study expresses the quantitative outcomes of different scenarios and the impact of the different price determining factors on the overall fair pricing of bank guarantee facilities.
Decorative laminates are the most important class of surface-finished engineered wood products. However, while there are numerous scientific publications published dealing with the technology of wood, wood-based products and also liquid coating systems, there is practically no scientific research work available in the field of paper-based laminates. In view of an ever increasing global competition it is time to systematically apply and pursue scientific approaches in this field. The present work is based on a knowledge-based manufacturing paradigm. The application of scientific methodology (e.g. instrumental analysis, process analytics, design of experiments, chemometrics, process modeling) to the preparation of decorative laminates covering the whole process chain from resin synthesis to paper impregnation and to final laminate should enable a targeted design of material functionality.
Ambush marketing in sports
(2013)
Ambush marketing is a strategy by which a company or organisation uses their marketing communications to associate themselves with an event without being an official sponsor or authorised partner or licensee. It has become a particular concern in the marketing of major sports events, with international sponsorship and branding properties worth many millions of dollars. Ambush Marketing in Sports is the first book to offer comprehensive analysis of the theoretical and practical implications of ambush marketing.
Drawing on cutting-edge empirical research data, the book outlines an innovative model for understanding ambush marketing and offers practical advice for all stakeholders, from sponsors and event organisers to media organisations. The book examines the opportunities and the risks of ambush marketing, assesses the legal, ethical and business dimensions, and offers advice for preventing ambush marketing in a range of contexts. Fully supported throughout with examples and cases from major international sports events, such as the FIFA World Cup and the Olympic Games, this book is important reading for any student, researcher or practitioner with an interest in sport marketing, sport business or event management.
The impact of stress of every human being has become a serious problem. Reported impact on persons are a higher rate or health disorders like heart problems, obesity, asthma, diabetes, depressions and many others. An individual in a stressful situation has to deal with altered cognition as well as an affected decision making skill and problem solving. This could lead to a higher risk for accidents in dynamic environments such as automotive. Different papers faced the estimation as well as prediction of drivers’ stress level during driving. Another important question is not only the stress level of the driver himself, but also the influence on and of a group of other drivers in the near area. This paper proposes a system, which determines a group of drivers in a near area as clusters and it derives or computes the individual stress level. This information will be analyzed to generate a stress map, which represents a graphical view about road section with a higher stress influence. Aggregated data can be used to generate navigation routes with a lower stress influence as well as recommend driving behavior to decrease stress influenced driving as well as improve road safety.
IGBT modules with anti-parallel FWDs are widely used in inductive load switching power applications, such as motor drive applications. Nowadays there is a continuous effort to increase the efficiency of such systems by decreasing their switching losses. This paper addresses the problems arising in the turn-on process of an IGBT working in hard-switching conditions. A method is proposed which achieves – contrary to most other approaches – a high switching speed and, at the same time, a low peak reverse-recovery current. This is done by applying an improved gate current waveform that is briefly lowered during the turn-on process. The proposed method achieves low switching losses. Its effectiveness is demonstrated by experimental results with IGBT modules for 600V and 1200V.
To improve the energy conversion efficiency of solar organic cells, the clue may lie in the development of devices inspired by an efficient light harvesting mechanism of some aquatic photosynthetic microorganisms that are adapted to low light intensity. Consequently, we investigated the pathways of excitation energy transfer (EET) from successive light harvesting pigments to the low energy level inside the phycobiliprotein antenna system of Acaryochloris marina, a cyanobacterium, using a time resolved absorption difference spectroscopy with a resolution time of 200 fs. The objective was to understand the actual biochemical process and pathways that determine the EET mechanism. Anisotropy of the EET pathway was calculated from the absorption change trace in order to determine the contribution of excitonic coupling. The results reveal a new electron energy relaxation pathway of 14 ps inside the phycocyanin component, which runs from phycocyanin to the terminal emitter. The bleaching of the 660 nm band suggests a broader absorption of the terminal emitter between 660 nm and 675 nm. Further, there are trimer depolarization kinetics of 450 fs and 500 fs in high and low ionic strength, respectively, which arise from the relaxation of the β84 and α84 in adjacent monomers of phycocyanin. Under conditions of low ionic strength buffer solution, the evolution of the kinetic amplitude during the depolarization of the trimer is suggestive of trimer conservation within the phycocyanin hexamer. The anisotropy values were 0.38 and 0.40 in high and in low ionic strength, respectively, indicating that there is no excitonic delocalization in the high energy level of phycocyanin hexamers.