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We study an efficient numerical method for pricing European options when the dynamics of the underlying asset are described by Levy processes. In this case. we can write a characteristic function solution for a specific Levy option model and then take its inversion numerically. Specifically we use Variance Gamma process as an example of Levy option model and consider various characteristic function representation forms of European option price such as Carr and Madan (1999), Bakshi and Madan (2000). and Lewis (2001). Fast Fourier Transform method is applied to solve the numerical inversion problem with parameters for the KOSPI 200 options data. After analysing the problems in the FFT method, we propose alternative numerical inversion method, Gaussian Quadrature. This paper reports that Gaussian Quadrature numerical inversion method with the representation form of Bakshi & Madan (2000) is more efficient and accurate than other alternatives considered in this paper.

Mon intention est de présenter le tourisme en tant que source du vécu. Je lierai les arguments psychologiques et sociologiques aux reflets de la réalité touristique, principalement en Pologne.

Suite du no 4/85 Besoins de la clientèle âgée Il diffèrent sensiblement lorsqu'il s'agit d'une clientèle âgée. La même enquête auprès de retraités, fait notamment ressortir les points suivants:

Le choix du thème général de ce 35e congrès de l'AIEST n'a pas été laissé au hasard. En analysant les tendances évolutives de la demande touristique, il s'agissait, comme le soulignait le président Kaspar dans son introduction, de prolonger, en une période de crise et de bouleversement de nos sociétés, non seulement la discussion sur l'évolution du tourisme en général, mais d'ajouter un volet spécial celui de la demande touristique, du comportement du touriste vu sous ses aspects socioculturels et économiques.

There is now a grow ing cross‐national empirical literature on the information technology, but it is limited, and an im portant lacuna remains. Al though widely hailed as a new, powerful engine of global social and economic change, there has been very little sociological theorising and research on the globalisation of the information technology. This study deals with what happened in global and countries variations regarding the information technology. It investigates whether the level of human development and the presence of a sizeable growth of Internet hosts around the globe are related. The objective of this study is to identify and explore the relationships between the demographic, socio‐economic factors and using information technology among and within different levels of development in the globe. Data were collected from various sources. The sample involved 120 countries that have available data. These countries are divided by level of development as follow ing: 41, 47, and 32 countries as more, moderate, and less developed countries, respectively. The statistical methods include descriptive statistics and standardised regression coefficients. In more developed countries, the results suggest that GNP per capita, percent of unemployment, and percent of public expenditure on education were statistically significant upon using information technology. The results in moderate developed countries indicate that about 49% of the variance in using information technology are explained by total population, percent of rural population, age dependency ratio, and GNP per capita. Rural population, percent of educated youth, and percent of expenditure on tele communications were the best predictor variables of using information technology in less developed countries. Clearly, without government policies and strategies and national organisations’ efforts, the world countries will continue to divide into the information rich countries and the information poor countries.

Roots of global Terrorism are in ‘failed’ states carved out of multiracial empires after World Wars I and II in name of ‘national self‐determination’. Both sides in the Cold War competed to exploit the process of disintegration with armed and covert interventions. In effect, they were colluding at the expense of the ‘liberated’ peoples. The ‘Vietnam Trauma’ prevented effective action against the resulting terrorist buildup and blowback until 9/11. As those vultures come home to roost, the war broadens to en vision overdue but coercive reforms to the postwar system of nation states, first in the Middle East. Mirages of Vietnam blur the vision; can the sole Superpower finish the job before fiscal and/or imperial overstretch implode it?

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

The purpose of this paper is to investigate the impact of SMS (Short Message Service) advertising on consumer perceptions of Au Bon Pain's brand equity in Thailand.

The experimental study was based on a 4×2 between‐subjects design, with four levels of message types (personalization, interactivity, general, and no message control) and two levels of permission (with and without permission). Structural equation modeling was utilized to test the hypotheses.

SMS marketing is found to have a significant positive impact on brand awareness and perceived quality. Personalized, interactive, and general messages are effective for building brand awareness, and general and personalized messages positively influence perceived quality. With the right choice of message, explicit permission enhances the effects of SMS marketing on brand association.

The experiment was conducted over a period of one month, with three SMS ads sent to each subject. Future research could extend the trial period and increase the number and variation of ads to confirm validity of the results.

As text message ads have a strong impact on brand awareness, marketers should focus on using text messages as reminders or updates rather than for complete marketing campaigns. They should also focus on offering permission‐based customers personalized information.

This is among the first mobile marketing experiments in a real‐life setting. Real text‐based promotions from an existing brand (Au Bon Pain) were tested on consumers. This approach creates a natural ad‐processing situation for participants, thus increasing the internal validity of the experiment.

The purpose of this paper is to investigate how referral reward programs (RRPs) with scarcity messages influence consumer’ recommendation behavioral intentions about a bank credit card.

In total, 1,599 consumers are accessed through Amazon’s Mechanical Turk worker panel. The authors use general linear models, analysis of variance and analysis of covariance to test the proposed hypotheses.

The results showed that offering RRPs with scarcity messages increases a consumer’s behavioral intentions to recommend. The limited-quantity message in RRPs has the highest positive impact on consumers’ behavioral intentions.

No prior studies have addressed the relationship between referral rewards and scarcity messages in the bank credit card context. The study contributes to the understanding of the effectiveness of RRPs with scarcity message in improving consumer’s referral.

This qualitative, exploratory study uses constructs from the theory of planned behaviour (TPB) and construct variables from literature, as a basis to ascertain similarities and differences in the behaviour by business undergraduates (UGs) and postgraduates (PGs) of mobile apps and the purpose of this paper is to suggest implications for consumer behaviour theory and marketing practice for the two groups of students.

Literature informed us of the paucity of research on the relationship between behavioural theory and mobile apps usage in the Asia region. An exploratory and interpretivist approach, with thematic analysis, was employed to aid in data processing.

The investigative outcomes highlighted more similarities than dissimilarities in terms of perceived attitude (e.g. mood, ethical guilt, familiarity, addiction) and more differences in perceived subjective norms (e.g. family, friends, classmates and teammates) and perceived users’ behavioural control (e.g. promotional inducements, self-confidence) towards the usage of mobile apps exhibited by two different sets of data.

Homogeneity of participants, small sample size and generalisability of results were the main concern, hence, it warrants further research. In addition a cross-cultural comparison would be beneficial which might generate more meaningful results.

The research, albeit exploratory, serves as a guide for marketers and apps content providers to focus on usability of features and functions of apps as well as credibility, social context, timing, location, excitement of advertisements and promotional messages especially when marketing to the 18-30-age group. The research also shows that practitioners should be nuanced in their appeals to UGs and PGs.

Despite the provision of numerous mobile apps, this study, using the constructs of the TPB as a basis, offers a new insight into the reasons for, and usage of, specific and top popular apps (e.g. FB, Whatsapps and WeChat) Malaysian students used which reflects a varied behavioural dimension as opposed to planned behaviour.