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Article
Publication date: 12 August 2021

Daniel Modenesi de Andrade, Fernando Barros Jr, Fabio Yoshio Motoki and Matheus Oliveira da Silva

This paper aims to study the dynamics of bitcoin prices in Brazil, a large emerging economy with an unregulated bitcoin market.

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Abstract

Purpose

This paper aims to study the dynamics of bitcoin prices in Brazil, a large emerging economy with an unregulated bitcoin market.

Design/methodology/approach

First, this study tests if the Law of One Price (LOOP) is valid for bitcoin prices in Brazil, conducting tests with data from three Brazilian exchanges. Next, this study documents bitcoin price dynamics in the short run by studying the price discovery mechanism in these exchanges. This study uses Information Share and Component Share, combining the two measures to obtain an Information Leadership Share (ILS) measure.

Findings

This study finds a common trend within bitcoin prices among a set of exchanges, with cointegration tests between the price series indicating that LOOP is valid in Brazilian markets in the long run. ILS indicated that, for closing prices, the most liquid exchange (Foxbit) leads discovery, whereas the least liquid (Local Bitcoin) lags, with Mercado Bitcoin in the middle both in terms of discovery and liquidity. Finally, this study provides evidence that the price variation in the market that leads price discovery can be used to construct an arbitrage in another exchange.

Originality/value

This research brings the first evidence of a price discovery mechanism for exchanges in Brazilian Reais. Although LOOP is valid in the long run, price leadership in bitcoin markets potentially create arbitrage opportunities in the short run. This study contributes to the growing literature of bitcoin prices with novel evidence from a large emerging economy.

Details

Studies in Economics and Finance, vol. 38 no. 5
Type: Research Article
ISSN: 1086-7376

Keywords

Available. Open Access. Open Access
Article
Publication date: 14 October 2019

Joao Duarte Saleme de Sa, Emerson Wagner Mainardes and Daniel Modenesi de Andrade

The purpose of this paper is to find out the relevant factors, according to teenagers, that influence the buying decision of the family car.

7271

Abstract

Purpose

The purpose of this paper is to find out the relevant factors, according to teenagers, that influence the buying decision of the family car.

Design/methodology/approach

Research carried out in three stages: one qualitative research (by using focal groups), and two quantitative research studies (descriptive and cross-sectional).

Findings

The authors identified three factors that are important for teenagers when influencing the purchase of the family car: safety, sportiness and comfort. The identification of these factors shows that the millennial generation tends to emphasize aspects of individual interest, such as status and performance, and family context, such as safety and comfort, rather than social aspects, such as the type of fuel and environmental impact.

Practical implications

The authors recommend the development of automobiles that prioritize the three factors mentioned herein in order to reverse the trend of declining car purchase.

Originality/value

The authors presented the relevant attributes in buying decisions of family cars according to teenagers. The authors also indicated the automobile attributes that are relevant for a more informed, connected, and with an increasing purchase power generation in contrast with previous generations, whose social context was prior to the emergence of social media.

Details

Revista de Gestão, vol. 27 no. 1
Type: Research Article
ISSN: 2177-8736

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Article
Publication date: 8 September 2017

Emerson Wagner Mainardes, Diana Von Borell de Araujo, Sarah Lasso and Daniel Modenesi Andrade

The purpose of this paper is to investigate the relationship between personal values and attitudes in an emerging market. And the authors verified whether the attitude plays a…

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Abstract

Purpose

The purpose of this paper is to investigate the relationship between personal values and attitudes in an emerging market. And the authors verified whether the attitude plays a mediating role between personal values and the intention to purchase these products in the same market.

Design/methodology/approach

Two surveys were conducted with consumers of organic food in Brazil. The first study was conducted at two organic products fairs and obtained 385 responses. The second study was conducted on the internet and obtained 270 responses. The Portrait Values Questionnaire 21, plus attitude scales and purchase intent regarding organic food, was used. Data were analysed using structural equation modelling.

Findings

Significant relationships were found between personal values, such as openness to change (positive influence), conservation (positive), self-promotion (positive) and self-transcendence (negative). Significant relationships were also found between three personal values and the purchase intention of organic food (conservation – positive, self-promotion – positive and self-transcendence – negative), with all of them being mediated by attitude. The effect of openness to change on purchase intention was indirect, being mediated by attitude.

Originality/value

The authors noticed two theoretical gaps. The first involves the need to explore the attitude as a mediator in the relationship between the human values proposed by Schwartz (1992, 1994) and the intention to purchase organic food. Another perceived gap was pointed out by Steenkamp et al. (1999), Burgess and Steenkamp (2006) and Sheth (2011). These authors argue that consumption is different in emerging markets to that in more mature markets. This limits the ability to generalise consumer studies conducted in developed countries. This reasoning also applies to organic food.

Details

Marketing Intelligence & Planning, vol. 35 no. 7
Type: Research Article
ISSN: 0263-4503

Keywords

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Article
Publication date: 23 August 2019

Emerson Wagner Mainardes, Atílio Peixoto Soares Júnior and Daniel Modenesi Andrade

The purpose of this paper is threefold: first, to identify the influence of brand equity (BE) of commoditized products of famous brand on purchase intention and willingness to pay…

856

Abstract

Purpose

The purpose of this paper is threefold: first, to identify the influence of brand equity (BE) of commoditized products of famous brand on purchase intention and willingness to pay a premium price in an emerging market; second, to identify the relationship between the BE of these products and their antecedents; and third, to identify the influence of subjective norms on purchase intention and BE. Commoditized products are bought due to necessity and not desire, are homogeneous, produced on a large scale, and have low added value.

Design/methodology/approach

A theoretical model is proposed contemplating the constructs: BE, purchase intention, premium price, perceived quality, brand recall, perceived value and subjective norms. We performed a quantitative study with 432 respondents. We used questionnaires, and we analyzed the data using the structural equation modeling with partial least squares.

Findings

The results indicate a positive relationship between BE and purchase intention, BE and premium price, perceived value and BE, subjective norms and purchase intention and subjective norms and BE. It should be noted that an emerging market has characteristics distinct to that of a mature market, justifying specific research in this context.

Originality/value

The study brought a theoretical model relating antecedents and consequents of BE in the segment of commoditized products. Furthermore, it indicated the strength of the brand of the commoditized products in an emerging market scenario.

Details

Marketing Intelligence & Planning, vol. 38 no. 3
Type: Research Article
ISSN: 0263-4503

Keywords

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