An examination of imperfect price discrimination, modelled as a linear combination of perfect price discrimination and uniform pricing, is used to analyze the impact of imperfect…
Abstract
An examination of imperfect price discrimination, modelled as a linear combination of perfect price discrimination and uniform pricing, is used to analyze the impact of imperfect discrimination on firm size and product diversity. Additionally, claims that perfect price discrimination leads to the welfare optimum are shown to be generally false.
Srinivas Nippani and John G. Greenhut
The purpose of the paper is to check for reverse weekend effect in the Canadian stock market.
Abstract
Purpose
The purpose of the paper is to check for reverse weekend effect in the Canadian stock market.
Design/methodology/approach
T‐tests, non‐parametric tests and regressions were employed.
Findings
There is reverse weekend effect in the Canadian stock market. Canadian stocks are shown to exhibit the traditional weekend effect prior to 1988, dissipating after that year until 1998 and then reversing to become the first non‐US market for which a reverse weekend effect is found.
Originality/value
This is the first paper on the Canadian stock market looking at reversal.
Details
Keywords
In 1933, Edward H. Chamberlin published the Theory of Monopolistic Competition (1962). The work, based upon a dissertation submitted for a PhD degree in Harvard University in 1927…
Abstract
In 1933, Edward H. Chamberlin published the Theory of Monopolistic Competition (1962). The work, based upon a dissertation submitted for a PhD degree in Harvard University in 1927 and awarded the David A. Wells prize for 1927–28, has since become a milestone in the development of economic thought. Its impact on industrial organisation theory, general equilibrium and welfare economics, international trade theory and, to a greater or lesser degree, all other branches of economic analysis, has been pervasive and enduring. The ideas set out in the book have been developed, expanded and refined in ways too numerous to be identified precisely, and the books and articles which take Chamberlin's contribution as a starting point arguably exceed in number those on any other single subject in the lexicon of economics.
Kenneth Washer, Srinivas Nippani and John Wingender
The purpose of this paper is to examine the day‐of‐the‐week effect for three primary money market instruments in Canada. The sample period is 1980‐2009.
Abstract
Purpose
The purpose of this paper is to examine the day‐of‐the‐week effect for three primary money market instruments in Canada. The sample period is 1980‐2009.
Design/methodology/approach
The authors use three approaches. First, a parametric t‐test is employed to determine if a particular day‐of‐the‐week mean return is significantly different from zero, using both a full sample and a trimmed sample. Next, the Wilcoxon signed ranked test is utilized to assess whether the median weekday return is different from zero for each day. Lastly, a binary regression model is used to test if Monday's mean return is different from other days.
Findings
The traditional Monday effect is prevalent in the 1980s for corporate paper and treasury bills (TB), but not for bankers acceptances (BA). In the 1990s, the Monday effect disappears completely. However, in the 2000s the Monday effect reappears, but is positive (it reverses) for both corporate paper and BA. The authors also find strong support for Wednesday being a high return day, which concurs with related money market studies.
Research limitations/implications
While the results are statistically significant, the economic significance is dubious. This study helps market participants in that it shows that they need to allow for distinct day‐of‐the‐week patterns when using yield spreads.
Practical implications
One practical implication for practitioners is to time purchases of Canadian money market securities for Monday when returns are low (relying on the results of the full sample period). Issuers should time sales for non‐Mondays when returns are higher and yields are lower.
Originality/value
This study is original in that it is the first one to analyze day‐of‐the‐week effects in the Canadian money market. The authors compare the results to studies that focus on the US market.
Details
Keywords
Cathy McGouran and Andrea Prothero
This paper aims to explore the impact intentional non-consumption has on consumer practices, the resulting consumption experiences and meanings attached to the actions of…
Abstract
Purpose
This paper aims to explore the impact intentional non-consumption has on consumer practices, the resulting consumption experiences and meanings attached to the actions of participants and what is learned from this relative to voluntary simplicity, most specifically when participants are asked to become voluntary simplifiers versus volunteering to do so.
Design/methodology/approach
A phenomenological approach was applied utilising unstructured interviews and autoethnography. Data were analysed through the theoretical lens of voluntary simplicity within the contexts of contemporary Irish consumer culture and the collapse of the Celtic Tiger.
Findings
The study highlights findings in four key areas: self-imposed parameters of intentional non-consumption and subsequent voluntary simplicity categories; motivations, practices and experiences of participants; the role intentional non-consumption plays relative to personal satisfaction, fulfilment and happiness; and how participant consumption practices reverted to “normal” once the study was complete.
Research limitations/implications
This study focuses on an all-female group of participants; future research is warranted that explores the issue from a male perspective.
Social implications
Findings are of particular interest to policy makers seeking to develop initiatives that reduce consumption practices and contribute to discussions that explore the role of consumption in modern society – in particular the wide-ranging debate on whether consumption leads to happiness and how consumers might be persuaded to consume in a more sustainable manner.
Originality/value
This study adopts an innovative methodology that explores voluntary simplicity and contributes to an understanding of consumption culture by exploring what happens when consumers are asked to reduce their consumption and become voluntary simplifiers. An extension of Huneke’s definition of voluntary simplicity is offered, which recognises the role non-material consumption plays in consumption practices, and explores voluntary simplicity relative not only to individuals’ values and beliefs, as discussed in the literature, but also to their lifestyle activities and wider sociocultural and institutional factors.