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Case study
Publication date: 20 January 2017

Richard R. Johnson, Robert L. Carraway, Ervin R. Shames and Paul W. Farris

Benecol Spread, a cholesterol-lowering margarine, was a product with unusual media-planning challenges. With a narrow target group and unproven market potential, Johnson & Johnson

Abstract

Benecol Spread, a cholesterol-lowering margarine, was a product with unusual media-planning challenges. With a narrow target group and unproven market potential, Johnson & Johnson needed to get the most “bang for the buck” from its Benecol advertising. Would a media-planning model (optimizer) requiring executives to quantify their judgment on several key inputs be helpful in this process? A spreadsheet accompanying the case allows students to weight the target groups and to choose among different advertising vehicles to form the best possible media plan.

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Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

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Article
Publication date: 12 October 2015

Scott Beyer, Luis Garcia-Feijoo, Gerry Jensen and Robert R. Johnson

The purpose of this paper is to analyze security-market returns relative to the political party of the president, the Federal Reserve’s monetary policy, the year of the…

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Abstract

Purpose

The purpose of this paper is to analyze security-market returns relative to the political party of the president, the Federal Reserve’s monetary policy, the year of the president’s term, and the state of political gridlock. Contrary to prior studies, which evaluated the influences separately, the authors jointly evaluate these variables.

Design/methodology/approach

The analysis supports the notion that security returns are significantly related to shifts in Fed monetary policy, political gridlock, and the year of the presidential term; however, returns are generally invariant to the president’s political party affiliation. Overall, the findings suggest that investors should focus less attention on the party of the president and instead more closely monitor Fed actions.

Findings

It appears that political harmony should be welcomed by equity investors, but not debt investors. Finally, regardless of the political outcome, if the past serves as a guide, investors may have to wait until year three of the next presidential term to enjoy the fruits of the current political season.

Originality/value

The academic literature is rich with studies that consider the aforementioned political effects and the influence that monetary policy have on the markets. To date, however, these factors have not been jointly considered when examining returns. This paper considers several dimensions of the political landscape – the party of the president, the presence or absence of political gridlock, and the presidential term cycle effect – in conjunction with Fed monetary policy in examining long-term security returns. By examining the relationship between security returns and both political and monetary conditions, the authors provide robust evidence regarding the relationships.

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Managerial Finance, vol. 41 no. 10
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 25 September 2023

Jeremiah Coldsmith and Ross Kleinstuber

In recent decades, the use of capital punishment has declined, but in its place, a ‘new death penalty’ has arisen: life without parole (LWOP), which is being used far more…

Abstract

In recent decades, the use of capital punishment has declined, but in its place, a ‘new death penalty’ has arisen: life without parole (LWOP), which is being used far more frequently and for more crimes than capital punishment ever was. Yet, LWOP has received far less scholarly attention than the death penalty. Because of its greater scale, assessing the effects of LWOP on crime has important policy implications and is a better test of extreme penalties. Existing studies of LWOP focus on humanitarian issues and ignore its potentially reciprocal relationship with crime. Therefore, we use available LWOP data to fill these gaps in the literature, using models specifically designed to control for potential reciprocal effects. The results indicate there is no reciprocal causation between LWOP and violent crime and, at best, LWOP’s impact on crime is small, temporary, and, most importantly, no greater than the impact of life with parole.

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Law, Politics and Family in ‘The Americans’
Type: Book
ISBN: 978-1-83753-995-6

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Article
Publication date: 8 August 2016

Kenneth M Washer, Srinivas Nippani and Robert R Johnson

Several articles in the popular press have detailed an end-of-year anomaly known as the Santa Claus Rally, a period best defined as the last five trading days of December and the…

565

Abstract

Purpose

Several articles in the popular press have detailed an end-of-year anomaly known as the Santa Claus Rally, a period best defined as the last five trading days of December and the first two trading days of January. The purpose of this paper is to examine US stock market returns over this period from 1926 to 2014.

Design/methodology/approach

The authors examine the Santa Claus Rally by relating it to firm size in the stock markets of the USA. The Santa Claus Rally consists of the last five trading days in December and the first two in January. The authors use t-tests, non-parametric test and regression analysis to determine if investors in small firms get superior returns over the period 1926-2014.

Findings

The authors find that returns are generally higher during the period and that the effect is considerably stronger for small-firm portfolios relative to large capitalization portfolios. The authors also provide convincing evidence that the three most important trading days (especially for small stock portfolios) are the last trading day in December and the first two trading days in January.

Research limitations/implications

The authors only check the markets in the USA. Market makers can use this to get significantly high returns during the Christmas-New Year period. The study shows for the first time that there is a size effect as part of the Santa Claus Rally.

Practical implications

This is the first study to show that Santa Claus Rally exists for a long time in the USA. It is the first study to show that there is a size effect in Santa Claus Rally. Market participants could get significantly higher returns by investing or being invested in the stock market during this period.

Social implications

The impact of the holiday season on stock market returns.

Originality/value

This is the first major academic study to examine Santa Claus Rally in this much detail. The authors not only show that the rally exists, the authors show that it is based on firm size and has been in existence for nearly 90 years in the USA.

Details

Managerial Finance, vol. 42 no. 8
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 30 September 2016

Charles R. McCann and Vibha Kapuria-Foreman

Robert Franklin Hoxie was of the first generation of University of Chicago economists, a figure of significance in his own time. He is often heralded as the first of the…

Abstract

Robert Franklin Hoxie was of the first generation of University of Chicago economists, a figure of significance in his own time. He is often heralded as the first of the Institutional economists and the impetus behind the field of labor economics. Yet today, his contributions appear as mere footnotes in the history of economic thought, when mentioned at all, despite the fact that in his professional and popular writings he tackled some of the most pressing problems of the day. The topics upon which he focused included bimetallism, price theory, methodology, the economics profession, socialism, syndicalism, scientific management, and trade unionism, the last being the field with which he is most closely associated. His work attracted the notice of some of the most famous economists of his time, including Frank Fetter, J. Laurence Laughlin, Thorstein Veblen, and John R. Commons. For all the promise, his suicide at the age of 48 ended what could have been a storied career. This paper is an attempt to resurrect Hoxie through a review of his life and work, placing him within the social and intellectual milieux of his time.

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-962-6

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Book part
Publication date: 30 September 2010

William F. Danaher

This paper focuses on the role of myth in group identity maintenance. It begins by looking at the occupational group, but broadens to show how subsociety and the larger society…

Abstract

This paper focuses on the role of myth in group identity maintenance. It begins by looking at the occupational group, but broadens to show how subsociety and the larger society affected the group's identity and actions. Mississippi Delta blues performers’ use of myth serves as the historical example, and this analysis shows how the group reacted to living in a segregated and racist society. Analysis of songs demonstrates how myth can play a role in tying together this subordinated group in society and perpetuate myth. How the blues subculture still employs these myths today is also addressed.

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Studies in Symbolic Interaction
Type: Book
ISBN: 978-0-85724-361-4

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Book part
Publication date: 1 February 2007

Dwight R. Merunka and Robert A. Peterson

Abstract

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Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1306-6

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Book part
Publication date: 22 August 2006

Abstract

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Documents from and on Economic Thought
Type: Book
ISBN: 978-1-84950-450-8

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Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

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Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

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Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

Abstract

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The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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