목 적: 안경과 콘택트렌즈 구매장소에 따라 안경사의 직무신뢰도 및 안경과 콘택트렌즈 가격의 만족도에 대한 의견 차이가 있는지에 대하여 알아보고자 하였다. 방 법: 2015년 5월에서 6월 두 달 동안 대구·경북, 부산·경남지역의 안경광학과 재학생과 고객을 대상 으로 안경과 콘택트렌즈 구매 장소, 안경사의 판매 및 검안에 대한 신뢰도 및 안경과 콘택트렌즈 구매가격 만족도에 대한 설문을 실시하였다. 결 과: 직무신뢰도에서 검안은 남자의 평균값이 가장 높았고(3.89±0.88), 가격만족도에서는 모두 여자 의 평균값이 높았다(3.18±0.72). 구매장소에 따른 상관관계에서는 비 프랜차이즈의 검안신뢰도가 가장 높 았다(3.99±0.91). 결 론: 구매장소에 따른 직무신뢰도와 가격만족도에 대하여 일부 항목에서 유의한 차이가 나타났고, 이 결과를 바탕으로 직무신뢰도와 가격만족도를 높이는 자료로 이용될 수 있을 것이라고 생각한다.

As the general public’s awareness of the environmental problems associated with economic growth have increased, interests in eco-friendly products have also increased for the past few decades. However, many consumer surveys and sales data indicate that while many consumers believe that buying eco-friendly products is important for protection of environment, actual adoption of those products are far below what has been expected. This discrepancy between consumers’ beliefs and actions regarding eco-friendly products purchase suggests that consumers do not purchase eco-friendly products solely based on environmental concerns and environmental merits of products. Then, what is the decisive determinants of consumer’s decisions to buy of green products? Previous researches showed that many people usually are reluctant to buying green products because of high price compared to conventional products (Hopkins and Roche 2009; Thakur and Aurora 2015), but if people perceived additional value to self (e.g. functional value, social value, emotional value, economic value, epistemic value), people are willing to buy green product (Lin and Huang 2012; Jung and Kim 2014; Renfro 2010). In other words, the perceived personal value for money, associated price and benefits of product, can be importantly decisive determinants of eco-friendly buying decisions. Moreover, among many values or benefits, economic benefit such as monetary savings can be an effective factor to adaption of green product. This is because that many consumers are very sensitive to price of green products as many researchers argued, and economic benefit is so visible and computable that reduce consumer’s perceived cost. Therefore, for inducing the adaption of green product, the way of appealing and presenting product information about price premium and potential economic benefits is very important in marketing communication with consumers. However, the extant many researches have focused on highlighting that which benefits of product depending on individual difference is more attractive to people, rather than both price and benefit. There is a general lack of study on this issue in the extant literature. Furthermore, previous experiments about green products have another limitation that it is difficult to reflect the real choice of green product. Many empirical researches have focused on an attitude toward product or advertisement, a preference or a purchase intention as dependent variables, which are mostly used for predicting consumer’s choice of product. However, choice does not always and reflect the attitude toward product or advertisement, preference or purchase intention. Thus, the more research reflected actual choice of green product or conventional product is considerably needed. To fill the gap in the extant literature, this research develops and tests hypotheses on how different presentations of price premiums and monetary savings of eco-friendly products affect consumers’ choice of those product, based on extended Thaler (1985)’s Hedonic editing hypothesis of mental accounting theory, which this study proposed. In extended Thaler’s Hedonic editing hypothesis, alternative presentation (all of segregation) is added to original Thaler’s Hedonic editing hypothesis, to compensate for limitation of original hypothesis that most fragmentarily consider two attributes of product (e.g. one gain and one loss, one gain and one gain), even though attributes of products can be composed of several attributes. Therefore, this research investigates whether presenting price premiums and monetary savings in an integrated manner, a segregated manner or an all of segregated manner leads to differential choices, depending on the relative sizes of monetary gains and losses of various eco-friendly products. Additionally, this study also analyze the moderating effect of consumer’s product involvement. According to ELM model (Petty and Cacioppo 1979), the different methods of inducing persuasion may work in decision-making process, depending on level of involvement. To be specific, under high involvement, conditions the quality of the arguments contained in a message has had a greater impact on persuasion (central route). While, under low involvement conditions, peripheral cues such as attractiveness of a message source or the number of positive or negative messages have had a greater impact on persuasion (peripheral route). Therefore, this study suggests that consumers with low product involvement will more choose green product in message condition, which has the greatest number of positive information, while the consumers with low product involvement will have no difference in choice of green product, depending on different presentation. This study conducted an experiment about a choice between green product and non-green product on different presentation of monetary costs and benefits (integration, segregation, all of segregation), in each types of product (multiple gain product, mixed gain product, mixed loss product). We selected representative product for each type of product, after investigating market research (multiple gain product-washing machine; mixed gain product-LED bulb and rechargeable battery; mixed loss product-hybrid car) as shown in Table 1, and the price of each green and conventional product and cost saving amount of green product is based on real product’s attributes, in an experiment. In doing so, this study analyzed and compared the proportion of choice of green product in each conditions, by using omnibus chi-square test with SPSS 21.0 (Sharpe 2015). The findings of the empirical study shows that the effect of presentations of price and monetary savings is only significant to low product involvement consumer in all product categories, excepted for hybrid car. The results showed that low involvement consumers make many choices of green product in condition, which has the greatest number of positive information. Specifically all of segregation is the most persuasive than other presentation for LED bulb to low involvement consumer, but all of segregation is the less persuasive for rechargeable battery. This results indicate that the persuasive way of presentation is different depending on attributes of each product although LED bulb and rechargeable battery is classified as same types of product. The contribution of this study to the literature on choice of eco-friendly products in perspectives of mental accounting theory is four-fold. First of theoretical contribution, this study could extend and develop Thaler (1985)’s Hedonic editing hypothesis, by proposing alternative presentation (all of segregation). Additionally this study found that the proportion of choice of green product can be different in same type of product, depending on attribute of product. Third, this study reflected actual choice of green product by considering consumer’s choice as dependent variables, rather than attitude, preference or purchase intention. Finally, in managerial implication, this study provide managerial guidelines and strategy how to present the message about green product to increase consumer’s choice, depending on product type. Further research for extend and develop this study are currently underway.

In the business market, prices are typically subject to negotiation between exchange partners and buyers’ perceptions of the relationships with suppliers have a central role for supplier success and for establishing profitable prices (Hinterhuber & Liozu, 2015). Suppliers that seek to achieve price levels above the average market prices of offerings need to convince buyers of a favorable price/quality ratio (Töytäri, Rajala, & Alejandro, 2015). To date, however, research on absolute prices paid by buyers to suppliers, relative prices paid as compared to the average price level in a product category, or exchange partners’ perceptions of prices charged in business relationships remains limited. Extant work on buyer-supplier relationships has most commonly focused on costs rather than prices as economic outcomes of interest (e.g., Cannon & Homburg, 2001; Kalwani & Narayandas, 1995). The purpose of this research is to deepen the understanding of buyers’ price assessments in business relationships. Specifically, this research seeks to further illuminate how relationship inputs provided by suppliers influence buyers’ assessments of the price level charged and their satisfaction with the price/quality ratio provided by the suppliers. The relationship inputs examined include buyers’ perceptions of supplier relationship-specific investments, long-term orientation, and relationship planning. In addition, this research considers two relationship parameters, that is, buyers’ commitment to the supplier and dependence from the supplier. Based on a sample of executives of different buyer firms, this research examines net effects and combinatory effects of the relationship factors on buyers’ evaluations of economic outlay. While the study of net effects offers insights into the effects of single antecedents on the outcomes across a sample of cases, the analysis of combinatory effects delineates (configurations of) antecedents sufficient for bringing about the outcomes of interest (e.g., Leischnig, Henneberg, & Thornton, 2016). Knowledge of these effects helps assess what relationship inputs and what combinations thereof may act as potential remedies for buyers’ price-related resentment in business The findings of this research show alternative configurations of relationship inputs and relationship characteristics sufficient for the two outcomes of interest. In addition, this research shows that individual relationship inputs and characteristics can have opposite effects on the outcomes, depending on how they combine with other antecedent conditions. Moreover, the results of this research reveal that specific antecedent factors differ in terms of causal coreness for the two outcomes of interest. In summary, these findings add to the net effect analysis and provide a more detailed and nuanced understanding of how relationship attributes impact buyers’ price assessments in business relationships.

본 연구에는 경남의 혈통등록우 경매시장 A, B 지역에서 2014년도부터 2015년도에 경매된 한우송아 지 중에서 경매가격이 있는 19,592두의 경매가격자료를 이용하였고 경매가격에 미치는 환경요인 및 요 인별 기여도를 추정하였다. 연구의 결과를 살펴보면 송아지경매가격에 대한 모든 효과에서 고도의 유의 적인 차이(p<0.01)를 나타내었고, 준부분 상관제곱(semi-partial correlation)값을 이용한 요인별 기여 도 분석에서 회귀식의 수정모형 적합도(Adj R-Square)가 0.701로 나타났으며, 성, 경매체중, 출품개월 령, 경매년도, 경매계절 및 경매지역의 준부분상관값은 각각 0.11563, 0.20013, 0.02823, 0.10727, 0.00330 및 0.02963으로 나타났다. 요인별 기여도에서 송아지 체중의 기여도가 가장 높은 것으로 나타 났으며, 성, 경매년도, 경매지역 및 출품개월령 순으로 영향을 미치는 것으로 나타났다. 송아지 생산농 가에서 경매가격을 잘 받기 위해서는 송아지의 발육정도를 측정할 수 있는 체중의 개량 및 적절한 사양 관리가 매우 중요할 것으로 사료된다. 또한 향후에는 개량방향과 맞는 우수한 유전자의 생산 및 확보가 농가 경쟁력 및 소득증대에 이바지할 것으로 사료된다. 송아지경매가격 및 요인별 기여도에 대한 연구 는 아직 많이 부족한 상황으로 더 많은 연구가 이루어져야 할 것으로 사료된다.

The purpose of this study is to assess the effects of outlook project for olive flounder, from the view point of price stabilization, market efficiency, and causality of the prices in different distribution channels. Analytical results show that the volatility of producer price of olive flounder has been significantly mitigated after the implementation of the outlook project. The market efficiency is estimated to be improved after implementing the outlook project although there is an inefficiency on price determination process in some producing regions. The causality test on the producer and wholesale price shows that producing stage leads the wholesale stage in forming the prices. It is found that Jeju leads the flounder price on the size of 500g and 2kg, while Wando leads the price of 1kg size. These estimation result as whole indicate that outlook project for olive flounder has accomplished the intended goals.

목적 : Price (2001)의 이직인과모형을 바탕으로 작업치료사들의 직무지향과 이직의향의 인과성을 확인하 고자 한다. 연구방법 : 작업치료사협회에 가입된 작업치료사를 대상으로 설문지를 사용하여 자료를 수집하였다. 설문지 는 근무지향에 대한 문항들로 구성되어있으며, 수집된 자료의 기술통계 및 신뢰도분석을 알아보기 위해 SPSS Version 18.0 프로그램을 사용하였고, 작업치료사의 전문직, 조직구조, 직무, 이직 변인과 직무만 족도, 조직몰입도, 이직의향과의 인과적인 영향을 확인하기 위해 AMOS를 사용하여 구조방정식모형 분 석을 실시하였다. 결과 : 독립변수들 중 직업몰입도(β=.39), 자아권능감(β=.25), 절차정의(β=.14), 승진기회(β=.15)는 직무만족도에 유의한 인과 영향이 나타났으며, 분배정의(β=.26), 절차정의(β=.30), 승진기회(β=.23) 는 조직몰입도에도 유의한 인과 영향을 나타냈다. 최종 종속변수(이직의향)의 경우 직무만족도(β =-.13), 조직몰입도(β=-.73), 소명의식(β=-.25)과 유의한 인과 영향이 나타났다. 결론 : 본 연구의 바탕이 된 Price (2001)의 이직인과모형의 경우 작업치료사의 이직의향을 설명하기 위해 만들어진 이론적 모델은 아니다. 하지만 본 연구의 결과 작업치료사의 이직의향과 많은 부분이 일치하고 있는 것을 알 수 있었다. 따라서 작업치료사라는 직업적 특성으로 나타나는 이직요인들을 예측하고 이러 한 항목을 추가하여 Price (2001)의 이직인과모형을 수정한다면 작업치료사들의 이직을 미리 예방하여 이직을 적절히 조절하는데 있어 중요한 지표로 사용될 것으로 사료된다.

Bioinformatics service is very new and emerging in market that provides information such as whether or not occurrence of a particular disease through the base of DNA(Deoxyribonucleic Acid) & RNA(Ribo Nucleic Acid) sequence analysis. Recently, interest growing rapidly in utilization of the industrial purpose, but provision of commercialization like pricing and service packaging is not enough to go to market. For go-to-market, firstly refine the services and perform cost calculation of services in cost-plus method then estimate consumer utility by conducting conjoint analysis. Collectively, with cost and consumer utility result, optimal service price can be calculated.

목 적: 본 연구는 조사 대상에 따른 안경원의 휴업과 안경 및 콘택트렌즈의 가격 만족도를 설문조사를 통해 알아보고자 하였다. 방 법: 대구·경북, 부산·경남에 있는 안경사와 안경광학과 학생, 고객에게 설문을 실시하였다. 설문의 내용은 안경원 휴업에 대한 의견과 안경 및 콘택트렌즈 가격에 대한 의견, 그리고 검안 및 피팅 비용 청구에 대한 의견이었다. 결 과: 휴업에 대한 의견은 5점 만점을 기준으로 안경사, 안경광학과 학생, 고객의 평균값은 각각 4.17±1.19, 3.65±0.93, 3.75±0.99점으로 안경사그룹이 가장 높은 점수가 나타났다. 가격 만족도에 대한 의견도 안경사그룹이 가장 평균점수가 높았다(3.69±1.06, 3.67±0.94). 또 모든 조사대상에 있어서 안경의 판매가격이 콘택트렌즈보다 만족도가 높은 것으로 나타났다. 그리고 검안 및 피팅 비용에 관한 의견은 60% 가 찬성으로 나타났다. 결 론: 격주 휴업과 가격 만족도에 대한 결과는 모든 그룹에서 평균 이상의 점수였으나(3.27±1.06, 3.19±1.03), 그 중 고객그룹의 점수가 가장 낮았다(3.25±1.09, 3.04±1.09). 특히 가격에 대한 만족도 조 사 결과 고객그룹이 가장 차이가 크게 나타났는데 이는 고객그룹에서 콘택트렌즈 가격에 대한 만족도가 떨 어진다는 것을 보여준다. 또 검안 및 피팅 비용에 대한 결과는 안경사 그룹과 고객그룹에서 차이를 보여, 이 를 보완하기 위하여 신뢰도를 높이고 검사 및 피팅 비용을 청구할 수 있는 분위기가 조성되어야 할 것으로 판단된다.

본 연구에서는 2009년부터 2011년 까지 6년간 경남지방 도축장에서 도축한 한우 63,388두에 대한 도 축성적 자료를 근거로 하여 한우의 경락단가 결정에서 있어 가장 큰 영향을 미친다고 생각되는 등지방 두께, 등심단면적, 도체중 및 근내지방도가 경락가격에 영향을 미치는 기여도를 분석하기 위하여 최소 제곱 평균법으로 SAS @9.3 Package/PC를 이용하여 분석하였으며, 본 연구의 결과를 요약하면 다음과 같다. 각 요인에 대한 분산분석 즉, 유의성 검정 결과 조사한 형질에 대해 성, 도축계절, 도축년도의 효 과에 대해 고도의 유의성(p<0.01)을 나타내었다. 표현형 상관에서 모든 형질간의 정의상관을 확인 할 수 있었으며 경락단가에 대해서는 근내지방도가 가장 높은 0.70의 정의 상관을 나타내었으며, 총 가격 에서는 경락단가를 제외한 도체형질 중에서 도체중이 0.74로 가장 높은 정의 상관을 나타내었다. 요인 별 기여도 분석에서 경락단가에 대한 근내지방도의 기여도는 95.41%로 가장 높게 나타났고, 총가격에 서도 근내지방도가 52.57%로 가장 높았고 다음으로 도체중이 44.31%로 기여도가 높은 것으로 나타났 다. 이상의 연구결과를 통해 한우의 경락단가, 총가격에 대한 요인별 기여도를 산출해낼 수 있었다. 한 우의 경락단가를 높이기 위해서는 근내지방도 위주의 개량이 적합하고 총가격을 위해서는 도체중까지 고려한 개량 및 사양 방법이 필요할 것으로 사료된다. 본 연구는 분석 결과를 통해 경락단가와 총가격 의 기여도를 고려하여 가장 높은 수익을 얻도록 전략적으로 출하시기를 선택하는데 기초자료로 활용하 고자 하며 각 형질들의 환경요인에 따른 분산분석결과를 통해 한우농가 수입증대를 위한 한우 개량 방 향제시를 위한 기초자료로 활용하고자 한다.

The purpose of this research is to study the evolution of the price of Burgundy wines and to try to identify the reasons for such an evolution. Land prices, rent prices and wine prices in Burgundy will be analysed over the last decades. In terms of results, the price of wine in Burgundy has been observed to rise drastically in recent years as well as the evolution of land and rent prices. A better comprehension of price variations could help wine companies manage their long term profitability, especially if land were considered as an investment (and therefore, part of the company). As a recommendation, marketing tools but also training should be used by craftsmen to build, promote and distribute strong brands in order to remain on the market but also to attract major agents and importers and be distributed worldwide.

The prices of premium brands of Single Malt Whisky have risen during the last years and the demand as well. The objective of this research is to check if a trading-up phenomenon can be observed within the industry and in which circumstances the clients are willing to pay more for premium brands of Single Malt Scotch Whisky given (1) situation of purchase (for yourself; for the birthday of a good friend; for a nice dinner to share with friends; for a present for your boss; for a party with friends who are non-connoisseurs); (2) distribution channels used to sell those premium brands (duty-free; Specialty Store and Super-market); (3) socio-demographics variable; (4) level of expertise and (5) for specific whisky attributes (among 14). The main results show that a consumer is willing to pay a higher price premium for his boss than for his friends. Attributes used to select whiskies are not the same depending the channels. In a specialty store, the premium factors the industry should develop to charge price premium are the cask number, bottling by independent or for commemorative event and bottles coming from closed distilleries whereas in duty-free, independent bottling, vintage and cask's origin and bottling for a specific country are key attributes. For Supermarket, private label is a way to charge higher price. Level of alcohol should not be too high. Level of expertise is strangely not influencing the willingness-to-pay price premium.

Today, mobile advertising is an important tool as interactive communication has a great potential to promote market sales. This study is to examine the effect of price perception on behavioral intention to use mobile phone-based promotions, and compare the differences in choice heuristics between levels of the intention to use mobile promotions. Multi-item scales for price perception, choice heuristics and mobile-based promotions were either developed in our qualitative study or adopted from existing scales in literatures (Lichtenstein, et al., 1993; Bettman & Park, 1980). Based on behavioral intention to use, mobile promotions were classified into three types, such as sales promotion, reward program and brand ads. All items were measured on a seven point rating scale (1=very unlikely, 7=very likely). A pilot study was conducted in which 97 female consumers who had ever redeemed mobile promotions for purchasing fashion products. Respondents were aged from 18 to 35 years (average age=23.6 years). Factor analysis revealed that price perception extracted three factors, such as price consciousness (items =4, Cronbach’s α=.90), coupon proneness (items =5, Cronbach’s α=.89), and sales proneness (items =4, Cronbach’s α=.89). Regression analysis was used to examine the effect of the price perceptional factors on use intentions for mobile promotions. For sales promotion, price consciousness (β=.27, p<.01) and coupon proneness had significant effects on intention to redeem for sales or coupon (F=13.59, p<.001, Adjusted R2=.29); price consciousness (β=.22, p<.05) and coupon proneness (β=.36, p<.01) significantly affected behavioral intention to participate in reward program (e.g., QR code events, point mileage, free gift, etc.) (F=10.34, p<.001, Adjusted R2=.23); and intention to use brand ads was significantly affected by sales proneness (β=.26, p<.05) and price consciousness (β=.24, p<.05; F=9.18, p<.001, Adjusted R2=.21). For purchasing in mobile context, consumer choice heuristic was consisted of five rules: compensatory, lexicographic, price-based conjunctive, affect-referral heuristic and sequent elimination in the mobile context. It is found that consumer choice rule was differed by intention to use mobile promotions. There was a significant difference in lexicographic (MLow=3.89, MHigh=4.63, t=-3.54, p<.01), price-based conjunctive (MLow=3.64, MHigh=4.13, t=-2.12, p<.05), and affect-referral heuristic (MLow=3.31, MHigh=4.02, t=-2.95, p<.01) between high and low levels of use intention for redemption for sales or coupon; for reward program, there was significant difference in price-based conjunctive (MLow=3.45, MHigh=4.27, t=-3.72, p<.001) or sequent elimination (MLow=4.39, MHigh=5.00, t=-2.13, p<.05) between the high and low levels of use intention. Also, there was a significant difference in price-based conjunctive rule between high and low levels of use intention for brand ads (MLow=3.49, MHigh=4.30, t=-3.76, p<.001). The findings extended a consumer choice model under mobile promotional stimuli and discussed a managerial implication to build effective promotional strategy in the context of mobile commerce..

This study aims to investigate the effects of price promotions on the perception of a brand in the mind of consumer in luxury market. This study extends the previous literature on price promotional strategy and brand equity (brand awareness, brand image, and brand loyalty) by focusing on how a consumer perceives functional value and psychological value to create brand equity in luxury products.

This study aims to analyze causalities among Hairtail prices by distribution channel using a vector autoregressive model. This study applies unit-root test for stability of data, uses Granger causality test to know interaction among Hairtail Prices by distribution channel, and employes the vector autoregressive model to estimate statistical impacts among t-2 period variables used in model. Analyzing results of this study are as follows. First, ADF, PP, and KPSS tests show that the change rate of Hairtail price by distribution channel differentiated by logarithm is stable. Second, a Granger causality test presents that the producer price of Hairtail leads the wholesale price and then the wholesale price leads the consumer price. Third, the vector autoregressive model suggests that the change rate of Hairtail producer price of t-2 period variables statistically, significantly impacts change rates of own, wholesale, and consumer prices at current period. Fourth, the impulse response analysis indicates that impulse responses of the structural shocks with a respectively distribution channel of the Hairtail prices are relatively more powerful in own distribution channel than in other distribution channels. Fifth, a forecast error variance decomposition of the Hairtail prices points out that the own price has relatively more powerful influence than other prices.

Pairs trading is a type of arbitrage investment strategy that buys an underpriced security and simultaneously sells an overpriced security. Since the 1980s, investors have recognized pairs trading as a promising arbitrage strategy that pursues absolute returns rather than relative profits. Thus, individual and institutional traders, as well as hedge fund traders in the financial markets, have an interest in developing a pairs trading strategy. This study proposes pairs trading rules (PTRs) created from a price ratio between securities (i.e., stock index futures) using rough set analysis. The price ratio involves calculating the closing price of one security and dividing it by the closing price of another security and generating Buy or Sell signals according to whether the ratio is increasing or decreasing. In this empirical study, we generate PTRs through rough set analysis applied to various technical indicators derived from the price ratio between KOSPI 200 and S&P 500 index futures. The proposed trading rules for pairs trading indicate high profits in the futures market.

Recently, the mineral resource protection policies and regulations in production countries of natural resources including rare metals are becoming more stringent. Such environment makes which market has malfunction. In other word, those are not perfect or pure market. Therefore because each market of natural resources have special or unique characters, it is difficult to forecast their market prices. In this study, we constructed several models to estimate prices of natural resources using statistical tools like ARIMA and their business indices. And for examples, Indium and Coal were introduced.

This study is to analyse the timing of the structural change of price volatility and the asymmetry of price volatility during the period before and after the timing of the structural change of price volatility using Jeju Farming Olive Flounder’s production area market price data from January 1, 2007 to June 30, 2013. The analysis methods of Quandt-Andrews break point test and Threshold GARCH model are employed. The empirical results of this study are summarized as follows: First, the result of Quandt-Andrews break point test shows that a single structural change in price volatility occurred on May 4, 2010 over the sample period. Second, during the period before structural change, daily price change rate has averagely positive value which means price increase, but during the period after structural change daily price change rate has averagely negative value which means price decrease. Also, daily volatility of price change rate during the period before structural change is higher than during the period after structural change. This indicates that price volatility decreases after structural change. Third, the estimation results of Threshold GARCH Model show that the volatility response against price increase is larger during the period after structural change than during the period before structural change. Also the result shows the volatility response against price decrease is larger during the period after structural change than during the period before structural change. And, irrespective of the timing of structural change, price increase has an larger effect on volatility than price decrease. This means volatility is asymmetric at price increase.

In the U.S., the Super Bowl attracts more viewers and media attention for its advertising than any other single event for the year (Tomkovick et al., 2011). Previous research focuses on factors of the effectiveness of Super Bowl ads. A majority of these studies explores their impact on short-term effectiveness measures such as recall, buzz, or, most commonly, ad likeability (e.g., Cheong and Kim, 2012; Li, 2010; Nail, 2007; Newell et al., 2001; Tomkovick et al., 2001). However, prior research on whether Super Bowl ads have a positive impact on stock prices has not provided consistent results. Thus, more attention should be paid to the marketing productivity and measures of return, including customer equity (e.g., Rust et al., 2004). Drawing on the brand value chain (Keller and Lehmann, 2003), we hypothesize that customer equity mediates the relationship between Super Bowl ads and firm value. Using event study methodology, we analyze a sample of 62 ads for which data is available on both measures that represent customer equity and stock price from the Super Bowls from 2008 to 2012. We find that Super Bowl ads can be worth the large investment, but only if they enhance consumers' brand favorability ratings. The reverse also holds in that a negative impact on stock return is expected when a Super Bowl ad reduces brand favorability.

This study aims to investigate the role of product involvement on the relationship between price deals and brand equity in the context of brand knowledge and brand associations. This study extends the previous literature on brand equity by focusing on how a consumer perceives brand in high and low levels of product involvement. Eight hundred and twenty-six sets of questionnaires were completed and usable. The findings support the idea that the level of product involvement has a significant effect and moderates the relationship between price deals and brand equity in the mind of a consumer.