Loss sensitive investors and positively biased analysts in Hong Kong stock market

The Hong Kong stock market is known to be highly volatile. Professional investors have a strong demand for timely information because of the infrequent nature of Hong Kong analysts’ interim reports (Cheng et al., 2003). Our paper provides a comprehensive study of investor reactions to analysts’ recommendations in the Hong Kong stock market from 2009 to 2014 under different sentiment scenarios. We find that analysts’ recommendation upgrades and downgrades deliver significant information to the Hong Kong stock market. However, analysts’ initiation coverages convey little information and bring about limited impact to the stock market. In addition, analysts’ upgrades and downgrades result in significant differential price impacts in bullish and the bearish phases.

When “More” Seems Like Less: Differential Price Framing Increases the Choice Share of Higher-Priced Options

Four experiments supported by six supplemental studies show that premium but higher-priced products (e.g., direct flights, larger-capacity data storage devices) are more popular when the additional cost is made explicit using differential price framing (DPF; e.g., “for $20 more”) rather than being left implicit, as in standard inclusive price framing (IPF; e.g., “for $60 total”). The DPF effect is driven by pricing focalism: relative to IPF, DPF creates a focus on the price difference, which, because it is smaller than the total price, leads to lower perceived expensiveness and thus greater choice share for the premium option. This price framing effect is robust to displaying the total cost of the purchase, bad deals, and easy-to-compute price differences, and it appears to be uniquely effective in pricing contexts. However, DPF effects are reduced among consumers who adopt a slow and effortful decision process. These findings have implications for research on price partitioning, the design of effective pricing strategy, the sources of expensiveness perceptions in the marketplace, and consumer welfare.

Upaya Perbaikan Kualitas Bahan Olah Karet Rakyat

<p><strong>English<br /></strong>Nowadays, free trade mechanism will be continously implemented. Regarding those conditions, the increasing export of manufacture rubber comodities can be reach, only if they have a comparative and a competitive advantage than other exporting countries. These efforts must begin with the improvement quality of rubber raw materials at farm level by removing five main inhibiting factors such as: (1) farmers group doesn't play a role as a bussiness unit (2) the demand of quality materials of crumb rubber industry is very low; (3) the dominant of trades in the marketing of raw rubber materials; (4) there is no advantageous partnership pattern, and, (5) the mechanism of attractive differential price for better quality not available for unsmoked sheet and slice slap.</p><p> </p><p><strong>Indonesian<br /></strong>Dalam era perdagangan bebas yang akan terus bergulir, peningkatan ekspor produk karet olahan hanya dapat ditempuh bila memiliki keunggulan komparatif dan kompetitif dari negara pesaing. Upaya kearah itu harus dimulai dari perbaikan kualitas bokar di tingkat petani, dengan menghilangkan lima faktor penghambat utama yaitu: (1) belum berperannya kelompok tani sebagai unit bisnis, (2) permintaan bahan baku inustri karet remah yang masih berorientasi kepada bokar berkualitas rendah, (3) dominasi pedagang dalam pemasaran bokar, dan (4) belum adanya pola kemitraan yang saling menguntungkan, (5) belum terlaksananya penentuan harga sesuai kualitas yang menarik bagi produk sheet angin dan slab giling.</p>