Firms often specify break-up fees in their employment contracts where a worker is obligated to compensate the firm if he leaves to take up employment with a competitor. We highlight the role of such break-up fees in the presence of asymmetric information about the worker’s quality between the current employer and the outside labor market. Waldman (1984) argues that if the market attempts to lea...

Tourism literature suggests that cities as corporate brands which can be promoted in the market and communicated to stakeholders. City tourism managers use tourism products such as festivals or other special events to promote their city as a corporate brand. Th is paper examines how festivals, in particular, aff ect the promotion and communication of a city in diff erent market levels. A survey...

Marketers employ the four P's — product, price, placement and promotion — in trying to optimize the performance of their products on a market. Both researchers and practitioners in the field of marketing will benefit from increasing their understanding of how the four P's relate to market dynamics and how marketers should employ them in managing dynamic markets. This paper intends to provide a ...

The traditional multinational corporation theory manifests unidirectional steps and ladders output the knowledge management pattern primarily to be already obsolete. In fact, the knowledge economy and globalized competition's further development causes the knowledge which the global management needs not only exists in some place, the multinational corporation must learn to distinguish knowledge...

The aim of the chapter is to discuss and illustrate different approaches taken in the area of empirical market segmentation in tourism, and to raise conceptual, practical and methodological problems in this context. The chapter is limited to the discussion of empirical market segmentation, which means that an empirical data set (typically resulting from a tourist survey) represents the basis. P...

This study examines individual behavior in two well-functioning marketplaces to investigate whether market experience eliminates the endowment effect. Field evidence from both markets suggests that individual behavior converges to the neoclassical prediction as market experience increases. In an experimental test of whether these observations are due to treatment (market experience) or selectio...

We consider a model of directed search where the sellers are allowed to post mechanisms with entry fees. Regardless of the number of buyers and sellers, the sellers are able to extract all the surplus of the buyers by introducing entry fees and making price schedules positively sloped in the number of buyers arriving to their shops. This is in contrast to results that are achieved for large mar...

The efficient market hypothesis states that investors immediately incorporate all available information into the price of an asset to accurately reflect its value at any given time. The sheer volume of information immediately available electronically makes it difficult for a single investor to keep abreast of all information for a single stock, let alone multiple. We aim to determine how quickl...

The introduction makes up for the mandatory abstract.