This paper investigates the impact of CEO and CFO insider purchases on stock returns. The analysis distinguishes between the opportunistic and routine trades made before, during and after the financial crisis of 2007-2008. The results suggest that the informative content of insider trading is weaker than what prior research suggests. The returns on purchases are stronger in the short term and C...

Empirical research documents that an exogenous rise in government purchases in a given country triggers a depreciation of its real exchange rate. This raises an important puzzle, as standard macro-theories predict an appreciation of the real exchange rate. We argue that this prediction might reflect the conventional assumption that government purchases are unproductive. Using a simple frictionl...

Previous research on online consumer purchases has focused on increased purchases and neglected decreased purchases. However, factors impacting these purchases are different. Drawing on the twofactor theory, in this paper, the authors compare factors affecting increase and decrease in Chinese consumers’ online purchases. The authors conducted separate group analyses with PLS. The results show t...

Experiential purchases (money spent on doing) tend to provide more enduring happiness than material purchases (money spent on having). Although most research comparing these two types of purchases has focused on their downstream hedonic consequences, the present research investigated hedonic differences that occur before consumption. We argue that waiting for experiences tends to be more positi...

Although research suggests that people derive more happiness from buying life experiences than material objects, almost no studies have examined how people actually feel while consuming real-world experiential and material purchases. In the present research, we provided the first examination of people’s momentary happiness while consuming these purchases. Participants were randomly assigned to ...

Previous research indicates that materialistic aspirations are negatively associated with happiness and psychological health. Recent research extends these findings by demonstrating that allocating discretionary resources toward life experiences makes people happier than allocating discretionary resources toward material possessions. Respondents to various surveys have indicated that purchases ...

Microeconomic theory maintains that purchases are driven by a combination of consumer preference and price. Using event-related fMRI, we investigated how people weigh these factors to make purchasing decisions. Consistent with neuroimaging evidence suggesting that distinct circuits anticipate gain and loss, product preference activated the nucleus accumbens (NAcc), while excessive prices activa...

BACKGROUND "Processed foods" are defined as any foods other than raw agricultural commodities and can be categorized by the extent of changes occurring in foods as a result of processing. Conclusions about the association between the degree of food processing and nutritional quality are discrepant. OBJECTIVE We aimed to determine 2000-2012 trends in the contribution of processed and convenien...