http://hdl.handle.net/10453/12 2013-05-21T22:53:54Z http://hdl.handle.net/10453/17733 'As American as Mom, Apple Pie and Dutch Soccer?': The Team Identification of Foreign Ajax FC Supporters Kerr Anthony; Smith Narelle; Anderson Alastair Dolles H Globalization and advances in communications technology, notably satellite television and broadband internet, have greatly expanded the potential marketplace for professional sport teams. As a result, many team brands profit from millions of satellite supporters worldwide. This study is the second in a series that explores why, and how, the foreign consumer supports their chosen team, in this instance, AFC Ajax of Amsterdam. Respondents highlighted the importance of team reputation and/or tradition; the presence of a particular player(s); team success; and media coverage in their decision to support Ajax FC. Furthermore, satellite supporters expressed intense loyalty for, and appeared to derive psychological benefit from their support of, the foreign-based team. As such, satellite supporters present an opportunity for sport marketers to tap into a potentially lucrative fan base and enhance their own team brands. 2011-01-01T00:00:00Z http://hdl.handle.net/10453/14247 Finite mixture and genetic algorithm segmentation in partial least aquares path modeling: Identification of multiple segments in complex path models Ringle Christian; Sarstedt Marko; Schlittgen Rainer Fink, A; Lausen, B; Seidel, W; Ultsch, A When applying structural equation modeling methods, such as partial least squares (PLS) path modeling, in empirical studies, the assumption that the data have been collected from a single homogeneous population is often unrealistic. Unobserved heterogeneity in the PLS estimates on the aggregate data level may result in misleading interpretations. Finite mixture partial least squares (FIMIX-PLS) and PLS genetic algorithm segmentation (PLS-GAS) allow the classification of data in variance-based structural equation modeling. This research presents an initial application and comparison of these two methods in a computational experiment in respect of a path model which includes multiple endogenous latent variables. The results of this analysis reveal particular advantages and disadvantages of the approaches. This study further substantiates the effectiveness of FIMIX-PLS and PLS-GAS and provides researchers and practitioners with additional information they need to proficiently evaluate their PLS path modeling results by applying a systematic means of analysis. If significant heterogeneity were to be uncovered by the procedures, the analysis may result in group-specific path modeling outcomes, thus allowing further differentiated and more precise conclusions to be formed. 2010-01-01T00:00:00Z http://hdl.handle.net/10453/14246 Representation of American option prices under Heston stochastic volatility dynamics using integral transforms Chiarella Carl; Ziogas Andrew; Ziveyi Jonathan Chiarella, C; Novikov, A We consider the evaluation of American options on dividend paying stocks in the case where the underlying asset price evolves according to Heston¿s stochastic volatility model in (Heston, Rev. Financ. Stud. 6:327¿343, 1993). We solve the Kolmogorov partial differential equation associated with the driving stochastic processes using a combination of Fourier and Laplace transforms and so obtain the joint transition probability density function for the underlying processes. We then use this expression in applying Duhamel¿s principle to obtain the expression for an American call option price, which depends upon an unknown early exercise surface. By evaluating the pricing equation along the free surface boundary, we obtain the corresponding integral equation for the early exercise surface. 2010-01-01T00:00:00Z http://hdl.handle.net/10453/14245 The economic plausibility of strict local Martingales in financial modelling Hulley Hardy Chiarella, C; Novikov, A The context for this article is a continuous financial market consisting of a risk-free savings account and a single non-dividend-paying risky security. We present two concrete models for this market, in which strict local martingales play decisive roles. The first admits an equivalent risk-neutral probability measure under which the discounted price of the risky security is a strict local martingale, while the second model does not even admit an equivalent risk-neutral probability measure, since the putative density process for such a measure is itself a strict local martingale. We highlight a number of apparent anomalies associated with both models that may offend the sensibilities of the classically-educated reader. However, we also demonstrate that these issues are easily resolved if one thinks economically about the models in the right way. In particular, we argue that there is nothing inherently objectionable about either model. 2010-01-01T00:00:00Z