MARK 6390 Marketing Topic in Marketing-Finance Interface T 2:00-4:50 p.m. Spring 2008 Room 140, Business Building Professor: Office: Office Hours: Telephone: Mailbox: E-mail Dr. Xueming Luo Business Building, Room 225 1 - 2:00 PM, T. and by appointment (817) 272-2279 Marketing Department, Box 19469 luoxm@uta.edu Course Objectives and Learning Outcomes This doctoral level course is designed with the goal of providing exposure to the cutting-edge topics in the Marketing-Finance Interface (MF) and its applications in marketing Research. Particularly, the learning objectives of the course include: 1. read and critique the literature on the applications of MF in both marketing and finance literature, 2. understand the history, concepts, and models of MF, conduct research project at MF, 3. develop research ideas of applying MF in marketing, 4. help students to increase the likelihood to publish papers with innovative ideas in elite marketing journals such as JM, JMR, JCR, MKS, and 5. offer doctoral students practice experience for the comprehensive exam. These learning outcomes can be assessed based on the grading method as detailed subsequently. Prerequisite: consent of instructor. Course Requirements Course website (http://www3.uta.edu/faculty/luoxm/). You may download syllabus, presentation schedules, journal papers, marketing news, learning tips, jokes, etc.. Journal Articles (below). PDF files are available on CD 1 Course Outline (tentative; changes could be made randomly in class) Date 1/15 Content Key Activities orientation & overview First day of class 1/22 Papers 1-3 Marketing-Finance Interface 1. Srivastava, Rajenda K., Tasadduq A. Shervani, and Liam Fahey (1998), "Market-Based Assets and Shareholder Value: A Framework for Analysis," Journal of Marketing, 62 (01), 218. 2. Srinivasan, Shuba and Dominique M. Hanssens (2008), “Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions,” Working Paper. 3. Luo, Xueming and Giao Nguyen (2008), “Abnormal Stock Returns to Customer Satisfaction? Using Fama-Frence Portfolio-Level Asset Pricing Models,” MSI Working Paper. 1/29 Papers 4-6 Guest speaker #1 (Data Help) R&D and Fama-French 4. Hou, Kewei, and Robinson D (2006), “Industry Concentration and Average Stock Returns,” Journal of Finance,61(4), 1927-1956. 5. Chan, Louis K.C., Lakonishok Josef, and Theodore Sougiannis (2001), “The Stock Market Valuation of Research and Development Expenditures,” Journal of Finance, 56(6), 2431-2456. 6. Eberhart, Allan C., William F. Maxwell, and Akhtar Siddique (2004), “An Examination of LongTerm Abnormal Stock Returns and Operating Performance Following R&D Increases,” Journal of Finance, 59(2), 623-650. 2/5 Papers 7-9 Guest speaker #2 Stock Price First Moment 7. Luo, Xueming (2007), “Consumer Negative Voice and Firm-Idiosyncratic Stock Returns,” Journal of Marketing, 71(3), 75-88. 8. Luo, Xueming and Christian Homburg (2008), “Satisfaction, Complaint, and the Stock Value Gap,” Journal of Marketing, forthcoming. 9. Faleye, Olubunmi (2007), “Classified Boards, Firm Value, and Managerial Entrenchment,” Journal of Financial Economics, 83(2), 501-529. 2/12 Papers 10-12 Project Title due Event Study 1 10. Tellis, Gerard J. and Joseph Johnson (2007), “The Value of Quality,” Marketing Science, 26(6), 758-773. 2 11. Elberse, Anita (2007), “The Power of Stars: Do Star Actors Drive the Success of Movies?” Journal of Marketing, 71(4), 102-120. 12. Hendricks, Kevin and Vinod R. Singhal (1997), “Delays in New Product Introductions and the Market Value of the Firm: The Consequences of Being Late to the Market,” Management Science, 43(4), 422-436. 2/19 no class Attending a national conference 2/26 Project Proposal & Data Help (Business Library Data) 3/4 Papers 13-15 Journal Paper Review #1 due Stock Price Second Moment 13. Ferreira, Miguel A. and Paul A. Laux (2007), “Corporate Governance, Idiosyncratic Risk, and Information Flow,” Journal of Finance, 62(2), 951-989. 14. Clayton, Matthew C., Jay C. Hartzell, and Joshua Rosenberg (2005), “The Impact of CEO Turnover on Equity Volatility,” Journal of Business, 78(5), 1779-1808. 15. Minton, Bernadette A. and Catherine Schrand (1999), “The Impact of Cash Flow Volatility on Discretionary Investment and the Costs of Debt and Equity Financing,” Journal of Financial Economics, 54, 423-460. 3/11 Project Proposal Presentation (Project Proposal Due) 3/18 no class Spring Break 3/25 Papers 16-18 VAR Models of Stock Returns 16. Villanueva, Julian, Shijin Yoo, and Dominique Hanssens (2008), “The Impact of MarketingInduced Vs. Word-Of-Mouth Customer Acquisition,” Journal of Marketing Research, forthcoming. 17. Pauwels Koen, Jorge Silva-Risso, Shuba Srinivasan, and Dominique M. Hanssens (2004), “New Products, Sales Promotions, and Firm Value: The Case of the Automobile Industry,” Journal of Marketing, 68(4), 142-156. 18. Luo, Xueming (2008), “Quantifying the Long-term Impact of Negative Words of Mouth on Cash Flows and Stock Prices,” Marketing Science, forthcoming. 4/1 Papers 19-20 Stock Risk & Return 19. Fornell, Claes, Sunil Mithas, Forrest V. Morgeson III, and M.S. Krishnan (2006), “Customer Satisfaction and Stock Prices: High Returns, Low Risk,” Journal of Marketing, 70(1), 314. 3 20. McAlister, Leigh, Raji Srinivasan, and MinChung Kim (2007), “Advertising, Research and Development, and Systematic Risk of the Firm,” Journal of Marketing, 71(1), 35-48. 21. Mizik, Natalie, and Robert Jacobson (2007), “Myopic Marketing Management: Evidence of the Phenomenon and Its Long-Term Performance Consequences in the SEO Context,” Marketing Science, 26(3), 361-379. 4/8 Papers 22-24 Event Study 2 22. Sorescu, Alina, Venkatesh Shankar, and Tarun Kushwaha (2007), “New Product Preannouncements and Shareholder Value: Don't Make Promises You Can't Keep,” Journal of Marketing Research, 44(3), 468-489. 23. Hendricks, Kevin B. and Vinod R. Singhal (1996), “Quality Awards and the Market Value of the Firm: An Empirical Investigation,” Management Science, 42(3), 415-436. 24. Lane, Vicki, and Robert Jacobson (1995), “Stock Market Reactions to Brand Extension Announcements: The Effects of Brand Attitude and Familiarity,” Journal Of Marketing, 59(1), 63-77. 4/15 IPO 25. Papers 25-27 Journal Paper Review #2 due Luo, Xueming (2008), “When Marketing Strategy First Meets Wall Street: Marketing Spendings and Firms’ Initial Public Offerings (IPOs),” Journal of Marketing, forthcoming. 26. Heeley, Michael B., Sharon F. Matusik, and Neelam Jain (2007), “Innovation, Appropriability, and the Underpricing of Initial Public Offerings,” Academy of Management Journal, 50(1), 209-225. 27. Lowry, Michelle, and Kevin J. Murphy (2007), “Executive stock options and IPO underpricing,” Journal of Financial Economics, 50(1), 209-225. 4/22 Papers 28-30 Guest speaker #3 Customer, Brand, Analysts, and Liquidity 28. Grullon, Gustavo, George Kanatas, and James P. Weston. (2004), “Advertising, Breadth of Ownership, and Liquidity,” Review of Financial Studies, 17(2), 439-461. 29. Gupta, Sunil, Donald R. Lehmann, and Jennifer Ames Stuart (2004), “Valuing Customers,” Journal of Marketing Research, 41(1), 7-18. 30. Mizik, Natalie and Robert Jacobson (2008), “The financial value impact of brand dimensions,” Journal of Marketing Research, forthcoming. 4 31. Markovitch Dmitri G., Steckel Joel H., and Bernard Yeung (2005), “Using Capital Markets as Market Intelligence: Evidence from the Pharmaceutical Industry,” Management Science, 51(10), 1467-1480. 32. Wade, James B., Joseph F. Porac, Tomothy G. Pollock, and Scott D. Graffin (2006), “The Burden of Celebrity: The Impact of CEO Certification Contests on CEO Pay and Performance,” Academy of Management Journal, 49(4), 643-660. 33. Sadka, Ronnie and Anna Scherbina (2007), “Analyst Disagreement, Mispricing, and Liquidity,” Journal of Finance, 62(5), 2367-2403. 4/29 Final Project Presentation 5/6 Final Exam (Final Project Due) Grading Method You have a total of 1000 points. The final grade will be the weighted average of the points of paper presentation, Journal reviews, exam, quizzes, and project write-ups. This combination of methods gives you timely feedback and assesses whether the stated learning outcomes are being met by you throughout the semester. Requirement Points Weights Paper Presentation & Discussion 300 30% (=300/1000) Journal Reviews (2*50) 100 10% (=100/1000) Quizzes (4*25) 100 10% (=100/1000) Project Proposal~ 100 10% (=100/1000) Project Final~ 200 20% (=200/1000) Final Exam 200 20% (=200/1000) TOTAL 1000 100% (=1000/1000) ~Oral presentations will also contribute to the points. 90% and above = A, 80% to 89% = B, 70% to 79% = C, 60% to 69% = D, and below 60% = F. Exam: The final exam will cover all assigned readings in the format of short essays. It follows the style of Ph.D. Comprehensive exam. Make-up exams will only be given to students in cases of emergencies; but written documents are required in advance or afterwards. 5 Quizzes: Although 5 quizzes will be given during the semester, only the highest 4 scores will be counted toward your grading (to your benefit). Quizzes will be given randomly at the beginning of the class, during the class, or at the end of the class. * please power off or mute cellular phones. You cannot read newspaper, solve the crossword puzzle, or do anything not related to the class. P1 6 MARK 6390 Marketing Topic in Marketing-Finance Interface Grading Tracking Form Requirement Points Paper Presentation & Discussion 300 Journal Reviews (2*50) 100 Quizzes (4*25) 100 Project Proposal~ 100 Project Final~ 200 Final Exam 200 TOTAL 1000 7 Tracking My Points MARK 6390 Marketing Topic in Marketing-Finance Interface Class Format This course meets once per week. In general, each class period will address an important aspect of MF applications. At the beginning of each class, you need submit to me the required paper presentation & discussion write-ups and other assignments (in hard copies) due for the day. I will start the class by providing your some general background information (e.g., the history of the paper/authors, industry events, why the papers are important), in a brief and quick manner. After that, as typical in PhD level seminar classes promoting depth and quality of research, the bulk of the class time will be devoted to presentation and discussion of the articles assigned. This is not a MBA class (where the instructor lectures for most of the air time). Most PhD seminar classes seem like the car driving training classes. Although I can lecture the theories of car driving, the only way you learn how to drive successfully, however, is to get your hands on the wheel; that is, you have to take in charge of the seminar preparation and discussion (& hands-on research project). I tried to compile a reading list that is important and up-to-date. However, this list is not exhaustive, but rather serves as a good starting point for your future research career. The approach of reading and discussing scholarly papers, though not perfect, is one of the best available and most important ways to comprehend and master a research area. Doing so you may gain a deeper understanding, a more comprehensive grasp, and a better preparation in conducting high-caliber academic research and publishing in journals such as JM, JMR, JCR, and MKS. I expect you to be blooming colleagues. Full attendance (except extreme cases such as hospitalized or nature disaster) of classes is appreciated. In addition, extensive preparation (e.g., reading academic papers, writing summaries, discussing papers, etc.) is expected before you step into the classroom. Given the challenging nature of the papers from elite journals in marketing and finance, it is not uncommon if you do not fully understand the papers. In addition, because MF is a cutting-edge research field bridging marketing and finance (large scale data, advance time-series models, etc.), I do not expect you to understand everything of the MF details per se (just like I do not expect you to be a car mechanic who can professionally fix car problems, even you know how to drive). Therefore, when preparing, please focus more on the applications, theory and story side of the papers, and try to relate the papers to your own experience at work and in research projects. Expect plenty of questions (both easy and hard ones) from me during your presentation and discussion. The success of the seminar class depends on your preparation. Each week, you are expected to read the 3 papers carefully and thoroughly before class. The last several minutes of each class will cover the important learning points of the assigned papers, guest speaking, and others. Each student will summarize his/her own one most important point. In the end, I will wrap up the class with the key points learned for the day. 8 MARK 6390 Marketing Topic in Marketing-Finance Interface Paper Presentation & Discussion Please submit hard copies (one copy for me and another copy for your presentation/discussion in class) of the required paper presentation & discussion write-up at the beginning of each class. For each class with papers scheduled for the day, each student is expected to (1) submit 3 paper presentation & discussion write-ups, one for each paper scheduled, and (2) take full part in discussing all papers (even you are not presenting for the day). Both will be evaluated and reflected in the grade. Follow the format in below for BOTH presentation and write-up. 12-point Times New Roman font, one-page single-spaced printout. (Your last name, first name MARK 6390 Spring 08) (Assigned Paper # and Title) Part A: The Paper (half-page in length) 1. The paper’s main research purposes and importance 2. Research questions/hypotheses (draw a picture, on the back of the write-up if out of space) 3. Theory applied, the justification of hypotheses (if no formal hypotheses, then write the general research background) 4. Data source, variables, models, and results. For example, does the paper apply OLS, multivariate, econometric, time-series or other models? Do the results support the hypotheses? Part B: Your Thoughts to Discuss in Class (half-page in length) 5. on the strengths of the paper, what you find interesting 6. on assumptions and unanswered questions 7. on improving the writing style, theory, positioning, or models 8. on how (two points) this paper is related to another published journal article that deals with the similar research questions/hypotheses (so, you need to find another paper on your own from JM, JMR, JCR, MKS or other elite journals, see my website for a list). 9. on future research, make up your 2 new ideas/hypotheses related to your own experience at work and/or the research projects you desire to conduct (this is the most important in Part B) If you do not present the paper, you only need give me copies of the three write-ups following the above format. If you do present the paper (see a schedule of your presentation dates on my website), you need to give me copies of the 3 write-ups and PPTs of your presentation at the beginning of each class. Essentially, your PPT presentation follows the format above but in more details. You begin your presentation with a real-world company/personal event. Select one current (less 9 than 4 weeks old) article related to marketing from BusinessWeek, Fortune, Harvard Business Review, and the Wall Street Journal (all available online)*. You need to find an article that addresses one key variable (i.e., stock return, risk, advertising, services,..) or the general title of the paper assigned to you. In this way, we have a real-world, relevant context to start an interesting and meaningful day. Give a copy of this current article to all students in class before you start your presentation. You have 20 minutes (about 12 ppt slides) for your Part A content. Expect plenty of questions (both easy and hard ones) from me during your presentation and discussion. (red card shown means that it is time for your Part B content). Also, you need to lead the discussion by including your 2 new ideas/hypotheses (from Part B above) in PPT and seeking the peer students’ answers. You also ask other students’ their 2 new ideas/hypotheses of the paper. Please put your peer students’ ideas/comments on the board and your counter-arguments/comments on the board as well. In addition, your PPT need to present the action steps for your ideas (i.e., possible variables, data source, moderators, and/or mediators) and draw some pictures of the relationships among the drivers and outcomes in your context (see below). You have 30 minutes (about 16 ppt slides) for Part B content. Drivers of …. Outcomes of …. Key Variable …. …. Moderators Moderators At the end of each paper presentation and discussion, each student will summarize his/her own one most important point learned for the day. After that, the non-presenting students submit to me a copy of the Paper Presentation EVA (so, every class you need submit me 3 such EVAs if you are not presenting, or 2 such EVAs if you are presenting). 10 MARK 6390 Marketing Topic in Marketing-Finance Interface Paper Presentation EVA The Name of the Presenter Your Name ___________________________ __________________________ To me, this presentation provides : Effort put in : Poor Effort 1 2 3 4 5 6 Excellent Effort Critical Thinking : Very Poorly 1 Done 2 3 4 5 6 Very Nicely Done PPTs : Very Poorly 1 Designed 2 3 4 5 6 Very Nicely Designed Overall Evaluations : (please Circle) D+ and below C- C C+ B- B B+ A- A Write down one strong point about this presentation: ___________________________________________________________________________ ___________________________________________________________________________ Write down one weak point about this presentation: ___________________________________________________________________________ ___________________________________________________________________________ 11 MARK 6390 Marketing Topic in Marketing-Finance Interface Journal Reviews You are required to review two unpublished manuscripts (download PDFs from my website) during the semester. One is due at the beginning of the class of March 4th, and the other due April 15th. Reviewing papers is a valuable professional activity for marketing scholars. It is also an exceptional way to develop critical thinking and paper positioning skills. Please follow the following format. JOURNAL OF MARKETING MANUSCRIPT EVALUATION FORM Please rate the enclosed manuscript on the scales below. No part of this form will be forwarded to the authors. Reviewer Name: Title: Please mark your choices below by placing an x next to them or by bolding them. A. Importance of the Topic/Issues Addressed to the Field of Marketing 1. 2. 3. 4. 5. Very important Important Modest Trivial Unimportant B. Conceptual Rigor (Treatment of relevant literature, logical reasoning, etc.) 1. 2. 3. 4. 5. Outstanding Good Minor problems Major problems Completely inadequate C. Methodological Rigor (Research design, sample, measures, and analysis. Skip, if not applicable.) 1. 2. 3. 4. 5. Outstanding Good Minor problems Major problems Not correctable (tragic) flaws D. Clarity of the Objectives of the Paper 1. 2. 3. 4. 5. Outstanding Good Minor problems Major problems Not at all clear E. Clarity of Presentation/Readability of the Paper 12 1. 2. 3. 4. 5. Outstanding Good Minor problems Major problems Not at all clear JM - Manuscript Evaluation Form Page Two F. Appropriateness of the Topic/Issues Addressed for the Journal of Marketing 1. 2. 3. 4. 5. Highly appropriate Appropriate Marginal Questionable Not at all appropriate G. Relevance of the Paper to One or More Segments of JM Readers A. Educators B. Researchers C. Managers D. Public Policy Officials 1. Very relevant 1. Very relevant 1. Very relevant 1. Very relevant 2. Relevant 2. Relevant 2. Relevant 2. Relevant 3. Marginally relevant 3. Marginally relevant 3. Marginally relevant 3. Marginally relevant 4. Not at all relevant 4. Not at all relevant 4. Not at all relevant 4. Not at all relevant H. Contribution of the Paper in Current Form (Extent to which ideas developed in the paper advance marketing knowledge) 1. 2. 3. 4. 5. Major contribution Important contribution Modest contribution Trivial contribution No contribution I. Potential Contribution to Advancing Marketing Knowledge (if revised along suggested lines) 1. 2. 3. 4. 5. Major contribution Important contribution Modest contribution Not sure Not inclined to encourage revision J. Recommendation 1. 2. _____Unconditionally accept - manuscript is publishable as submitted. _____Conditionally accept - manuscript would be acceptable if the minor changes detailed in my comments are satisfactorily completed. _____Invite revision - manuscript would be acceptable if the revisions detailed in my comments are satisfactorily completed. _____Invite revision (Major and Risky) - Although aspects of the manuscript have merit, the author(s) must be willing and able to undertake a major revision of the manuscript along the lines suggested. In my estimation, such a revision would be very risky, and a final recommendation for disposition of the paper can be made only after a review of the suggested major revision of the manuscript. _____Reject, despite merit - manuscript should be rejected without encouraging a revision. Although there are aspects of the manuscript that have merit, it is unlikely that the issues raised in my comments can be satisfactorily addressed in a revision. _____Reject - Because of the problems detailed in my comments, there is no likelihood that this manuscript could be revised to make it acceptable for publication in JM. 3A. 3B. 4. 5. Reviewer Comments Title: (add your comments here. 12-point Times New Roman font, one-page single-spaced) 13 MARK 6390 Marketing Topic in Marketing-Finance Interface Research Project Research Project Overview: You have two options on conducting the research project. You can either do it all by yourself or team up with another student in class (in a two-person group). Working in groups may be more difficult than working alone. Be prepared to face the challenges of working with people and avoid finger-pointing at the end of the semester. Allow me to provide assistance and guidance in the early stages of your group project. The major purpose of the research project is to promote learning. The team research project is an opportunity for you to experience what is involved in conducting a marketing research study. You may need to do some initial library research, literature review, collect the data, analyze the data with statistical models, and present the results and their implications in both oral and written forms. Research Project Due Dates: Due Date Project Title Feb. 12th 2008 Project Proposal* (and PPTs**) Mar. 11th 2008 Project Final* (and PPTs**) Apr. 29th 2008 * If done in group, then group member peer evaluation scores will be counted. See the peer evaluation form on the class website, based on individual member’s efforts and contribution to the group research project. **By and large, PPTs are copy-and-paste from the write-ups. 14 Research Project Title Examples: You may need COMPUSTAT, CRSP, EXECOMP, I/B/E/S, DATASTREAM, and other data sources. Consult the marketing librarian Ruthie Brock 817-272-5327 (or 7152), brock@library.uta.edu http://libraries.uta.edu/byrne/csb/welcome.htm. To have access to these archival data sources, you should click https://wrds.wharton.upenn.edu/index.shtml and apply an account on Jan. 16th (when sign up, from menu choices, select phd student account type and list my name as your supporting professor. Ruthie will approve your account in about 2 weeks ). The easiest way to start your project is to look at listed papers. Realistically speaking, your research project in this one-semester class is largely dependent on what data you can obtain. You need to think what industry/sector you would like to focus on (car industry, pharmaceutical, insurance, banking, travel, oil, telecom, computers, retailing…), then try to collect data about what you are interested in. You may restrict the sample to R&D intensive industries: chemicals and pharmaceuticals (Standard Industrial Classification code [SIC] 28), machinery and computer hardware (SIC 35), electrical and electronics (SIC 36), transportation vehicles (SIC 37), and scientific instruments (SIC 38) (see Eberhart, Maxwell, and Siddique 2008, J. of Acc. Research, p. 34 ). In general, I am quite flexible and open-minded regarding your research project title and data types. I can also allow you to use some datasets in my own research collection if you are interested. Just tell me and let me help you. General examples of marketing topics; then, you need to link these with Finance topics listed in the syllabus for your MF project Customer Satisfaction: • deciding on how to measure it and developing a strategy to respond Segmentation: • deciding which (and where) segments should be targeted & their benefits Product: • determining features, packaging, and desired market position Distribution: • determining number and type of retailed & setting mark-up amount Advertising & Promotion: • determining how much to spend and on which media outlets Personal selling: • setting goals and sales force territories and number of sales staff Price: • setting level, responding to competitors, using pricing strategies Branding: • building and capitalizing on brand equity/loyalty In real-world, the research topic is determined by an extensive review of the literature and powerful critical thinking. Put differently, you need do a lot of homework. I will discuss and approve your research topic in the class of Feb. 11th, 2008. To help you, I encourage you to start working on the project early enough (i.e., data, hypothesis, theory, etc.). By the end of this session of the day, you need submit to me a half-page description on your intended title, possible data source, and research questions (hand-writing copy is fine). 15 Research Project Proposal: 12-page in length, 12-point Times New Roman font, double-spaced printout (due Mar. 11th, 2008). Follow the frontend style of JM papers (e.g., listed Paper 2, Paper 17, and Paper 16 style) until the results section. It should include the following: 1. Cover page (the title of the paper and your name list and contact #, email addresses) 2. Research purposes, gaps, and importance (2-3 pages) 3. Research hypotheses, theory justification of hypotheses (draw a picture) (7-8 pages) 4. Intended Data* source, Variables, Models (write down variables, Antecedents, Outcomes, Moderators, and/or Mediators) (1 page) 5. References (2 pages, JM style) *You may restrict the sample to R&D intensive industries: chemicals and pharmaceuticals (Standard Industrial Classification code [SIC] 28), machinery and computer hardware (SIC 35), electrical and electronics (SIC 36), transportation vehicles (SIC 37), and scientific instruments (SIC 38) (see Eberhart, Maxwell, and Siddique 2008, J. of Acc. Research, p. 34). On Mar. 11th, 2008, you also need present the project proposal. Please give me hard copies of the write-up and PPTs at the beginning of the class. Essentially, your PPT presentation follows the format above but in more details. You have 30 minutes (about 15 ppt slides). You also need to lead the discussion by making-up some questions in PPT and seeking the peer students’ feedbacks, 15 minutes Q&A discussion (about 7 ppt slides). Expect plenty of questions (both easy and hard ones) from me during your presentation and discussion. (red card shown means that it is time for your Q&A). 16 Research Project Final: 28-page in length, 12-point Times New Roman font, double-spaced printout (due Apr. 29th, 2008). Follow the backend style of JM papers (e.g., listed Paper 2, Paper 17, and Paper 16 style). It should include the following. Parts 1,2,3, and reference may be the same as in Proposal. But you may update them if there are changes and additions (you need match the frontend and backend in the same paper). 1. Cover page (the title of the paper and your name list and contact #, email addresses) 2. Abstract (1 page) 3. Research purposes, gaps, and importance (2-3 pages) 4. Research hypotheses, theory justification of hypotheses (use quotes from the literature and draw a picture of the hypotheses) (7-8 pages) 5. Data source, Measures of the Variables, Models (be specific about variables, Antecedents, Outcomes, Moderators, and/or Mediators) (5 pages) 6. Results, Hypothesis Testing, Robustness of Results (3 pages) 7. Implications for Theory (contributions, extended what literature in marketing, strategy, finance, psychology, etc.) (3 pages) 8. Implications for Managers (what marketing, advertising, product managers and investors can do with the findings?) (3 pages) 9. References (3 pages, JM style) On Apr. 29th, 2008, you also need present the final project. Please give me hard copies of the write-up and PPTs at the beginning of the class. Essentially, your PPT presentation follows the format above but in more details. You have 30 minutes (about 15 new ppt slides beyond the Proposal). You also need to lead the discussion by making-up some questions in PPT and seeking the peer students’ feedbacks, 15 minutes Q&A discussion (about 7 ppt slides). 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