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Yes / This study uses short selling activity to test whether the relation between fundamentals and future returns is due to rational pricing or mispricing. We find that short sellers target firms with fundamental performance below market expectations. We also show that short selling activity reduces the return predictability of fundamentals by speeding up the price adjustments to negative fundamental signals. To further investigate whether the returns earned by short sellers reflect rational risk premia or mispricing, we exploit a natural experiment, namely Regulation of SHO, which creates exogenous shocks to short selling by temporarily relaxing short-sale constraints. Evidence from the experiment confirms that the superior returns to short sellers result from exploiting overpricing. Overall, our study suggests that the return predictability of fundamentals reflects mispricing rather than rational risk premia.

I en konkurrenskraftig marknad som konsultbranschen är det viktigt att konsultföretagen lever i ständig utveckling och ligger i framkant gällande ny kunskap. Detta eftersom företaget som erbjuder mest kompetens och kvalité till minst kostnad är det företag som anlitas till uppdragen som erbjuds (Kaario, et al. 2003). Ett kunskapsområde som intresserar företagen är värdebaserad försäljning, vilket som forskningsområde är ett relativt outforskat ämne att sälja en lösning istället för att sälja en produkt blir en mer komplex process för företaget (Terho, H. et al. 2012). Kunden behöver nämligen förstå hur företagets lösning kommer vara användbart och värdeskapande för deras organisation (Kaario, et al. 2003). I det här uppdraget för Semcon undersöks möjligheter och utmaningar med att utveckla deras verksamhet genom att öka försäljningen av arbetspaket i sin organisation. För att kunna skapa ett sådant erbjudande till kund krävs en grundlig förförståelse för kundens nyckelverksamhet, när lösningen behöver vara helt anpassad efter kundens företag för att vara av värde (Töytäri, P. et al. 2011). Denna rapport behandlar och redogör kring Semcons arbetspaket, en kartläggning av behoven och hindren hos kund. Innovationsbidraget ligger i att koppla ihop den tekniska världen med den akademiska med ett ganska outforskat område. Rapporten ämnar bidra till Semcons innovationsprocess mot lösnings-baserad försäljning, genom att komma med kunskap utifrån kundens perspektiv. Forskningsfrågorna denna rapport kommer att besvara är: vilka utmaningar ser Semcons befintliga koncept arbetspaket? Vad är värdeskapande hos företagen som Semcon står i kontakt med? Hur kan Semcons arbetspaket utvecklas på bästa sett utifrån denna information?

A study of Elite Salespeople (ES), those salespeople who maintain and sustain consistent high performance in the sales task was completed to discover and understand elite salesperson behavior. Analysis of participants' responses to structured depth interview questions led to the emergence of a construct called a Selling Orientation (SO). SO is made up of behaviors that guide salespeople to build, maintain, and monitor their personal credibility both with customers and industry members, as well as within the company. A number of field pre-tests were performed to derive a measurement scale for SO. This process was followed by a field survey that measured SO in a sales force. Confirmatory factor analysis was performed to assess the validity of the measurement scale and results support internal consistency and construct validity of a short 9 item scale for SO. This study advances the understanding of sales performance related theory by illuminating attributes of ES's. Additionally, this study introduces the concept of a Selling Orientation that is associated with high sales performance and key account management. Finally, the study introduces a measurement scale useful in the study of salespeople's selling orientation.

The thesis aims to describe the current sales climate in the context of complex sales in business-to-business. The purpose is to increase the clients knowledge of sales and test the clients hypothesis that the sales climate is changing from Solution Selling to Insight Selling, further the thesis aims to contribute to the scientific debate of sales. Solution Selling is characterized, as the name suggest, by selling of solution to the customers needs. With Insight Selling the seller has a provocative approach towards the customer and the seller is searching for customers in the need of change. This is a qualitative study conducted with eight interviews and one focus group. The analysis shows that the high availability of information and the digital development have a strong influence on the current sales climate. The customers have higher knowledge that leads to higher pressure on the sales representatives to understand the technology, processes, organization and business of the customer. The analysis also show that the automation of sales increases by e-commerce and CRM-systems, but the personal contact with the seller do play an important part in the customer relationship. In the context of complex sales there is a need for better and increased collaboration and communication within the seller organization. There is some support for a need to change the sales management systems from today’s financial short-term goals, to a management system that supports long-term growth and encourage innovation. The benefits of the short-term goals are that they are clear and specific which serves as a high motivator for some salesmen. The analysis suggests that sellers prefer stable customers with a regular buying behavior prior to customers in the need for change that Insight Selling states. It seems that Solution Selling still are a major part of todays sales, but Insight Selling may be a method of differentiation for new companies or in contact with new customers. / Denna uppsats ämnar till att beskriva nuvarande säljklimat i kontexten av komplex försäljning i business-to-business. Syftet är att bidra med en kunskapsbas om försäljning till uppdragsgivaren samt testa uppdragsgivarens hypotes om att säljklimatet förändras från Solution Selling till Insight Selling, vidare syftar uppsatsen till att bidra till den vetenskapliga debatten om försäljning. Solution Selling karakteriseras av försäljning av lösningar till kunders behov, i Insight Selling antar säljaren en utmanade strategi gentemot kunden och söker efter kunder i behov av förändring. Detta har studerats kvalitativt genom åtta intervjuer och en fokusgrupp. Analysen visar att nuvarande säljklimat är starkt präglat av tillgången på information och den digitala utvecklingen, det har höjt kundernas kunskap och detta ställer nya krav på säljarna att förstå kundernas teknik, processer, organisation, affär etc. Det framgår även att automatiseringen av försäljning genom e-handel, CRM-system och andra lösningar ökar, men att den personliga kontakten med en säljare fortfarande fyller en viktig funktion i kundrelationen. Vidare kan man se att komplex försäljning ställer högre krav på samarbete och ökad kommunikation internt i organisationen samt att detta brister i flera organisationer. Adamson et al. (2012) menar att detta kräver en förändring i säljstyrningen som idag består av kortsiktiga finansiella säljmål, förespråkarna av en förändrad styrning menar att dagens styrning inte gynnar långsiktig utveckling och ökad innovation. Fördelarna med de kortsiktiga målen är att de är tydliga och konkreta vilket motiverar vissa säljare. Analysen tyder på att säljarna föredrar stabila och återkommande kunder framför kunder i förändring vilket tyder på att Solution Selling fortfarande är mycket aktuellt. Insight Selling kan dock vara en metod för att differentiera sig mot nya företag eller i kontakten med nya kunder.

by Ng Yuk Kwan, Ivan. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references. / Chapter CHAPTER 1 --- BACKGROUND --- p.1-3 / Chapter CHAPTER 2 --- "DIRECT MARKETING: DEFINITIONS, ELEMENTS, HISTORY, LITERATURE" / Chapter 2.1 --- DEFINITIONS --- p.4-6 / Chapter 2.2 --- ADVANTAGES OF USING DIRECT MARKETING --- p.7-8 / Chapter 2.2.1 --- Precision Targeting / Chapter 2.2.2 --- Personalization / Chapter 2.2.3 --- Immediate Response / Chapter 2.2.4 --- Measurability / Chapter 2.3 --- EMERGENCE OF DIRECT MARKETING --- p.9-13 / Chapter 2.3.1 --- The Marketplace / Chapter 2.3.2 --- Reasons for the Growth of Direct Marketing in Hong Kong / Chapter 2.3.2.1 --- The Environment / Chapter 2.3.2.2 --- Consumers / Chapter 2.3.2.3 --- Technology / Chapter 2.3.2.4 --- Forerunners of Direct Marketing in Hong Kong / Chapter 2.4 --- FACTORS AFFECTING CONSUMERS' BUYING THROUGH DIRECT MARKETING --- p.14-16 / Chapter 2.4.1 --- Convenience / Chapter 2.4.2 --- Perceived Risk / Chapter 2.4.3 --- Economy / Chapter 2.5 --- DIRECT MARKETING MEDIA --- p.17-36 / Chapter 2.5.1 --- Direct Mail / Chapter 2.5.1.1 --- Mailing lists / Chapter 2.5.1.2 --- List processing / Chapter 2.5.1.3 --- Solo mailings / Chapter 2.5.1.4 --- Catalog / Chapter 2.5.2 --- Direct Response in Print Media / Chapter 2.5.2.1 --- Merits of Direct Response in Print Media / Chapter 2.5.2.2 --- Magazines / Chapter 2.5.2.3 --- Newspapers / Chapter 2.5.2.4 --- Elements of direct response advertisements in print media / Chapter 2.5.3 --- Telemarketing / Chapter 2.5.4 --- Direct Response Television / Chapter 2.5.5 --- Cable TV / Chapter 2.5.6 --- Video / Chapter 2.5.7 --- Others / Chapter 2.6 --- DATABASE MARKETING --- p.37-42 / Chapter 2.6.1 --- Definition / Chapter 2.6.2 --- Characteristics / Chapter 2.6.3 --- Development phases of Database Marketing / Chapter 2.6.4 --- Integration of Database Marketing and Direct Marketing / Chapter 2.7 --- CONCERNS ABOUT DIRECT MARKETING --- p.43 / Chapter 2.8 --- BIBLIOGRAPHY --- p.44-46 / Chapter CHAPTER 3 --- METHODOLOGY --- p.47-50 / Chapter 3.1 --- RESEARCH DESIGN / Chapter 3.2 --- INTERVIEWS / Chapter 3.2.1 --- Sample / Chapter 3.2.2 --- Data Collection Method / Chapter 3.2.3 --- Field Work / Chapter 3.3 --- CASE STUDY / Chapter CHAPTER 4 --- FINDINGS: THE SURVEY --- p.51-65 / Concepts / Emergence / Life Cycle of Direct Marketing / Relationship Management in Direct Marketing / Direct Marketing Agencies / "Ogilvy & Mather, its Services and Clients" / Times Direct Marketing and its Services / BBRD Chan Direct and its Services / Mailing Lists / Junk Mail / Consumers´ة Perception of Direct Marketing / Direct Response TV / Satellite TV / Videolog / Radio / The Products / Database Marketing & Integrated Direct Marketing Communication / Direct Selling: Introducing Amway / Chapter CHAPTER 5 --- A DIRECT SELLING ORGANIZATION: AMWAY --- p.66-76 / Introduction / Founding / Products / Organization / "Amway International Inc,Hong Kong Branch" / Structure of Amway Hong Kong / U.S.P. and E.V.P. of Amway's products / Direct Sales Agents / Organization of direct selling agents / Business operation of direct sales agents / Support from the company / Future Moves / Chapter CHAPTER 6 --- CONCLUSIONS --- p.77-86 / Summary of Direct Marketing / Direct Selling in Amway is an Application of Direct Marketing / SWOT Analysis / Recommendation 1: Developing customer databases / Recommendation 2: Classifying customers based on their values and loyalty / Recommendation 3: Classifying direct agent accounts based on their value and loyalty / Recommendation 4: Launching direct promotion campaigns at the consumer level / AFTERWORD --- p.87 / APPENDIX / Discussion Outline: Video as a tool in Direct Marketing in Hong Kong / Request Letters: Interviews on Direct Marketing in Hong Kong / with BBRD & Chan Direct / J. Walter Thompson Direct / Leo Burnett / Ogilvy & Mather Direct / Saatchi & Saatchi / Discussion Outlines: An Overview of Direct Marketing in Hong Kong / "(Interview with Mr. Godfrey Rooke," / Mr. Ricky Law Fu-ming.) / Letter: Request for an interview (to Ms. Lindsey Tai)

by Chen Monica, Edmund Cheng Nai Kam. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 68-69.

<p>This thesis is a description of the sales process for Toolox, the newest of four products produced by SSAB Oxelösund. Toolox is a tool steel, sold using eleven external dealers throughout Europe. Each dealer carries a wide range of steel grades for different uses. To increase sales volumes SSAB want to have the right support for their dealers. In this thesis the organizations and individuals who influence in the buying decision are identified as well as their buying behavior and the information that is needed in the sales situations. The requirements on the tool steel derive not only from the toolmaker itself but also from end users of a product further down the product chain. The study indicates that communication of benefits along the chain difficult because is not well integrated. The decision of what steel to buy is often made by the tool designer and these are influenced by a number of other individuals. It is also found that risk aversion and conservatism are barriers for product introductions.</p>