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統一星巴克與City Café 各擅勝場搶攻咖啡市場 / The current study examines consumption habit for coffee users in Taipei and effects of branding on the consumption preference and the possible cannibalization effect of City Café on Starbucks. Through a study consisting of surveys of 108 Taiwanese citizens and a taste test involving 20 students, the following conclusions are made. 1) The findings show 55% of the Taiwanese population drinks coffee on a daily basis and concluded that selling more City Café could increase store revenue by bringing more customers into 7-Eleven stores. 2) The product awareness of City Cafe is gaining quickly with in-store advertising only and without much traditional advertisements; it is enough to have attracted daily drinkers at a rapid rate. 3) Starbucks customers and City Café customers differ in terms of feelings about importance of brand and willingness to pay more for coffee. City Café would not cannibalize Unipresident operated Starbucks walking customer sales if the stores were placed 4 blocks apart. 4) The “blind” and “open” taste tests show people are heavily influenced by brand in their determination of taste. The favorable response in our “blind” taste test compared to the “open” taste test led to the conclusion that a properly managed brand building campaign could increase sales significantly. In the study’s final section, I suggest ways of communicating brand awareness and quality reputation to the customer without infringing on Starbucks market niche. Unipresident seizes Brewed Coffee Market with Starbucks and City Café By Chien-Hui Kao

In this thesis I study two fields of empirical finance: market integration and economic forecasting. The first two chapters focus on studying regional integration of Mexican and U.S. equity markets. In the third chapter, I propose the use of the daily term structure of interest rates to forecast inflation. Each chapter is a free-standing essay that constitutes a contribution to the field of empirical finance and economic forecasting. In Chapter 1, I study the ability of multi-factor asset pricing models to explain the unconditional and conditional cross-section of expected returns in Mexico. Two sets of factors, local and foreign factors, are evaluated consistent with the hypotheses of segmentation and of integration of the international finance literature. Only one variable, the Mexican U.S. exchange rate, appears in the list of both foreign and local factors. Empirical evidence suggests that the foreign factors do a better job explaining the cross-section of returns in Mexico in both the unconditional and conditional versions of the model. This evidence provides some suggestive support for the hypothesis of integration of the Mexican stock exchange to the U.S. market. In Chapter 2, I study further the integration between Mexico and U.S. equity markets. Based on the result from chapter 1, I assume that the Fama and French factors are the mimicking portfolios of the underlying risk factors in both countries. Market integration implies the same prices of risk in both countries. I evaluate the performance of the asset pricing model under the hypothesis of segmentation (country dependent risk rewards) and integration over the 1990-2004 period. The results indicate a higher degree of integration at the end of the sample period. However, the degree of integration exhibits wide swings that are related to both local and global events. At the same time, the limitations that arise in empirical asset pricing methodologies with emerging market data are evident. The data set is short in length, has missing observations, and includes data from thinly traded securities. Finally, Chapter 3, coauthored with John Maheu and Alex Maynard, studies the ability of daily spreads at different maturities to forecast inflation. Many pricing models imply that nominal interest rates contain information on inflation expectations. This has lead to a large empirical literature that investigates the use of interest rates as predictors of future inflation. Most of these focus on the Fisher hypothesis in which the interest rate maturity matches the inflation horizon. In general, forecast improvements have been modest. Rather than use only monthly interest rates that match the maturity of inflation, this chapter advocates using the whole term structure of daily interest rates and their lagged values to forecast monthly inflation. Principle component methods are employed to combine information from interest rates across both the term structure and time series dimensions. Robust forecasting improvements are found as compared to the Fisher hypothesis and autoregressive benchmarks.

North America is the world’s largest pulp and paper producing region as well as the largest consuming region. An understanding of market integration is critical for designing relevant policies since it is important to improve national welfare and ensure long-run competitive market equilibrium. In addition, it is crucial for the Canadian industry to maintain the competitiveness for its pulp and paper products in the world market, because any deterioration in the performance of the Canadian pulp and paper industry will have negative social and economic impact on the well-being of Canada and affect Canadian balance of payment. This thesis contains three essays that investigate the market integration of the combined markets of Canada and the US, and the competitive position of Canadian pulp and paper products in the US market. The first essay presents an econometric analysis of spatial integration of the US and Canada newsprint markets as reflected in newsprint prices. It applies the Johansen multivariate cointegration procedure to test the law of one price for five regional markets (British Columbia, Ontario, Quebec, US east, US west) of newsprint using monthly data for the 1988 to 2004 period. Preliminary data analysis shows that all price series are non-stationary I(1) processes. The hypothesis that the Law of One Price (LOP) holds for all five regional newsprint markets simultaneously was not supported by the Johansen multivariate test. The LOP was also tested for national markets, and it was found to hold between US west and US east newsprint prices. The results suggest that there is a single newsprint market in the US, whereas there are several distinct newsprint markets in Canada. The second essay examines the degree of market integration among US import markets for three pulp and paper products, and further analyses the dynamic interaction between US domestic and US import markets. Persistence profile results show that long-run equilibrium exists in the US import markets for three pulp and paper products of interest; moreover, given a system-wide shock, a new equilibrium could be reached in a relatively short period. Forecast error variance decomposition suggests that US markets are critical since shocks to domestic US prices for relevant pulp and paper products explain a substantial amount of movements in import prices. The third essay studies substitution between main categories of imported pulp and paper products and between imported and domestic pulp and paper products in the US market. A restricted translog subcost function approach was employed to derive the elasticity of substitution. The results suggest that Canadian pulp and paper products are still competitive and have maintained their competitiveness in the US market. However the consecutive demand decline for pulp and paper in the US has brought hard times to Canada. It seems that if Canadian pulp and paper industry wants to retain a dominant position in the world market place, it will have to create global reach and develop new markets.

This thesis studies the importance and implications of information asymmetry in decentralized markets with search frictions. The first chapter provides an introduction and literature review. In the next chapter, I propose a model of the housing market using a search framework in which sellers are unable to commit to asking prices announced ex ante. Relaxing the commitment assumption prevents sellers from using price posting as a signalling device to direct buyers' search. Adverse selection and inefficient entry on the demand side then contribute to housing market illiquidity. Real estate agents that can facilitate the search process can segment the market and alleviate information frictions. In Chapter 3, I further study the importance and implications of the commitment assumptions embedded in directed search models. I eliminate commitment to take-it-or-leave-it trading mechanisms in a model of the labour market with worker heterogeneity and a matching process that allows for multiple firms to match with a single worker. When workers and firms cannot commit to ex ante offers, to an allocation rule, or to an ex post bargaining strategy, the equilibrium is necessarily inefficient. This is true for a broad class of protocols for wage determination, of which bilateral bargaining and Bertrand competition are special cases. Finally, Chapter 4 presents a theory of land market activity for settings where there is uncertainty and private information about the security of land tenure. Land sellers match with buyers in a competitive search environment, and an illiquid land market emerges as a screening mechanism. The implications of the theory are tested using household level data from Indonesia. As predicted, formally titled land is more liquid than untitled land in the sense that ownership rights are more readily transferable. / Thesis (Ph.D, Economics) -- Queen's University, 2012-10-09 22:03:23.045