With the rapid growth of virtual communities, more and more group-buying are now held within the communities. However, no study discusses the effect of virtual communities on group-buying. Comparing to other transaction modes, it is easier for consumers to aggregate their demands in virtual communities. The coherence and trust among community members, at the same time, further reduce potential risks in transactions. This study aims to understand factors that affect consumer intentions to join group-buying within the virtual communities and to develop a comprehensive framework. The results indicate that perceived trust in group-buying initiator and perceived trust in other community members are the main factors that influence consumers¡¦ intention to join. Their perceived risk, at the same, has no significant effect. Furthermore, consumers¡¦ involvement in the virtual community has the most effect on their perceived trust in initiators while their perceived trust in other members and the perceived expertise of the initiator are also critical factors. The results implies that the trust among members, which is resulted from their intense interactions, is the key factor of group-buying. The expertise of initiator, meanwhile, is not the critical determinant of group-buying.

Background: E-commerce is an evolving market; the number of retailers and the growth in online shopping has built up a competitive market. It is therefore essential for companies to continuously develop their online activity to remain and attract new customers. To do so, companies need to create value for the customers and meet their demands: therefore it is of great importance for companies to understand consumers’ buying behavior, and moreover investigate in which factors are related to the consumers’ online purchase intention.   Purpose: The purpose is to explain the relationship between trust, perceived risk, shopping enjoyment, site design quality and online purchase intention.   Hypotheses: The authors of this study set up the following hypotheses: H1+: Trust is positively related to consumers’ online purchase intention. H2-: Perceived risk is negatively related to consumers’ online purchase intention. H3: Shopping enjoyment is related to consumers’ online purchase intention. H4+: Site design quality is positively related to consumers’ online purchase intention. Methodology: Survey study. Conclusion: Hypothesis 1 was supported in this study. Hypothesis 2 was not supported in this study. Hypothesis 3 was supported in this study. Hypothesis 4 was supported in this study.

This research aims to identify the determinants of the ex-ante risk premium required by Italian private equity funds (PEFs) when valuing privately-held target companies. In theory, perceived risk is a key driver of expected returns and anticipated value, but: "Although PE (private equity) has experienced rapid growth, the risk and return profile of this asset class is not well understood." (Jegadeesh et al., 2009). Some papers have attempted to assess the ex post returns pioneered by Lerner & Gompers (1997). Yet such studies reveal both contradictory conclusions and hitherto inexplicable phenomena: what some authors call the 'private equity premium puzzle' (Moskowitz & Jorgensen, 2000). Such contradictory conclusions include a wide spread of abnormal realized returns ranging from -6% (Phalippou & Gottschalg, 2009) to +32% (Cochrane, 2005). In this research, the perceived risk and expected return drivers refer not to the ex-post realized return that PEF investors actually achieve, but to the required return the PEF hopes to gain from the target investment. At this stage, two important indicators adopted in PEF parlance have to be differentiated: (i) the Expected IRR (E.IRR) and (ii) the Threshold IRR (T.IRR). The first is the IRR as an output of a business plan, and the second assesses the return expected by PEFs according to the risk perceived in the business plan. Put simply, these are respectively, the anticipated return and the (risk-adjusted) required return. The study of the T.IRR is one of the main contributions of this thesis since it has never been studied before by academia as an indicator of the ex-ante perceived risk of a PEF target company. This is partly due to two important reasons. First, most previous papers examine ex-post performance, and only a few (e.g. Manigart et al., 2002), try to assess return expectations and risk perceptions using an ex-ante perspective. Second, most of the prior studies are quantitative and try to measure statistical effects captured by the ex-post IRR. By studying 26 deals (in 13 Italian PEFs) in detail (qualitatively and quantitatively), this research project has been able to observe how PEFs assess risk and estimate the T.IRR. The research project reveals that PEFs apply neither rational-based models nor explicit formulae to assess risk exante. By observing a set of phenomena unique to the PEF sector (fees effect, investment speed effect, persistence effect, money-chasing deal phenomenon, illiquidity effect, etc) whose existence has been suggested by many recent papers, this thesis has been able to propose an adjusted version of the three-factor model of Fama and French (1993, 1995) to assess risk. The application of a quasi-rational-based asset pricing model to guide PEFs assessments is also an important contribution of this thesis. In fact, Franzoni, Nowak and Phalippou (2010), claim to be the first to calculate the PEFs' cost of capital by applying asset pricing models. However, their approaches are not only based on the observations of realized returns, but also consider only one additional factor to the standard Fama & French three-factor model (1993), the liquidity factor. In contrast, the results and the model proposed by this thesis are based on qualitative and quantitative ex-ante information and include not only the classical factors of that model, but also some other factors intended to explain some of the phenomena listed above which might also drive the risk premium in private equity funds. Based, therefore, on explaining the behavior of PEFs, the research develops a framework that can be applied by Italian PEFs and perhaps other PEFs in a more rational manner than their past behavior suggests.

Purpose/Aims: To explore the relationship between perceived risk of cardiovascular disease (CVD) and diabetes and the health-world view of Samoans with two or more components of metabolic syndrome.1. Describe participant's perceptions of risk for CVD and diabetes.2. Compare participants' actual risk of CVD and diabetes based on presence of components of metabolic syndrome to their perceived risk of CVD and diabetes.3. Describe the relationships among participants' health-world views and perceived risk for CVD and diabetes.Rationale/Background: Diabetes and CVD are leading causes of health disparities in the United States, particularly among Pacific Islanders, whose rates for CVD and diabetes are among the highest in the Nation. Metabolic syndrome significantly increases risks for CVD and diabetes and can be prevented using behavioral approaches. An important concept in behavioral models, perceived risk is influenced by both sociocultural and health-world views; yet is understudied in Pacific Islanders with regard to CVD and diabetes.Methods and Sample: Questionnaires and focus groups were used in this mixed methods study involving 43 adult Samoans at moderately high risk of CVD or diabetes. Culture brokers were used to access potential participants using a non-probabilistic sampling scheme. Qualitative and quantitative data were analyzed using descriptive statistics and content analysis respectively, and points of convergence, complementarity, and/or divergence were identified.Results/Significance: Over 80% of participants perceived themselves as high risk for CVD and diabetes. Converging and complementary data revealed predominately accurate perceptions of risk for CVD and diabetes. Underestimations of risk were influenced by current behavior. Overestimations of risk were influenced by behavior, physical health, and family and personal history. Nine codes supported the category health-world view. Five ways of knowing: personal, aesthetic, sociopolitical, empiric, and unknowing, and several values and beliefs i.e. respect, family, religion, harmony/balance, and personal responsibility, together with two cultural codes influenced perceived risk for CVD and diabetes. These important influences on perceived risk for CVD and diabetes in Samoan participants can be used to develop interventions targeting CVD and diabetes, thereby meeting Healthy People 2010, the National Institute of Nursing Research (2006) guidelines, and the National Patient Safety goals (2008) goals.

Purpose: The purpose of this study was to find what factors, and to what extent these factors, affects students buying behavior regarding textbooks online.   Method: A quantitative and deductive approach by collecting data using a questionnaire through Facebook.  The population for this study is University students in Sweden, and convenience sampling was used. A descriptive research design was chosen for this thesis.   Conclusions: In this research it was clear that students did not experience perceived risk when purchasing online. Regarding the price as an affecting factor, there was an impact on the students buying behavior. Also the convenience was seen as a factor that was influencing a purchase. The two last factors, social influence and brand awareness, was affecting the students buying behavior but should be treated carefully.   Paper type: Research paper.

Abstract This study examines the relationship between perceived brand fit, perceived risk, perceived value and intention to purchase in the context of co-branded hotels and restaurants. Today’s market contains many products and services that can look very similar, and companies use co-branding of their products to make them distinctive from other products on the market. A better understanding of consumer behaviour and attitude to co-branding may improve restaurant profitability and hotel occupancy. One important question to be considered is what determines consumers’ willingness to purchase in co-branded hotel and restaurants? In spite of a number of research papers on hotel-restaurant co-branding written in recent years, previous academic studies have not addressed the relationship between co-branding of hotels and restaurants and intention to purchase. The aim of this research is to examine how the relationship of brand fit, risk and value relate to intention to purchase, and to do this three research questions and eleven hypotheses are proposed. A previous study by Boo and Matilla (2002) has proposed a conceptual model of hotel-restaurant brand alliance strategies, relating management strategy characteristics and consumer characteristics with the consequences of perceived brand fit. The present study develops this existing model by examining the components of brand fit that determine consumer intention to purchase. The study investigates three main areas: firstly, it examines the relationship between perceived brand fit and intention to purchase in terms of perceived fit (overall), complementary fit based on product usage and product goal, and transferability fit based on service quality. Secondly, it examines the relationship between perceived risk and intention to purchase in terms of personal characteristics including risk-taking behaviour and self-confidence; uncertainty of loss including financial loss, time loss and physical loss, and, performance risk. Thirdly, it examines the relationship between perceived value and intention to purchase in terms of perceived brand image, perceived quality and perceived sacrifice, based on monetary and non-monetary price. A quantitative approach involving survey of hotel guests has been employed with data collected in four and five star hotels in Bangkok and Pattaya, Thailand from August to September 2008. A survey questionnaire was administered to guests and a total of 511 completed responses were collected. The data analyses performed using a standard multiple regression method, a paired sample T-test, a chi-square test and a multiple response technique. The results indicate that the model of perceived brand fit in this study has two key components which positively influence a consumer’s intention to purchase. Firstly, the perceived fit (overall), and, secondly, complement fit based on product usage and product goal. Furthermore, for the perceived risk model the finding also indicates two key components which positively influence a consumer’s intention to purchase. The first component is uncertainty of loss in terms of financial, time and physical loss. The second component is performance risk in terms of product and service performance. Lastly, the results indicate that the perceived value model revealed three components which are positively related to consumer’s intention to purchase. The first component is perceived brand image, the second component is perceived quality, and the last component is perceived sacrifice in terms of both monetary and non-monetary price. The conceptual framework developed and tested in this study can be used as a guideline to enable an appropriate co-branding marketing strategy to be developed.

Aim The aim of the thesis is to examine if there are internal variations within generation Y and to what extent it is in their online clothing purchase intention, based on existing knowledge of factors influencing them. Methodology A survey was distributed online to Swedish generation Y residents, born between 1979 and 2000. Thus, primary data totalling 114 responses were collected and analysed by using analysis of variance (ANOVA) and multivariate analysis of covariance (MANCOVA). The non-probability sampling technique was applied using convenience and snowball sampling methods. Results There were no statistically significant differences in the effect of perceived risk, perceived benefit and personal factors on purchase intentions within generation Y (Y1, Y2 and Y3 groups) towards online clothing purchase. Practical implication As generation Y is an attractive segment to business managers, this research affirms the previous studies confirming generational cohort as a suitable way of categorising consumers. Thus helping managers in market segmentation strategies. Originality/Value This study contributes to the literature on generational cohorts by questioning the concept of cohort and how reliable it is for business managers to use in market segmentation.

[pt] A percepção de risco na compra online é tida como um fator importante que restringe a velocidade de expansão do comércio eletrônico. A reserva de um hotel, em si já percebida como arriscada pela dominância intangível do serviço, tem sido apontada como gerando ainda mais insegurança quando realizada pelo site próprio do hotel. Características de personalidade, como a busca de sensações, podem levar alguns consumidores a evitar um canal de marketing que traga percepção de maior risco. Este estudo procurou compreender o papel da busca de sensações na escolha, pelos consumidores, do canal para fazer a reserva de um hotel. Para isso, conduziu-se um survey em uma amostra de 3.600 pessoas que fizeram reserva em hotéis do Rio de Janeiro, entre setembro de 2009 e fevereiro de 2010. Metade da amostra fez a reserva através do site próprio do hotel, enquanto que a outra metade utilizou outros canais para efetivar a reserva (telefone, agências e operadores de turismo, ou serviços GDS, como Expedia). Os resultados identificam as dimensões do risco percebido relevantes nesta situação de compra, bem como as diferenças de escolha entre consumidores em função do nível (alto ou baixo) de seu nível de busca de sensações. / [en] The risk perception in buying online is seen as an important factor that restricts the speed of electronic commerce expansion. The hotel booking, as itself, is perceived as risky by the intangible dominance of service, it has been identified as generating further uncertainty when performed by the hotel s own website. Personality traits such as sensation seeking, may lead some consumers to avoid a marketing channel that brings increased perceived risk. This study sought to understand the role of sensation seeking in the choice, by the channel consumers, to book a hotel. For this, we conducted a survey in a sample of 3,600 people who have booked hotels in Rio de Janeiro, between September 2009 and February 2010. Half of the sample made a booking through the hotel s own site, while the other half used other channels to book it (telephone, agencies and tour operators, GDS or services such as Expedia). The results identify which perceived risk dimensions are relevant in this buying situation, as well as differences in the choice among consumers according to the level (high or low) level of sensation seeking.

Decisões complexas, onde os fatores levados em consideração não são inteiramente conhecidos, colocam o decisor em um contexto de incerteza, abrindo margem para a manifestação de critérios subjetivos de decisão. Assim, a confiança em quem endossa uma determinada decisão pode mostrar-se um elemento importante na percepção do risco envolvido na decisão e no comportamento do decisor. Alguns teóricos enfatizam que situações de risco criam a necessidade de confiança, outros autores argumentam que o risco é um resultado da confiança. É objetivo desta tese verificar a influência da confiança no grau de risco percebido, na disposição em assumir o risco percebido e na manifestação individual de uma decisão em um contexto complexo para seleção de alternativas. Assim, parte-se da relação entre controle, intenção e comportamento estabelecida na Theory of planned Behavior (TPB) e incorporam-se os construtos risco e confiança. Para verificação empírica, criou-se um jogo de investimentos no mercado de ações para observar o comportamento decisório dos participantes. No jogo, os 145 participantes qualificados foram submetidos a relatórios de três diferentes autores (com currículos que inspiravam diferentes níveis de confiança), que endossavam a compra de ações de três diferentes empresas. Ao longo das atividades, os participantes eram submetidos a questionários (validados em um estudo piloto) para mensuração (1) da sua propensão ao risco e à confiança, (2) do seu grau de confiança no autor de cada relatório, (3) do risco percebido na compra da ação endossada no relatório e (4) da intenção em comprar determinada ação. De modo a dar suporte à teoria da base, o comportamento era medido a partir da efetiva decisão em comprar a ação de uma das três empresas determinadas. Como resultado, verificou-se que a confiança tem papel importante na formação do risco percebido somente para os indivíduos com baixa propensão ao risco. Por meio da relação estreita entre confiança e o controle percebido pelo decisor sobre seu comportamento, verificou-se empiricamente que a confiança pode atuar como substituta do controle nas relações, e que o risco afeta diretamente o comportamento. Ao final, discute-se sobre a aderência do modelo proposto ao comportamento verificado no jogo de investimentos e sugerem-se alguns encaminhamentos a partir dos resultados encontrados. / Subjective criteria play an important role on decision making process when the decision maker needs to make a complex decision. In this context, trust on who endorse a specific decision could affect the perceived risk and the intention to make the decision. Some theorists emphasize that risk situations create the need for trust. Other authors argue that risk is a result of trust. The aim of this thesis is to investigate the influence of trust in the degree of perceived risk, willingness to take risk and the individual manifestation of a decision made under a complex hall of alternatives. To achieve this aim, perceived risk construct and trust construct were incorporated into the relationship among perceived behavior control, intention and behavior proposed by the Theory of Planned Behavior (TPB). For empirical verification, it was created a game complaining a set of investments in the stock market to observe the decisionmaking behavior of participants. In this scenario, the 145 qualified participants were submitted to three different authors (with bios inspiring different levels of trust). Each author endorsed the purchase of stock from one specific company. During the tasks, the individuals were submitted to questionnaires (validated in a pilot study) to measure (1) their risk propensity and trust propensity, (2) their degree of trust in the author of each report, (3) their degree of perceived risk in buying the stock endorsed by each report and (4) their intention to purchase a certain stock. In order to support the basis theory, the behavior was measured from the actual decision to purchase the stock of one of three specific firms. As a result, it was seen that trust has an important role in shaping the perceived risk, but only for individuals that had a low risk propensity. Through a close relationship between trust and the decision maker’s perceived behavior control, it was empirically verified that trust can act as a substitute for control in relationships and that the risk directly affects behavior. Finally, it was discussed the adherence of the proposed model to the behavior observed in the investment game and it was suggested some directions considering the findings.

Decisões complexas, onde os fatores levados em consideração não são inteiramente conhecidos, colocam o decisor em um contexto de incerteza, abrindo margem para a manifestação de critérios subjetivos de decisão. Assim, a confiança em quem endossa uma determinada decisão pode mostrar-se um elemento importante na percepção do risco envolvido na decisão e no comportamento do decisor. Alguns teóricos enfatizam que situações de risco criam a necessidade de confiança, outros autores argumentam que o risco é um resultado da confiança. É objetivo desta tese verificar a influência da confiança no grau de risco percebido, na disposição em assumir o risco percebido e na manifestação individual de uma decisão em um contexto complexo para seleção de alternativas. Assim, parte-se da relação entre controle, intenção e comportamento estabelecida na Theory of planned Behavior (TPB) e incorporam-se os construtos risco e confiança. Para verificação empírica, criou-se um jogo de investimentos no mercado de ações para observar o comportamento decisório dos participantes. No jogo, os 145 participantes qualificados foram submetidos a relatórios de três diferentes autores (com currículos que inspiravam diferentes níveis de confiança), que endossavam a compra de ações de três diferentes empresas. Ao longo das atividades, os participantes eram submetidos a questionários (validados em um estudo piloto) para mensuração (1) da sua propensão ao risco e à confiança, (2) do seu grau de confiança no autor de cada relatório, (3) do risco percebido na compra da ação endossada no relatório e (4) da intenção em comprar determinada ação. De modo a dar suporte à teoria da base, o comportamento era medido a partir da efetiva decisão em comprar a ação de uma das três empresas determinadas. Como resultado, verificou-se que a confiança tem papel importante na formação do risco percebido somente para os indivíduos com baixa propensão ao risco. Por meio da relação estreita entre confiança e o controle percebido pelo decisor sobre seu comportamento, verificou-se empiricamente que a confiança pode atuar como substituta do controle nas relações, e que o risco afeta diretamente o comportamento. Ao final, discute-se sobre a aderência do modelo proposto ao comportamento verificado no jogo de investimentos e sugerem-se alguns encaminhamentos a partir dos resultados encontrados. / Subjective criteria play an important role on decision making process when the decision maker needs to make a complex decision. In this context, trust on who endorse a specific decision could affect the perceived risk and the intention to make the decision. Some theorists emphasize that risk situations create the need for trust. Other authors argue that risk is a result of trust. The aim of this thesis is to investigate the influence of trust in the degree of perceived risk, willingness to take risk and the individual manifestation of a decision made under a complex hall of alternatives. To achieve this aim, perceived risk construct and trust construct were incorporated into the relationship among perceived behavior control, intention and behavior proposed by the Theory of Planned Behavior (TPB). For empirical verification, it was created a game complaining a set of investments in the stock market to observe the decisionmaking behavior of participants. In this scenario, the 145 qualified participants were submitted to three different authors (with bios inspiring different levels of trust). Each author endorsed the purchase of stock from one specific company. During the tasks, the individuals were submitted to questionnaires (validated in a pilot study) to measure (1) their risk propensity and trust propensity, (2) their degree of trust in the author of each report, (3) their degree of perceived risk in buying the stock endorsed by each report and (4) their intention to purchase a certain stock. In order to support the basis theory, the behavior was measured from the actual decision to purchase the stock of one of three specific firms. As a result, it was seen that trust has an important role in shaping the perceived risk, but only for individuals that had a low risk propensity. Through a close relationship between trust and the decision maker’s perceived behavior control, it was empirically verified that trust can act as a substitute for control in relationships and that the risk directly affects behavior. Finally, it was discussed the adherence of the proposed model to the behavior observed in the investment game and it was suggested some directions considering the findings.