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Shinichi Fukuda - One of the best experts on this subject based on the ideXlab platform.
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market specific and currency specific risk during the global financial crisis evidence from the interbank markets in tokyo and london
Journal of Banking and Finance, 2012Co-Authors: Shinichi FukudaAbstract:This paper investigates how international money markets reflected credit and liquidity risk during the global financial crisis. After matching the currency Denomination, we examine how the Tokyo Interbank Offered Rate (TIBOR) was synchronized with the London Interbank Offered Rate (LIBOR). We find remarkably asymmetric responses in market-specific and currency-specific risk during the crisis. The regression results suggest that market-specific credit risk increased the difference across markets, whereas liquidity risk caused the difference across currency Denominations. They also support the view that liquidity shortage of the US dollar occurred in international money markets during the crisis. Coordinated central bank liquidity provisions were useful in reducing the liquidity shortage of the US dollar, but their effectiveness was asymmetric across markets.
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market specific and currency specific risk during the global financial crisis evidence from the interbank markets in tokyo and london
National Bureau of Economic Research, 2011Co-Authors: Shinichi FukudaAbstract:This paper explores how international money markets reflected credit and liquidity risks during the global financial crisis. After matching the currency Denomination, we investigate how the Tokyo Interbank Offered Rate (TIBOR) was synchronized with the London Interbank Offered Rate (LIBOR) denominated in the US dollar and the Japanese yen. Regardless of the currency Denomination, TIBOR was highly synchronized with LIBOR in tranquil periods. However, the interbank rates showed substantial deviations in turbulent periods. We find remarkable asymmetric responses in reflecting market-specific and currency-specific risks during the crisis. The regression results suggest that counter-party credit risk increased the difference across the markets, while liquidity risk caused the difference across the currency Denominations. They also support the view that a shortage of US dollar as liquidity distorted the international money markets during the crisis. We find that coordinated central bank liquidity provisions were useful in reducing liquidity risk in the US dollar transactions. But their effectiveness was asymmetric across the markets.
Iñigo Gallo - One of the best experts on this subject based on the ideXlab platform.
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Price-Denomination Effect: Choosing to Pay With Denominations That Are the Same as the Product Prices.
Frontiers in psychology, 2020Co-Authors: Elena Reutskaja, Jeremiah Iyamabo, Priya Raghubir, Iñigo GalloAbstract:Building on past research on judgment anchoring, we investigate the effect of price information on consumers' choice of Denomination when making a purchase. Across seven experiments, including two in the field (N = 4,020), we find that people tend to purchase with Denominations that are the same as the product prices. They use larger Denominations for higher priced products that are priced at the value of the Denomination held, and smaller Denominations for lower priced products that are priced at the value of the smaller Denomination held. The effect is not explained by storage or purchase convenience. We propose the "price-Denomination effect" is driven by consumers anchoring on product price and then choosing the Denomination that matches the anchor. The effect replicates across participants from different continents (United States, Europe, and Africa) and samples (online panelists, and actual consumers), as well as prices in different currencies (United States $, €, and Nigerian Naira). We further demonstrate that people's preference for Denominations also affects the choice of the form of payment used: cash versus card. Consumers are more likely to use cash (vs. card) when product price is exactly the same as a Denomination held. We conclude with a discussion of theoretical and practical implications.
Elena Reutskaja - One of the best experts on this subject based on the ideXlab platform.
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Price-Denomination Effect: Choosing to Pay With Denominations That Are the Same as the Product Prices.
Frontiers in psychology, 2020Co-Authors: Elena Reutskaja, Jeremiah Iyamabo, Priya Raghubir, Iñigo GalloAbstract:Building on past research on judgment anchoring, we investigate the effect of price information on consumers' choice of Denomination when making a purchase. Across seven experiments, including two in the field (N = 4,020), we find that people tend to purchase with Denominations that are the same as the product prices. They use larger Denominations for higher priced products that are priced at the value of the Denomination held, and smaller Denominations for lower priced products that are priced at the value of the smaller Denomination held. The effect is not explained by storage or purchase convenience. We propose the "price-Denomination effect" is driven by consumers anchoring on product price and then choosing the Denomination that matches the anchor. The effect replicates across participants from different continents (United States, Europe, and Africa) and samples (online panelists, and actual consumers), as well as prices in different currencies (United States $, €, and Nigerian Naira). We further demonstrate that people's preference for Denominations also affects the choice of the form of payment used: cash versus card. Consumers are more likely to use cash (vs. card) when product price is exactly the same as a Denomination held. We conclude with a discussion of theoretical and practical implications.
Priya Raghubir - One of the best experts on this subject based on the ideXlab platform.
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Price-Denomination Effect: Choosing to Pay With Denominations That Are the Same as the Product Prices.
Frontiers in psychology, 2020Co-Authors: Elena Reutskaja, Jeremiah Iyamabo, Priya Raghubir, Iñigo GalloAbstract:Building on past research on judgment anchoring, we investigate the effect of price information on consumers' choice of Denomination when making a purchase. Across seven experiments, including two in the field (N = 4,020), we find that people tend to purchase with Denominations that are the same as the product prices. They use larger Denominations for higher priced products that are priced at the value of the Denomination held, and smaller Denominations for lower priced products that are priced at the value of the smaller Denomination held. The effect is not explained by storage or purchase convenience. We propose the "price-Denomination effect" is driven by consumers anchoring on product price and then choosing the Denomination that matches the anchor. The effect replicates across participants from different continents (United States, Europe, and Africa) and samples (online panelists, and actual consumers), as well as prices in different currencies (United States $, €, and Nigerian Naira). We further demonstrate that people's preference for Denominations also affects the choice of the form of payment used: cash versus card. Consumers are more likely to use cash (vs. card) when product price is exactly the same as a Denomination held. We conclude with a discussion of theoretical and practical implications.
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The Denomination Effect
Journal of Consumer Research, 2009Co-Authors: Priya Raghubir, Joydeep SrivastavaAbstract:Labeled the "Denomination effect," study 1 shows in three field studies that the likelihood of spending is lower when an equivalent sum of money is represented by a single large Denomination (e.g., one $20 bill) relative to many smaller Denominations (e.g., 20 $1 bills). In two of the three field studies, individuals spent more once the decision to spend had been made. Study 2 then shows that consumers deliberately choose to receive money in a large Denomination relative to small Denominations when there is a need to exert self-control in spending. Study 3 further shows that the Denomination effect is contingent on individual differences in people's desire to reduce the pain of paying associated with spending. The results suggest that the Denomination effect occurs because large Denominations are psychologically less fungible than smaller ones, allowing them to be used as a strategic device to control and regulate spending. (c) 2009 by JOURNAL OF CONSUMER RESEARCH, Inc..
Jeremiah Iyamabo - One of the best experts on this subject based on the ideXlab platform.
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Price-Denomination Effect: Choosing to Pay With Denominations That Are the Same as the Product Prices.
Frontiers in psychology, 2020Co-Authors: Elena Reutskaja, Jeremiah Iyamabo, Priya Raghubir, Iñigo GalloAbstract:Building on past research on judgment anchoring, we investigate the effect of price information on consumers' choice of Denomination when making a purchase. Across seven experiments, including two in the field (N = 4,020), we find that people tend to purchase with Denominations that are the same as the product prices. They use larger Denominations for higher priced products that are priced at the value of the Denomination held, and smaller Denominations for lower priced products that are priced at the value of the smaller Denomination held. The effect is not explained by storage or purchase convenience. We propose the "price-Denomination effect" is driven by consumers anchoring on product price and then choosing the Denomination that matches the anchor. The effect replicates across participants from different continents (United States, Europe, and Africa) and samples (online panelists, and actual consumers), as well as prices in different currencies (United States $, €, and Nigerian Naira). We further demonstrate that people's preference for Denominations also affects the choice of the form of payment used: cash versus card. Consumers are more likely to use cash (vs. card) when product price is exactly the same as a Denomination held. We conclude with a discussion of theoretical and practical implications.