The brand equity: evidence on marketing investment

The author presents a model of the brand equity dimensions and how the model behaves if there are different marketing investments in the value of the brand. The goal of this research is to establish which dimensions and how they influence the brand equity performance in the researched industry in order to help development of more effective business strategies. The author studies an aggregate data set for 85 enriched juice brands in the Italian market. The enriched juice industry covers a broad category of healthy products, such as dietary, organic, functional and conventional juices with added value, etc. He found out that marketing investment, price, packaging and perceived quality were highly associated with the brand equity when it was analyzed from different approaches: as brand functional characteristics, brand name and producer name. The author discusses the managerial implication of the presented models as well as possible future research enhancements.brand management, marketing investment in brand, juice industry

A dynamic look-ahead Monte Carlo algorithm for pricing Bermudan options

Under the assumption of no-arbitrage, the pricing of American and Bermudan options can be casted into optimal stopping problems. We propose a new adaptive simulation based algorithm for the numerical solution of optimal stopping problems in discrete time. Our approach is to recursively compute the so-called continuation values. They are defined as regression functions of the cash flow, which would occur over a series of subsequent time periods, if the approximated optimal exercise strategy is applied. We use nonparametric least squares regression estimates to approximate the continuation values from a set of sample paths which we simulate from the underlying stochastic process. The parameters of the regression estimates and the regression problems are chosen in a data-dependent manner. We present results concerning the consistency and rate of convergence of the new algorithm. Finally, we illustrate its performance by pricing high-dimensional Bermudan basket options with strangle-spread payoff based on the average of the underlying assets.Comment: Published in at http://dx.doi.org/10.1214/105051607000000249 the Annals of Applied Probability (http://www.imstat.org/aap/) by the Institute of Mathematical Statistics (http://www.imstat.org

A guide to time-resolved and parameter-free measures of spike train synchrony

Measures of spike train synchrony have proven a valuable tool in both experimental and computational neuroscience. Particularly useful are time-resolved methods such as the ISI- and the SPIKE-distance, which have already been applied in various bivariate and multivariate contexts. Recently, SPIKE-Synchronization was proposed as another time-resolved synchronization measure. It is based on Event-Synchronization and has a very intuitive interpretation. Here, we present a detailed analysis of the mathematical properties of these three synchronization measures. For example, we were able to obtain analytic expressions for the expectation values of the ISI-distance and SPIKE-Synchronization for Poisson spike trains. For the SPIKE-distance we present an empirical formula deduced from numerical evaluations. These expectation values are crucial for interpreting the synchronization of spike trains measured in experiments or numerical simulations, as they represent the point of reference for fully randomized spike trains.Comment: 8 pages, 4 figure