For generations, marketers have tried to get into the mind of

the consumer. Now, using new brain imaging techniques, we’re

tantalizingly close. The emerging science of neuroforecasting

is still very young, but bit by bit, researchers are learning more

about the connection between thinking – or more specifically,

reacting – and doing

Genevsky, A. (Alex)

Od osnivanja do prestanka trgovačkog društva mogu se pojaviti potrebe za određenim statusnim promjenama koje uvelike utječu na sam status trgovačkog društva. Statusne promjene trgovačkog društva mogu se podijeliti na pripajanje i spajanje (fuzije) te podjelu i preoblikovanje. U ovom radu detaljnije se obrađuje statusna promjena pripajanja trgovačkih društava, kada se imovina i obveze jednog društva (pripojenog društva) pripajaju imovini i obvezama drugog društva (društvu preuzimatelju). Pripajanje je relativno nova korporativna akcija, koja je u hrvatskom pravu uređena Zakonom o trgovačkim društvima. U svojim odredbama Zakon o trgovačkim društvima detaljnije razlikuje pripajanje dioničkih društava, pripajanje dioničkog društva društvu s ograničenom odgovornošću, pripajanje društava s ograničenom odgovornošću, pripajanje društva s ograničenom odgovornošću dioničkome društvu, te naposljetku prekogranična pripajanja

Hatlak, Tamara

Repository of the University of Rijeka

COMPANY MERGERS

Croatian Digital Thesis Repository

Erasmus University Digital Repository

ROTTERDAM SCHOOL OF MANAGEMENT, ERASMUS UNIVERSITY Making diversity  policies workBy Meir Shemla CEO extraversion  and M&A behaviourChris Murray talks with Taco Reus How to regulate  international banksBy Wolf Wagner    Streamlining deliveries through crowdsourcingBy Alp Arslan Can neuroforecasting  predict market behaviour?By Alexander Genevsky  Do apologies and favours make for happy consumers?By Laura Straeter 4th Quarter 2017Management Knowledge         RSM DISCOVERYRSM - a force for positive changewww.rsm.nl/discovery 4th Quarter 2017   |   17Until recently, most of this work has focused primarily on predicting an in-dividual’s behaviour. In my latest study, with colleagues at Stanford University and the University of Michigan, we found that not only is neuroforecasting a useful tool for predicting individual behaviour, it may be even more use-ful for forecasting the behaviour of a group.Earlier studies have found that neural responses in the nucleus ac-cumbens (NAcc) and the medial pre-frontal cortex (MPFC) are associat-ed with certain kinds of subsequent judgments. For example, previous studies have found that brain activity can predict how much someone likes a product and which of two options they will choose. NAcc responses in particular have been used to predict choices from gambles to purchases to investments. These studies did not, however, identify whether neural activity that predicted individual responses could be generalized to predict group re-sponses. Here we wanted to see if we could use neural activity not only to predict individual choice but also to forecast group behaviour on Kickstarter, a popular online crowd-funding marketplace. We conducted two studies with 30 participants each, a main study and a follow-up study that repeated the experiment. The results of that second study supported those of the first.In our first study, we recruited 30 right-handed adults, most of whom lived in Palo Alto, California. They were each placed into an MRI machine and For generations, marketers have tried to get into the mind of the consumer. Now, using new brain imaging techniques, we’re tantalizingly close. The emerging science of neuroforecasting is still very young, but bit by bit, researchers are learning more about the connection between thinking – or more specifically, reacting – and doing. Can neuroforecasting predict market behaviour?By Alexander Genevsky"...previous studies have found that brain activity can predict how much someone likes a product..."www.rsm.nl/discovery Management KnowledgeRSM DISCOVERY18   |   4th Quarter 2017whether a project was funded than what they could tell us consciously.When we repeated the study, we achieved nearly the same results, in-dicating that NAcc activity was a bet-ter predictor of project funding than people’s conscious statements.What you really wantUsing the MRI, we were able to meas-ure a basic neural response that they were either unable or unwilling to share – a response that they were not even necessarily aware that they were having, but which was nonetheless in-formative about future behaviour. Our theory about why this works is that we have basic emotional responses when we are first confronted with a choice. Subsequent thinking and reassess-ment only cloud the issue.  It’s similar to what might happen if I were to bring in a plate of warm cookies into a room: everyone might want one, but before they actually take a cookie, they will think twice. They might decide to pass, for instance, if they remember that they are trying to lose weight, or if they are going out to dinner and don’t want to spoil their appetite. But if we could measure their first neural re-sponses when the plate of cookies ar-rived in the room, before all those other concerns came into play, we might be able to get a real sense of how appeal-ing those cookies are.But that’s just a theory. We don’t really know yet whether the part of the brain that sparks when it makes a crowdsourcing decision works in simi-lar ways for other kinds of decisions. It might be that the NAcc is only put shown 36 crowdfunding appeals from the most recently posted documentary film projects on Kickstarter.Other researchers have used crowd funding sites such as Kickstarter for various kinds of behavioural research, such as understanding the dynamics of personal networks or the motivations of project creators, but researchers had not yet looked at whether individ-ual funders’ behaviour can be used to forecast a project’s chance of reaching its fundraising goal.  For each proposal, subjects first viewed a photographic image from a project page, then a screen depicting the remainder of the project’s text de-scription. After reviewing the proposal, the subject pressed a button indicating whether he or she would like to fund the project. At the same time, we col-lected data about each participant’s re-action from the MRI.On the basis of previous work in the field, we focused on two areas of the brain associated with funding de-cisions, the MPFC and the NAcc. We predicted that activity in both areas of the brain would forecast individual choices to fund but we hypothesized that activity in the NAcc, which is a part of the brain associated with pos-itive emotions and reward, might fore-cast market outcomes better than ac-tivity in the MPFC – and possibly even better than the conscious thoughts of the brain’s owner. Of the 36 projects reviewed in the study, 18 were eventually funded by groups of internet contributors, while the remaining 18 did not reach their funding threshold, and their appeal failed. After the fundraising windows for these projects had closed, we com-pared what subjects had said they liked and wanted to fund with their neural responses. We found our test subjects couldn’t tell us or show us anything useful when it came to predicting successful crowdfunding campaigns. Neither their self-report-ed ratings of liking nor their percep-tions of the likelihood of a project’s success performed very well. Overall, individuals’ responses aligned with the winners only 52.9 per cent of the time.By contrast, a strong NAcc response aligned with winners 67 per cent of the time, regardless of the subjects’ mood. In other words, the subjects’ gut in-stinct, their neurological response, turned out to be a better predictor of “…NAcc activity was a better  predictor of project funding than people’s conscious statements.”Can neuroforecasting predict market behaviour? (continued)By Alexander Genevsky4th Quarter 2017   |   19to work when comparing good things – like movies and cookies – but other regions might be involved when the choices are more negative, less emo-tional, or involve complex considera-tions, such as probability. Future re-This article draws its inspiration from the paper, When Brain Beats Behavior: Neuroforecasting Crowdfunding Outcomes, written by Alexander Genevsky, Carolyn Yoon, and Brian Knutson. The Journal of Neuroscience, 37(36), 8625-8634, 2017. DOI: https://doi.org/10.1523/JNEUROSCI.1633-16.2017Alexander Genevsky is Assistant Professor of Marketing Management, Department of Marketing Management, Rotterdam School of Management, Erasmus University.  EMAIL  genevsky@rsm.nlsearch will experiment with these variations to see if other parts of the brain take part in different kinds of decisions. Whatever the exact mechanism, our results do suggest that neuroforecast-ing is likely to become an important tool for marketers and policymakers. I think we are getting close to a time when biologically based and neural measurements will play a significant role in mainstream marketing. In the short run, however, the more impor-tant aspect of neuroforecasting is like-ly to be the deeper insight it gives us into the complex mental and emotional process that goes into every choice – at least that’s what I think I think.   RSM ExpertiseMarketing is an area of business with lots of impact in daily life, and its dynamic evolution depends upon daring new ideas and high quality research.  The Department of Marketing Management at RSM is renowned for its leading marketing research, the volume and quality of which places its faculty members among the most productive scholars in Europe.   WEB  www.rsm.nl/research/marketing-management/“…we are getting close to a time when biologically based and neural measurements will play a significant role in mainstream marketing.”www.rsm.nl/discovery 