Monday, December 23, 2019

Efficient Market Hypothesis - 9025 Words

Introduction The efficient markets hypothesis (EMH) is a dominant financial markets theory developed by Michael Jensen, a graduate of the University of Chicago and one of the creators of the efficient markets hypothesis, stated that, â€Å"there is no other proposition in economics which has more solid empirical evidence supporting it than the Efficient Markets Hypothesis† [Jensen, 1978, 96]. This paper analyzes whether it is possible to measure if markets are efficient in the strong form of EMH. A generation ago, the efficient market hypothesis was widely accepted by academic financial economists; for example, Eugene Fama’s (1970) influential survey article, â€Å"Efficient Capital Markets.† It was generally believed that securities markets were†¦show more content†¦This implies that it is impossible to beat the market. Many studies shed light on whether investment advisers and mutual funds (some of which charge steep sales commissions to people who purchase them) b eat the market. One common test that has been performed is to take buy and sell recommendations from a group of advisers or mutual funds and compare the performance of the resulting selection of stocks with the market as a whole. Sometimes the advisers’ choices have even been compared to a group of stocks chosen by throwing darts at a copy of the financial page of the newspaper tacked to a dartboard. The Wall Street Journal, for example, used to have a regular feature called â€Å"Investment Dartboard† that compared how well stocks picked by investment advisers did relative to stocks picked by throwing darts. Did the advisers win? To their embarrassment, the dartboard beat them as often as they beat the dartboard. Furthermore, even when the comparison included only advisers who had been successful in the past in predicting the stock market, the advisers still didn’t regularly beat the dartboard. Consistent with the efficient market hypothesis, mutual funds also do not beat the market. Not only do mutual funds not outperform the market on average, but when they are separated into groups according to whether they had the highest or lowest profits in a chosen period, theShow MoreRelatedThe Efficient Market Hypothesis768 Words   |  4 PagesThe efficient market hypothesis has been one of the main topics of academic finance research. The efficient market hypotheses also know as the joint hypothesis problem, asserts that financial markets lack solid hard information in making decisions. Efficient market hypothesis claims it is impossible to beat the market because stock market efficiency causes existing share prices to always incorporate and reflect all relevant information . According to efficient market hypothesis stocks always tradeRead MoreEfficient Market Hypothesis1641 Words   |  7 PagesEfficient Market Hypothesis When establishing financial prices, the market is usually deemed to be well-versed and clever. In a stock market, stocks are based on the information given and should be priced at the accurate level. In the past, this was supposed to be guaranteed by the accessibility of sufficient information from investors. However, as new information is given the prices would shift. â€Å"Free markets, so the hypothesis goes, could only be inefficient if investors ignored price sensitiveRead MoreThe Efficient Market Hypothesis1236 Words   |  5 Pageswhether stock market is efficient all these years. Some people advocated Fama’s research in 1960s, and they believe that the Efficient Markets Hypothesis has been well established. However, others do not agree with. They found some evidence to prove market inefficient by empirical researches. This essay mainly focuses on the Efficient Markets Hypothesis, and there are six parts to discuss. Firstly, it will compare the random walk theory and the weak-form of the Efficient Markets Hypothesis; SecondlyRead MoreEfficient Market Hypothesis3125 Words   |  13 Pages`A market is efficient with respect to a particular set of information if it is impossible to make abnormal profits by using this set of information to formulate buying and selling decisions.’ Critical Analysis When we invest money into the stock market we do it with the intention of generating a return on the capital invested. Many investors try not only to make a profitable return, but also to outperform, or ‘beat the market’. However, market efficiency -  championed in the efficient marketRead MoreEfficient Market Hypothesis an2916 Words   |  12 PagesThe quote shows a strong relation to the efficient market hypothesis (EMH), as it implies that the costs of capital are dependent from the amount of information given by the company. According to my opinion, agency theory is a good explanation for costs of capital. Agency theory defines contracts as under which one party #8211; called principal #8211; engages another party #8211; called the agent #8211; to perform service on the principal#8217;s behalf. Concluding, the principal delegatesRead MoreThe Origin Of The Efficient Markets Hypothesis Essay933 Words   |  4 Pagesthe Efficient Markets Hypothesis (EMH) can be traced back to the groundbreaking progress of French mathematician Louis Bachelier (1900), who proposed the concept of random walk as the fundamental model for financial asset prices. However at that moment the idea was not widely accepted by other academics. Then Samuelson (1965) initiated the modern literature by proving that asset prices in efficient markets fluctuate randomly, and only in response to new information. In 1960s, Efficient Markets HypothesisRead MoreA Theory Of The Efficient Market Hypothesis1635 Words   |  7 PagesThe main idea of market efficiency reflects that all the information which is associated with stock market is basically showing on the stock process in any time. It appears that the stock prices are unpredictable because the random changing of the new information affects it. Under the circumstance of that the French mathematician Bachelier (1900) first came up with the idea about that random information results to the unpredictable prices in marketing concept. After that Osborne (1964) brought aRead MoreEvaluating The Efficient Market Hypothesis1817 Words   |  8 Pages 1. Abstract The Efficient Market Hypothesis expresses that assets prices should reflect all the information available in the financial markets. However, information is changing rapidly and therefore, prices should adapt quickly. This document states and discusses the main ideas behind the Efficient Market Hypothesis providing information about its three versions Weak Form Efficiency, Semi-Strong Form Efficiency and Strong Form Efficiency. The Efficient Market Hypothesis, might be a debatableRead MoreEssay on The Efficient Market Hypothesis1845 Words   |  8 Pages1. INTRODUCTION The efficient market, as one of the pillars of neoclassical finance, asserts that financial markets are efficient on information. The efficient market hypothesis suggests that there is no trading system based on currently available information that could be expected to generate excess risk-adjusted returns consistently as this information is already reflected in current prices. However, EMH has been the most controversial subject of research in the fields of financial economics duringRead MoreThe Efficient Market Hypothesis ( Emh )991 Words   |  4 PagesThe Efficient Markets Hypothesis (EMH) The classic statements of the Efficient Markets Hypothesis (or EMH for short) are to be found in Roberts (1967) and Fama (1970) â€Å"An ‘efficient’ market is defined as a market where there are large numbers of rational, profit ‘maximizes’ actively competing, with each trying to predict future market values of individual securities, and where important current information is almost freely available to all participants. In an efficient market, competition among

Sunday, December 15, 2019

Stepmom About Death and Dying Free Essays

Movie Review: Stepmom By: For: November 16th, 2010 REL201 The film step mom beautifully portrays the effects death and dying can have on a family. Even one like the Harrison’s, where the parents are split up, and and a new women has come into Luke’s live. Their will always be different ways of coping with death and that is shown through all the characters, be it strong willed like Luke and Jackie, negatively and dramatically like the daughter Anna, or positively and unaware like the son Ben. We will write a custom essay sample on Stepmom: About Death and Dying or any similar topic only for you Order Now All these different ways of coping make this film an ideal one to view the different ways one can cope. Throughout the film Stepmom death is shown as both a negative and positive affecting occurrence. When the main character Jackie Harrison is first told that her diagnosed cancer has became much worse, she is spiteful and hate-filled. She resents the fact that her recently divorced husband is now getting married to a younger woman, she is also angry that her marriage to Luke didn’t work out, and is also saddened at the fact that she will never live to see her children grow up. The positive aspects of death in this film is that Jackie soon realizes that she has to come to grips with her inevitable death. This allows her to live her remaining months in peace with her children and even become happy with Luke and Jena Malone getting married. In the circumstance on Jackie Harrison, death is not presented as a natural part of the life cycle. Cancer, is a modern problem with no modern cure as of yet. It endangers and ends many young lives throughout the world. Jackie was already diagnosed with cancer a year before, however, when she went for a re-evaluation it was found that the cancer had re-appeared and had intensified in her body. This shows that cancerous cells can begin to form at anytime in one’s body and is not a atural part of the life cycle. In the case of Jackie there are two sides. At first when re-diagnosed she is very fearful. Not for herself, but rather for her children. Jackie is afraid that she will not be able to see her children again, and be able to watch them grow up and lead fulfilling lives. She is delivered more bad news at a dinner by her ex-husband. Luke tel ls Jackie that he is to marry Jena Malone. Jackie is angered again and can not bare to tell Luke that she is in fact dying of cancer and will not be around to raise their children. Another scene depicting anger is after Ben falls off the play structure and eeds stitches. At the hospital she tries to see her son, but Jena is already there comforting him. He asks Jena to sing her a song because â€Å"Mommy always does† (Stepmom). As Jackie looks on from outside the room Jena sings for Ben and she is angered by this and goes home and has a fit in her home. Jena uncovers Jackie’s secret through a conversation they have at her home. She tells Jena that she is infect going to L. A. to see an oncologist for treatment. Jena is saddened to hear that the ex-wife is dying of cancer and asks â€Å"are you dying? â€Å", to which Jackie replies â€Å"Not today†¦Ã¢â‚¬  (Stepmom). This in turn affects Luke who is the next o find out and thus feels guilty. He feels as though it should have been him and not Jackie. They decide to tell the children about the cancer together and this scene provides the most dramatic effect of the movie. Ben takes the news very lightly and is intrigued as to what his mom is enduring, there is a doubt as to how muc h Ben knows about the situation. He thinks it’s less serious then it actually is. The daughter Anna, is immediately angered by the news and storms off. As she heads upstairs Luke yells â€Å"You do not run out on your mother†, and she replies â€Å"No that’s your job† (Stepmom). This scene is important because it shows how the family as an entirety deals with death. The message of the film Stepmom is too fully appreciate one’s life to the fullest while you can, and to truly live like you we’re dying. It also has many family values attached to the death process. Jackie who has always enjoyed her children now see’s the reasons to why she is truly enjoying them. After hearing that her cancer has got worse she decides to stay home and take time with to be with her family. Luke even becomes more involved with her as her condition worsens, something he never did when they we’re together and she was healthy. A kind of ironic tragedy. It also portrays that Jackie will never be able to be replaced as the children’s mother but Jena can do more by being there for them while they live on without Jackie. In one of the lasts scenes Jena and Jackie make amends and realize that the kids won’t have to choose and that they could love them both. â€Å"I have their past, and you can have their future† (Stepmom) is what Jackie says in comfort to Jena. The white dove that Ben always asks about has dual meaning throughout the film. Ben believes every magician needs a white dove, but the dove in fact symbolizes freedom and life. The symbolism of the dove also has heavy meaning towards Jackie. It would represent her long after she is gone and would be the confidant of the young Ben. In the final scene at Christmas time, Jackie is at this point very ill. When Ben comes upstairs to Jackie’s room to get his present from her she is alone in a chair. She smiles and gives Ben a magician’s cape to continue living his childhood dream of becoming one someday. She then goes downstairs after Anna comes to get her, and helps Luke, Jena and Ben perform a magic trick to uncover the white dove in the cage underneath the magician’s cape. It is symbolic because this white dove will represent Jackie and her continued support of her son long after she is gone. Stepmom was a great film to watch in terms of understanding how a family can cope with death and dying. It shows the contrasts of family values, ways of coping with death and also the support system a family can have throughout times of crisis. Even though Jackie and Luke were no longer together they found a way to make things work when the children and Jackie needed it the most. It is inspiring to see such love and compassion in a difficult situation, even when at the eginning of the film there was nothing but resentment towards each other, a common bond, brought them together and closer then ever, even if it was a negative one. Cancer continues to be a serious threat for today’s modern society and we must continue the fight against to someday have a cancer free earth. Bibliography: I) Stepmom, DVD, Directed by Chris Columbus, (1998) Columbia Pictures, Hollywood. California II) http://www. ncbi. nlm. nih. gov/pmc/articles/PMC2569562/pdf/jnma00195-0137. pdf Heather M. Butts,JD,MPH III) http://en. wikipedia. org/wiki/Stepmom_(film) IV) http://www. mediacircus. net/stepmom. html How to cite Stepmom: About Death and Dying, Papers

Saturday, December 7, 2019

A system theory of management organization - MyAssignmenthelp.com

Question: Discuss about the A system theory of management organization. Answer: Introduction: The paper aims to present a business report that aims to discuss the broader purposes of the chosen firm JB Hi-Fi Ltd that mostly serve the retail consumer need in the Australian economy. It presents an external analysis of the firm and focuses on its impact on the business growth of the firm. The paper further sheds light on the ethics and corporate social responsibility the firm has adopted to deliver over time. Lastly, the paper discusses the importance of work culture, the situation in the chosen firm as well as focusing mainly upon evaluating the extent of fitting into the work culture of the firm. Overview of JB Hi-Fi: The firm is based in New Zealand and Australia serving the retail industry of the economies. The firm is involved in producing consumer goods mainly focusing on video games, CD, DVDs electronic home appliances and hardware based products (Jbhifi.com.au 2017). The headquarter of the company is situated at Chadstone Shopping Centre in Melbourne. The company has itself listed in the Australian Stock Exchange market. The spread of the firm is evident in its operation through 112 stores mostly concentrated in South East Australia. Like any other company belonging to retail sector serving mass consumers the main purpose of the firm is to maintain customer loyalty and expand that over time through deliverance of quality in service (Camagni 2017). Generating stream of profit for the shareholders who are more prone to risk than creditors of mandatory (Birt et al. 2012). The business performance exerted by the firm determines return to the shareholders and creditors. This requires strategic management to ensure the business perform well and formal planning is the first step to that. The firm is definitely profit motive driven organization. Profit generation employing the investments made by the investors and shareholders is another motive operative at the core of firms processing (Jbhifi.com.au 2017). The return to shareholders with positive pay off is one of the driving purposes of the firm as it also consolidates the stock listing of the firm. Proper planning of the firm takes care of the standard and control of production, provision of direction and reduction of waste and the spill over effects (Rice 2013). The broad structure of the firms plan includes operative efficiency in the business as well as expansion through markets of new regions. The firm has orientation of expanding its customer base and market share, which leads it to go for merging and involving in acquisition of the firms in the retail industry of Australia (Jbhifi.com.au 2017). External Environment Analysis: Jb Hi-Fi is one of the famous names in the list of firms operative in entertainment and consumer electric chain of stores. The range of products from this company including music records, games and hardware as well electronic goods has higher market popularity in the Australian retain industry (Chen 2017). The company is traced to record fastest growth majority if which can be explained through the introduction of electronic gadgets attracting huge attention of the consumers. The growth trend is though shows bias favouring the trend line of smart phones, music player, tablets and so on in contrast to other products of the firm which shows slower growth trend (Birt et al. 2012). The firm compete in broad market environment yet the firm exceed in terms of performance compared to its competitor, which confers them larger market share whose expansion is the one of the core purpose of the firm. PESTEL Analysis: One of the important strategic tools of analysing the external environment is conduction of PESTEL analysis. The political, economic, social, technological, environmental and legal factors broadly shape the macroeconomic environment of the firm (Hill, Jones and Schilling 2014). The importance of macro environment is huge not because it impacts the operation of the firm but also it exert influence on the entire retail market players reshaping the competitive landscape through adjustment in the five forces strategy. This affects the overall profitability of the retail industry as well as competitive advantage enjoyed by JB Hi Fi itself (Chen, 2017). Political: The operation of JB Hi-Fi in the retail sector makes it exposed to different countries market with difference in the political structure and environment that evokes political system risk. To achieve target success in such dynamic industry across countries force the firm produce diversify the associated system based risk in the political environment by taking into account the various factors before entering the markets (Grant, 2016). They are the identification stability condition of the national politics and the contribution the retails sector performs within economy. The level of corruption, risk of military invasion, interference of administration and government upon the retail industry are crucial factors considered (Samaha, Beck and Palmatier 2014). Moreover pricing and tax related regulation and wage legislation are also important. Economic: The important economic aspect of the firms operation both at micro and macro level is the market competition (Grant 2016). The major competitor in the Australian market facing the firm is Harvey Norman, Target Australia , David Jones and so on. In the New Zealand market Noel Lemming and Harvey Norman are two biggest market threat to JB Hi-Fi (Birt et al. 2012). Other macroeconomic aspects that influence the operation of the firm in national as well as international economy are rate of inflation, savings, foreign exchange rate and rate of interest determining aggregate demand and supply of investment. The stats regarding retail industry growth, overall sector specific customer spending are helpful factors to make forecast about the growth of the firm. Social: The impact of culture and lifestyle in society play important role in shaping the demand as a whole. The class structure based on the level of income earned, education standard and level (Birt et al. 2012), skill of the population an demography play important role in determining the demand basket as well a customer share of the firm. Studies show there has been inclination toward playing games and listening to music by a larger population. Technological: The technological advances over the passage of time pays major role in enhancing the quality for the production undertaken by the firm. Technological innovations not only brings innovation the configuration of the electronic appliances that the firm produce but also flows cross-border to spread the extent of its up gradation which brings technical revolution in certain point of time. One of the important advantages that technology has upon the operation of the firm is in terms of cost minimization and efficiency in product infrastructure (Alvesson 2012). This explains the growth in the demand base of the firm. Environmental: The impact of manufacturing production made by JB Hi-Fi on the environment affect its profit and few operative norms do raise the cost of production or poses opportunity cost in form of foregone production. The Australian government has imposed certain environmental standards upon the production conducted by the firm (Tsarenko 2013). Failing to maintain such the firm needs to take taxes and charges that act as marginal cost of the firm for unit production. Ethics Corporate Social Responsibility: One of the important aspect of JB Hi-Fi firms operation on the society as a whole is in terms of its role of ethics and social responsibility. The ethics and social responsibility are important factor that further determine various aspects like decisions of the workers regarding making choice of the workplace or company they want to work for, investment made and so on (Hopkins 2012). The corporate social responsibility indicates the broad intention carried by any organization, which goes beyond its economic targets and conditions as well as legal binding in order to exert actions that are beneficial for the society as a whole (Ai and Chuang 2014). It is the duty of the managers to take decision on dimension of ethics, philanthropy, social responsibility, and pricing, allocation of resources and conservation of them, maintaining quality of product. Employees relationships, strategy of planning and management expand business in various countries with difference in market, economic, pol itical, social, cultural and legal environments (Camagni 2017). The important stances adopted by the firms in order to consolidate the social responsibilities on general mass are; Maintaining the target of meeting social obligations , Becoming socially pro-active and dynamic and also becoming responsible not only individually but also socially (Grant 2016). The economist suggest that sometimes meeting the social obligation take the form of social responsibilities done following the requirement made by the law which are mostly specific to achieve economic goal. If a firm minimizes its waste reduction or carbon emission just to ensure meeting targets set by pollution standards within a nation through application of new packaging materials then it would be only for the sake of law and not out of any social awakening. The firm JB Hi-Fi Ltd is associated with many socially responsible programs operated and effective in various arena of social life within a nation. Helping Hand is one of the programs initiated by the firm, which got started in November 2008 (Jbhifi.com.au 2017). The initiative invokes employees to donate to almost nine charity organizations through the way of salary deduction. The donations are accumulate and transferred by JB Hi-Fi to the needy communities. It is believed by the firm that this is one of the efficient modes of workplace donation and contributions. The positive response from the matching staff contribution ensures the double effectiveness in the charity and social work of the firm. More than 6,000 members of the firm positively contribute to the Helping Hand program in every week representing 82% of the national staffs (Hopkins 2012).. The program participants are also part off Australian Charities Fund and also support in concentrated way the goals of Mdonors by the year 2020. The firm is associated further with a non-profit organization names The Song Room. It contributes greatly in bringing bright future to the Australian children who are in disadvantageous position (Jbhifi.com.au 2017). It make provides access to high quality of music and art programs which are delivered through collaborating with various schools as partner across countries. The firm is associated with various other charitable organizations like The Fred Hollows Foundation, Reachout.com, and Bush Heritage Australia. Some charities that are collaborated with JB Hi-Fi helps the firm covering broad ranges of social service mitigating social concerns. The prime intention is to motivate the workers to donate with small amount that will bring big changes. One of the important donation program maintained by the firm is change for change. Installation of donation boxes in all of the stores in Australia evokes the customers to contribute to the cause by donating some spare changes to bring huge changes in mass lives (Fearne, Garcia and Dent 2012). The donations are subdivided and distributed among 9 charity partners of the firm. The firm on annual basis conducts a review of the charity partners and provide more focus to the quality and quantity of support within all the charity partner of the firm (Grant 2016). This makes maximization of benefits to current commitments made. The firm provides assurance and confidence to the charity partners in order to ensure sustainable support that will enable them develop long term projects delivering long term visions as well as goals specified in short term period. Culture in the firm: The importance of culture within any workplace is of crucial importance as it is one of the driving and factor impacting directly the ability to attract, absorb or retain talent within workforce and utilizing that efficiently for the betterment of the firm. The higher level of engagement and positive responses among workforce come from positive culture and initiatives of the workplace (Hopkins 2012). The culture is culture can be treated as system of meaning shared. It notifies bigger atmospheric conditions that influence positively the energy within workplace through motivating all the workers and channelizing their effort in materializing the expected outcome (Birt et al. 2012). To get deep and clear insight of an organizational culture and to assess whether the hired employees are good fit or not is the crucial job. In order to evoke greater teamwork, innovation of rewards or stifling initiatives the role of work culture is of utmost importance. The Quiz the Personal Insight Assessment: I like the thrill and excitement from taking risks.-4 I prefer managers who provide detailed and rational explanations for their decisions.-5 If a persons job performance is inadequate, its irrelevant how much effort he or she made.-1 No persons needs should be compromised in order for a department to achieve its goals. -3 I like being part of a team and having my performance assessed in terms of my contribution to the team. -4 I like to work where there isnt a great deal of pressure and where people are essentially easygoing.-4 I like things to be stable and predictable.-2 The quiz focuses on bringing out the responses to seven basic or primary dimension of an organisational culture. They are risk-taking attitude, attention given to detail, orientation of outcome, orientation of people, orientation of team, aggressiveness and stability (Bolman and Deal 2017). Following the technique to derive the final score that is summing up the points of all seven indicators the result shows my score as 23. Generally, the score above 22 makes indication of preferred work culture that is more prone to be informal and humanistic keeping room for enough flexibilities and innovation within the culture. This kind of work culture is mostly visible in various high technology based companies, in advertising agency, small business and research units (Nguyen et al. 2013). Since 23 are above 22, it indicates there is stronger presence of humanistic culture within me. The culture of different organization varies based upon the difference culture accumulated by different individuals. The extensive research on responses made by many people being asked on mode and impact of culture in JB Hi-Fi, it is clear that the firm is more prone to follow an informal work culture, which is evident even more in the fact that wearing uniform is not mandatory. Moreover, the firm also provide higher discounts to the staffs, which act as one of the important attraction to its employees. This suggest the firm follows exactly informal yet humanistic atmosphere encouraging flexibility and innovative progress (Hopkins 2012). Keeping parity with my scores obtained in the test of right organizational culture for me, I can conclude that the work culture in JB Hi-Fi is acceptable and adjustable by me in order to cope with the broader work activities on a daily basis. The workplace provided by the firm is wonderful so as the culture but the disappointment has been caused due to inefficient management on over all basis (Nas 2016). Conclusion: It is to be concluded that the chosen firm JB H-I-Fi Ltd is one of the popular electronic brand in serving the retail demand in the Australian market. The firm has direct link with the broader economic performance and situation of the nation. The firm follows a rich ethics that leads toward a conforming strong social responsibility as well as deliverance with quality. The work culture of the firm is also very flexible and humanistic allowing every individual to express its best self and put the true effort. Reference: Ai, F.M. and Chuang, S.H., 2014. Corporate social responsibility.Ibusiness,6(03), p.11 Alvesson, M., 2012.Understanding organizational culture. Sage. Benton, T. and Redclift, M., 2013.Social theory and the global environment. Routledge. Birt, J., Chalmers, K., Byrne, S., Brooks, A. and Oliver, J., 2012. Business sustainability. Birt, J., Chalmers, K., Byrne, S., Brooks, A. and Oliver, J., 2012. Performance measurement. Bolman, L.G. and Deal, T.E., 2017.Reframing organizations: Artistry, choice, and leadership. John Wiley Sons. Camagni, R., 2017. Technological change, uncertainty and innovation networks: towards a dynamic theory of economic space. InSeminal Studies in Regional and Urban Economics(pp. 65-92). 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Lexington Books. Nguyen, D.T., Negnevitsky, M. and de Groot, M., 2013. Market-based demand response scheduling in a deregulated environment.IEEE Transactions on Smart Grid,4(4), pp.1948-1956. Crane, A., Matten, D. and Spence, L.J., 2013. Corporate social responsibility in a global context. Rice, A.L. ed., 2013.The enterprise and its environment: A system theory of management organization(Vol. 10). Routledge. Samaha, S.A., Beck, J.T. and Palmatier, R.W., 2014. The role of culture in international relationship marketing.Journal of Marketing,78(5), pp.78-98. Tsarenko, Y., Ferraro, C., Sands, S. and McLeod, C., 2013. Environmentally conscious consumption: The role of retailers and peers as external influences.Journal of Retailing and Consumer Services,20(3), pp.302-310.