This research develops a new conceptual framework based on use intention for classifying purchases. Accordingly, it moves past the dominant material vs. experiential dichotomy as well as adding a third purchase type: activity engagement purchases, which are defined as purchases that support sustained consumer activities overtime. This new typology is empirically examined to understand how different purchase types contribute to consumer happiness. Activity engagement purchases emerge as a conceptually and empirically distinct type of purchase that consumers can readily classify and recall. Activity engagement purchases also generate greater happiness than material or experiential ones – which is found to be driven by their ability to fulfill consumers’ competency needs and facilitate value expression.

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We examine whether board representation of bondholders can be an effective market discipline mechanism to reduce bank risk, using a unique dataset combining information on bondholders and boards of directors of European listed banks. Our results show that the influence of bondholder representatives on the bank board significantly reduces bank risk without impacting profitability.
TRAN Phan Huy Hieu - Burgundy School of Business |
- Research
- Corporate and Market Finance