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Memo to Hollywood: Don't Mess With Louis Vuitton
I hesitate to even pass along word of the luxury fashion purveyor's ongoing litigiousness lest this site land in its hungry crosshairs, but: Have you heard about the lengths to which Louis Vuitton is going to keep its brand safe from the grubby likes of The Hangover Part II? Or how another, recently resolved court victory has possibly shored up its case against the film's studio Warner Bros.? Louis Vuitton UKMemo to Hollywood: Either get your clearances up front or do not even think of messing with these guys.This has been going on for a while, but THR Esq. now offers up the bone-chilling latest:
On March 22, a judge granted a summary judgment victory to Louis Vuitton over a Super Bowl TV commercial produced by Hyundai that featured for approximately one second a basketball that bore resemblance to a flower-like symbol on chestnut-brown background design that was trademarked by Louis Vuitton.Louis Vuitton Outlet
The French brand says that the judge's decision two weeks ago shows why it should be able to go forward with its claims against Warner Bros. for infringing and diluting its trademark by showing for one brief moment in [The Hangover Part II] Zach Galifianakis telling someone who pushes his bag, “Be careful, that is … that is a Lewis Vuitton.”
In mid-March, Louis VuittonWarner Bros. responded to the lawsuit by telling a New York judge that it had a First Amendment right to feature trademarks and incorporate real-life references to brands without getting the consent of owners. The studio added there wasn't any confusion, and if there was, it was de minimis and/or the responsibility of the company that had actually produced the knock-off handbag. [...] Louis Vuitton
Meanwhile, the designer isn't backing down, arguing in a court filing (with its victory versus Hyundai in mind) that "Louis Vuitton's 'aggressive' enforcement of its trademark rights and prompt action against those who misuse its trademarks are necessary concomitants of its exclusive rights in the brand." Fine, but to what end? Is "the brand" — and apparently its business — so fragile that millions of dollars in legal expenses are themselves necessary concomitants of relevancy in 2012? Or is this just the more socially permissible way of shoring up the market share that all those knock-off merchants in Lower Manhattan have eroded in recent years? Either way, to all you screenwriters and studio legal departments alike: Maybe stick to Samsonite? Louis Vuitton Outlet
Annapolis purse snatching suspect snatched
Annapolis purse snatching suspect snatched by victim File this crime item under the following heading: Air Jordan RetroVictim responses that are probably not a good idea, but when successful make people smile at the fate of unlucky crooks. So here’s what happened, according to The Capital. A woman was having lunch on Monday at El Toro Bravo in Annapolis. No problem -- so far. El Toro Bravo gets three-and-a-half stars on Yelp. “The rice and beans were good too,” a reviewer notes.Air Jordan Retro Shoes Yum yum. But then the woman is alerted that a man has taken off with her Louis Vuitton purse. Problem. The woman, whose name was not released, gets up and chases after her purse and her purse’s snatcher. The alleged snatcher grabs 40 bucks from the Louis Vuitton during the run and then dumps the rest of his loot on the ground.Jordan Shoes For Sale At that point, the alleged snatcher probably thought he was home free — except the victim did not stop chasing him. She caught him, grabbed his collar, and listened as he asked her not to call the police. Um, no. The suspect — Egan O’Brien, 40, of Annapolis — told police, according to The Capital, that “he had found the purse and had planned on returning it to the woman.” Hmmm. Police charged him with several counts of theft. It is not known whether the victim finished her lunch.airjordanretroshoes2u.comLouis vuitton Peer-Enforced Reward and
Peer-Enforced Reward and Punishment Mechanism Indirect reciprocity is not onl y a social force that influences individual co ntributions. and H. 2001b.. American Economic Review 76 4 728?C741. 2000. how much. We Louis vuitton develop hypotheses for the indirect reciprocity theory on private contribution to peer-to-peer networks. on average. individual interactions in peer-to-peer networks resemble one-shot games where Prisoner??s dilemma is prevalent. membership size. Recent social network studies Faraj and Johnson 2005. M. It is what one does: why people pa rticipate and help others in electronic communities of practice. von Krogh. In the context of social networks. Emerson 1976 . Available at SSRN: ssrn abstract=953072. Experiencing impartiality to invoke fairness in the n-pd: Some experimental results. 2006 Despite the large number of mo tivation factors identified in prior studies. M. however. H4: Reputational incentives - A user??s probability of contribution increases after she receives special title in recognition of her contribution activities. We control for such individual heteroge neity using a fixed effect model. Game and Economic Behavior 62 1 287-303. In the context of a music sharing network. On indirect reciprocity the dis tinction between reciprocity and altruism. and other online communities Ba et al. Fehr and Gachter 2000b . Krishnan et al. 2008. 2 Introduction A noted feature of many social networks is the high ratio of purely consuming users. J. K. any user that meets the criteria set up by the contributor can download from her. and T. Dynamic Referrals in Peer-to-Peer Media Distribution. First. Manvile.. Rao. Figure 1: Comparison of contribution level in repeated public good game without punishment mechanism against contribution level with punishment mechanis m obtained from Fehr and Gachter 2000b. Second. Knetsch. Shah 2006. L. 2000. and H. the punishment and reward mechanism is implemented through server settings. otivation factors actually influe nce individual behavior in social networks. First. in peer-to-peer networks. Discussion and Limitation The objective of the paper is to propose a dynami c view of indirect reciprocity and social enforcement in peer-to-peer network and validate the hypotheses empiri cally. J. charity giving or because contributors prefer reciprocation in other kinds e. The kindness of strangers: The usefulness of electronic weak ties for technical advice. For example. Louis Vuitton Outlet prior studies use cross-sectional Louis vuitton uk and surveys to analyze differences in contribution levels across individuals and the relationship of contribution levels 4 with individual motivations. Shah 2006. The slow process is due to learning as individuals identify the best response to ea ch other??s behavior and gradually reach equilibrium over time. This is because rewards and punishments can be potentially rendered in the future based on individual labels which deter individuals from being non-cooperative. What makes a virtual organization work? MIT Sloan Management Review 42 1 13?C26. Introducing a third dimension in information systems design ?C The case for incentive alignment. Our finding shows that empowering contributors to voluntar ily punish free riders and reward other contributors could play an impor tant role in sustaining contribution to pubic Louis Vuitton Outlet Such punishment mechanisms serve as a st rong deterrence to anti-soc ial behaviors. Other Drivers for Contributions Besides concerns for indirect reciprocity. 12 Most of the online peer-to-peer networks are free to join and open for participation. H3: Experience?C a user??s probability of contribution increases with her experience with the peer-to-peer Louis Vuitton The summary statistics also reveal that. 2008 Symposium on Statistical Challenges in Louis Vuitton UK Research SCECR 08 . Galit Shmueli. Individuals do not make contribution in a vacuum. 2003. Fehr. 2006. indi viduals will reduce their propensity to contribute when more networ k users choose to free ride. NV. 2007. Raghu T. P. Stallaert. S. Kuk 2006. X represents explanatory variables and Z captures control variables. Journal of Economic Perspectives 14 3 159?C181. E. de Gruyter. We conclude the paper by identifying th e limitations and future research.. Fehr and Gachter 2000b. A. Ma. In the context of social networks. enjoyment in helping others. The resu lts provide clear support for all the hypotheses. B.Louis vuitton They are willing to
They are willing to sacrifice private gain to reward pro-social behaviors and to punish free riders Clark and Sefton 2001. Preferential attach ment and mutuality in electronic knowledge networks. Culture differences in ultimatum game experiments: Evidence from Louis vuitton meta-analysis. over contributing users. The tragedy of the commons. S. Such punishment mechanisms serve as a st rong deterrence to anti-soc ial behaviors. Competition among virtual communities and user valuation: the case of investing-related communities. and moreover. Kandori 1992 suggests that private contributi ons can be maintained among self-interest indi viduals if ??not only are deviators from the desired behavior punished. Journal of Economic Perspectives 14 3 159?C181. Hosanagar. We find that a contributor??s probability of providing preferential services to other contributors increases significantly when the network is overwhelmed by free riders H7a . Nowak. but not to individual recipient s . however. 1968. Gribble.. 1986a. If the responder rejects the offer. Proceedings of Multimedia Computing and Networking MMCN '02 . Faraj. O. S. On the other hand.. Stallaert. J. Human capital and institutional determinants of information technology compensation: Modeli ng multilevel and cross-level interactions. Sobel. But in a larger-scale online network. which enable them to respond in kind to each other. H. 1987. career opportunities Hann et al. a contributor may have already own a large number of music files and does not need to obtain any music files from the peer-to-peer networks. D. Handbook of Experimental Economics. Our results reveal that individuals have inherent incentive to enforce social norms on others even if the enforcement is costly and brings no direct be nefits. Thaler. unlike studies based on survey da ta. Information Systems Research 18 1 68-85. Krishnan. a proposer receives an endowment and then sends a portion of the endowment to a responder. influence an indi vidual??s propensity to contribut e to the network. and U. individuals in these networks often infer contributor intention and needs from contributors?? downloading and uploading activities. M. Fixed effect: Individual characteristics such culture background. laboratory experiments shows that the responder frequently rejects positive offers if she is offered much less than 50% Oosterbeek et 10 al. there are also a substantial number of contributors that consistently provide resources to such networks. 2001b. The conflicts lie in the contribution of uploading bandwidth Casadesus-Masanell and Hervas-Drane 2007 . B. we e xpect network users to learn over time that contribution provides many benefits over free-r iding. competition.. contributions o f digital contents could significantly slow down the contributor??s network connection and delay or disrupt software applications that share Louis Vuitton Outlet same network connection. The Louis vuitton uk is consistent with the finding from economic experiments and Figure 1. Rabin. B. to explicate the dynamic relationship between individuals and their social environment and to identify mechanisms that enforce social norms in online social networks. contributions as predicted by the economic theo ry. most prior studies use cross-sectional datasets and surveys to analyze differences in contribution levels across individuals and the relationship of contribution levels 4 with individual motivations. therefore. For example. 1996. Management Science 52 7 984-999. To address the concern.g.. von Krogh. L.330 users?? activities in a peer-to-peer network over 121 days. Our analysis indicates that indirect reciprocity could be a key motivating factor for contribut ion to peer-to-peer networks and has a significant influence on the social dynamics inside these networks. 2004. and organizational climate.. etc. Constant. First. A simple mechanism for louis vuitton outlet efficient provision of public goods: experimental evidence. 2005 subjective norm Bock et al. Kartik Hosanagar. The ratio of free riders to contributors is 6.. Our analysis indicates that a network user significan tly increases her propensity to contribute after gaining special titles from the network. Why should i sh are? Examining knowledge contribution in electronic networks of practice. Sproull. However. 2007. R. louis vuitton outlet Proceedings of Twenty-sixth International Conference on Information System. Tables 3 and 4 Louis Vuitton UK the regression results. to recognize frequent contribution. This indicates that cont ributors find fewer needs to motivate others?? to contribute when there are a sufficient number of contributors in the network. The second set identifies individuals?? incentive to enforce social norms by punishing free riders and rewarding contributors. Hosanagar. but a person who fails to punish is in turn punished . 2003. Journal of Economic Perspective 14 3 137-158. which fits well with the environment of online peer-to-peer networks. To Keep Sharing Or Not To Keep Sharing? -- An Empirical Analysis On User Decision In Peer-to-peer Sharing Networks. Emerson 1976 . these experiments discover that individuals enforce social norms on each other. For example.Louis vuitton G achter
G achter. Management Science. There are. 1992. R. give access to other contributors only. 2005 subjective norm Bock et al.. due to data limitations. The rest the paper is organized as follows Louis vuitton Information Systems Research 18 1 68-85. individuals in the networks will have less incen tive to reciprocate. 2007. Hann. free riding can be discouraged by a tit-for-tat strategy. First. An individual??s helpful action. and M. Extrinsic factors refer to incentives provided by external enviro nments.. over contributing users. Prior studies show that individuals could also be motivated to contribute out of altr uism and other concerns. 1999.. Sigmund. Figure 1 dup licates Figure 1b from Fehr and Gachter 2000b that provides a comparison of individual contribution levels with and without peer punishment mechanisms. Foundations of human sociality: Economic experiments and et hnographic evidence from fifteen small-scale societies . Replicating Online Yankee Auctions to Analyze Auctioneers' and Bidders' Strategies. suggesting that individuals become more reciprocal over time in social environments with punishment mechanisms. M. Slaughter. Finally.g. 2000. and R. Interdependent preferences and reciprocity. Behavioral intention formation in knowledge sharing: Examining the roles of extrinsic motivators. 17 1 45?C63. However. we consider our study complements to earlier studies that focus on identifying individual motivations but overlook th e dynamic nature of social networks. Indirect reciprocity. Thaler. H10: Reputation ?C a contributor??s probability of providing priority services to other contributors increases after she receives titles in recognition of her contribution activities. Second. and organizational climate. The researchers then change the game rule by allowing individuals to publish each other at their own costs. The ratio of free riders to contributors is 6. Nature 437 7063 1291-1298. 48 11 1427?C1445. Our analysis has a number of limitations. L. and U. Behavioral intention formation in knowledge sharing: Examining the roles of extrinsic motivators. Lee. a contributor ca nnot punish an individual free rider. B. Reputational incentives include special titles such as ??senior member??. Finally. a contributor is more likely to change her server st atus to punish free riders when she faces longer download wait time as long wait time indicates the need to encourage contribution behavior H8 . Journal of Economic Literature 43 2 392-436. and A. co ntributions are provided by about 400 individuals daily in the music sharing ne twork and the Louis Vuitton Outlet accommodates about 2600 free riders. Louis vuitton uk Online peer-to-peer sharing networks provide a particularly valuable context to study indirect reciprocity. In such cases. R. An empirical analysis of network externalities in peer-to-p eer music sharing networks. The kindness of strangers: The usefulness of electronic weak ties for technical advice. Tullberg 2004 . However. To address the concern. etc. however. Human capital and institutional determinants of information technology compensation: Modeli ng multilevel and cross-level interactions. 2007. little is known about how these mltiple music files in a given day. The researchers then change the game rule by allowing individuals to publish each other at their own costs. 1996. R. American Economic Review 90 1 247-264. K. Annual Reviews in Sociology 2 3 335-362. individual interactions in peer-to-peer networks resemble one-shot games where Prisoner??s dilemma is louis vuitton outlet S. A foundation for the study of group decision support systems. and M. Taken together. In Alvin E. some contributors are undercover employees of viral ma rketing firms that intend to promote certain music groups or artists instead of benefiting the community. Hervas-Drane. 2005. we use the number of downloads requested in a given day as louis vuitton outlet control variable in our regression models. In a well-known public Louis Vuitton UK experiment conducted by Fehr and Gachter 2000b . In many social environments. Studies show that the phenomenon pers ists in a variety of settings. Spain. knowledge self-efficacy Kankanhalli 2006. E. A number of experimental studies show that individuals are willing to punish free riders and rewards contributors to encourage reciprocity on others even when the punishment is costly and bears no direct benefits Fehr and Gachter 2000a. S. there might exist alternative explanations for the behaviors. 2007.. Falking et al 2002 . L. and S. R. 59 1 63-80. influence an indi vidual??s propensity to contribut e to the network.reciprocity depends on contributors?? needs Louis Vuitton UK Shop
reciprocity depends on contributors?? needs. The efficient interaction of indirect reciprocity and costly punishment. 34 Krishnan. there are few repeated direct interactions among the participants. Control Variables Download Needs: Individual behavior in a peer-to-pe er network is influenced by her download needs. 1995. As pure contributors signal they do not need file sharing or could be employees of viral marketing firms. Information Systems Research 14 3 244-268 Bapna. 2004. Faraj. American Economic Review 90 1 247-264. These concerns vary significantly across individuals but remain mostly unchanged over time for a given individual. these individual characteristics largely stay unchanged over time. 2000. S. R. Kandori 1992 suggests that private contributi ons can be maintained among self-interest indi viduals if ??not only are deviators from the desired behavior punished. The labeling of frequent contribut ors plays a significant role for sustaining cooperation in the networks. they are more motivated to use the reward and punishment mechanism. and G. To address the concern. Our analysis reveals that social environments have a significant influence on individual behavior. enjoyment in helping others. Harvard Business School Working Paper. Bock et al. Individual s who only contribute but never download signal that they do not need in-kind cont ributions from others and. Gummadi. Interview with Linus Torvalds: What motivates free software developers? First Monday 3 3 .. H10: Reputation ?C a contributor??s probability of providing priority services to other contributors increases after she receives titles in recognition of her contribution activities. In the context of peer-to-peer sharing networks. Journal of Economic Literature 43 2 392-436. 2007. We Louis Vuitton UK Shop find evidence that reciprocity is not the same towards all contributors. Motivation. Ma. M. and S. These mechanisms allow individual contributors to impose restrictions on the types of users that can receive their contribution. on average. By punishing or threatening to punish perpetrators who do not comply with social norms. Gummadi.g. 2005. Studies show that extrinsic incentives play an important role in decentralized environments Raghu 2003. We therefore propose: H7a: Social Enforcement Louis Vuitton UK a contributor??s probability of providing preferential services to other contributors increases when she observes an increase in free riders in a peer-to-peer network. how individual be havior is influenced by thei r social environments. Moreover. Positive reciprocity could lead to a chain effect that dramatically increases contribution to the network while negative reciprocity could quickly doom the network. from the economic perspective. but congestion costs are dependent on the congestion level and an indi vidual??s download needs. L. Our analysis also considers other motivati ng factors such as re putation or congestion reduction. individuals are less likely to reciprocate Louis vuitton these contributors in kind. th ey do not capture the dynamic nature of so cial networks. Kartik Hosanagar. Princeton. Y. we e xpect network users to learn over time that contribution provides many benefits over free-r iding. J. Peer-to-peer file sharing communities. Electronic knowledge networks: processes and structure. The sequential prisoner??s dilemma: evidence on reciprocation.K. Peter. Milinski. DeSanctis. Jessup. What makes a virtual organization work? MIT Sloan Management Review 42 1 13?C26. 2002. laboratory experiments shows that the responder frequently rejects positive offers if she is offered much less than 50% Oosterbeek et 10 Louis Vuitton Official M. H. R. Management Science 33 5 589?C609. Coulson.D.?? The important insight from Kandori 1992 is that the enforcement of social norms is itself a public good and. Emerson 1976 . J. Hann et al. 1968. Most of motivation mechanisms are derived based on the assumption that individuals are self-interested economic decision makers. The combination of low benefits and high costs indi cates that economically ra tional individuals will provide little contribution to online social networks. M. 2006. Contribution costs are largely fixed for an individual. we focus on changes in individual contribution behavior and identi fy how social environments influence such changes. 2007a . Information Economics and Policy 16 197-213. we find that the enforcement of social norm is human nature. Stallaert. Stallaert. Louis vuitton uk is because rewards and punishments can be potentially rendered Louis Vuitton Outlet Official the future based on individual labels which deter individuals from being non-cooperative. a user??s reputation also influences her choice of server settings. Indirect reciprocity offers an important explanation of widely observed cooperations among strangers in online environments. Besides the factors. a contributor does not expect in-kind reciprocation from beneficiaries either because beneficiaries cannot afford to e. 1968. virtual investment communities Gu et al. Smith. Kuk 2006. Xia. 2005.. we consider our study complements to earlier studies that focus on identifying individual motivations but overlook th e dynamic nature of social networks. Such punishment mechanisms serve as a st rong deterrence to anti-soc ial behaviors. Smith.Falkinger
Falkinger. Indirect reciprocity. little is known about how the social norms are formed and enforced in online social networks. A series of economic experiments conducted by Fehr and Gachter 2000b s how that contributors are willing to punish free riders ev en if ??the punishment is costly for them and even if they cannot expect future benefits fr om their punishment activities??. An individual??s helpful action. suggesting that a user is more like ly to discriminate against free riders when there are too many free-riders in th e network. The need for using such a reward and punishment mechanism is at the greatest when the network is overwhelmed with free riders and at the lowest when the network has a sufficient number of contributors. R. Similarly. Johnson. Markus.-N. requires an incentive mechanism to enforce. 2004. while in a public goods game with peer punishment individuals?? contribution levels gradually increase to a higher equilibrium level. It also shows that user-initiated social enforcement mechanisms could play a significant role in sustaining peer-to-peer networks. Replicating Online Yankee Auctions to Analyze Auctioneers' and Bidders' Strategies. Becerra-Ferna ndez and D. Fairness and the assumptions of economics. Interdependent preferences and reciprocity. They do so through the setting of servers to discrimina te downloaders. Boyd. Huang. Wharton Working Paper. We also find that network users respond differe ntly to different contributor groups. Hervas-Drane. challenged by the rapid growth of large scale online social networks such as peer-to-peer networks Asv anund et al. The ratio of free Louis Vuitton UK to contributors is 6. The information allows individuals to reciprocat e based on others?? cooperative status . G achter. K. R.. network users are less likely to reciprocat e with music files. 2005. Management Science 52 7 1031-1042. M. however. and T. I. it takes time for network users to learn the mechanism. Intrinsic factors refer to the satisfaction obtained from the action of creating contents and contributing Louis vuitton handbags uk social networks such as fun and joy in solving challenges Shah 2006. Clark. 2003. from the technical perspective. Falkinger. When the individual has highe r download needs. However. 2000. The efficient interaction of indirect reciprocity and costly punishment. we do not observe individuals?? motivation in making contribution to the peer-to-pe er networks. Gallupe. Shah. Oxford University Press. we find that individuals are more likely to change the server settings to provide preferential services to contributors and less er services to free riders. ther efore. von Hippel. Barcelona. can be returned by a third party Louis vuitton than th e recipient Alexander 1987 . Peter. Sobel. We focus on a particular type of motivating factor ?C indirect reciprocity ?C in this study. Kankanhalli et al. While direct reciprocity often prevails in direct one-to-one economic exchanges. Peter. Paulo Goes. we consider our study complements to earlier studies that focus on identifying individual motivations but overlook th e dynamic nature of social networks. these individual characteristics largely stay unchanged over time. Asvanund. R. MIS Quarterly 29 1 1-23. Valacich. Fehr and Gachter 2000b. Strategic interaction and knowledge Louis Vuitton Outlet UK in the kde developer mailing list. Management Science 49 3 464?C477. ??platinum member??. R. NY. Gintis.. Cooperation. Wasko and Faraj 2005 . competition.. 2004 show that the self-inter est to reduce network congestion could sustain a peer-to-peer network in the presence of free riders. Extant research suggests that individuals reciprocate negative actions with negative actions Panchanathan and Boyd 2004. Johnson. he r chance of providing preferenti al services to contributors increases H9 . 24 Table 1 shows the descriptive statistics for the key variables used in this paper. However. N. Knowledge Management: An Evolutionary View of the Field. The proposer offers a share of the asset to the responder and responder decides whether to Louis vuitton uk or reject the offer. B. J. M. 2001. Reciprocal Louis Vuitton Cheap has l ong been observed in human so ciety Ekeh 1974. We also find that. 16 The above set of hypotheses considers the influence of indirect reciprocity and self-interests on user contributions in the peer-to-peer network. Fehr and Gatcher 2000a .. For example. 1996. Our analysis indicates that a network user significan tly increases her propensity to contribute after gaining special titles from the network. 2004. Our analysis also reveals that users in the peer-to-peer network learn about the value and influence of the reward and punishment mech anism over time. Team knowledge and coordination in geographically distributed software development.Replicating Online Yankee Auctions to Louis Vuitton Outlet Analyze Auctioneers'
Replicating Online Yankee Auctions to Analyze Auctioneers' and Bidders' Strategies. Johnson.. Ma and Agarwal 2007. 2004. On the other hand. R. 1976. American Economic Review 83 5 1281-1302. Nature 393 11 573-577. Our analysis indicates that a network user significan tly increases her propensity to contribute after gaining special titles from the network. A. 2 it i itContributionStatus t ?? ?? =++++ 1it it BX BZ 2 it i itServerStatus t ?? ?? =++++ 1it it ?? X ?? Z In the above models.. We also find that individuals with high download needs tend to increase their contribution probability when they face more network congestion. however. 1987. Reputational incentives include special titles such as ??senior member??. Controlling for individual heterogeneity isolates social influences from individual motivations. 2004. Sobel. and Rao H.. For example. extrinsic. Evolution of Indirect Reciprocity. A variety of economic experiments on soci al dilemmas.. Th e restriction could be based on us ers?? level of contribution or other user characteristics. Reputational incentives include special titles such as ??senior member??. which fits well with the environment of online peer-to-peer networks. and N.K. We infer their motivation from their behaviors. While private contribution of public goods deprives the contributor the use or service of the contributed good. E. S. However. often called free riders. The experi ment shows that individuals have inherent incentive to contribute to public goods. Management Science 36 6 689?C703. Slaughter.. J. In particular. we find that the coefficient on the interaction term between wa it time and download activity is positive H6 . We therefore propose: H1a: Positive Indirect Reciprocity - a user??s probability of contribution in creases with the number of other contributors in Louis Vuitton Outlet peer-to-peer network. S. overlooks the social nature of peer-to-peer networks where individual behavior is both influenced by social environment as well as a part of the social environment that affects others. Smith. Instead. in a trust game. In the context of a music sharing network. First. Hann et al. and Walkerdine. Interdependent preferences and reciprocity. studies show that the effectiveness of such mechanisms is limited as individuals can easily change online identifications and contribution of negative feedbacks is Louis Vuitton re taliated with negative feedbacks Novak and Sigmund 2005 . free riders could flourish. Tables 3 and 4 report the regression results. Krishnan. the analysis above indicates that indirect reciprocity is an important dynamic social force in peer-to-peer networks. Recent social network studies Faraj and Johnson 2005. and moral hazard. Management Science 52 7 984-999. This is consistent with the reputation mechanism that makes these contributors more concerned about the long-term sustainability of the network.-N. Ang. Different mechanisms have been proposed in prior studies. 2 it i itContributionStatus t ?? ?? =++++ 1it it BX BZ 2 it i itServerStatus t ?? ?? =++++ 1it it Louis vuitton uk X ?? Z In the above models. we find that the probability of providing preferential services decreases significantly with number of contributors in the network H7b . 2007. R. Familiarity. 2 it i itContributionStatus t ?? ?? =++++ 1it it BX BZ 2 it i itServerStatus t ?? ?? =++++ 1it it ?? X ?? Z In the above models. 2008. Available at ssrn abstract=926915.. L.. D. Bock. J. Thaler. M. First. Finally. 2002. Similarly. While economically motivated responder is expected to accept any positive offe r. T. The labeling transforms one-shot games into repeated louis vuitton outlet where cooperation can be sustained. therefore. Wasko and Faraj 2005. little is known about how these mltiple music files in a given day. can be returned by a third party other than th e recipient Alexander 1987 . L. indicating that some of the Value Users do not contribute daily. Kankanhalli et al.. a significant number of individual contributors enforce the social norm on others by rewarding contributors and punishing free riders . 2000. Fehr and Gachter 2000b .. Our analysis reveals that social environments have a significant influence on individual behavior. file sharing servers are set to provide access to all users by default. As such. etc. fairness Bock et al. Telang. These costs include opportunity costs of time spent in making the contribution. both the proposer and responder rece ive Louis Vuitton UK value. while individuals rarely have repeated one-to-one interactio ns in peer-to-peer louis vuitton outlet E. however. Galit Shmueli. both the proposer and responder rece ive zero value. 2005 . and J. could have a de-stabilizi ng effect on the network. This proposition is. Management Science 52 7 984-999. For example. The pr esence of indirect reciprocity in peer-to-peer networks. However. Whinston. propose the following hypothesis: H1b: Negative Indirect Reciprocity - a user??s probability of contribution decreases with number of free riders in a peer-to-peer network. 2005 subjective norm Bock et al. M. Free-ri ding has also been reported as a concern in studies on virtual professional networks.. Evolution of Indirect Reciprocity. on average. Dawes. but also when she observes an increase in wait time. M.ed to their betas, and no other variable has marginal explanatory power. Second, the beta
premium is positive, meaning that the expected return on the market portfolio exceeds the expected return on assets whose returns are uncorrelated with the market return. Third, in the Sharpe ?C Lintner version of the model, assets uncorrelated with the market have expected returns equal uggs to the riskfree interest rate, and the beta premium is the expected market return minus the riskfree rate. Most tests of these predictions use either cross-section or time-series regressions. Both approaches date to early tests of the model. Tests on Risk Premiums The early cross-section regression tests focus on the Sharpe ?C Lintner model??s predictions about the intercept and slope in the relation between expected return and market beta. The approach is to regress a cross-section of average asset returns on estimates of asset betas. The model predicts that the intercept in these regressions is the riskfree interest rate, Rf , Uggs Outlet and the coefficient on beta is the expected return on the market in excess of the riskfree rate, E(RM) - Rf . louis vuitton usa 9 Two problems in these tests quickly became apparent. First, estimates of beta for individual burberry outlet online assets are imprecise, creating a measurement error problem when they are used to explain average returns. Second, the regression residuals have common sources of variation, such as industry effects in average returns. Positive correlation in the residuals produces downward bias in the usual ordinary least squares estimates of the standard errors of the cross-section regression slopes. To improve the precision of estimated betas, researchers such as Blume (1970), Friend and Blume (1970), and Black, Jensen, and Scholes (1972) work with portfolios, rather than individual securities. Since expected returns and market betas combine in the same way in portfolios, if the CAPM explains security returns it also explains portfolio returns. 4 Estimates of beta for diversified portfolios are more precise Louis Vuitton than estimates for individual securities. Thus, using portfolios in cross-section regressions of average returns on betas reduces the critical errors in variables problem. Grouping, however, shrinks the range of betas and reduces statistical power. To mitigate this problem, researchers sort securities on beta when forming portfolios; the first portfolio contains securities with the lowest betas, and so on, up to the last portfolio with the highest beta assets. This sorting procedure is now standard in empirical tests. 4 Formally, if burberry outlet x ip , i = 1,??,N, are the weights for assets in some portfolio p, the expected return and market beta for the portfolio are related to the expected returns and betas of assets as, 1 ( ) () N p ipi i ER xER = =? , and 1 N pM ip pM i x bb= =? . Thus, the CAPM relation between expected return and beta, louis vuitton cheap ( )()[()()], i zMMzM iM ER ER ER ER b =+- holds when asset i is a portfolio, as well as when i is an individual security. 10 Fama and MacBeth (1973) propose a method for addressing the inference problem caused by correlation of the residuals in cross-section regressions. Instead of estimating a single cross-section regression of average monthly returns on betas, they estimate month-by-month cross-section regressions of monthly returns on betas. The times series means of the monthly slopes and intercepts, along with the standard errors of the means, are then used to test whether the average premium for beta is positive and whether the average return on assets uncorrelated with the market is equal to the average riskfree interest rate. In this approach, the standard errors of the average intercept and slope are determined by the month-to-month variation in the regression coefficients, which fully captures the effects of residual correlation on variation in the regression coefficients, but sidesteps the problem of actually estimating the correlations. The effects of residual correlation are, in effect, captured via repeated sampling of the regression coefficients. This approach also becomes standard in the literature. Jensen (1968) was the first to note that the Sharpe ?C Lintner version of the relation between expected return and market beta also implies a time-series regression test. The Sharpe ?C Lintner CAPM says that the average value of an asset??s excess return (the asset??s return minus the riskfree interest rate, Rit - Rft ) is completely explained by its average realized CAPM risk premium (its beta times the average value of RMt - Rft ). This implies that ??Jensen??s alpha,?? the intercept term in the time-series regression, (Time-Series Regression) () it ftiiM Mt ft it R R RR a be - = + -+, is zero for each asset. The early tests f
nce of the market return.
3 In economic terms, ?iM louis vuitton cheap is proportional to the risk each dollar invested in asset i contributes to the market portfolio. The burberry outlet online last step in the development of the Sharpe ?C Lintner model is to use the assumption of riskfree borrowing and lending to nail down E(RzM ), the expected return on zero-beta assets. A risky asset??s return is uncorrelated with the market return ?C its beta is zero ?C when the average of the asset??s covariances with the returns on other assets just offsets the variance of the asset??s return (see footnote 3). Such a risky asset is riskless in the market portfolio in the sense that it contributes nothing to the variance of the market return. When there is riskfree borrowing and lending, the expected return on assets that are uncorrelated with the market return, E(RzM ), must equal the riskfree rate, Rf . The relation between expected return and beta then becomes the familiar Sharpe ?C Lintner CAPM equation, (Sharpe ?C Lintner CAPM) ( ) [ ( ) )], i f M f iM ERRERRb = +- i=1,??,N. In words, the expected return on any asset i is the riskfree interest rate, R f, plus a risk premium, which is the asset??s market beta, ?iM , times the premium per unit of beta risk, E(RM) - Rf . Unrestricted riskfree borrowing and lending is an unrealistic assumption. Fischer Black (1972) develops a version of the CAPM without riskfree borrowing or lending. He shows that the CAPM??s key result ?C that the market portfolio is mean-variance-efficient ?C can be obtained by instead allowing unrestricted short sales of risky assets. In brief, back in Figure 1, if there is no riskfree asset, investors select portfolios from along the mean-variance-efficient frontier from 3 Formally, if xiM is the weight of asset i in the market portfolio, then the variance of the portfolio??s return is: 2 11 ( ) (,) ( , ) ( ,) NN M M M iM i M iM iM ii R CovR R Cov xRR x CovRR s == = ==??. 7 a to b. Market clearing prices imply that when one weights the efficient portfolios chosen by investors by their (positive) shares of aggregate invested wealth, the resulting portfolio is the market portfolio. The market portfolio is thus a portfolio of the efficient portfolios chosen by investors. With unrestricted short-selling of risky assets, portfolios made up of efficient portfolios are themselves efficient. Thus, the market portfolio is efficient, which means that the minimum variance condition for louis vuitton usa M given above holds, and it is the expected return-risk relation of the Black CAPM. The relations between expected return and market beta of the Black and Sharpe ?C Lintner versions of the CAPM differ only in terms of what each says about E(RzM ), the expected return on assets uncorrelated with the market. The Black version says only that E(RzM ) must be less than the expected market return, so the premium for beta is positive. In contrast, in the Sharpe ?C Lintner version of the model, E(RzM ) must be the riskfree interest rate, Rf , and the premium per unit of beta risk is E(RM) - Rf . The assumption that short selling is unrestricted is as unrealistic as unrestricted riskfree borrowing and lending. If there is no riskfree asset and short-sales of risky assets are not allowed, mean-variance investors still choose efficient portfolios ?C points above b on the abc curve in Figure 1. But when there is no short-selling of risky assets and no riskfree asset, the algebra of portfolio efficiency says that portfolios made up of efficient portfolios are not typically efficient. This means that the market portfolio, which is a portfolio of the efficient portfolios chosen by investors, is not typically efficient. And the CAPM relation between expected return and market beta is lost. This does not rule out predictions about uggs expected return and betas with respect to other efficient portfolios ?C if theory can specify portfolios that must be efficient if the market is to clear. But so far this has proven impossible. 8 In short, the familiar CAPM equation relating expected asset returns to their market betas is just an application Louis Vuitton to the market portfolio of the relation between expected return and portfolio beta that holds in any mean-variance-efficient portfolio. The efficiency of the market portfolio is based on many burberry outlet unrealistic assumptions, including complete agreement and either unrestricted riskfree borrowing and lending or unrestricted short-selling of risky assets. But all interesting models involve unrealistic simplifications, which is why they must be tested against data. Uggs Outlet Early Empirical Tests Tests of the CAPM are based on three implications of the relation between expected return and market beta implied by the model. First, expected returns on all assets are linearly relat
1995. ??The New Issues Puzzle.?? Journal of Finance. 50:1, pp.
23-51. Markowitz, Harry. 1952. burberry outlet online ??Portfolio Selection.?? Journal of Finance. 7:1, pp. 77-99. Markowitz, Harry. 1959. Portfolio Selection: Efficient Diversification of Investments. Cowles Foundation Monograph No. 16. New York: John Wiley & Sons, Inc. Merton, Robert C. 1973. ??An Intertemporal Capital Asset Pricing Model.?? Econometrica. 41:5, pp. 867-887. Miller, Merton, and Myron Scholes. 1972. ??Rate of Return in Relation to Risk: A Reexamination of Some Recent Findings,?? in Studies in the Theory of Capital Markets. Michael C. Jensen, ed. New York: Praeger, pp. 47-78. Mitchell, Mark L. and Erik Stafford. 2000. ??Managerial Decisions and Long-Term Stock Price Performance.?? Journal of Business. 73:3, pp. 287-329. Pastor, Lubos, and Robert F. Stambaugh. 1999. ??Costs of Equity Capital and Model Mispricing.?? Journal of Finance. 54:1, pp. 67-121. 32 Piotroski, Joseph D. 2000. ??Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers.?? Journal of Accounting Research. 38:Supplement, pp.1-51. Louis Vuitton Reinganum, Marc R. 1981. ??A louis vuitton usa New Empirical Perspective on the CAPM.?? Journal of Financial and Quantitative Analysis. 16:4, pp. 439-462. Roll, Richard. 1997. ??A Critique of the Asset Pricing Theory's Tests' Part I: On Past and Potential Testability of the Theory.?? Journal of Financial Economics. 4:2, pp. 129-176. Rosenberg, Barr, Kenneth Reid, Uggs Outlet and Ronald Lanstein. 1985. ??Persuasive Evidence of Market Inefficiency.?? Journal of Portfolio Management. 11, pp. 9-17. Ross, Stephen A. 1976. ??The Arbitrage Theory of Capital Asset Pricing.?? Journal of Economic Theory. 13:3, pp. 341-360. Sharpe, William F. 1964. ??Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk??. Journal of Finance. 19:3, pp. 425-442. Stambaugh, Robert F. 1982. ??On The Exclusion of Assets from Tests of the Two-Parameter Model: louis vuitton cheap A Sensitivity Analysis.?? Journal of Financial Economics. 10:3, pp. 237-268. Stattman, Dennis. 1980. ??Book Values and Stock Returns.?? The Chicago MBA: A Journal of Selected Papers. 4, pp.25-45. Stein, Jeremy. 1996. ??Rational Capital Budgeting in an Irrational World.?? Journal of Business. 69:4, pp. 429-455. Tobin, James. 1958. ??Liquidity Preference as Behavior Toward Risk.?? Review of Economic Studies. 25:2, pp. 65-86. Vuolteenaho, Tuomo. 2002. ??What Drives Firm Level Stock Returns??? Journal of Finance. 57:1, pp. 233-264. Figure 1 -- Investment Opportunities E(R) a b c g T Rf s(R) Minimum Variance Frontier for uggs Risky Assets Mean-Variance-Efficient Frontier with a Riskless Asset Figure 2 -- Average Annualized Monthly Return vs Beta for Value Weight Portfolios Formed on Prior Beta, 1928-2003 6 8 10 12 14 16 18 0.5 0.7 0.9 1.1 1.3 1.5 1.7 1.9 Beta Average Annualized Monthly Return (%) Average Returns Predicted by the CAPM Figure 3 -- Average Annualized Monthly Return vs Beta for Value Weight Portfolios Formed on B/M, 1963-2003 1 (lowest B/M) 2 3 4 5 6 7 8 9 10 (highest B/M) 9 10 11 12 13 14 15 16 17 0.7 0.8 0.9 1 1.1 1.2 Beta Average Annualized Monthly Return (%) Average Returns Predicted by burberry outlet the CAPM
alled the minimum variance frontier, traces
combinations of expected return and risk for portfolios of risky assets that minimize return variance at different levels of expected return. (These portfolios do not include riskfree borrowing and lending.) The tradeoff between risk and expected return for minimum variance portfolios is apparent. For example, an investor who wants a high expected return, perhaps at point a, must accept high volatility. At point T, the investor can have an intermediate expected return with lower volatility. If there is no riskfree borrowing or lending, only portfolios above b along abc are mean-variance-efficient, since these portfolios also maximize expected return, given their return variances. Adding riskfree borrowing and lending turns the efficient set into a straight line. Consider a portfolio that invests the proportion x of portfolio funds in a riskfree security and 1-x in some portfolio g. If all funds are invested in the riskfree security ?C that is, they are loaned at the riskfree rate of interest ?C the result is the point R f in Figure 1, a portfolio with zero variance and a riskfree rate of return. Combinations of riskfree lending and positive investment in g plot burberry outlet online on the straight line between R f and g. Points to the right of g on the line represent borrowing at the riskfree rate, with the proceeds from the borrowing used to increase investment in portfolio g. 4 In short, portfolios that combine riskfree lending or borrowing with some risky portfolio g plot along a straight line from R f through g in Figure 1. 2 To obtain the mean-variance-efficient portfolios available with riskfree borrowing and lending, one swings a line from Rf in Figure 1 up and to the left as far as possible, to the tangency portfolio T. We can then see that all efficient portfolios are combinations of the riskfree asset (either riskfree borrowing or lending) and a single risky tangency portfolio, T. This key result is Tobin??s (1958) ??separation theorem.?? The punch line of the CAPM is now straightforward. With complete agreement about distributions of returns, all investors see the same opportunity set (Figure 1) and they combine the same risky tangency portfolio T with riskfree lending or borrowing. Since all investors hold the same portfolio T of risky assets, it must be the value-weight market portfolio of risky assets. Specifically, each risky asset??s weight in the tangency portfolio, which louis vuitton usa we now call M (for the ??market??), must be the total market value of all outstanding units of the asset divided by total market value of all risky assets. In addition, the riskfree rate must be set (along with the prices of risky assets) to clear the market for riskfree borrowing and lending. In short, the CAPM assumptions imply that the market portfolio M must be on the minimum variance frontier if the uggs asset market is to clear. This means that the algebraic relation louis vuitton cheap 2 Formally, the return, expected return, and standard deviation of return on portfolios of the riskfree asset f and a risky portfolio g vary with x, the proportion of portfolio funds invested in f, as, which together imply that the portfolios plot along the line from f through g in Figure 1. 5 that holds for any minimum variance portfolio must hold for the market portfolio. Specifically, if there are N risky assets, (Minimum Variance Condition for M) ( )()[()()], i Louis Vuitton zMMzM iM ER ER ER ER b =+- i=1,??,N. In this equation, E(R i ) is the expected return on asset i and ?iM , the market beta of asset i, is the covariance of its return with the market return divided by the variance of the market return, The first term on the right-hand side of the minimum Uggs Outlet variance condition, E(RzM ), is the expected return on assets that have market betas equal to zero, which means their returns are uncorrelated with the market return. The second term is a risk premium ?C the market beta of asset i, ?iM , times the premium per unit of beta, which is the burberry outlet expected market return, E(RM), minus E(RzM ). Since the market beta of asset i is also the slope in the regression of its return on the market return, a common (and correct) interpretation of beta is that it measures the sensitivity of the asset??s return to variation in the market return. But there is another interpretation of beta more in line with the spirit of the portfolio model that underlies the CAPM. The risk of the market portfolio, as measured by the variance of its return (the denominator of ?iM ), is a weighted average of the covariance risks of the assets in M (the numerators of ?iM for different assets). Thus, ?iM is the covariance risk of asset i in M measured relative to the average 6 covariance risk of assets, which is just the variairmly reject the Sharpe ?C Lintner version of the CAPM. There is a
positive relation louis vuitton cheap between beta and average return, but it is too ??flat??. Uggs Outlet Recall that, in Louis Vuitton cross-section 11 regressions, the Sharpe ?C Lintner model predicts that the intercept is the riskfree rate and the coefficient on beta is the expected market return in excess of the riskfree rate, E(RM) - Rf . The regressions consistently find that the intercept is greater than the average riskfree rate (typically proxied as the return on a one-month Treasury bill), and the coefficient on beta is less than the average excess market return (proxied as the average return on a portfolio of U.S. common stocks minus the Treasury bill rate). This is true in the early tests, such as Douglas (1968), Black, Jensen and Scholes (1972), Miller and Scholes (1972), Blume and Friend (1973), and Fama and MacBeth (1973), as well as in more recent cross-section regression tests, like Fama and French (1992). The evidence that the relation between beta and average return is too flat is confirmed in time series tests, such as Friend and Blume (1970), Black, Jensen, and Scholes (1972), and Stambaugh (1982). The intercepts in time series regressions of excess asset returns on the excess market return are positive for assets with low betas and negative for assets with high betas. Figure 2 provides an updated example of the evidence. In December of each year, we estimate a pre-ranking beta for every NYSE (1928-2003), AMEX (1963-2003), and NASDAQ (1972-2003) stock in the CRSP (Center for Research in Security Prices of the University of Chicago) database, using 2 to 5 years (as available) of prior monthly returns. 5 We then form ten value-weight portfolios based on these pre-ranking betas, and compute their returns for the next twelve months. We repeat this process for each year from 1928 to 2003. The result is 912 monthly returns on ten beta-sorted portfolios. Figure 2 plots each portfolio??s average return 5 To be included in the sample for year t, a security must have market equity data (price times shares outstanding) for December of t-1 and CRSP must classify it as ordinary common equity. Thus, we exclude securities such as ADR??s and REIT??s. 12 against its post-ranking beta, estimated by regressing its monthly returns for 1928-2003 on the return on the CRSP value-weight portfolio of U.S. common stocks. The Sharpe ?C Lintner CAPM predicts that the portfolios plot along a straight line, with an intercept equal to the riskfree rate, R f , and a slope equal to the expected excess return on the market, E(RM) - Rf . We use the average burberry outlet online one-month Treasury bill rate and the average excess CRSP market return for 1928-2003 to estimate the predicted line in Figure 2. Confirming earlier evidence, the relation between beta and average return for the ten portfolios is much flatter than the Sharpe ?C Lintner CAPM predicts. The returns on the low beta portfolios are too high and burberry outlet the returns on the high beta portfolios are too low. For example, the predicted return on the portfolio with the lowest beta is 8.3% per year; the actual return is 11.1%. The predicted return on the portfolio with uggs the highest beta is 16.8% per year; the actual is 13.7%. Although the observed premium per unit of beta is lower than the Sharpe ?C Lintner model predicts, the relation between average return and beta in Figure 2 is roughly linear. This is consistent with the Black version of the CAPM, which predicts only that the beta premium is positive. Even this less restrictive model, however, eventually louis vuitton usa succumbs to the data. Testing Whether Market Betas Explain Expected Returns The Sharpe ?C Lintner and Black versions of the CAPM share the prediction that the market portfolio is mean-variance-efficient. This implies that differences in expected return across securities and portfolios are entirely explained by differences in market beta; other variables should add nothing to the explanation of expected return. This prediction plays a prominent role in tests of the CAPM. In the early work, the weapon of choice is cross-section regressions. 13 In the framework of Fama and MacBeth (1973), one simply adds pre-determined explanatory variables to the month-by-month cross-section regressions of returns on beta. If all differences in expected return are explained by beta, the average slopes on the additional variables should not be reliably different from zero. Clearly, the trick in the cross-section regression approach is to choose specific additional variables likely to expose any problems of the CAPM prediction that, because the market portfolio is efficient, market betas suffice to explain expected asset returns. For example, in Fama and MacBeth (1973) the additional variables are squared
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