"SEMIOTICS OF MARKETING"

by

Christian PINSON*

N° 92/22/MKT

* Professor of Marketing, INSEAD, Boulevard de Constance,Fontainebleau 77305 Cedex, France.

Printed at INSEAD,Fontainebleau, France

"SEMIOTICS OF MARKETING"

by

Christian PINSON

ABSTRACT

This paper was commissioned to appear in the forthcoming Encyclopedia of Language and

Linguistics. It aims to survey, in a concise fashion, the diverse theories and uses of semiotics

by marketing scholars.

SEMIOTICS OF MARKETING

Semiosis, i.e. the process by which things and events come to be recognized as signs, is of

particular relevance to marketing scholars and practitioners. The term marketing encompasses

those activities involved in identifying the needs and wants of target markets and delivering the

desired satisfactions more effectively and efficiently than competitors. Whereas early

definitions of marketing focused on the performance of business activities that direct the flow

of goods and services from producer to consumer or user, modern definitions stress that

marketing activities involve interaction between seller and buyer and not a one-way flow from

producer to consumer. As a consequence, the majority of marketers now view marketing in

terms of exchange relationships. These relationships entail physical, financial, psychological

and social meanings. The broad objective of the semiotics of marketing is to make explicit the

conditions under which these meanings are produced and apprehended.

Although semioticians have been actively working in the field of marketing since the 1960s, it

is only recently that semiotic concepts and approaches have received international attention and

recognition (for an overview, see Mick, 1986, Umiker-Sebeok, 1988, Pinson, 1988).

Diffusion of semiotic research in marketing has been made difficult by cultural and linguistic

barriers as well as by divergence of thought. Whereas Anglo-Saxon researchers base their

conceptual framework on Charles Pierce's ideas, Continental scholars tend to refer to the sign

theory in Ferdinand de Saussure and to its interpretation by Hjelmslev.

1. The symbolic nature of consumption.

Consumer researchers and critics of marketing have long recognized the symbolic nature of

consumption and the importance of studying the meanings attached by consumers to the

various linguistic and non-linguistic signs available to them in the marketplace. In a seminal

article, Sidney Levy (1959) suggested that products are 'symbols for sale'. What he meant

was that products are often purchased and consumed for their symbolic as well as their

pragmatic value.

Products (and services) serve three symbolic purposes. First, products allow consumers to

create meaning for themselves, to symbolize to themselves who they are (self concept theory).

The self concept comprises all of an individual's thoughts and feelings about himself. It is an

articulated schema (knowledge structure) that functionally controls how self-referent

information is processed and structurally organized in memory. Second, products are signs

that are essential for creating an identity, a status in the eyes of significant others. The study of

status symbols goes back to Veblen's 1899 book 'The Theory of the Leisure Class' in which

he strongly criticized the 'conspicuous consumption' and 'conspicuous waste' that he saw

around him. Consumers acquire very early the 'language' of consumption symbols. They

learn to make inferences about others based on their choices of consumption objects and prefer

products with images more similar to their self concept and 'ideal self concept' (how the

individual would ideally like to see himself or be seen by others). Finally, products may be

instrumental to the symbolic extension of the self. Extension of the self through the display of

possessions corresponds to a long research traditional in anthropology and sociology and some

of these works (e.g. M. Douglas and B. Isherwood, 1979) have eventually led to the

emergence of a new stream of consumer research (called 'postmodernist'), which has been the

subject of considerable controversy involving methodological and philosophical issues (see

Hirschman, 1989).

2. Products as language.

Products are often perceived and described as being part of a family, constellation or system of

complementary or substitutable objects. This suggests that products are not only signs but also

form sign systems and that they are analyzable in terms of paradigmatic and syntagmatic

relations. While paradigmatic relationships refer to both similarities and differences between

the products under consideration, syntagmatic relationships correspond to a formal proximity,

2

a co-presence, of these products in the same purchase or usage strings. A purchase/usage

'string' or 'chain' consists of all the products bought/used by the consumer in the course of

fulfilling his consumption goal. A product paradigm is a class of products that can occupy the

same place in the syntagmatic string or, in other terms, a set of products, each of which is

compatible with or substitutable for the other in the same usage context (e.g. toque - hood -

bonnet). These products belong to the same associative set by virtue of the function they

share. Syntagmatic product relations refer to the permissible ways in which products succeed

each other or combine together in a usage string. These products are brought together by virtue

of syntactic rules as in clothing codes (e.g. shirt - blouse - jacket) or culinary codes (appetizer -

entree - dessert). These rules reflect cultural or aesthetic conventions. They may also

correspond to functional constraints (other than 'part-whole' or meronymic relations) which

suggest certain ordering as in the following syntagm: facial cleanser - pre-shave lotion - shaver

- after-shave lotion.

While the paradigmatic dimension of the language of products has been well researched and is

ingrained in almost any market-structure and product-image and positioning studies, the topic

of product syntax and syntagmatic relations has received comparatively little attention from

scholars and marketing practitioners. For the most part, marketing researchers have looked at

usage situations to get a feel for which products are perceived to be similar, hence substitutable

(paradigmatic relationships), and have largely ignored how product combinations arise

(syntagmatic relationships). The objectives of syntagmatic research in marketing have been

described (Kehret-Ward, 1988) as involving the following five steps: a) itemize the string of

complementary products required by consumers to achieve a particular consumption goal;

b) identify temporal and/or spatial combinatorial categories for objects which are functionally

related to that goal; c) identify principles for establishing prominence among the combinatorial

categories and d) describe any systematic differences in the combinatorial rules observed by

different user groups.

3

Critics (e.g. NOth, 1988) have objected that students of consumption syntax do not have firm

bases on which to decide what constitutes an 'acceptable' combination of products, and that the

product combinations studied so far are rudimentary (e.g. additive) operations involving

cultural or aesthetic rules and conventions which simply restrict the possibility of combining

certain products for reasons which might be more pragmatic than syntactic in nature.

3. Meaning and Structure in Advertising

Advertising constitutes one of the major fields of applied semiotic research (see Appiano,

1986, Bachand, 1988, Henny, 1987, IREP, 1976, 1983, Moragas, 1980, Peninou, 1972).

Following Barthes (1964), one can distinguish three types of messages in an illustrated

advertisement: the linguistic message (brand name, text...), the uncoded iconic message in

which the 'photographic' image denotes the material object advertised and finally the coded

iconic message. Eco (1968) introduces three additional elements: the verbal and visual tropes,

or rhetorical figures; the loci, or topoi, of argumentation and the enthymemes, i.e. the

incomplete or apparent syllogisms used to persuade emotionally rather than logically.

Metaphor and metonymy are two examples of tropes frequently used by advertisers. Geis

(1982) argues that advertisers (like many other speakers) often employ the strategy of implying

rather than asserting claims and that they should be held responsible for these invalid

`conversational implicatures' (Grice) that derive from what they say. Durand (1970) identified

virtually all of the rhetorical figures used in advertisements and suggested classifying them

according to four rhetorical operations: addition/suppression/substitution/ exchange, and four

relationships between the variable elements: identity/ similarity/difference/opposition.

The 'signifier-signified' dichotomy introduced by de Saussure and Hjelmslev to distinguish

between the material object or ostensible representation of the sign ('signifier') and the mental

concept to which it refers ('signified') has been considered by many applied semioticians the

key to advertising analysis. The importance of semiotic connotations has been clearly shown

in the work of Roland Barthes on advertising images. Denotative signifieds are 'first-order'

4

signifying systems. They correspond to the literal meaning of the advertising sign, to what is

'objectively' referred to in the advertising image. Connotative signifiers are introduced by the

receiver of the advertising message. They correspond to 'second-order signifying systems -

systems which build on already existing ones. While the denotative meaning of an advertising

image is generally viewed as a non-coded, iconic message, its connotative meaning involves a

coded iconic, or symbolic, message that requires interpretation by means of cultural

conventions or codes. Barthes, like other critics of advertising (e.g. Williamson, 1978,

Vestergaard and Schroder, 1988), identifies connotation with the operation of 'ideology' and

production of 'myth'. He also suggests that denotation itself is not innocent or neutral and

participates in the manipulation of the public by creating the illusion that 'it is the first

meaning'.

Pierce's division of signs between icon, index and symbol provides another way of looking at

advertising signs. Iconic advertising signs (e.g. photographic pictures) are used to make the

signifier-signified relationship one of resemblance to the 'real' object or person. Some

advertising signs are used indexically to indicate a further meaning to the one immediately and

obviously signified. The index sets up a relation of 'natural' or existential contiguity. For

example, the co-presence of a woman in front of the Eiffel Tower in the advertisement for Yves

Saint Laurent's 'Paris' perfume indexically suggests French 'Parisienne'. The relationship

between signifier and signified is often not based on resemblance nor on a natural link. In the

case of symbols, the signified is related to the signifier by convention or contract as where a

crown is used as a trademark for a beer.

Structuralist semioticians offer still another research paradigm. The so-called School of Paris

and Algirdas Greimas in particular (see Greimas and Courtes, 1979) has inspired many applied

studies of the 'deep' as opposed to 'surface' structures of advertising messages. A key

principle of this research tradition is that the meaning of a sign can be assessed only in relation

to its structural relationship with other signs. The procedure of commutation (i.e. artificially

changing an element in the advertising message to observe whether the change modifies the

5

meaning) provides one way of recognizing semiotic units (see Porcher, 1976). Differences

between surface and deep messages correspond to different levels of meaning and (intensive

and extensive) complexity. Greimas' model of the generative trajectory of discourse represents

the production of meaning as a pathway which starts at the deep level with abstract relations

(e.g. the semiotic square), ensuring the minimum conditions for signification, and progresses

through semio-narrative and discursive structures to the complex patterns underlying the

manifestation of advertising discourse, whether verbal, visual or otherwise.

The elementary structure of signification involves recognition of the existence of two basic

types of opposition: contradiction (privative relation in the Jakobsonian sense) and contrariety

(qualitative relation). For example, 'female' and 'male' are in a qualitative or contrariety

relation whereas `male'/`non-male' (or `female'rnon-female') correspond to a privative or

contradiction relation. The relations `male'/`non-female' and lemale'tnon-male' correspond

to complementarity relations and the operation which constitutes them is called implication.

Greimas' celebrated semiotic square (Greimas and Courtes, 1979) is a visual representation of

these relations and elementary structure. The interest of the semiotic square for advertising

researchers lies in its ability to model virtual and predictable relations. Potential semantic

positions and processes can be entered onto the semiotic square to produce, ultimately, the

specific items of advertising discourse.

Semio-narrative structures are viewed by Greimasians as the depository of fundamental

signifying forms. They exist at the deep level and correspond to imaginary universals. These

plots or stories are generated from a finite number of elements, disposed in a finite number of

ways, and can be represented according to a model known as the 'narrative schema'. Derived

from Propp's studies of folk-tales and myths, the schema describes the four major elements

which comprise the basic structure of all narratives: contract competence - performance -

sanction. The advertising message can therefore be studied as a 'contract' proposed by its

enunciator to the addressee. To fulfil the 'contract', the enunciator needs to display the

competences which will allow for the performance expected by the addressee to occur. Once

6

the performance has been accomplished the enunciator will receive a positive or negative

sanction reflecting how closely his performance matches the addressee's expectations. The

advertising message quite often establishes an intersubjective relationship which has as its

effect the modification of the status of each of the subjects involved. The addressee, therefore,

should not be viewed as a given but rather is constructed through the portrait of the 'model

reader' (Eco) presented in the message, to which the receiver is invited to conform. It is in this

sense that the receiver is invited to become a co-enunciator, as in the Black & White advertising

campaigns studied by Bertrand (1988): in this campaign, the addressee is identified as

someone who is endowed with the ability to enjoy the use of irony in advertising.

The discursive structures correspond to the spatial, temporal and personal representations

which define the thematic and figurative universe of each advertising discourse. It is through

the discursive structures that the virtualities offered by the semio-narrative structures are

selected and ordered by the enunciator to fulfil a particular narrative function. It is the task of

the semiotician to identify the thematic and figurative roles held by the `actants' (actantial

model) and to study the various forms of narrative programs as well as the values which recur

within them. For example, Floch (1990) shows that car advertising campaigns can be

classified and studied according to four major types of values which may be invested in the car-

object: utilitarian, utopian, critical and hedonic. These four values can be 'projected' onto a

semiotic square to identify which positional values are currently invested, semantically, by car

producers in their advertising discourses and which ones are still available for future campaigns

and product positioning or repositioning attempts.

Jakobson's model of the six functions of communication has received considerable attention

from advertising researchers (see Peninou, 1972). It is seen as a useful and simple

representation of the major tasks of any advertising campaign. It also enables advertisements

to be classified on the basis of which functions are predominant. It will be recalled that the

referential function focuses on the referent (the product or service advertised), whereas the

expressive, or emotive, and conative functions are oriented toward building the enunciator and

7

the addressee, respectively. The conative and referential functions are particularly important in

marketing where producers and sellers are attempting to segment their potential markets by

creating unique images for their products and intended product users. Advertisers have often

been accused of neglecting these marketing objectives in their attempts to capture the audience's

attention (phatic function) or to produce autotelic messages (poetic function), i.e. the message

has no other function beside itself. The sixth function, the metalinguistic, corresponds to

communication strategies where advertisers try to install a code of communication between

themselves and target customers. This code may involve the use of music (as in the famous

DIM pantyhose campaigns), color (e.g. Marlboro's distinctive red and white shapes), or any

other element.

While early semiotic approaches had relegated the receiver of the advertising message to a

rather secondary or passive position, more recent approaches (e.g. Everaert-Desmedt, 1984),

mainly inspired by theories of pragmatics (Austin, Searle, Ducrot) have assigned the receiver a

crucial role in the reception of the message, apparently indicating a resurgence of interest in the

subjective aspect of semiosis. Pragmatics takes into account factors which are external to the

message and is founded on the idea of an intersubjective position on which the (advertising)

discourse acts. In this framework, it is essential to define the enunciator and addressee as

discursive entities which may be totally distinct from the real sender and receiver of the

message. Signification is globally dependent on the context in which the communication act

occurs. The 'illocutionary force' (Austin) of a successful communication, which determines

how it is going to be received, is determined by such factors as what precedes and follows it

(the co-text), what it refers to (referential context), the physical and social surroundings in

which the act takes place (situational context), the activities or intentions of other 'speakers'

participating in the communicative situation (actional context), the expectations, motivations,

interests, the explicit and implicit images that the sender and the receiver have of themselves

and of the communication (psychological context).

8

4. Other semiotic applications

Although advertising is by far the most visible application area, semiotic approaches have also

been successfully applied to other elements of the marketing-mix, particularly to such varied

domains as branding, the design of logos, packaging, products, stores, promotional objects

and so forth. The interested reader is referred to Floch (1990), Umiker-Sebeok (1988) and

Pinson (1988) for a presentation of some of these studies. They testify that, over the past

twenty years, semiotics has taken on a significant role in marketing research. Future work is

expected to give us a better understanding of the principles governing the production and

reception of an expanded range of discourse, in particular of discourses that are mediated

through shapes, materials, colors and other plastic elements ("plastic discourse").

9

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"Shared history or shared culture? Theeffects of time, culture, and performance oninstitutionalization in simulatedorganizations", January 1989.

"Coordinating manufacturing and businessstrategies: I", February 1989.

"Structural adjustment in European retailbanking. Some view from industrialorganisation", January 1989.

"Trends in the development of technologyand their effects on the production structurein the European Community", January 1989.

"Brand proliferation and entry deterrence",February 1989.

"A market based approach to the valuationof the assets in place and the growthopportunities of the firm", December 1988.

"Understanding the leader-strategy interface:application of the strategic relationshipinterview method", February 1989.

"Estimating dynamic response models whenthe data are subject to different temporalaggregation", January 1989.

89/13 Manfred KEGS DE VRIES

89/14

Reinhard ANGELMAR

89/15

Reinhard ANGELMAR

89/16

Wilfried VANHONACKER,Donald LEHMANN andFareena SULTAN

89/17

Gilles AMADO,Claude FAUCHEUX andAndre LAURENT

89/18

Srinivasan BALAK-RISHNAN andMitchell KOZA

89/19

Wilfried VANHONACKER,Donald LEHMANN andFareena SULTAN

89/20

Wilfried VANHONACKERand Russell WINER

89/21

Amoud de MEYER andKasra FERDOWS

89/22

Manfred KETS DE VRIESand Sydney PERZOW

89/23

Robert KORAJCZYK andClaude VIALLET

89/24

Martin KILDUFF andMitchel ABOLAFIA

"The impostor syndrome: a disquietingphenomenon in organizational life", February1989.

"Product innovation: a tool for competitiveadvantage", March 1989.

"Evaluating a firm's product innovationperformance", March 1989.

"Combining related and sparse data in linearregression models", February 1989.

"Changement organisationnel et r6alitesculturelles: contrastes franco-amOricairts",March 1989.

"Information asymmetry, market failure andjoint-ventures: theory and evidence",March 1989.

"Combining related and sparse data in linearregression models", Revised March 1989.

"A rational random behavior model ofchoke", Revised March 1989.

"Influence of manufacturing improvementprogrammes on performance", April 1989.

"What is the role of character inpsychoanalysis?" April 1989.

"Equity risk premia and the pricing offoreign exchange risk" April 1989.

"The social destruction of reality:Organisational conflict as social drama"zApril 1989.

89/25 Roger BETANCOURT and

David GAUTSCHI

89/26

Charles BEAN,

Edmond MALINVAUD,

Peter BERNHOLZ,

Francesco GIAVAllI

and Charles WYPLOSZ

89/27

David KRACKHARDT and

Martin KILDUFF

89/28

Martin KILDUFF

89/29 Robert GOGEL and

Jean-Claude LARRECHE

89/30 Lars-Hendrik ROLLER

and Mihkel M. TOMBAK

89/31 Michael C. BURDA and

Stefan GERLACH

89/32 Peter HAUG and

Tawfik JELASSI

89/33 Bernard SINCLAIR-

DESGAGNE

89/34

Sumantra GHOSHAL and

Nittin NOHRIA

89/35

Jean DERMINE and

Pierre HILLION

"Two essential characteristics of retail

markets and their economic consequences"

March 1989.

"Macroeconomic policies for 1992: the

transition and after". April 1989.

"Friendship patterns and cultural

attributions: the control of organizational

diversity", April 1989.

"The interpersonal structure of decision

making: a social comparison approach to

organizational choice", Revised April 1989.

"The battlefield for 1992: product strength

and geographic coverage", May 1989.

"Competition and Investment in Flexible

Technologies", May 1989.

"Intertemporal prices and the US trade

balance in durable goods". July 1989.

"Application and evaluation of a multi-

criteria decision support system for the

dynamic selection of U.S. manufacturing

locations", May 1989.

"Design flexibility in monopsonistic

industries", May 1989.

"Requisite variety versus shared values:

managing corporate-division relationships in

the M-Form organisation", May 1989.

"Deposit rate ceilings and the market value

of banks: The case of France 1971-1981",

May 1989.

89/36 Martin KILDUFF

89/37 Manfred KETS DE VRIES

89/38 Manfred KETS DE VRIES

89/39 Robert KORAJCZYK and

Claude VIALLET

89/40 Balaji CHAKRAVARTHY

89/41 B. SINCLAIR-DESGAGNE

and Nathalie DIERKENS

89/42 Robert ANSON and

Tawfik JELASSI

89/43 Michael BURDA

89/44 Balaji CHAKRAVARTHY

and Peter LORANGE

89/45 Rob WEITZ and

Arnoud DE MEYER

89/46 Marcel CORSTJENS,

Carmen MATUTES and

Damien NEVEN

89/47 Manfred KETS DE VRIES

and Christine MEAD

89/48

Damien NEVEN and

Lars-Hendrik ROLLER

"A dispositional approach to social networks:

the case of organizational choice", May 1989,

"The organisational fool: balancing a

leader's hubris", May 1989.

"The CEO blues", June 1989.

"An empirical investigation of international

asset pricing", (Revised June 1989).

"Management systems for innovation and

productivity", June 1989.

"The strategic supply of precisions", June

1989.

"A development framework for computer-

supported conflict resolution", July 1989.

"A note on firing costs and severance benefitsin equilibrium unemployment", June 1989.

"Strategic adaptation in multi-businessfirms", June 1989.

"Managing expert systems: a framework andcase study", June 1989.

"Entry Encouragement", July 1989.

"The global dimension in leadership and

organization: issues and controversies", April

1989.

"European integration and trade flows",August 1989.

89/49 Jean DERMINE "Home country control and mutualrecognition", July 1989. 89/62 Arnoud DE MEYER

(TM)89/50 Jean DERMINE "The specialization of financial institutions,

the EEC model", August 1989. 89/63 Enver YUCESAN and(TM) Lee SCHRUBEN

89/51 Spyros MAKRIDAKIS "Sliding simulation: a new approach to timeseries forecasting", July 1989. 89/64 Enver YUCESAN and

(TM) Lee SCHRUBEN

89/52 Arnoud DE MEYER "Shortening development cycle times: amanufacturer's perspective", August 1989. 89/65 Soumitra DUTTA and

89/53 Spyros MAKRIDAKIS "Why combining works?", July 1989.(TM,AC, FIN)

Piero BONISSONE

89/54 S. BALAKRISHNAN "Organisation costs and a theory of joint 89/66 B. SINCLAIR-DESGAGNEand Mitchell KOZA ventures", September 1989. (TM/EP)

89/55 H. SCHUTTE "Euro-Japanese cooperation in information 89/67 Peter BOSSAERTS andtechnology", September 1989. (FIN) Pierre HILLION

89/56 Wilfried VANHONACKERand Lydia PRICE

"On the practical usefulness of meta-analysisresults", September 1989.

199089/57 Taekwon KIM,

Lars-Hendrik ROLLERand Mihkel TOMBAK

"Market growth and the diffusion ofmultiproduct technologies", September 1989. 90/01

TM/EP/ACB. S1NCLAIR-DESGAGNE

89/58 Lars-Hendrik ROLLER "Strategic aspects of flexible production 90/02 Michael BURDA(EP,TM) and Mihkel TOMBAK technologies", October 1989. EP

89/59(011)

Manfred ICETS DE VRIES,Daphne ZEVADI,Alain NOEL and

"Locus of control and entrepreneurship: athree-country comparative study", October1989.

90/03TM

Arnoud DE MEYER

Mihkel TOMBAK

89/60 Enver YUCESAN and "Simulation graphs for design and analysis of 90/04 Gabriel HAWAWINI and(TM) Lee SCHRUBEN discrete event simulation models", October FIN/EP Eric RAJENDRA

1989.

89/61 Susan SCHNEIDER and "Interpreting and responding to strategic 90/05 Gabriel HAWAWINI and(All) Arnoud DE MEYER issues: The impact of national culture",

October 1989.FIN/EP Bertrand JACQUILLAT

"Technology strategy and international R&Doperations", October 1989.

"Equivalence of simulations: A graphapproach", November 1989.

"Complexity of simulation models: A graphtheoretic approach", November 1989.

"MARS: A mergers and acquisitionsreasoning system", November 1989.

"On the regulation of procurement bids",November 1989.

"Market microstructure effects ofgovernment intervention in the foreignexchange market", December 1989.

"Unavoidable Mechanisms", January 1990.

"Monopolistic Competition, Costs ofAdjustment, and the Behaviour of EuropeanManufacturing Employment", January 1990.

"Management of Communication inInternational Research and Development",January 1990.

"The Transformation of the EuropeanFinancial Services Industry: FromFragmentation to Integration", January 1990.

"European Equity Markets: Toward 1992and Beyond", January 1990.

90/06 Gabriel HAWAWINI and "Integration of European Equity Markets:FIN/EP Eric RAJENDRA Implications of Structural Change for Key

Market Participants to and Beyond 1992",January 1990.

90/17FIN

Nathalie DIERKENS "Information Asymmetry and Equity Issues",Revised January 1990.

90/18 Wilfried VANHONACKER "Managerial Decision Rules and the90/07 Gabriel HAWAWINI "Stock Market Anomalies and the Pricing of MKT Estimation of Dynamic Sales ResponseFIN/EP Equity on the Tokyo Stock Exchange",

January 1990.Models", Revised January 1990.

90/19 Beth JONES and "The Effect of Computer Intervention and90/08TM/EP

Tawfik JELASSI andB. S1NCLAIR-DESGAGNE

"Modelling with MCDSS: What aboutEthics?", January 1990.

TM Tawfik JELASSI Task Structure on Bargaining Outcome",February 1990.

90/09 Alberto GIOVANNINI "Capital Controls and International Trade 90/20 Tawfik JELASSI, "An Introduction to Group Decision andEP/FIN and Jae WON PARK Finance", January 1990. TM Gregory KERSTEN and Negotiation Support", February 1990.

Stanley ZIONTS90/10 Joyce BRYER and "The Impact of Language Theories on DSSTM Tawfik JELASSI Dialog", January 1990. 90/21 Roy SMITH and "Reconfiguration of the Global Securities

FIN Ingo WALTER Industry in the 1990's", February 1990.90/11 Enver YUCESAN "An Overview of Frequency DomainTM Methodology for Simulation Sensitivity 90/22 Ingo WALTER "European Financial Integration and Its

Analysis", January 1990. FIN Implications for the United States", February1990.

90/12 Michael BURDA "Structural Change, Unemployment BenefitsEP and High Unemployment: A U.S.-European 90/23 Damien NEVEN "EEC Integration towards 1992: Some

Comparison", January 1990. EP/SM Distributional Aspects", Revised December1989

90/13 Soumitra DUTTA and "Approximate Reasoning about TemporalTM Shashi SHEKHAR Constraints in Real Time Planning and 90/24 Lars Tyge NIELSEN "Positive Prices in CAPM", January 1990.

Search", January 1990. FIN/EP

90/ 1 4TM

Albert ANGEHRN andHans-Jakob LOTH'

"Visual Interactive Modelling and IntelligentDSS: Putting Theory Into Practice", January

90/25FIN/EP

Lam Tyge NIELSEN "Existence of Equilibrium in CAPM",January 1990.

1990.

90/26 Charles KADUSHIN and "Why networking Fails: Double Binds and90/15TM

Arnoud DE MEYER,Dirk DESCHOOLMEESTER,Rudy MOENAERT and

"The Internal Technological Renewal of aBusiness Unit with a Mature Technology",January 1990.

OB/BP Michael BR1MM the Limitations of Shadow Networks",February 1990.

Jan BARBE 90/27 Abbas FOROUGHI and "NSS Solutions to Major NegotiationTM Tawfik JELASSI Stumbling Blocks", February 1990.

90/16 Richard LEVICH and "Tax-Driven Regulatory Drag: EuropeanFIN Ingo WALTER Financial Centers in the 1990's", January 90/28 Amoud DE MEYER "The Manufacturing Contribution to

1990. TM Innovation", February 1990.

90/40 Manfred KETS DE VRIES "Leaders on the Couch: The case of Roberto90/29 Nathalie DIERKENS "A Discussion of Correct Measures of OR Calvi", April 1990.FIN/AC Information Asymmetry", January 1990.

90/30 Lars Tyge NIELSEN "The Expected Utility of Portfolios of90/41FIN/EP

Gabriel HAWAWINI,MIA SWARY and

"Capital Market Reaction to theAnnouncement of Interstate Banking

FIN/EP Assets", March 1990. 1k HWAN JANG Legislation", March 1990.

90/31 David GAUTSCHI and "What Determines U.S. Retail Margins?". 90/42 Joel STECKEL and "Cross-Validating Regression Models inMKT/EP Roger BETANCOURT February 1990. MKT Wilfried VANHONACKER Marketing Research", (Revised April 1990).

90/32 Srinivasan BALAK- "Information Asymmetry, Adverse Selection 90/43 Robert KORAJCZYK and "FAmity Risk Premia and the Pricing ofSM RISHNAN and

Mitchell KOZAand Joint-Ventures: Theory and Evidence",Revised, January 1990.

FIN Claude VIALLET Foreign Exchange Risk", May 1990.

90/33 Caren SIEHL, "The Role of Rites of Integration in Service 90/44 Gilles AMADO, "Organisational Change and CulturalOB David BOWEN and Delivery", March 1990. OB Claude FAUCHEUX and Realities: Franco-American Contrasts". April

Christine PEARSON Andre LAURENT 1990.

90/45 Soumitra DUTTA and "Integrating Case Based and Rule Based90/34FIN/EP

Jean DERMINE "The Gains from European BankingIntegration, a Call for a Pro-Active

TM Piero BONISSONE Reasoning: The Possibilistic Connection",May 1990.

Competition Policy", April 1990.90/46 Spyros MAKRIDAKIS "Exponential Smoothing: The Effect of

90/35 Jae Won PARK "Changing Uncertainty and the Time. TM and Michele H1BON Initial Values and Loss Functions on Post-EP Varying Risk Pretnia in the Term Structure

of Nominal Interest Rates", December 1988,Revised March 1990. 90/47 Lydia PRICE and

Sample Forecasting Accuracy".

"Improper Sampling in NaturalMKT Wilfried VANHONACKER Experiments: Limitations on the Use of

90/36 Arnoud DE MEYER "An Empirical Investigation of Meta-Analysis Results in BayesianTM Manufacturing Strategies in European

industry", April 1990.Updating", Revised May 1990.

90/48 Jae WON PARK "The Information in the Term Structure of90/37TM/08/SM

William CATS-BARIL "Executive Information Systems: Developingan Approach to Open the Possibles", April

EP Interest Rates: Out-of-Sample ForecastingPerformance", June 1990.

1990.90/49 Soumitra DUTTA "Approximate Reasoning by Analogy to

90/38 Wilfried VANHONACKER "Managerial Decision Behaviour and the TM Answer Null Queries", June 1990.MKT Estimation of Dynamic Sales Response

Models", (Revised February 1990). 90/50 Daniel COHEN and "Price and Trade Effects of Exchange RatesEP Charles WYPLOSZ Fluctuations and the Design of Policy

90/39TM

Louis LE BLANC andTawfik JELASSI

"An Evaluation and Selection Methodologyfor Expert System Shells", May 1990.

Coordination". April 1990.

90/51 Michael BURDA and "Gross Labour Market Flows in Europe: 90/63 Sumantra GHOSHAL and "Organising Competitor Analysis Systems",EP Charles WYPLOSZ Some Stylized Facts", June 1990. SM Eleanor WESTNEY August 1990

90/52 Lars Tyge NIELSEN "The Utility of Infinite Menus", June 1990. 90/64 Sumantra GHOSHAL "Internal Differentiation and CorporateFIN SM Performance: Case of the Multinational

Corporation", August 199090/53 Michael Burda "The Consequences of German EconomicEP and Monetary Union", June 1990. 90/65 Charles WYPLOSZ "A Note on the Real Exchange Rate Effect of

EP German Unification", August 199090/54 Damien NEVEN and "European Financial Regulation: AEP Colin MEYER Framework for Policy Analysis", (Revised 90/66 Soumitra DUTTA and "Computer Support for Strategic and Tactical

May 1990). TM/SE/FIN Piero BONISSONE Planning in Mergers and Acquisitions",

September 199090/55 Michael BURDA and "Intertemporal Prices and the US TradeEP

90/56

Stefan GERLACH

Damien NEVEN and

Balance", (Revised July 1990).

"The Structure and Determinants of East-West

90/67TM/SE/FIN

Soumitra DUTTA andPiero BONISSONE

"Integrating Prior Cases and Expert Knowledge In

a Mergers and Acquisitions Reasoning System",

September 1990EP Lars-Hendrik ROLLER Trade: A Preliminary Analysis of the

Manufacturing Sector", July 1990 90/68 Soumitra DUTTA "A Framework and Methodology for Enhancing theTM/SE Business Impact of Artificial Intelligence

90/57 Lars Tyge NIELSEN Common Knowledge of a Multivariate Aggregate Applications", September 1990FIN/EP/ Statistic", July 1990TM 90/69 Soumitra DUTTA "A Model for Temporal Reasoning in Medical

TM Expert Systems", September 199090/58 Lars Tyge NIELSEN "Common Knowledge of Price and Expected CostFIN/EP/TM in an Ofigopolistic Market", August 1990 90/70

TMAlbert ANGEHRN "'Triple C': A Visual Interactive MCDSS",

September 199090/59 Jean DERMINE and "Economies of Scale andFIN Lars-Hendrik ROLLER Scope in the French Mutual Funds (SICAV) 90/71 Philip PARKER and "Competitive Effects in Diffusion Models: An

Industry", August 1990 MKT Hubert GATIGNON Empirical Analysis", September 1990

90/60 Pen 1Z and "An Interactive Group Decision Aid for 90/72 Enver YOCESAN "Analysis of Maricov Chains Using SimulationTM Tawfik JELASSI Mulfiobjective Problems: An Empirical TM Graph Models", October 1990

Assessment", September 1990

90/61 Pankaj CHANDRA and "Models for the Evlauation of Manufacturing

90/73

TMArnoud DE MEYER andKassa FERDOWS

"Removing the Barriers in Manufacturing",

October 1990TM Mihkel TOMBAK Flexibility", August 1990

90/62 Damien NEVEN and "Public Policy Towards TV Broadcasting in the 90/74 Sumantra GHOSHAL and "Requisite Complexity: Organising Headquarters-EP Menno VAN DIM Netherlands", August 1990 SM Nitin NOHRIA Subsidiary Relations in MNCs", October 1990

90/75MKT

Roger BETANCOURT andDavid GAUTSCHI

'The Outputs of Retail Activities: Concepts,Measurement and Evidence", October 1990

90/87

FIN/EP

Lars Tyge NIELSEN "Existence of Equilibrium in CAPM: FurtherResults•, December 1990

90/76 Wilfried VANHONACKER •Mamagetial Decisium Behaviour and the Estimation 90/118 Susan C. SCHNEIDER and "Cognition i Orgathsalithal Analysis: Who'sMKT of Dynamic Sales Response Models•,

Revised October 1990

011/MKT Reinhard ANGELMAR Miadig the sewer Revised, December 1990

90/89 Manfred F.R. KETS DE VRIES 'The CEO Who Coulda't Talk Straight and Other90/77 Warned VANHONACKER Toting the &rya Scheme of Sales Response to OB Tales hem the Board Room," December 1990MKT Advertising: An Aggregation-Independent

Athocorrelation Test•, October 1990 90/90 Philip PARKER "nice Ethiticity Dynamics over the AdoptionMKT Lifitcyck: An Emptied Study,' December 1990

90/78 Michael BURDA and "Exchange Rate Dynamics and CurrencyEP Stefan GERLACH Unilicatioa: The Osnmark - DM Rate",

October 1990

90/79 Anil GABA "Inferences with an Unknown Noise Level in •TM &mouth Process", October 1990

90/80 Anil GABA and "Using Survey Data in Inferences about Purchase

TM Robert WINKLER Behaviour•. October 1990 1991

9011 Tawfik JELASSI "Du Muth OE Futon Blian et Orientations desTM Systems Itheractifs d'Aide h la Decision,'

October 199091/01TM/gt4

Luk VAN WASSENHOVE,Leonard FORTUIN and

"Operational Research Can Do More for ManagersThan They MAL'

Paul VAN BEEK January 199190/82 Charles WYPLOSZ "Monetary Vogue and Fiscal Policy Discipline,•EP November 1990 91/02

Thl/Skl

Luk VAN WASSENHOVE,Leonard FORTUIN and

"Operational Research and Eaviromment,"January 1991

90/83 Nahalie DIERKENS and "Informatith Asymmetry and Corporate Paul VAN BEEKFIN/TM Bernard SINCLAIR-DESGAGNE Communkaliort: Results of • Pilot Study",

November 1990 91/03 Pekka HIETALA and "An Implicit Dividend Increase ist Rights Issues:

FIN Timm LOYITYNIEMI Theory and Evidence," January 199190/84 Philip M. PARKER `lie Effect of Advertising on Price and Quality:MKT The Optometric Industry Revisited," 91/04 Ian Tyge NIELSEN "Two-Fhod Separation, Factor Structure mad

December 1990 FIN Robustness," lathery 1991

9045 Avijit GHOSH and "Optimal Timing and Location in Competitive 91/05 Susan SCHNEIDER "Managing Inundation is Organisations,'MKT Vitas T1BREWALA Markets," November 1990 OB January 1991

90/86 Olivier CADOT and 'Prudence and Success in Politics," November 1990 91/06 Manfred KEYS DE VRIES, "Understanding the Leader-Strategy Itherface:UMW Bernard SINCLAIR-DESGAGNE 011 Danny MILLER and Application of the Strategic Relationship lateniew

Alain NOEL Method," January 1990 (139/11, revised April 1990)

91/07 Olivier CADOT "Lending to Insolvent Countries: A ParadoxicalEP Story," January 1991 91/19

MKTVikas TIBREWALA andBruce BUCHANAN

"An Aggregate Test of Purchase Regularity",March 1991

91/08 Charles WYPLOSZ "Post-Reform East and West: CapitalEl' Accumulation and the Labour Mobility 91/20 Darius SABAVALA and "Monitoring Short-Run Changes in Purchasing

Constraint," January 1991 MKT Vikas TIBREWALA Behaviour", March 1991

91/09TM

Spyros MAKRIDAICIS "What can we Learn from Failure?", February 1991 91/21SM

Sumantra GHOSHAL,Harry KORINE and

"Intermit Communication within MNCs: TheInfluence of Formal Structure Versus Integrative

Gabriel SZULANSKI Processes", April 199191/10 Luc Van WASSENHOVE and "Integrating Scheduling with Battling andTM C. N. POTTS Lot-Sizing: A Review of Algorithms and

Complexity", February 199191/22EP

David GOOD,Lars-Hendrik ROLLER and

"EC Integration and the Structure of the Franco-American Airline Industries: Implications for

Robin SICKLES Efficiency and Welfare", April 199191/11 Luc VAN WASSENHOVE et al. "Multi-Item Lotsizing in Capacitated Multi-StageTM Serial Systems", February 1991 91/23 Spyros MAKRIDAKIS and "Exponential Smoothing: The Effect of Initial

TM Mich2le HIBON Values and Loss Functions on Post-Sample91/12TM

Albert ANGEHRN "Interpretative Computer Intelligence: A Linkbetween Users, Models and Methods in DSS",February 1991

Forecasting Accuracy", April 1991 (Revision of90146)

91/24 Louis LE BLANC and "An Empirical Assessment el Choke Models for91/13EP

Michael BURDA "Labor and Product Markets in Czechoslovakia andthe Ex-GDR: A Twin Study", February 1991

TM Tawfik JELASSI Software Evaluation and Selection", May 1991

91/25 Luk N. VAN WASSENHOVE and "Trade-Offs? What Trade-Offs?" April 199191/14 Roger BETANCOURT and "The Output of Retail Activities: French SM/TM Charles 1. CORBETTMKT David GAUTSCHI Evidence", February 1991

91/26 Luk N. VAN WASSENHOVE and "Single Machine Scheduling to Minimize Total Late91/15OB

Manfred F.R. KETS DE VRIES "Exploding the Myth about Rational Organisationsand Executives", March 1991

TM C.N. POTTS Work", April 1991

91/27 Nathalie DIERKENS "A Discussion of Correct Measures of Information91/16 Arnoud DE MEYER and "Factories of the Future: Executive Summary of FIN Asymmetry: The Example of Myers and Majluf'sTM Kasra FERDOWS et.al. the 1990 International Manufacturing Futures

Survey", March 1991Model or the Importance of the Asset Structure ofthe Firm", May 1991

91/17TM

Dirk CATTRYSSE,Roelof KUIK,Marc SALOMON and

"Heuristics for the Discrete Lotsizing andScheduling Problem with Setup Times", March 1991

91/28MKT

Philip M. PARKER "A Note on: 'Advertising and the Price and Qualityof Optometric Services', June 1991

Luk VAN WASSENHOVE 91/29 Tawfik JELASSI and "An Empirical Study of an Interactive, Session-TM Abbas FOROUGHI Oriented Computerised Negotiation Support System

91/18 C.N. POTTS and "Approximation Algorithms for Scheduling a Single (NSS)", June 1991TM Luk VAN WASSENHOVE Machine to Minimize Total Late Work",

March 1991

91/30 Wilfried R. VANHONACKER and "Using Meta-Analysis Results in Bayesian Updating:MKT Lydia 11. PRICE The Empty Cell Problem", June 1991 91/43 Sumantra GHOSHAL and "Building Transnational Capabilities: The

SM Christopher BARTLETT Management Challenge", September 199191/31 Rezaul KABIR and "Insider Trading Restrictions and the StockFIN Theo VERMAELEN Market", June 1991 91/44 Sumantra GHOSHAL and "Distributed Innovation in the 'Differentiated

SM Nitin NOHRIA Network' Multinational", September 199191/32 Susan C. SCHNEIDER "Organisational Sensemaking: 1992", June 1991OB 91/45 Philip M. PARKER "The Effect of Advertising on Price and Quality:

MKT An Empirical Study of Eye Examinations, Sweet91/33 Michael C. BURDA and "German Trade Unions after Unification - Third Lemons and Self-Deceivers", September 1991EP Michael EUNICE Degree Wage Discriminating Monopolists?",

June 1991 91/46 Philip M. PARKER "Pricing Strategies in Markets with DynamicMKT Elasticities", October 1991

91/34 Jean DERMINE "The BIS Proposal for the Measurement of InterestFIN Rate Risk, Souse Pitfalls", June 1991 91/47 Philip M. PARKER "A Study of Price Elasticity Dynamics Using

MKT Parsimonious Replacement/Multiple Purchase91/35FIN

Jean DERMINE "The Regulation of Financial Services in the EC,Centralization or National Autonomy?" June 1991

Diffusion Models", October 1991

91/48 H. Landis GABEL and "Managerial Incentives and Environmental91/36 Albert ANGEHRN "Supporting Multicriteria Decision Making: New EP/TM Bernard SINCLAIR-DESGAGNE Compliance", October 1991TM Perspectives and New Systems", August 1991

91/49 Bernard SINCLAIR-DESGAGNE "The FIrst-Order Approach to Multi-Task91/37 Ingo WALTER and "The Introduction of Universal Banking in Canada: TM Principal-Agent Problems", October 1991EP Hugh THOMAS An Event Study", August 1991

91/50 Luk VAN WASSENHOVE and *How Green is Your Manolicturing Strategy?"91/38 Ingo WALTER and "National and Global Competitiveness of New York SM/TM Charles CORBETT October 1991EP Anthony SAUNDERS City Es • Financial Center", August 1991

91/51 Philip M. PARKER "Choosing Among Diffasion Mods*: Some91/39EP

Ingo WALTER andAnthony SAUNDERS

"Reconfiguration of Banking and Capital Marketsin Eastern Europe", August 1991

MKT Empirical Gnidefines", October 1991

91/52 Michael BURDA and "Hiram Capital, Immanuel* and Migration in an91/40TM

Luk VAN WASSENHOVE,Dirk CATTRYSSE and

"A Set Partitioning Heuristic for the GeneralizedAssignment Problem", August 1991

EP Charles WYPLOSZ Integrated Europe", October 1991

Marc SALOMON 91/53 Michael BURDA and "Labour Mobility and German Integration: SomeEP Charles WYPLOSZ Vignettes", October 1991

91/41TM

Luk VAN WASSENHOVE,M.Y. KOvALYOU and

"A Fully Polynomial Approximation Scheme forScheduling a Single Machine to Minimize Total 91/54 Albert ANGEHRN "Stimulus Agents: An Alternative Framework for

C.N. POTTS Weighted Late Work", August 1991 TM Computer-Aided Decision Making", October 1991

91/42 Rob R. WEITZ and "Solving A Multi-Criteria Allocation Problem:TM Tawfik JELASSI A Decision Support System Approach",

Augu st 1991

91/55EP/SM

Robin HOGARTH,Claude MICHAUD,Yves DOZ and

"Longevity of Business Finns: A Four-StageFramework for Analysis", November 1991

92/03OB

Manfred F.R. KETS DE VRIES "The Family Finn: An Owner's Manual",January 1992

Ludo VAN DER HEYDEN 92/04 Philippe HASPESLAGH and "Making Acquisitions Work", January 1992SM David JEMISON

91/56TM/EP

Bernard SINCLAIR-DESGAGNE "Aspirations and Economic Development",November 1991 92/05 Xavier DE GROOTE "Flexibility and Product Diversity in Lot-Sizing

TM Models", January 1992 (revised)

91/57 Lydia J. PRICE "The Indirect Effects of Negative Information onMKT Attitude Change", November 1991 92/06 Theo VERMAELEN and "Financial Innovation: Self Tender Offers in the

FIN Kees COOLS U.K.", January 199291/58 Manfred F. R. KETS DE VRIES "Leaders Who Co Crazy", November 1991

OB 92/07 Xavier DE GROOTE "The flexibility of Production Processes: ATM General Framework", January 1992 (revised)

91/59011

91/60

Paul A. L. EVANS

Xavier DE GROOTE

"Management Development as Glue Technology",November 1991

"Flexibility and Marketing/Manufacturing

92/08TM

Luk VAN WASSENHOVE,Leo KROON andMarc SALOMON

"Exact and Approximation Algorithms for theOperational Fixed Interval Scheduling Problem",January 1992

TM Coordination", November 1991 (revised)

91/61 Arnoud DE MEYER "Product Development in the Textile Machinery92/09TM

Luk VAN WASSENHOVE,Roelof KUIK and

"Statistical Search Methods for LotsizingProblems", January 1992

TM Industry", November 1991 Marc SALOMON

91/62 Philip PARKER and "Specifying Competitive Effects in Diffusion 92/10 Yves DOZ and "Regaining Competitiveness: A Process ofMKT Hubert GATIGNON Models: An Empirical Analysis", November 1991 SM Heinz THANHEISER Organisational Renewal", January 1992

91/63 Michael BURDA "Some New Insights on the Interindustry Wage 92/11 Enver YUCESAN and "On the Intractability of Verifying StructuralEP Structure from the German Socioeconomic Panel",

December 1991

TM Sheldon JACOBSON Properties of Discrete Event Simulation Models",February 1992

91/64FIN

Jean DERMINE "Internationalisation of Financial Markets,Efficiency and Stability", December 1991

92/12FIN

Gabriel HAWAWINI "Valuation of Cross-Border Mergers andAcquisitions", February 1992

1992 92/13 Spyros MAKRIDAKIS and "The M2-Competition: A Budget RelatedTM Michele HIBON et.al. Empirical Forecasting Study", February 1992

92/01 Wilfried VANHONACKER "CONPRO*DOGIT: A New Brand Choice ModelMKT/EP/TM Incorporating • Consideration Set Formation 92/14 Lydia PRICE "Identifying Cluster Overlap with NORMIX

Process", January 1992 MKT Population Membership Probabilities",February 1992

92/02 Wilfried VANHONACKER "The Dynamics of the Consideration Set FormationMKT/EP/TM Process: A Rational Modelling Perspective and

Some Numerical Results", January 1992

92/15 Vikas T1BREWALA,MKT Peter LENK and

Amber RAO

92/16 Xavier DE GROOTE andTM Yu-Sheng ZHENG

92/17 Xavier DE GROOTE andTM Evan L. PORTEUS

92/18 Xavier DE GROOTETM

92/19 Jean DERMINEFIN

92/20 Tau/Ilk JELASSI andTM Michele SANGLIER

92/21 Paul J. VERDIN andSM Peter J. WILLIAMSON

"Nonstationary Conditional Trend Analysis: AnApplication to Scanner Panel Data", February 1992

"A Sensitivity Analysis of Stochastic InventorySystems", March 1992

"An Approach to Single Parameter ProcessDesign", March 1992

"Information Disclosure and Technology Choice",March 1992

"Deposit Insurance, Credit Risk and CapitalAdequacy: A Note", March 1992

"Information, Systemes Complexes et Technologiesde l'Information", March 1992

"From Barriers to Entry to Barriers to Survival",March 1992