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Returns to currency carry and momentum compensate for the risk of global interest rate volatility (IRV ), with risk exposures explaining 92% of the cross-sectional return variations. This unified explanation stems from its impact on FX intermediaries. An intermediary-based exchange rate model shows that a higher global IRV increases the uncertainty of future risk-taking and tightens current financial constraints. Position unwinding triggers loss of carry and momentum. Additional empirical results confirm this economic channel. Global IRV risk is also negatively priced in other currency strategies and momentum. The explanatory power is not driven by existing measures of uncertainty or intermediary constraints.

As one of the retailer’s most potent recovery tactics to offset disgruntled customers, firms invest heavily in compensation to increase customer satisfaction and improve loyalty. However, the effectiveness of this tactic remains unclear. This study examines whether firm-offered compensation affects customers’ emotional responses and bad-mouthing behavior (i.e., telling others about a particular problem). Importantly, the study investigates whether the level of collaboration during the recovery encounter moderates the link between compensation and customers’ emotional responses, and whether collaborative efforts influence the effectiveness of compensation. The findings indicate that collaboration during the recovery encounter is necessary if compensation is to mitigate negative emotional responses, with downstream effects on bad-mouthing behavior. In confirming the importance of collaboration during recovery encounters, the findings have critical managerial and financial implications.

The special issue contributes to further our understanding (i) major changes in the nature and scope of the ventures by migrant entrepreneurs and how migrant entrepreneurs establish and run businesses for the last few decades as well as (ii) how migrant, refugee, expat, and ethnic minority entrepreneurs their businesses have transformed the ecosystems and changed the relations in various business and social networks and how they influence the ways other companies are managed.

Purpose The purpose of this paper is to explore innovations in customer experience at the intersection of the digital, physical and social realms. It explicitly considers experiences involving new technology-enabled services, such as digital twins and automated social presence (i.e. virtual assistants and service robots). Design/methodology/approach Future customer experiences are conceptualized within a three-dimensional space – low to high digital density, low to high physical complexity and low to high social presence – yielding eight octants. Findings The conceptual framework identifies eight “dualities,” or specific challenges connected with integrating digital, physical and social realms that challenge organizations to create superior customer experiences in both business-to-business and business-to-consumer markets. The eight dualities are opposing strategic options that organizations must reconcile when co-creating customer experiences under different conditions. Research limitations/implications A review of theory demonstrates that little research has been conducted at the intersection of the digital, physical and social realms. Most studies focus on one realm, with occasional reference to another. This paper suggests an agenda for future research and gives examples of fruitful ways to study connections among the three realms rather than in a single realm. Practical implications This paper provides guidance for managers in designing and managing customer experiences that the authors believe will need to be addressed by the year 2050. Social implications This paper discusses important societal issues, such as individual and societal needs for privacy, security and transparency. It sets out potential avenues for service innovation in these areas. Originality/value The conceptual framework integrates knowledge about customer experiences in digital, physical and social realms in a new way, with insights for future service research, managers and public policy makers.

This Special Section of International Journal of Managing Projects in Business contains a collection of six articles focusing on various aspects related to the topic of World Views on Projects and Society. Based in the far-reaching projectification of society (Jacobsson and Jałocha, 2018), and the observation that projects of today both shapes and are shaped by society (Packendorff and Lindgren, 2014), the contributing authors of this Special Section were encouraged to address areas of social concern and the framework(s) of ideas and beliefs which form the way in which people interpret the world and interacts within it. The general themes of this Special Section were inspired by ideas presented in the book Managing and working in project society (Lundin et al., 2015; Lundin, 2016). In the call for the Special Section, three interrelated themes were proposed – “World Views on Projects in Society,” “the World of Projects in Society” and “the Role of Projects in the World” – which together opened up for a broad understanding of the projectification trend which is spreading throughout most parts of society and the world today.

Purpose The purpose of this paper is to apply a capability perspective to investigate the shift from relationship lending to transaction lending in a bank’s corporate segment. The authors investigate the impact of three operational capabilities: assisting corporate clients in funding and business operations, management of customer relationships and internal cooperation on performance in relationship and transaction lending. Design/methodology/approach The primarily empirical material comprises longitudinal survey data, collected on three occasions during the period 1998 throughout 2001 from one of Sweden’s largest banks. Data are analyzed using factor analysis and OLS regression. Findings Results show that the effects of the three capabilities are contingent on the type of lending strategy: In relationship lending, assisting corporate clients has no significant direct effect on performance; however, it has an indirect effect on performance via the management of customer relationships. In transaction lending, assisting corporate clients has a direct effect on performance, and this effect becomes stronger as the transaction strategy is further implemented. The results also show that the direct effect of the management of customer relationships and cooperation on performance is significant in both strategies; however, the relation is stronger in relationship lending compared with transaction lending. Originality/value The findings indicate that the choice of lending strategy is more complex than a choice between a strict relationship strategy and a strict transaction strategy and that a strategy that leads to competitive advantage includes elements of both strategies.

Purpose – Digitalization denotes an on-going transformation of great importance for the retail sector. The purpose of this paper is to analyse the phenomenon of the digitalization of retailing by developing a conceptual framework that can be used to further delineate current transformations of the retailer-consumer interface. Design/methodology/approach – This paper develops a framework for digitalization in the retail-consumer interface that consists of four elements: exchanges, actors, offerings, and settings. Drawing on the previous literature, it describes and exemplifies how digitalization transforms each of these elements and identifies implications and proposals for future research. Findings – Digitalization transforms the following: retailing exchanges (in a number of ways and in various facets of exchange, including communications, transactions, and distribution); the nature of retail offerings (blurred distinctions between products and services, what constitutes the actual offering and how it is priced); retail settings (i.e. where and when retailing takes place); and the actors who participate in retailing (i.e. retailers and consumers, among other parties). Research limitations/implications – The framework developed can be used to further delineate current transformations of retailing due to digitalization. The current transformation has created challenges for research, as it demands sensitivity to development over time and insists that categories that have been taken for granted are becoming increasingly blurred due to greater hybridity. Originality/value – This paper addresses a significant and on-going transformation in retailing and develops a framework that can both guide future research and aid retail practitioners in analysing retailing’s current transformation due to digitalization.

[Display omitted] •Customers weigh perceptions of service encounters depending on brand, store and consumer factors.•Customers who believe the retailer has high quality place less weight on in-store experience clues.•Customers who believe the retailer’s service brand promise place more weight on in-store clues.•The introduction of a digital channel changes how consumers evaluate in-store experiences.•It increases (decreases) the importance of clues that are common (unique) across channels. This study investigates how retailers can leverage their brand to shape customers’ satisfaction with service encounters. It develops and tests hypotheses about how brand, store, and consumer factors moderate customer responses to experience clues during retail service encounters. Six meta-regression analyses synthesize and compare results from 842 satisfaction equations describing customers’ encounters with a global retailer operating 400 stores in 32 countries. The results show how customers weigh their perceptions of service encounters differently depending on brand, store, and consumer factors. In markets where customers believe the retailer has high holistic brand quality, they place less weight on experience clues within the store. In markets where customers believe the retailer’s service brand promise, they place more weight on in-store experience clues. In markets where the retailer promises utilitarian value, customers weigh functional experience clues more heavily. In markets with an online purchasing channel, the effect of experience clues common to offline and online store environments is magnified, and unique clues are diminished. In addition, customers heavily weigh experience clues that fit their goals. In general, retail success factors include high brand quality (which makes customers more forgiving), a service brand promise that is mirrored in the store image (which makes customers attend to the experience clues aligned with them), and the careful monitoring and managing of retail touchpoints (to customize experience clues to each market). In this way, retailers can use customer-based strategies to effectively design and manage their global retail brand in different markets.