print ads) are conducted to enhance the generalizability of this research. Their dependent measures include perceived product value, purchase intention, and willingness to pay. The results indicate that when using low construal level to process the information, experiment subjects exposed to an ad in which price is placing on the right and product on the left show higher product evaluation of the promoted product than those exposed to the same ad but with price on the left and product on the right. On the other hand, when people receive high construal level to process information, they would show higher product evaluation of the promoted product when viewing an ad with “price on the left, product on the right.” They found that perceived product quality serves as the underlying mechanism behind the above phenomenon. Their findings provide marketers with insights regarding advertising design, that is, appropriate price-product left-right placement should be used for the target audience to enhance their advertising effects. There are three articles related to finance and accounting in this issue. The first article by Lee and Chang studies the incentives behind price cut of new construction projects in Taipei City as well as by exploring the particular factors that affect a company’s pricecutting when promoting new construction projects. There are three main findings in this paper. First of all, the empirical results obtained from the vector error correction model (VECM) analysis suggest that when the real estate market is in recession, construction companies typically do not reduce the price of their new construction properties to increase the sales rate. Instead, they reduce price only when the cost of capital financing increases and financial risk increases. Secondly, the cross-sectional data analysis reveals that when the sales rate increases 1%, the price discount rate decreases 0.022%. Finally, it is shown that compared with property (product) characteristics, financial planning (financial) characteristics more significantly influence the discount rate of new construction projects in Taipei City. Using the sample of U.S. firms in the Standard & Poor’s 1500 index from 1992 to 2014, the second paper by Huang, Chen, and Chen investigates the effect of corporate cash holdings on the risk-taking activities induced by executive stock options (ESOs). The authors utilize mergers and acquisitions (M&As) as the proxy of corporate decisions associated with idiosyncratic risk taking and find that the probability of conducting ESOsinduced M&As in cash-rich firms is 7.58% higher than that in non-cash-rich firms. The positive impact of excess cash on the ESOs-induced M&A decisions is more pronounced in firms with low leverage and those in the old economy. Moreover, their results indicate that the market considers the ESOs-induced M&A decisions made by cash-rich firms
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