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1.
Since the financial crisis in Korea, by focusing on core technology, IT startups have played an important role in the recovery
of Korea’s economy through innovating technologies and creating new jobs. Even though there are many startups, it is not very
common to reach the point of the initial public offering (IPO) and the post-IPO performance of the firms is mostly declining.
Since it is rather difficult to apply conventional performance measures to very young firms, IPO has been used as a tool for
performance evaluation. This study adopts the IPO as an early-stage measure for the performance of high technology startups.
It is important to find out whether an earlier IPO of firms leads to a better performance and capability of firms. We investigate
the relationship between the time to IPO of firms and their post-IPO performance for 3 years after their IPO by adopting samples
of 79 information technology hardware firms founded after 1996 and listed between 2000 and 2004 in the KOSDAQ. Four determinant
factors, including entrepreneurs’ experience, venture capital investment, startups’ technology sourcing, and technology portfolios
which determine the firm’s time lag to getting to the IPO, are identified. The findings contain several results. First, the
patent has positive effects on the firms’ performance after an IPO and on the firms’ growth before the IPO. Second, a faster
technology acquisition via technology alliance has a positive influence on the firms’ IPO regardless of internal technologies.
Third, concentrating on core technology, instead of diversifying can mature the startup firms faster. These indicate that
a startup’s efficient initial strategy is critical for its performance and it enhances the credit and confidence of the market. 相似文献
2.
Recent evidence suggests that firms’ environments are becoming more complex and uncertain. This paper investigates the relationship
between the complexity of a firm’s activities, environmental uncertainty and organizational structure. We assume agents are
arranged hierarchically, but decisions can be made at different levels. We model a firm’s activity set as a modified NK landscape. Via simulations, we find that centralized decision making generates a higher payoff in more complex and uncertain
environments, and that a flatter structure is better for the organization with centralized decision making, provided the cost
of information processing is low enough.
Financial Support from Zengin Foundation for Studies on Economics and Finance is gratefully acknowledged. 相似文献
3.
Subal C. Kumbhakar Raquel Ortega-Argilés Lesley Potters Marco Vivarelli Peter Voigt 《Journal of Productivity Analysis》2012,37(2):125-140
The main objective of this study is to investigate the impact of corporate research and development (R&D) activities on firm
performance, measured by labour productivity. To this end, the stochastic frontier technique is used on a unique unbalanced
longitudinal dataset comprising top European R&D investors over the period 2000–2005. In this framework, this study quantifies
technical inefficiency of individual firms. From a policy perspective, the results of this study suggest that if the aim is
to leverage firms’ productivity, the emphasis should be put on supporting corporate R&D in high-tech sectors and, to some
extent, in medium-tech sectors. On the other hand, corporate R&D in the low-tech sector is found to have a minor effect in
explaining productivity. Instead, encouraging investment in fixed assets appears important for the productivity of low-tech
industries. Hence, the allocation of support for corporate R&D seems to be as important as its overall increase and an ‘erga omnes’ approach across all sectors appears inappropriate. However, with regard to technical efficiency, R&D intensity is found
to be a pivotal factor in explaining firm efficiency and this turns out to be true for all industries. 相似文献
4.
Mark Gradstein 《Review of Economic Design》1994,1(1):319-326
This paper presents a decentralized mechanism implementing socially optimal output choices by non-cooperatively acting oligopolists.
A decentralized mechanism is a vector of balanced transfers among firms determined as a function of firms’ output choices.
The mechanism is devised by a regulator with a full knowledge of demand and without any knowledge of the firms’ cost functions.
Restricting the set of admissible demand and cost functions such that the firms always have an incentive to produce, it turns
out that the socially optimal solution is implementable insofar as the demand function is a polynomial of at most (n−1)th
degree, n being the number of firms in the industry.
The author is indebted to a referee and an associate editor for their helpful comments. 相似文献
5.
Abstract In a recent critical review of de Finetti’s paper “Il problema dei pieni’’, the Nobel Prize winner Harry Markowitz recognized
the primacy of de Finetti in applying the mean-variance approach to finance, but pointed out that de Finetti did not solve
the problem for the general case of correlated risks. We argue in this paper that a more fair sentence would be: de Finetti
did solve the general problem but under an implicit hypothesis of regularity which is not always satisfied. Moreover, a natural
extension of de Finetti’s procedure to non-regular cases offers a general solution for the correlation case and shows that
de Finetti anticipated a modern mathematical programming approach to mean-variance problems.
Mathematics Subject Classification (2000): 91B30, 90C20
Journal of Economic Literature Classification: G11, C61, B23, D81, G22 相似文献
6.
This paper provides a default-risky bond valuation model, which assumes that the issuer’s credit quality, modelled by the
intensity of default, is driven by a continuous-time Markov chain. The model accounts for default and liquidity risk as well
as incomplete information. A full-information semimartingale representation of a liquid defaultable bond price, which separates
three different types of risks—default, interest-rate and credit-quality, is obtained. The illiquidity is modelled as exogenously
specified stochastic reduction in the price of the bond, which adds more risks for the investors. A model of a market with
partially informed investors, belonging to specific investor classes and having access to discrete information sets about
credit quality, was specified. Valuations of defaultable bonds in this market were provided as well as price impacts of the
new information releases.
相似文献
7.
In this study we estimate a variable cost function on a panel of English and Welsh Water and Sewerage companies, observed
over two full regulatory periods (1995–2004). The main aim of the paper is to investigate the presence of a ratchet effect
in the cost cutting activity associated with the price cap regulatory regime. By applying the Generalized Index of Technical
Change approach suggested by Baltagi and Griffin (J Polit Econ 96(1):20–41, (1988)), we provide some empirical evidence consistent with the existence of regulatory cycles. In particular, firms’ cost cutting
activity tends to increase in the early phase of the regulatory cycle, while it weakens as the price review approaches. D24,
L51, L95. 相似文献
8.
9.
This article builds a new structural default model under the assumption that a firm’s assets return follows a dynamics displaying
jumps of both signs. In essence, we expand the work of Hilberink and Rogers (itself an extension of the Leland and Toft framework),
which deals only with negative jumps. In contrast, we make use of stable Lévy processes, and we compute the values of the
firm, debt and equity under this assumption. Theoretical credit spreads can also be obtained in our framework. They prove
to be consistent with the empirical credit spreads observed in financial markets.
相似文献
10.
11.
Yuichi Ikeda Hideaki Aoyama Hiroshi Iyetomi Yoshi Fujiwara Wataru Souma 《Journal of Economic Interaction and Coordination》2008,3(1):73-80
The correlation of firms’ performance on a transaction network is studied by analyzing financial and transaction data. Statistically
significant correlation coefficients are obtained as evidence for the firm interactions. The firm interactions are taken into
account in the basic equation of firm activity. Forty percent of residuals are explained by considering the firm interactions.
The overall structure of the transaction network, i.e., the connectivity of industry sectors, is analyzed. 相似文献
12.
This study addresses the issue whether day traders’ recommendations on stocks are biasfree. We test whether on average day
traders’ “Hold” sentiment is skewed and different from a neutral opinion. Posted messages and mature text classifier technology
provide a novel approach to analyze the content of these “Hold” sentiment postings among day traders. Findings indicate that
the self-disclosed “Hold” sentiment conveys an optimistic opinion and significantly differs from neutral. These results help
both investors and researchers to better understand day traders’ psychology and behaviors when they recommend stocks. The
paper also provides insight into the construction of future online sentiment indexes based on stock message boards. 相似文献
13.
Abstract
We analyze the evolution over time of portfolios of life insurance contracts referring to different cohorts or risk classes
of insureds. We model the intensity of mortality as a random field, in order to capture cross-generation (risk class) effects
induced by the on-going management of portfolios of policies. Applications are described in the context of mortality risk
analysis and (market) valuation of liabilities at aggregate level. It is shown how the model can be employed when an insurer’s
new business is considered. 相似文献
14.
C. Di Guilmi F. Clementi T. Di Matteo M. Gallegati 《Journal of Economic Interaction and Coordination》2008,3(1):43-57
This paper uses firm-level data recorded in the Amadeus database to investigate the distribution of labour productivity in different European countries. We find that the upper tail
of the empirical productivity distributions follows a decaying power-law, whose exponent α is obtained by a semi-parametric estimation technique recently developed by Clementi et al. [Physica A 370(1):49–53, 2006].
The emergence of “fat tails” in productivity distribution has already been detected in Di Matteo et al. [Eur Phys J B 47(3):459–466,
2005] and explained by means of a model of social network. Here we show that this model is tested on a broader sample of countries
having different patterns of social network structure. These different social attitudes, measured using a social capital indicator,
reflect in the power-law exponent estimates, verifying in this way the existence of linkages among firms’ productivity performance
and social network. 相似文献
15.
Natália Barbosa Vasco Eiriz 《The International Entrepreneurship and Management Journal》2009,5(3):319-339
This paper investigates whether foreign firms had a positive impact on entrepreneurial activity measured by the net creation
of firms. Using firm-level panel data for the Portuguese manufacturing and service industries over the period 1986 to 2000,
we test whether the impact of foreign firms on firms’ entry depends on the number and size of previous foreign entrants. Overall,
the results cast some doubts on the influence of foreign firms in assisting entrepreneurial activity. The impact of a first
foreign investment is, in general, positive but the marginal impact of additional investments appears to be negative. 相似文献
16.
Sandra Tavares Silva Jorge M. S. Valente Aurora A. C. Teixeira 《Journal of Economic Interaction and Coordination》2012,7(1):23-61
By combining features from distinct theoretical approaches, namely the evolutionary and the job search, matching and bargaining
literatures, we propose a model that captures the main dynamics of a world where heterogeneous firms and workers interact
and co-evolve. Within a micro-meso framework, the model focuses on the influence of firms’ labour choices (“institutional
settings”) on industry dynamics, taking into account the existence of employment adjustment costs. The consideration of endogenous
matching and bargaining processes in the labour market results in significant frictions, such as the simultaneous coexistence
of unfilled job vacancies and unemployment. In a setting where technological progress is not biased a stylized fact of industrialized
world economies in the last few decades emerges, the increasing wage inequality. Additionally, turbulence in the industry
increases after a negative demand shock. As expected, the negative demand shock causes a decrease in the number of vacancies
and, consequently, unemployment rates increase considerably. Interestingly, and mimicking the recent experiences of countries
such as US, Spain, Greece and Portugal, the rise in unemployment is matched by a rise in contractual wages. This outcome is
explained by the lower ability of the firms to fill their posted vacancies, which results from friction in the interactions
among agents. 相似文献
17.
Mutual excitation in Eurozone sovereign CDS 总被引:1,自引:0,他引:1
We study self- and cross-excitation of shocks in the Eurozone sovereign CDS market. We adopt a multivariate setting with credit default intensities driven by mutually exciting jump processes, to capture the salient features observed in the data, in particular, the clustering of high default probabilities both in time (over days) and in space (across countries). The feedback between jump events and the intensity of these jumps is the key element of the model. We derive closed-form formulae for CDS prices, and estimate the model by matching theoretical prices to their empirical counterparts. We find evidence of self-excitation and asymmetric cross-excitation. Using impulse-response analysis, we assess the impact of shocks and a potential policy intervention not just on a single country under scrutiny but also, through the effect on cross-excitation risk which generates systemic sovereign risk, on other interconnected countries. 相似文献
18.
Anthony J. Onwuegbuzie Larry G. Daniel Kathleen M. T. Collins 《Quality and Quantity》2009,43(2):197-209
Virtually every institution of higher education in the US uses some type of student teaching evaluation (STE) instrument as
a means of assessing instructors’ instructional performance in courses. Unfortunately, many administrators and faculty misinterpret
STE ratings. Therefore, the present article provides a comprehensive critique of STE instruments. In particular, we build
on Messick’s (Educational Measurement, MacMillan, pp. 13–103, and Messick (Am. Psychol., 50, 741–749, 1995, 1989) conceptualization of validity to yield what we refer to as a meta-validity model that subdivides content-,
criterion-, and construct-related validity into several areas of evidence. We use our meta-validity model to conduct a meta-validity
analysis of STEs. Specifically, we assessed the score-validity of STEs based on findings from the extant literature. We conclude
that strong evidence has been provided with respect to areas of criterion-related validity; however, for the most part, weak
or inadequate evidence has been provided with regard to areas of both content-related and construct-related validity. This
seriously calls into question both the score-validity and utility of STEs. 相似文献
19.
Isabel M. Correia Orlando Petiz 《The International Entrepreneurship and Management Journal》2007,3(2):145-157
This paper aims to assess if geographic proximity from universities enhances small firms’ performance, by means of knowledge
spillovers. A sample of micro data is used on 390 manufacturing firms and 11 public universities in Portugal. Performance
is measured by labour productivity. The estimation was made using OLS as well as Quantile Regression. Results seem to confirm
that both domains of knowledge do produce distinct effects, but there is no evidence that a firm’s performance improves with
the proximity to a university. Likewise, the quality of universities does not seem to influence the labour productivity of
firms.
相似文献
Orlando PetizEmail: |
20.
The Turkish IPO market gives issuers and underwriters a choice of three different IPO selling mechanisms. The current paper
sheds new light on the determinants of these issue procedures within the context of the following methods (i) book building mechanism, (ii) fixed price offer, and (iii) sale through the stock exchange. Most of the empirical models in the IPO literature use binary probit and logit models to determine the factors behind the
choice of one method over another and try to answer the question of “why is such a mechanism chosen”. To understand the reasons
on issuers’ selection of IPO mechanism, we have conducted a Classification and Regression Trees (CART) methodology to represent
decision rules in a form of binary trees. Our results indicate that, CART methodology predicts a firms’ IPO selling mechanism
with 77.42% accuracy. The most important variable that determines the IPO selling mechanism is the Arrangement Type between
the issuer and the underwriter as in the form of best effort and firm-commitment. 相似文献