Diversification,Organization, and Value of the Firm

Because corporate diversification coevolves with organizational structure, a discount for diversification, which is widely documented in the literature, can be caused by organizational structure rather than by the industrial scope of the firm. I examine this possibility based on a large sample of Japanese firms for which the legal (parent–subsidiary) structure of the organization is easily observable. I identify a significant discount for diversified firms with and without control over the organizational structure. I also find that firms with a legally segmented structure (e.g., holding companies) are deeply discounted. My results suggest that diversification and organization are both important determinants of firm value.     

信息不对称条件下银行业市场结构与市场竞争研究综述

将信息不对称理论纳入银行业市场竞争模型是当前跨经济学与金融学两个领域的热点问题。本文从理清产业组织理论中银行业市场结构与竞争和现代金融学中银行业信息不对称研究的发展脉络出发,对信息不对称与银行信息垄断和市场进入壁垒、信息不对称条件下银行的市场竞争行为等文献进行综述,评估银行业市场竞争程度的测量方法和实证分析结果。希望此综述对未来进一步的研究有所启示。     

Corporate finance,industrial organization,and organizational economics

In the last 35 years, research at the intersection of corporate finance, industrial organization, and organizational economics has grown substantially. This paper reviews work that combines elements from these fields of finance and economics, with an emphasis on recent developments. I discuss how product market competition, customer-supplier relations, firms’ organizational form, and ownership structures interact with firms’ financial policies. I also overview new developments in the literature from a special issue of the Journal of Corporate Finance.     

When Do Vertical Mergers Create Value?

This paper studies the market reaction to vertical mergers and explores the many rationales for vertical integration proposed in the industrial organization literature. Abnormal returns for vertical merger announcements are positive until the late 1990s, and turn negative afterward. Acquirers suffer most of the losses. We find support for the most fundamental insight in the industrial organization literature, namely, that vertical mergers generate the greatest value when undertaken in imperfectly competitive markets. We find some evidence to support ideas of asset and site specificity, that is, creating value when market exchange is difficult. We do not find support for information‐based or price uncertainty theories.     

Factor one: the next great war

This article is the first of four that will conclude the present series. One by one they will consider the principal factors that were responsible for creating the specific 19th century modes of writing about the future—the tales of the war-to-come, the organization of future societies, the certain triumph of man and mechanism, and the analysis of social trends and future possibilities. In this article I. F. Clarke looks at the ways in which the first industrial societies invented La Guerre qui vient, Der Zukunftskrieg, and The Next Great War—fictional devices dedicated wholly, solely and exclusively to showing the nation-states of the 19th century how the next war should, or should not, be fought.     

Follow the Crowd: How Social Information and Social Identity Influence Investing Decisions

Increasingly, jurisdictions around the world have been enacting standards that formally allow organizations to offer equity using the crowdfunding model. Using the Internet, the crowdfunding model raises capital by soliciting from a large number of people (i.e., the crowd). A key feature of crowdfunding that has been embraced by regulators is the use of social information to inform investors as a safeguard for this type of investing. However, research has not yet explored how investors utilize this information. In this study, I investigate whether social information can shift investors away from financial maximization goals. Social identity theory predicts that people can be provoked to act as representatives of their group, setting aside individual interests. I predict, and find, that positive social information focused on an equity crowdfunding organization can activate the social identity of investors who share an identity with that organization, causing them to invest more in a relatively weak organization. In a moderated mediation analysis, I find that positive social information provokes investors who share an identity with an organization to feel a stronger connection to that organization, leading them to increase investment. In addition, I explore whether investors’ perceptions of negative social information are moderated by their social identity. I find that investors who are deeply committed to an identity shared with an organization experiencing negative social information will defensively invest in that organization. The findings of this study will be of interest to investors, regulators, and crowdfunding organizations.     

中国农村金融产业组织问题研究述评与展望

本文结合当前我国农村金融市场多元化发展的现实背景,以及农村金融产业组织创新的现实需j之,采用文献评论方法,在概括我国农村金融发展理论演进及其改革开放以来的阶段性特征基础上,分析既有农村金融产业组织创新问题研究的不足,进而基于演化经济学、产业组织理论和农村金融发展理论视角,鼹出了加强农村金融产业组织演化研究、深化农村金融改革的建议。     

Why pay? An introduction to payments economics

This paper surveys the growing literature on payments. We begin by presenting a simple model that illustrates the essential function of payments and how this may be implemented through various arrangements. We show how the basic models of payments have been used to address a variety of microeconomic and macroeconomic policy issues. We then discuss the links between payments economics and other fields, including monetary theory, corporate finance, and industrial organization. We conclude with an overview of the empirical literature and directions for future research.     

The roles of accounting in collective bargaining

In this paper, the roles that accounting information appeared to play in the negotiations between a not-for-profit organization and the association representing its professional employees are described and assessed. Using a case mode of inquiry, and drawing on the industrial relations and recent accounting literature, the paper explores the impact of accounting on both the process and outcome of the negotiations, and concludes by offering some tentative hypotheses on the roles of accounting in collective bargaining.     

The industrial organization of post-trade clearing and settlement

The introduction to this special issue reviews the literature on the industrial organization of securities market clearing and settlement, covering institutional, theoretical, and empirical contributions, including both papers in this special issue and previous studies. Clearing and settlement is an important but under-researched network industry. Recent theoretical research has characterized the network externalities in clearing and settlement and explored the economic efficiency of various alternative industrial structures. Initial empirical research has identified substantial economies of both scale and scope and important interactions with trading platforms. More research is needed to elaborate these theoretical insights and improve our understanding of the economics of this major industry.     

The role of risk management in mergers and merger waves

We show that merger activity and particularly waves are significantly driven by risk management considerations. Increases in cash flow uncertainty encourage firms to vertically integrate and this contributes to the start of merger waves. These effects are incremental to previously identified causes of wave activity. Our risk management hypothesis is further supported by cross-sectional differences in the likelihood that a firm vertically integrates, and by the post-acquisition characteristics of vertically integrating firms. These results are consistent with the view (from the industrial organization literature) that vertical integration is an operational hedging mechanism that reduces the cost of increased uncertainty.     

The dialectics of globalization: what are the effects for management and organization in Germany and Japan

The globalization literature has been limited cumulative. Different disciplines have different accents, use different definitions, rely on divergent theories and focus on different units of analysis. As a corollary, they have come to divergent opinions on the concept of globalization, on its broader consequences as well as on the more specific consequences for organization and management. This article contributes to the literature by proposing a societal theory of institutional change to analyze globalization effects in a more systematical way. It explores the effects of globalization forces on organization and management in Germany and Japan in comparison to the US and the UK, by tracing their impact on the systems of corporate governance, industrial relations and human resources. The article shows that different patterns of change exist at different levels of analysis. These differences help us explain why no generalized pattern of convergence towards the same economic model should be expected.     

理解战略性新兴产业的发展——概念、可能的市场失灵与发展定位

本文将战略性产业概括为体现国家经济发展和国家竞争力的战略意图,具有范围经济、规模经济、集聚经济等特征,是对产业结构高级化产生重要推动作用的产业。在此基础上,界定了战略性新兴产业发展依赖于技术创新,具体表现为活动要素、企业组织、生产者服务和公共资源的＂四化＂,对可能存在的市场失灵进行了剖析,比较了发展战略性新兴产业的三种定位方式,得出各地选择＂专业化—一体化＂是最合理的定位方式。     

PRODUCT MARKET STRUCTURE,CAPITAL INTENSITY,AND SYSTEMATIC RISK: EMPIRICAL RESULTS FROM THE THEORY OF THE FIRM

Product market concepts from industrial organization economics are integrated with financial valuation models of the firm to investigate relationships among systematic risk, capital intensity, and product market power. The theory of the firm facing uncertain input and output prices is extended to provide empirical models. Empirical results coincide with hypotheses derived from the theoretical model and pose questions about traditional single period hypotheses found in the finance literature.     

产业集群的中小企业融资创新研究——以佛山市为例

本文阐述了产业集群的基本特征以及佛山市产业集群与中小企业融资状况,指出佛山市产业集群存在组织体系的不完整性,这种缺陷制约了产业集群的融资功能。通过对照国内外产业集群内中小企业融资的典型方案,文章提出佛山市中小企业融资创新除了解决技术层面的难题外,尚需在完善产业集群的组织体系方面下功夫。     

全面开放对中国寿险产业组织的影响

在全面开放的背景下,中国寿险业的产业组织面临重构.寿险公司占有市场份额与其竞争努力程度负相关.国有背景的寿险公司及中资寿险公司具有一定的行为优势.较高的集中度代表较强的市场势力,必将导致较高绩效;市场竞争行为越激烈时,绩效越会因竞争消磨而表现欠佳.市场结构的改变可能会对不同的竞争行为模式产生差异化结果.应对全面开放,需从寿险公司、保险行业以及保险监管部门几方面进行改革.     

How far can we trust earnings numbers? What research tells us about earnings management

The article reviews the recent academic research literature on earnings management (EM) with a view to identifying research themes and results of interest to users and preparers of financial statements, accounting standard setters, and others with responsibility for ensuring that companies provide financial information to shareholders that can be relied upon. Hopefully students of accounting with an interest in exploring the EM literature will find that the article provides a useful framework. The literature on this topic is vast, and it is not possible to cover every article in detail. I provide an impressionistic survey that highlights examples of specific research themes and methods that regularly appear in the literature. Most of the examples are chosen from the literature published since 2000, although I do also highlight a few methodological contributions that appeared earlier. It is inevitable that the selection of articles reflects to some extent my personal interests and biases (intentional or otherwise). Thus, I wish to acknowledge that I owe a very substantial intellectual debt to the insights and contributions of the many uncited authors of a literature that spans over 40 years in over 20 accounting and finance journals.     

Factor-product markets and firm's capital structure: A literature review

We present an overview of the literature that links capital structure and factor-product markets. These studies relate some elements of the modern financial theory to the stakeholder theory, industrial organization, and firms' strategic management. Three main points are highlighted. First, the relevant role of non-financial stakeholders in capital structure design. Second, the interactions between capital structure and market structure. Third, the two-direction effect between the firm's capital structure and its strategic behavior in product markets. Our study aims to build an index for the existing works to guide researchers for new ideas and possible advances.     

吉林省老工业基地振兴中的金融支持探析

金融是现代经济的核心,发展金融业对振兴吉林省老工业基地战略的实施将起到重要的推动作用。因此,吉林省需实行全方位的金融发展战略,从多个角度采取措施,全面深化我省的金融改革:化解银行不良资产;完善金融组织结构;培育全新的金融环境;解决好农业发展以及民营经济发展的资金需求,等等。     

高校图书管理人员绩效评价体系的构建

高校图书馆是为高校教学和科学研究服务的学术性机构和文献信息中心,是学校信息化和社会信息化的重要基地。高校图书管理工作人员是这一基地实施＂读者第一,服务至上＂的灵魂要素。因此,建立一套科学有效的绩效评价考核体系将引领高校图书管理人员提供更规范、更有深度、更专业化的服务。本文在梳理人员绩效评价理论的基础上,提出了高校图书管理人员绩效评价体系目标、原则,构建了三层次的继续评价指标体系。