Voting with Their Feet: In Which Journals Do the Most Prolific Finance Researchers Publish?

The financial economics literature has experienced rapid growth over the past 40 years, triggering a dramatic increase in the number of journals. We employ a new method to analyze the current pecking order of finance journals. Specifically, we analyze the publication records of prolific authors to provide evidence regarding the perceived quality of a set of 23 high‐impact finance journals. Assuming these scholars target the “best” research outlets, their publication records can reveal information about their subjective rankings of the next‐best alternatives to the traditional elite finance journals. The results suggest that prolific authors are most likely to target outlets that have raised their profile in recent years (e.g., Financial Management and Financial Analysts Journal) and new specialized finance journals (e.g., Journal of Financial Markets, Journal of Corporate Finance, and Journal of Financial Intermediation) when publishing outside the set of elite journals.     

Crises,Liquidity Shocks,and Fire Sales at Commercial Banks

If liquidity shortages cause financial crises, a lender of last resort can provide funds to banks facing potential fire sales. However, if funding problems primarily occur at banks with existing solvency problems, then government liquidity programs may not spur bank lending. We find that commercial bank funding does not typically dry up in a crisis, not even during the subprime crisis. Rather, weak banks are more likely to borrow less. Furthermore, banks rely more on deposits and newly issued equity than fire sales. When they do sell assets, they cherry pick assets in order to alleviate pressure from capital regulations.     

Comparaison de la rentabilité des enterprises céréalières biologiques et en transition par rapport aux entreprises conventionnelles au Québec

Les données financières de 92 entreprises agricoles conventionnelles produisant un minimum de 20 hectares de céréales à paille et de 21 entreprises, biologiques ou en phase de transition avancée, cultivant au moins 15 hectares de céréales ont été extraites de la banque de données Agritel pour fins de comparaison. À partir des entreprises conventionnelles, quatre groupes sont formes: bas niveau d'intrants (BNI), haut niveau d'intrants (HNI), rendement faible (extensif) et rendement eleve (intensif).
Pour l'ensemble des céréales, ainsi que pour l'orge, les entreprises biologiques obtiennent des rendements et des charges significativement plus faibles par rapport á l'ensemble des entreprises conventionnelles. Ainsi, les marges brutes sont équivalentes. La dépendence des entreprises biologiques et conventionnelles vis-à-vis des aides gouvemementales contribue toutefois pour une part importante aux résultats obtenus. La rentabilité des entreprises biologiques est comparable à celle des entreprises conventionnelles au niveau global de l'entreprise.
Par rapport aux quatre sous-groupes formés, le groupe biologique se situe, pour les marges brutes sur les cultures entre les groupes les plus performants (groupes BNI et intensif) et les moins rentables (groupes HNI et extensif).
Des logiques de production totalement différentes peuvent done aboutir à des résultats économiques similaires, du moins á court terme.     

Cost of Meeting Manure Nutrient Application Standards in Hog Production: The Roles of EQIP and Fertilizer Offsets

The Environmental Protection Agency requires concentrated animal feeding operations to develop and implement a comprehensive nutrient management plan. Changes in manure management to meet nutrient application standards will increase production costs. Some of these costs can be offset by savings from replacing commercial fertilizer with manure nutrients, and through financial assistance programs such as the U.S. Department of Agriculture's Environmental Quality Incentives Program (EQIP). A manure application cost model was used to examine the costs to confined hog farms of meeting nutrient application standards, and the ability of fertilizer offsets and EQIP to reduce these costs.     

Customer retailer loyalty in the context of multiple channel strategies

With an increasingly competitive retail environment and decreasing customer switching costs, customer retailer loyalty is a critical goal for merchants of all types. We investigate customer retailer loyalty in the context of multiple channel retailing strategies. Results show that multiple channel retail strategies enhance the portfolio of service outputs provided to the customer, thus enhancing customer satisfaction and ultimately customer retailer loyalty. These results suggest that multiple channel retailing can be a useful strategy for building customer retailer loyalty.     

Business Ethics and the Transitional Economy: A Tale of Two Modernities

The concept of the Transitional Economy denotes the problematic processes of change confronting nations wishing to achieve levels of economic development comparable with that of Western nations. Such an objective is problematic, as these nations may also be said to be in a state of transition. Globalization and E-commerce have necessitated a reconsideration of the nature of business activity and its implications for both society and the individual.Writers such as Gray (1998) warn against the "refashioning" of other nations in the image of the American free market. Business ethics can be seen as a symbolic expression of Beck's (1992) concern with the implications of Risk Society and the uncertainties arising from the realization that scientific, technological, and economic progress are not necessarily concomitant with social, cultural, and political progress. Locating business ethics within the theoretical context of Reflexive Modernity provides a means of evaluating the contribution that it can make to providing a critical forum for considering the ways in which business organisations are responding to concerns regarding business activity. (168)     

Eco-Enterprise Strategy: Standing for Sustainability

Enterprise strategy provides an accepted theoretical framework for integrating the moral responsibilities of organizations into their strategy formulation and implementation processes. We argue that, when extended to the ecological level of analysis, enterprise strategy provides a sound theoretical framework for ethically and strategically accounting for the ultimate stakeholder, planet Earth. Within the framework of enterprise strategy, a value system based on sustainability can provide a sound ethical basis for developing ecologically sensitive strategic management systems which allow organizations to satisfy the demands of the myriad green stakeholders that represent the planet in the immediate business arena. This provides a new "flavor" of enterprise strategy in which organizations "stand for sustainability." We call this new flavor "eco-enterprise strategy."     

Food expenditure patterns of working-wife families: Meals prepared away from home versus convenience foods

This paper investigates food expenditure patterns of working-wife families, focusing on the allocation of food dollars between two major time-saving options: meals prepared away from home and convenience foods. Data are drawn from the U.S. 1983 Consumer Expenditure Survey. Analysis of variance and regression techniques are used to compare expenditure patterns of families grouped by the wife's hours worked and her earnings. The findings suggest that working-wife families prefer the purchasing of meals prepared away from home to that of convenience foods. In particular, families with high-earning, full-time working wives buy the most meals prepared away from home, while the greatest expenditures on convenience foods are observed for families with moderate-earning working wives.     

An Explanation of the Life Span of New French Firms

In contrast to previous studies on firm survival which tend to focus on features related to the structure of the firms and their area of activity, our aim here is to widen the perspective usually adopted in the field, taking into account a larger and more qualitative set of variables. Among these variables, features related to the individual characteristics of the entrepreneur, to the context of entrepreneurship and to the insertion in entrepreneurial networks are significant to explain the life span of new firms. The empirical material is drawn from two surveys, which provide detailed data about a group of new firms created in France in 1994 and closed down before 1997 or still running in 1997. Our empirical approach on qualitative data is based on data analysis methods (linear discriminant analysis, barycentric discriminant analysis, analysis of variance). According to the characteristics of the entrepreneur, the main explanatory factors for the survival of new firms are the fact that they are entrepreneurs who have taken over firms, that they have acquired during their previous occupational activity an experience in the same branch of activity and that they experience a successful integration into the entrepreneurial networks. These three factors show that the survival of young firms is indirectly conditioned by the existence of an initial custom, by the mastery of a job and by the know-how in the entrepreneurial function.