伦敦商学院和南加州大学马歇尔商学院

面向股东还是面向利益相关者？ 在日本的董事会会议上,不管是股东还是高管人员都被潜在地施加了压力,以便于他们关注利益相关人的利益而不是股东利益。当然,现在他们改革的压力也很大：而在美国的董事会会议上,20年的治理改革以及坚定的树立了“股东价值最大化”的概念,这就增强了董事会相对于管理层的独立性,并更加密切的适合董事会和公司业主的利益。     

Benchmarking Warehousing and Distribution Operations: An Input-Output Approach

We developan input-output model of a warehouse system to assess operationalefficiency. Our model simultaneously accounts for all of thecritical resources (labor, space, storage and handling equipment)and the different workload requirements (broken case, full caseand pallet picking, storage and order accumulation) of a warehouse.We collected extensive data on 57 warehouse and distributionfacilities from a variety of industries, including auto parts,dental and office supplies, electronics, fine papers, hardware,health care, industrial packaging, mail order apparel, officemachines, photographic supplies, and wholesale drugs, and usedthe model to assess and compare their efficiencies. We offer3 conclusions based on a statistical analysis of the operatingefficiencies obtained from several models: Smaller warehouses tend to be more efficient than larger warehouses.Warehouses using lower levels of automation tend to be moreefficient. This association is more pronounced in small firms.Unionization is not negatively associated with efficiencyand in fact may actually contribute to higher efficiency.     

Can Hypothetical Questions Reveal True Values? A Laboratory Comparison of Dichotomous Choice and Open-Ended Contingent Values with Auction Values

Can hypothetical questions reveal true values? An examination of thelaboratory experimental literature examining contingent valuation (CV)lends some support for using open-ended hypothetical willingness to payquestions. However, experimental studies examining dichotomous choicehave found that hypothetical answers overstate demand. Consistent withthe experimental literature, published CV studies comparing open-ended todichotomous choice questions have shown that values from the dichotomouschoice method equal or exceed those of the open-ended method in everycase. This paper presents a series of experiments employing more than 800subjects to test this hypothesis for CV and compares the CV results toactual auction values in a single controlled experimental environment.     

Measuring a Brand's Tendency to be Included in High Value Baskets

Manufacturers often try and persuade retailers that their product tends to be included in the higher value baskets by comparing the average value of the baskets containing their brand, the Brand Basket Mean, with the average value of all the baskets in the store. Surprisingly, this comparison is positive for almost all brands and so can be very misleading. As a much more appropriate comparison measure, we propose a Brand Specific Effect, which uses an easy-to calculate, weighted average of all Brand Basket Means as a comparison standard. We then propose a meaningful decomposition of this Brand Specific Effect into Price and Quantity Effects that measure a brand's tendency to be included with expensive items and it's tendency to be included with many items.     

Enchantment in Business Ethics Research

Journal of Business Ethics - This article draws attention to the importance of enchantment in business ethics research. Starting from a Weberian understanding of disenchantment, as a force that...     

Correction: Managerial incentives and stock price dynamics: an experimental approach

Experimental Economics - Typo error noticed by author in acknowledgement.     

Sentiment,Loss Firms,and Investor Expectations of Future Earnings*

This study investigates the mispricing of market‐wide investor sentiment by exploring the relation between sentiment and investor expectations of future earnings. Prior research argues that sentiment‐driven mispricing should be most pronounced for hard‐to‐value firms, such as those reporting losses (Baker and Wurgler 2006). Using investor expectations of future earnings, we provide empirical results consistent with this behavioral finance theory. We predict and find that investors perceive losses to be more (less) persistent during periods of low (high) sentiment; that (in contrast) investors perceive profit persistence to be lower (higher) during periods of low (high) sentiment; and that the effects appear stronger for loss firms relative to profit firms. We also document predictable cross‐sectional variation within losses (with the mispricing mitigated for losses associated with activities expected to generate future benefits), R&D, growth, large negative special items, and severe financial distress. Overall, our results document a new and important channel—investor expectations of future earnings—to explain sentiment‐driven mispricing.     

The U.S. small business bankruptcy amendments: A global model for reform?

On February 19, 2020, the Small Business Reorganization Act of 2019 went into effect in the United States. This statute was intended to make the rescue regime of Chapter 11 of the United States Bankruptcy Code more effective for smaller businesses that would not otherwise have the financial wherewithal to complete a traditional Chapter 11 reorganization. This article describes the central innovations of the new statute, and considers whether they might be adaptable by other countries.     

The crucial role of financial intermediaries for facilitating trade among strangers

The Review of Austrian Economics - How are markets possible under conditions of anonymity and lack of repeat dealing? Many scholars consider the problem of fraud as one that must be dealt with by...