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We examine how county‐level governance affects the cost of raising equity. Using data on seasoned equity offerings, we find that the underwriting spread is determined by the litigation risk of issue certifiers, and offer underpricing is largely determined by the investment risk of the equity issue. Underwriting spread increases with enhanced legal enforcement, offsetting the reduction in underpricing associated with strong legal enforcement. Our study offers insight into the effect of legal enforcement and regulatory policy on the cost of raising equity. 相似文献
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We present a Bayesian approach for analyzing aggregate level sales data in a market with differentiated products. We consider the aggregate share model proposed by Berry et al. [Berry, Steven, Levinsohn, James, Pakes, Ariel, 1995. Automobile prices in market equilibrium. Econometrica. 63 (4), 841–890], which introduces a common demand shock into an aggregated random coefficient logit model. A full likelihood approach is possible with a specification of the distribution of the common demand shock. We introduce a reparameterization of the covariance matrix to improve the performance of the random walk Metropolis for covariance parameters. We illustrate the usefulness of our approach with both actual and simulated data. Sampling experiments show that our approach performs well relative to the GMM estimator even in the presence of a mis-specified shock distribution. We view our approach as useful for those who are willing to trade off one additional distributional assumption for increased efficiency in estimation. 相似文献
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Sher Jahan Khan Puneet Kaur Fauzia Jabeen Amandeep Dhir 《Business Strategy and the Environment》2021,30(7):3273-3296
Environmental pollution has worsened in the past few decades, and increasing pressure is being put on firms by different regulatory bodies, customer groups, NGOs and other media outlets to adopt green process innovations (GPcIs), which include clean technologies and end-of-pipe solutions. Although considerable studies have been published on GPcI, the literature is disjointed, and as such, a comprehensive understanding of the issues, challenges and gaps is lacking. A systematic literature review (SLR) involving 80 relevant studies was conducted to extract seven themes: strategic response, organisational learning, institutional pressures, structural issues, outcomes, barriers and methodological choices. The review thus highlights the various gaps in the GPcI literature and illuminates the pathways for future research by proposing a series of potential research questions. This study is of vital importance to business strategy as it provides a comprehensive framework to help firms understand the various contours of GPcI. Likewise, policymakers can use the findings of this study to fill in the loopholes in the existing regulations that firms are exploiting to circumvent taxes and other penalties by locating their operations to emerging economies with less stringent environmental regulations. 相似文献
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Amandeep Dhir Shalini Talwar Mohd Sadiq Mototaka Sakashita Puneet Kaur 《Business Strategy and the Environment》2021,30(8):3589-3605
The green apparel literature has previously examined the disparity between consumers' positive purchase intentions and their actual purchase behaviour. This dichotomous behaviour represents the critical ‘intention–behaviour gap’, which marketers must seek to reduce to increase sales of their products. The current study thus seeks to identify the drivers of green apparel purchase behaviour that may potentially mitigate this gap. The proposed conceptual model is grounded in the Stimulus–Organism–Behaviour–Consequence (SOBC) paradigm and is tested through an analysis of cross-sectional data collected from 387 green apparel product consumers in Japan who were sourced through Macromill Inc. The findings suggest that optimism as the stimulus is positively associated with labelling satisfaction and labelling desire, which, in turn, are positively associated with purchase intentions, representing behaviour. Furthermore, purchase intentions are positively associated with shopping routine and fully mediate the association between shopping routine and buying behaviour. The study provides interesting strategic inputs for green apparel marketers and retailers. 相似文献
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Russell Gary Bell David Bodapati Anand Brown Christina Chiang Joengwen Gaeth Gary Gupta Sunil Manchanda Puneet 《Marketing Letters》1997,8(3):297-305
Multiple category choice is a decision process in which an individualselects a number of goods, all of which are nonsubstitutable with respect toconsumption. Choices can be made either simultaneously or sequentially. Thekey feature of multiple category choice is the treatment of the choices asinterrelated because each item in the final collection of goods contributesto the achievement of a common behavioral goal. We discuss current andpotential applications of psychology, economics and consumer choice theoryin developing models of multiple category choice. 相似文献
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Understanding Firm, Physician and Consumer Choice Behavior in the Pharmaceutical Industry 总被引:1,自引:0,他引:1
Puneet Manchanda Dick R. Wittink Andrew Ching Paris Cleanthous Min Ding Xiaojing J. Dong Peter S. H. Leeflang Sanjog Misra Natalie Mizik Sridhar Narayanan Thomas Steenburgh Jaap E. Wieringa Marta Wosinska Ying Xie 《Marketing Letters》2005,16(3-4):293-308
This paper argues that the pharmaceutical industry represents an exciting opportunity to carry out academic research. The
nature of the industry allows researchers to answer new questions, develop new methodologies for answering these questions
as well as to apply existing methodology to new data. The paper opens with some industry background, then provides a brief
overview of some important research areas and discusses the open questions in each area. Issues of data type and availability
are also discussed.
This paper is based on a session (with the same title and participants) that was part of the Sixth Invitational Choice Symposium
hosted by the University of Colorado and held at Estes Park, Colorado during June 4–8, 2004. 相似文献
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Arun T. M. Puneet Kaur Stefano Bresciani Amandeep Dhir 《Business Strategy and the Environment》2021,30(5):2637-2655
The current study utilises the time-tested systematic literature review (SLR) method to identify and analyse 76 studies addressing the consumer adoption of green hotels. The results of the research profile analysis show that the literature on consumers' adoption and consumption of green hotel products and services is expanding and gaining more recognition from researchers working in Asian contexts, particularly China, Taiwan and India. Moreover, the qualitative thematic analysis yields four key themes, (a) consumer behaviour variables addressed, (b) antecedents and mediators of green hotel adoption, (c) moderators of the relationship and (d) methodological considerations, for which limitations and future research directions are identified accordingly. The main novelty of the study lies in the development of a unified framework of consumer adoption and consumption of green hotel products and services that calls for a multitheoretic examination of the issue. This review is among the first to consolidate the growing literature on consumer adoption and consumption of green hotel products and services. 相似文献
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In light of the long-standing vision of economic and monetary integration in the ASEAN (Association of Southeast Asian Nations) region and the importance of coordinating monetary policies to achieve it, the objective of this article is to assess the monetary policy synchronization among the founding members of the ASEAN, that is, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Due to the importance of exchange rate movements to monetary policies, we approach this issue from a currency exchange rate perspective. Specifically, multivariate trend–cycle decomposition is employed to investigate common trends and common cycles among the exchange rates of these countries during the period 1976–2012. Our analysis reveals that the real exchange rates of Malaysia, the Philippines, Singapore and Thailand share common cycles in the short term and have common trends in the long term, but the Indonesian currency does not share these relationships. Thus, our results augur well for the synchronization of monetary policies among Malaysia, the Philippines, Singapore and Thailand. In contrast, the relatively turbulent dynamics of the Indonesian rupiah evident in frequent bouts of stark depreciation separated by periods of steady depreciation over the past three decades raise questions regarding the readiness of Indonesia for participating in a monetary alliance with the ASEAN-4 nations. 相似文献
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