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51.
    
Strategy and finance research suggests that managerial ownership results in increased incentive alignment and therefore is negatively related to corporate diversification. Using a longitudinal approach, we develop arguments to examine whether managerial ownership is associated with subsequent changes in diversification and/or if diversification is associated with subsequent changes in ownership. The results indicate that levels of managerial ownership in one time period are not associated with subsequent changes in corporate diversification, which raises incentive alignment questions. We also find that higher levels of corporate diversification are associated with changes in managerial ownership, which suggests support for the employment risk‐reduction perspective. This study provides important reasons to reassess the longitudinal implications of the managerial ownership‐corporate diversification link from both theoretical and managerial perspectives. Copyright © 2007 John Wiley & Sons, Ltd.  相似文献   
52.
    
Currency depreciation has been studied conventionally in terms of three hypotheses—the elasticities approach, the monetary approach and the absorption approach. In this paper we offer another hypothesis called the price approach, wherein the balance of payment disequilibrium results from an inappropriate price level. Specifically, a country has a trade surplus if the equilibrium price level is below that compatible with balanced trade; by contrast, it has a trade deficit if the price level is above that compatible with balanced trade. We illustrate the price approach with the experience of currency devaluations that have occurred in emerging markets since 1997.  相似文献   
53.
This paper develops a unified empirical framework for describing the relative contribution of rural–urban and inland–coastal inequality to overall regional inequality in China during the 1980's and 1990's. The framework assesses rural–urban and inland–coastal inequalities from the same data set, presents results for a sufficiently long time period to transcend short-term fluctuations, allows for differential price changes, and applies a consistent notion of the contribution to inequality using a decomposition analysis. While the contribution of rural–urban inequality is much higher than that of inland–coastal inequality in terms of levels, the trend is very different. The rural–urban contribution has not changed very much over time, but the inland–coastal contribution has increased by several fold. The paper ends by investigating the role of labor migration in this outcome. J. Comp. Econom., December 1999, 27(4), pp. 686–701. Department of Agricultural, Resource, and Managerial Economics, 309 Warren Hall, Cornell University, Ithaca, New York 14853; International Food Policy Research Institute, 2033 K Street, NW, Washington, DC 20006.  相似文献   
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55.
    
We develop extensions to auction theory results that are useful in real life scenarios.1. Since valuations are generally positive we first develop approximations using the log-normal distribution. This would be useful for many finance related auction settings since asset prices are usually non-negative.2. We formulate a positive symmetric discrete distribution, which is likely to be followed by the total number of auction participants, and incorporate this into auction theory results.3. We develop extensions when the valuations of the bidders are interdependent and incorporate all the results developed into a final combined realistic setting.4. Our methods can be a practical tool for bidders and auction sellers to maximize their profits. The models developed here could be potentially useful for inventory estimation and for wholesale procurement of financial instruments and also non-financial commodities.All the propositions are new results and they refer to existing results which are stated as Lemmas.  相似文献   
56.
    
Increasing regulatory pressures have created specialization within boards, with more requirements and responsibilities being refocused to the committee level. Using data from S&P 1,500 firms, we find that board committee overlap associated with linking pin directors (i.e., those serving simultaneously on the audit and compensation committees) is an important conduit for knowledge transfer between boards' monitoring and incentive alignment functions. These directors are associated with lower executive compensation and influence pay mix. In studying the dynamics behind this process, we find that newly created linking pins improve monitoring effectiveness whereas recently dissolved linking pins decrease it. We also find that linking pins are all the more important when managers make less conservative accounting choices. Copyright © 2014 John Wiley & Sons, Ltd.  相似文献   
57.
A new brand entering a market often finds itself in competition with sibling brands (those owned by the same parent company). In a case study of a retail coffee market, the authors examine how these brand relationships might influence the sibling and competitor brands' responses to entry. Using an empirically validated brand-share attraction model, the authors compare the actual responses to entry with the optimal responses under different incumbent objectives. The authors find that the responses by sibling brand are more accommodating than those of unrelated brands whose responses are consistent with the preservation of preentry levels of sales. Thomas S. Gruca (Ph.D., University of Illinois) is a Lloyd J. and Thelma W. Palmer Research Fellow and an associate professor of marketing in the Tippie College of Business at the University of Iowa. His research on defensive marketing strategy has appeared in the International Journal of Research in Marketing, the Journal of Marketing, the Journal of Marketing Research, Marketing Management, and Marketing Science. His research on health care has appeared in Contemporary Accounting Research, Health Care Management Science, and Strategic Management Journal. He is currently working on electronic prediction markets and modeling hospital network formation. He is a member of the editorial board of Marketing Letters and a reviewer for a number of management science journals. D. Sudharshan (Ph.D., University of Pittsburgh) is a professor of business administration in the College of Commerce and Business Administration at the University of Illinois at Urbana-Champaign. His research interests lie in the areas of marketing strategy, new product and service development, and marketing technology management. He serves on the editorial boards of the Journal of Marketing and the Journal of the Academy of Marketing Science. His articles have appeared in various journals including Marketing Science, Management Science, the Journal of Marketing, the Journal of Marketing Research, the Strategic Management Journal, the European Journal of Operational Research, the Journal of Service Research, and the Journal of Market Focused Management. K. Ravi Kumar (Ph.D., Northwestern University) is a professor in the Department of Information and Operations Management, Marshall School of Business, at the University of Southern California. His current research interests include the embedding of information systems within global physical operation and the development of sustainable information technology industries in developing countries. He is the author or coauthor of articles appearing in Management Science, Marketing Science, the Journal of Economic Theory, Production and Operations Management, and the Journal of Operations Management. He serves on the advisory boards of Production and Operations Management and Technology and Operations Review.  相似文献   
58.
    
We argue that the empirical evidence against the capital asset pricing model (CAPM) based on stock returns does not invalidate its use for estimating the cost of capital for projects in making capital budgeting decisions. Because stocks are backed not only by projects in place, but also by the options to modify current projects and undertake new ones, the expected returns on stocks need not satisfy the CAPM even when expected returns of projects do. We provide empirical support for our arguments by developing a method for estimating firms' project CAPM betas and project returns. Our findings justify the continued use of the CAPM by firms in spite of the mounting evidence against it based on the cross section of stock returns.  相似文献   
59.
    
This paper analyzes the shareholder value effects of environmental performance by measuring the stock market reaction associated with announcements of environmental performance. We examine the market reaction to two categories of environmental performance. The first category includes 417 announcements of Corporate Environmental Initiatives (CEIs) that provide information about self-reported corporate efforts to avoid, mitigate, or offset the environmental impacts of the firm's products, services, or processes. The second category includes 363 announcements of Environmental Awards and Certifications (EACs) that provide information about recognition granted by third-parties specifically for environmental performance. Although the market does not react significantly to the aggregated CEI and EAC announcements, we find statistically significant market reactions for certain CEI and EAC subcategories. Specifically, announcements of philanthropic gifts for environmental causes are associated with significant positive market reaction, voluntary emission reductions are associated with significant negative market reaction, and ISO 14001 certifications are associated with significant positive market reaction. The difference between the market reactions to the CEI and EAC categories is statistically insignificant. Overall, the market is selective in reacting to announcements of environmental performance with certain types of announcements even valued negatively.  相似文献   
60.
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