EDITOR’S INTRODUCTION TO THE 1997 SUMMER SPECIAL ISSUE: THE INTERACTIONS OF ORGANIZATIONAL AND COMPETITIVE INFLUENCES ON STRATEGY AND PERFORMANCE

The 1997 Summer Special Issue of the Strategic Management Journal is introduced by the Editor-in-Chief, Dan Schendel. The Special Issue deals with what Guest Editors, Rebecca Henderson and Will Mitchell call ‘reciprocal interactions’ among environment, strategy, capabilities and performance. Why study of these reciprocal interactions may be useful to better understanding of performance outcomes is discussed. © 1997 by John Wiley & Sons, Ltd.     

Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?

We study price discovery in municipal bonds, an important OTC market. As in markets for consumer goods, prices “rise faster than they fall.” Round‐trip profits to dealers on retail trades increase in rising markets but do not decrease in falling markets. Further, effective half‐spreads increase or decrease more when movements in fundamentals favor dealers. Yield spreads relative to Treasuries also adjust with asymmetric speed in rising and falling markets. Finally, intraday price dispersion is asymmetric in rising and falling markets, as consumer search theory would predict.     

现代物流中货物集散渠道系统的构建研究

依据社会化物流的特点,考虑货物集中与分散的机制,构建了适于社会化综合物流的集散渠道系统框架,并且对系统的结构、功能及特征进行了详细描述.     

INSOLVENCY AND RISK-TAKING IN THE THRIFT INDUSTRY: IMPLICATIONS FOR THE FUTURE

This paper puts the current problems facing the thrift industry, Federal Home Loan Bank Board, and Federal Savings and Loan Insurance Corporation into historical perspective. It discusses the development of federal deposit insurance and regulation of depository institutions. The paper discusses causes of the recent financial difficulties faced by thrift institutions and the policy responses to those problems. It then examines the effect of the recent 511 thrift failures on the risk-taking behavior of institutions and the Bank Board's policy responses to risk-taking. Finally, the paper suggests possible responses to the large and growing number of insolvent institutions that have an economic incentive to pursue extremely risky portfolio opportunities.     

Consumption Commitments and Employment Contracts

We examine an economy in which the cost of consuming some goods can be reduced by making commitments that reduce flexibility. We show that such consumption commitments can induce consumers with risk-neutral underlying utility functions to be risk averse over small variations in income, but sometimes to seek risk over large variations. As a result, optimal employment contracts will smooth wages conditional on being employed, but may incorporate a possibility of unemployment.     

SOARING MINDS: THE FLIGHT OF ISRAEL'S ECONOMISTS

The brain drain issue used to revolve primarily around migration from developing to developed countries. In recent years, there is an accumulation of evidence that this is an issue that should interest developed countries as well. Recently published numbers by the European Commission and the Organization for Economic Co-operation and Development indicate a nonnegligible flow of European academics to American universities. This article provides the first case study conducted on the most massive out-migration of academics on record. At a time when Europe and other developed countries have begun to express concern about the phenomenon, the rate of academic emigration from Israel to the United States is already four to six times the European emigration rate. The particular focus here is on the area of economics, in which the exodus of younger academics from Israel coupled with a heightened retirement rate among the older academics has brought Israel's top economics departments—among the best in the world, until now—to the brink. Countries wanting to create conditions for fostering and nurturing the necessary productivity advances underlying economic growth must become aware of how far and how quickly an academic implosion can occur, if left unchecked. The findings brought forth here should help increase the level of this awareness. ( JEL A11, F22, H52, H83, I23, J31, J61, O15)     

STATE PATTERNS IN FAMILY INCOME INEQUALITY

It is well known that U.S. income inequality began to increase in the 1970s and increased sharply in the 1980s. Yet, what is less well known is that this upward trend was not uniform across states. Some states experienced almost no increase in family income inequality, while other states experienced dramatic increases. We use the variation in state trends to examine factors that may underlie shifts in U.S. income inequality. Among numerous factors, we include variables that allow us to examine the role that state and local economic development policy may play. Also, in examining state income inequality differences that could not be explained by economic factors, we explore the possibility that cultural and social norm factors affect state income inequality.     

基于AHP-整数规划法的油料配送中心选址模型

油料配送中心选址对油料的保障效率有着重要的影响。影响油料配送中心选址的因素众多,文中首先选用层次分析法(AHP)法对这些影响因素进行处理,得到各个候选地址的权值。然后针对AHP方法无法解决条件约束问题,将AHP与整数规划方法相结合,提出了一种基于AHP-整数规划的油料配送中心选址模型。最后通过实例说明该模型能够有效解决油料配送中心选址问题。     

Dividend Taxes and Implied Cost of Equity Capital

We estimate firm‐level implied cost of equity capital based on recent advances in accounting and finance research and examine the effect of dividend taxes on the cost of equity capital. We investigate whether dividend taxes affect firms' cost of capital by testing the relation between the implied cost of equity capital and a measure of the tax‐penalized portion of dividend yield, which we define as the product of dividend yield and the dividend tax penalty. The results generally support the dividend tax capitalization hypothesis. We find a positive relation between the implied cost of equity capital and the tax‐penalized portion of dividend yield that is decreasing in aggregate institutional ownership, our proxy for tax‐advantaged investors. The evidence in this study adds to the understanding of the effect of investor‐level taxes on equity value.