How do valuations impact outcomes of asset sales with heterogeneous bidders?

Differences among bidder type-specific outcomes of asset sales are theoretically related to differences in bidders’ valuations and participation. The lead application to quantify these relations is takeover auctions: bidders are classified into strategic and financial, and bids are available. I structurally estimate valuations from all bids. The positive difference in premiums between strategic and financial acquirers is driven by the difference in dispersions of valuations (e.g., strategic bidders’ synergies are more dispersed) and the set of auction participants. The difference in average valuations is relatively unimportant. My approach can help explain outcomes of asset sales, even in settings with limited bidder data.     

Monitoring the foreign exchange rate benchmark fix

ABSTRACT

We develop a Manipulation Index (ManIx) that captures the potential manipulation intention of dealers during the World Markets/Reuters (WMR) benchmark (London Close) period at 4 pm London time through a unique algorithm and simulation. The application of this model (using a dataset with dealers’ identities) can identify banks that are prone to potential manipulative behavior. The results concerning the identified banks are validated by the regulatory investigations. Implementation of this algorithm allows regulators better direct their limited resources towards more targeted in-depth investigation.     

新中国成立70年农村基本经营制度的历史演进与发展取向——基于农村土地制度和农业经营制度的改革联动视角

研究目的:剖析农村土地制度和农业经营制度的关系,为完善农村基本经营制度提供参考。研究方法:比较分析法、文献研究法。研究结果:新中国成立70年来,农村基本经营制度先后历经新中国成立初期的"农民所有、家庭经营"、改革开放前期的"集体所有、集体经营"到改革开放后期的"集体所有、均田承包、家庭经营",再到现阶段的"集体所有、均田承包和多元经营"4个阶段。在这个过程当中,农村基本经营制度既遵循人口与土地关系、生存与发展关系以及政府与市场关系的大逻辑,又遵循着农村土地制度的"产权逻辑"、农业经营制度的"生产逻辑"等小逻辑。研究结论:为深化农村基本经营制度变革,需加强农村土地制度与农业经营制度联动改革的制度设计,发挥要素、组织和制度的作用,发展多种形式的适度规模经营,实现小农户与现代农业发展的有机衔接。     

Target‐Setting,Pay for Performance,and Quality Improvement: A Case Study of Ontario Hospitals’ Quality‐Improvement Plans

This study examines whether difficult targets and quality indicators in executives' pay‐for‐performance (P4P) plans affect performance. The impact of target‐setting and P4P plans on quality improvement in the public sector is unclear. The Ontario government initiated the Quality Improvement Plan (QIP), which requires hospitals to set targets for quality indicators annually and link executive pay to target achievement since 2011. Analyzing Health Quality Ontario's database and hospitals' 2012–2013 QIPs, this study shows greater quality improvement in hospitals with difficult targets than hospitals with easy targets or without assigned targets; however, the positive impact disappears for high‐performance hospitals relative to their peers. We find no significant effect of the use of quality indicators in executives' P4P plans on quality improvement. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

From disruptively digital to proudly analog: A holistic typology of digital transformation strategies

Recently booming academic interest in digital transformation aims to provide continuous support to managers in dealing with this important issue. However, as with all new fields, the scholarly literature is characterized by increased variability and diversity of topics covered, constructs used, and the relationships between them, resulting in an unclear and blurry understanding of the whole of digital transformation. Our article closes this gap by identifying distinctive digital transformation strategies in terms of two critical dimensions: usage of digital technologies and readiness of a business model for digital operation. The result is a typology of four generic digital transformation strategies that essentially differ in the primary motivation and target of transformation, leadership style, importance of skills like creativity and entrepreneurial spirit among employees, risks and challenges faced in the process, consequences of potential failure, and available tactics for improvement. By providing heuristics and a systematic basis for comparison of different strategies, it is our belief that the proposed framework will be useful to researchers and managers responsible for and interested in digital transformation.     

In search of diners responsive to health cues: Insights from U.S. consumers

Many consumers rely on summary statistics offered by online and mobile platforms to attain nutrition information on menu items. While positive (vs. negative) summary cues garner more favorable consumer responses, this research provides a more nuanced understanding of this effect by examining the moderating role of two individual-level characteristics: health-consciousness and need for status. Two MTurk samples (Study 1: n = 142, Study 2: n = 119) were recruited in 2018. Findings from Study 1 suggest that health-conscious (vs. less health-conscious) consumers show a wider gap in perceived healthiness of a menu item in response to the valence of a health cue. This greater gap translates into more polarized attitudes toward the menu item. Findings from Study 2 indicate that consumers high (vs. low) in need for status exhibit less favorable attitudes toward a menu item with a negative health cue. Theoretical and managerial implications are discussed.     

Muddling through cybersecurity: Insights from the U.S. healthcare industry

The U.S. healthcare sector is inadequately prepared to deal with the reality of cyber threats. The increasing use of smart medical equipment and mobile devices is making healthcare organizations more susceptible to ransomware and other types of malware. The size and complexity of operations, coupled with the presence of numerous legacy and incompatible systems, make it difficult to implement effective cybersecurity measures. The daunting nature of the problem often results in an if-it-ain’t-broke-don’t-fix-it stance among senior healthcare leaders. The preponderance of healthcare-related laws, compliance regulations, and security guidance frameworks serve to complicate the cybersecurity challenge further and too often results in senior leadership assuming a state of blissful ignorance. This study sheds light on the key factors contributing to the chaotic state of affairs and presents a roadmap to a more deliberate and proactive approach to cybersecurity risk management.     

Power moderates the impact of desire for exclusivity on luxury experiential consumption

This research examines the effect of desire for exclusivity on evaluations of luxury experiences and proposes a boundary condition for the effect. The scarcity effect literature suggests that consumers prefer scarce products due to limited supply because they appeal to consumers’ desire for exclusive consumption. Building on this thesis, the current research argues that luxury experiences are intrinsically scarce enough to appeal to consumers’ desire for exclusivity: Consumers with a strong desire for exclusivity will evaluate luxury experiences more favorably than those with a weak desire for exclusivity. A pilot study confirms a positive correlation between consumers’ desire for exclusivity and attitudes toward luxury experiences. Study 1 demonstrates that consumers with a strong desire for exclusivity show more favorable attitudes toward luxury experiences than those with a weak desire for exclusivity. Further, Study 2 finds that consumers’ power state (powerful vs. powerless) moderates the effect of desire for exclusivity on their affinity for luxury experiences: Only when feeling powerful do consumers with a strong desire for exclusivity evaluate luxury experience more favorably than those with a weak desire for exclusivity. However, this is not the case when consumers feel powerless.     

Resolving post-formation challenges in shared IJVs: The impact of shared IJV structure on inter-partner relationships

The “50/50”, or the shared management international joint venture (shared IJV) remains a popular and yet challenging control structure to govern IJVs. The purpose of this study is to understand the post-formation management of shared IJVs, specifically the relationship between shared structure, relational conditions and management of post-formation challenges. Our evidence is based on 26 in-depth interviews across four cases of shared IJVs between British multinationals and Asian companies. Our findings indicate that the highly integrative nature of shared IJVs, including high operational interdependence and shared decision-making, encourages partners to work closely together, communicate frequently and intensely and exchange personnel. Although share management can lead to inter-partner conflicts, the equal investment and mutual responsibility partly provides partners with motivation and opportunities to learn about each other, to better implement the control structure, to build trust, and to commit to the venture and partner. These relational conditions facilitated the successful management of post-formation challenges such as diversity related conflicts and macro volatility.     

河南省城镇化时空格局及驱动力分析

[目的]通过分析城镇化时空格局及其驱动力用来表现河南省城镇化近10年状态,并通过驱动力分析其主要影响因素。[方法]文章选取人均GDP、财政收入、第三产业生产总值、全社会固定资产投资、在岗职工平均工资、各市参加医疗保险人口、天然气用气人口、各市普通高中毕业生、废水排放量、生活垃圾处理量、固体废物处理量、道路清扫保洁面积等12个指标构建综合指标体系,运用SPSS因子分析确定权重,测算2005~2015年河南省城镇化发展水平并分析其时空演变特征,在此基础上利用灰色关联度分析城镇化发展驱动力。[结果]河南省城镇化水平在时间维度上呈上升趋势,空间上表现为高城镇化水平集中在河南省西北部地区,有向东北部发展的趋势;低水平城镇化地区集中在河南省中南部地区且数量逐渐减少;中等水平的城镇化地区集中在河南省周边的地级市,数量逐渐增多,且有向高等城镇化水平发展的趋势;就驱动力影响力而言,市场机制高居第一,其次是政府作用、自身发展、外商投资。[结论]河南省城镇化水平空间差异显著,并受多种驱动力共同影响。