Executives and shareholders: A shift in the relationship

This article suggests that a shift has developed in the ongoing relationship between executives and shareholders with shareholders gaining more power over executives. The power shift has been driven by institutional investors and hostile takeovers and is visible in changing patterns of succession. More executives are being dismissed for poor performance and are being dismissed more quickly following the onset of poor performance. Two potential negative outcomes are a decreased willingness of executives to undertake risky strategies and a decreased ability of executives to build long-term, trusting relationships with stakeholders, even when these actions would be beneficial to shareholders. © 1995 by John Wiley & Sons, Inc.     

Life cycle and bequest savings A study of Japanese and U.S. households based on data from the 1984 NSFIE and the 1983 survey of consumer finances

This paper investigates whether the elderly save or dissave in light of two newly available sets of cross-section micro data, the 1983 “Survey of Consumer Finance” for the United States and the 1984 “National Survey of Family Income and Expenditure” for Japan. Contrary to dominant earlier findings we find for the United States that families after retirement dissave on average about a third of their peak wealth by the time of death, leaving the rest (mostly their homes) as bequests. For Japan, special handling is made to eliminate possible sample selection bias due to the different economic characteristics of the elderly forming independent households and those living with children. We find that the elderly belonging to both groups continue to save, and moreover, there appear to be significant signs of ongoing wealth transfer between the generations. The data in both countries also show that the elasticity of saving with respect to a life time income measure is significantly greater than unity, and more strongly so within higher age groups. J. Japan. Int. Econ., December 1988, 2(4), pp. 450–491. Department of Economics, University of Pennsylvania, Philadelphia, PA 19104-6297, and National Bureau of Economic Research.     

Zur Frage der wissenschaftlichen Fundierung wirtschaftspolitischer Maßnahmen

Ohne ZusammenfassungXI, 115 S. Basel: Kyklos-Verlag, Tübingen: J. C. B. Mohr (Paul Siebeck). 1961. Ln. DM 15,—, Fr. 16,80, brosch. DM 12,—, Fr. 13,60.     

The effect of business taxation on the location of industry

A theoretical and econometric model is specified which permits the estimation of the effect of local taxes on economic activity in a locality. A location elasticity of ?0.35 is found for manufacturing activity in New York City with respect to business taxes, while no significant elasticity is found for nonmanufacturing activity. The deadweight losses and revenue effects of the tax are analyzed and calculated, as are the optimal second-best taxes for a locality.     

Assessing the importance of urban tourism: Conceptual and measurement issues

Urban tourism has not received extensive recognition in tourism research, policy and planning yet its current and potential market is great. Improving the understanding of the importance of urban tourism requires the development of analysis and research methodologies related specifically to this sector. Based on Calgary, Canada, this article develops a model of urban tourism systems and ways in which potential and needs may be identified.     

Ein Weg zu Wirtschaftsgestaltung?

Ohne ZusammenfassungH. Bayer:Wirtschaftsgestaltung. XI, 760 S. Berlin: Verlag Duncker & Humblot. 1958. Leinen DM 58,60.     

Consumers and advertisers in the electronic marketplace: Implications for newspapers and other media

In the context of economic challenges faced by US daily newspapers, the author considers the potential of electronic information media. Despite the demand anticipations of system designers and operators, little is really known about consumer response to the media. Following an analysis of the strengths and weaknesses of the marketing ideology underlying the supposed demand for new home information services, it is stressed that the rate and degree of penetration, determined by what consumers and advertisers will be willing to pay, will be evolutionary rather than revolutionary. The author concludes that such media will gain slow and restrained acceptance in the light of social, economic and psychological constraints.     

The case as of 1976 for International commodity-reserve currency

Zusammenfassung Argumente für eine internationale Waren-Reserve-w?hrung aus der Sicht des Jahres 1976. — Nachdem das Gold zu einem Teil des Inflationsmechanismus geworden ist, bietet eine Waren-Reservew?hrung die einzige M?glichkeit, ein Weltw?hrungssystem zu schaffen, dessen wesentliche Eigenschaft es ist, monet?re und güterwirtschaftliche Sph?re miteinander zu verbinden. Der Ankauf von Rohstoffen in ?Warenk?rben? bestimmter Zusammensetzung zur Vorratshaltung als W?hrungsreserve (als ?hinkender Reservestandard?, dessen eine Komponente, die bestehenden W?hrungsreservebest?nde, eingefroren werden sollten) würde auch zur Stabilisierung der Rohstoffm?rkte beitragen. Die Kosten eines solchen Systems würden weitgehend dadurch ausgeglichen werden, daΒ restriktive und entwicklungshemmend wirkende Rohstoffabkommen vermieden und die Ressourcen effizienter verwendet werden k?nnten.

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Résumé Le cas d’une monnaie de réserve des biens internationale comme de 1976. — Un système de réserve des biens offre la seule méthode praticable (maintenant qu’on a assimilé l’or comme partie de la machinerie qui génère l’inflation) de concentrer le système monetaire du monde sur une connection entre les sphères monetaires et réelles. Les ?paniers? des biens empilants des stocks qui se composent fixement en qualité d’une reserve monetaire (en raison de ?limping standard? des réserves existantes qu’on devait geler) stabiliseraient les marchés des biens primaires. On compenserait largement les co?ts bruts par la prévention des structures d’accord des biens restrictives et anti-développantes, et par un usage plus efficace des ressources productives.

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Resumen El caso para una moneda de reserva de bienes internacional como de 1976. —Un sistema de reserva de bienes ofrece la única vía posible (ahora que el oro ha sido asimilado como parte de la maquinaria generadora de inflatión) para enfocar el sistema monetario mundial en una union entre esfera monetaria y real. El apilamiento (stockpiling) de ?canastas? de bienes de composición fija como reserva monetaria (en una relación de standard flexible —?limping-standard? —con respecto a las reservas existentes, las que deberán estar congeladas) también estabilizaría los mercados de bienes primarios. Los costos brutos se compensarán en gran medida por la preventión de estructuras antidesarrollistas y restrictivas de acuerdos de bienes y por el uso más eficiente de los recursos productivos.