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Cristian A. Pinto‐Gutirrez 《Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l\u0027Administration》2019,36(3):432-449
This paper examines the role of media coverage and investor attention on the outcomes of seasoned equity offerings (SEOs). I use an archive of Thomson Reuters news articles to proxy for firm visibility and investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the offer price discounts of SEOs. Furthermore, the volumes of news articles are negatively associated with the cumulative abnormal returns three days around the SEOs. I conclude that the costs of equity increase with media coverage prior to SEOs. Overall, the evidence is consistent with the hypothesis that media coverage affects investors' information processing in SEOs. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd. 相似文献
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Cristian Brixner Paula Isaak Silvina Mochi Maximiliano Ozono Diana Suárez 《Economics of Innovation and New Technology》2020,29(7):705-719
ABSTRACT The objective of this article is to establish a dialogue between the recent ‘Industry 4.0’ (I4.0) literature and evolutionary neo-Schumpeterean studies about techno-organizational paradigms. In that direction, we wonder whether I4.0 constitutes a new paradigm, as it is assumed by the first group of literature, or it represents – until the moment – an intensification of key features of the information and communication technology (ICT) paradigm, following the second group of studies. Some questions are raised about the implications of I4.0 for developing countries (DEC), afterwards. Specifically, we reflect on the possibilities of these countries to identify and take advantage of new windows of opportunity, opened by the development and diffusion of these technologies. In this regard, the review of recent Latin American experience raises strong concerns regarding I4.0 as a new source of intra- and international heterogeneity, linked to the severe difficulties these countries have in appropriating these technologies in the form of productivity gains and quasi-rents. It seems that this is partially derived from weak technological, organizational, and connectivity capabilities paths of accumulation between institutions and actors. 相似文献
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This paper applies data envelopment analysis (DEA) to assess technical efficiency in a big public university. Particular attention has been paid to two main activities, teaching and research, and on two large groups, the Science and Technology (ST) sector and the Humanity and Social Science (HSS) sector. The findings, based to data from 2005 to 2009, suggest that the ST sector is more efficient in terms of quality of research than the HSS sector, that instead achieves higher efficiency in teaching activities. The efficiency estimates strongly depend on the output specification, given that the use of several quality proxies, such as three research and two student questionnaire-based teaching alternative indices, reduce performance and its differentials for both research and teaching activities. A bootstrap technique is also used to provide confidence intervals for efficiency scores and to obtain bias-corrected estimates. The Malmquist index is calculated to measure changes in productivity. 相似文献
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Cristian Bartolucci 《Labour economics》2012,19(4):568-583
In this paper, we analyze the impact of downward wage rigidity on the labor market dynamics. We shows that imposing downward wage rigidity in a matching model with cyclical fluctuations in productivity, endogenous match-destruction, and on-the-job search, quits are procyclical and layoffs countercyclical. Using the European Community Household Panel (ECHP), we provide evidence that downward wage rigidity is empirically relevant in ten European countries. Finally, we show that layoffs are countercyclical and quits are procyclical, as predicted by the model. 相似文献
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Building on the technology acceptance model (TAM), this study examined users’ perceptions of reservation Web sites: hotel-owned and third-party. As an experimental study, this study tested whether a modified variant of the TAM could be used to evaluate users’ perceptions of two different channels for hotel online reservations. Perceived usefulness was a key predictor of users’ attitudes toward using hotel-owned Web sites, while perceived ease of use was a key predictor of users’ attitudes toward using third-party Web sites. Both perceived playfulness and attitudes were two key predictors of users’ intentions to use hotel reservation Web sites. However, no significant differences in users’ perceptions were found between the two types of Web sites. Overall, users had more favorable attitudes and higher intentions to revisit third-party Web sites than hotel-owned Web sites. 相似文献
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Technology adoption is one the most important elements of a firm's strategy. In this paper, we address an essential, yet largely overlooked, question: What should a firm do when faced with several alternative proprietary designs of a new technology? In our base case we assume there are two technology designs, each described by an independent stochastic process of technology evolution. We show that, in equilibrium, a buyer chooses the leading technology design as soon as the discounted payoff from doing so is positive. When the option value of waiting is very high, it is jointly optimal to delay adoption. But because sellers cannot commit not to extract all of the buyer's future rents, inefficiently early adoption takes place. Strategies that improve commitment to low future license fees, such as increasing the number of competitors or cross‐licensing, may alleviate the hold up problem. Although previous research stressed the benefit of such commitments in terms of increasing the rate of technology adoption, we present a class of cases when the benefit from commitment is efficiently to delay adoption. 相似文献
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We explore a fundamental aspect of firms' location choices largely overlooked in the literature: strategic interaction. We formalize the notion that strategic interaction renders collocation less appealing by fostering competition, which erodes firms' profits. Strategic interaction also impacts location choices across time. Specifically, because firms learn by doing in markets, location choices are shaped by two novel effects: entrenchment benefits from entering early in a market and improving capabilities relative to rivals, and opportunity costs from postponing entry to other markets where rivals enter and learn. When learning is local, firms collocate more: rivals are preempted from improving relative capabilities in higher‐value markets. However, when learning is global, firms collocate less: they can transfer capabilities from lower‐value to higher‐value markets, blocking rivals from achieving entrenchment benefits. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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Recent literature on panel data emphasizes the importance of accounting for time-varying unobservable individual effects, which may stem from either omitted individual characteristics or macro-level shocks that affect each individual unit differently. In this paper, we propose a simple specification test of the null hypothesis that the individual effects are time-invariant against the alternative that they are time-varying. Our test is an application of Hausman (1978) testing procedure and can be used for any generalized linear model for panel data that admits a sufficient statistic for the individual effect. This is a wide class of models which includes the Gaussian linear model and a variety of nonlinear models typically employed for discrete or categorical outcomes. The basic idea of the test is to compare two alternative estimators of the model parameters based on two different formulations of the conditional maximum likelihood method. Our approach does not require assumptions on the distribution of unobserved heterogeneity, nor it requires the latter to be independent of the regressors in the model. We investigate the finite sample properties of the test through a set of Monte Carlo experiments. Our results show that the test performs well, with small size distortions and good power properties. We use a health economics example based on data from the Health and Retirement Study to illustrate the proposed test. 相似文献
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