排序方式: 共有21条查询结果,搜索用时 15 毫秒
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This article investigates the effects of negotiated and unilaterally imposed change on employee relations in the German subsidiaries of a Finnish and a German multi‐national company (MNC). We look at how the strategies affect the sustainability of the current German model of employee relations and highlight some of the disadvantages of this model for global MNCs. 相似文献
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Gero Geppert 《International Review of Financial Analysis》2008,17(2):330-344
This paper uses a sample of 25 large mergers from 1996 to 2004 to study the effect of mergers on the implied volatilities of equity options. The results indicate a statistically significant increase in volatility beyond the amount predicted if the transaction were effectively nothing more than a portfolio combination of the target and acquirer. The disparity suggests that, at least for the first 18 months after the transaction becomes effective, market participants expect mergers to increase risk. Integration risk and uncertainty about the extent to which efficiency gains and greater market power are realized are possible explanations for the discrepancy. 相似文献
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Factor Price Equalization: A Cointegration Approach. — Previous studies of factor price equalization have generated mixed results. It is argued that the limited success often results from the fact that labor cost time series are nonstationary, and hence traditional OLS models are misspecified. In this paper, the cointegration approach is utilized to test for the existence of a long-run relationship between factor prices. It is shown that indices of labor cost per unit of manufacturing output for six major industrialized nations are indeed cointegrated. These results support the hypothesis that factor prices possess a long-run equilibrium relationship. 相似文献
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Gordon V. Karels John M. Geppert Arun J. Prakash 《Journal of Business Finance & Accounting》1997,24(9&10):1311-1330
This paper examines the long run interaction among deposit insurance, bank deposit rates and capital adequacy requirements. Using analysis similar to the price discrimination model of Lott and Roberts (1991) we find that a competitive environment among banks would link the spread between insured and uninsured deposit rates to the size of the insurance premium. We also find that banks that choose to operate at the regulatory minimum capital level, would increase asset risk with increased capital requirements if (1) the implicit interest paid to insured and uninsured depositors is equally sensitive to changes in risk and capital adequacy and (2) the insurance premium is independent of the level of risk and capital adequacy. Under the present risk-based premium structure, asset risk has the potential to decline when the regulatory agency raises capital requirements. Finally, we examine the time series behavior of insured and uninsured interest rates to see if it is consistent with our theoretical model. We find that insured and uninsured rates, along with deposit insurance premiums, are cointegrated series as suggested by our model. 相似文献
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In this paper we use cointegration tests to examine the long-run diversification potential of 13 emerging capital markets. The Johansen [18] and Johansen and Juselius [19] cointegration procedures are applied to the U.S. and 13 emerging capital markets in three geographical regions of the world. None of the three regions examined possesses cointegrated markets. The lack of cointegration indicates that the correlation between returns from each market is independent of the investment horizon Return correlations using weekly data correspond to the long-run investment horizon correlation. Correlations among the returns from these countries are low on average and occasionally negative. The apparent independence of markets within these three emerging regions suggests that diversification across these countries is effective. 相似文献
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John M. Geppert Stoyu I. Ivanov Gordon V. Karels 《Review of Quantitative Finance and Accounting》2011,37(1):21-34
The main purpose of this paper is to investigate the impact of the S&P 500 index committee’s decisions to change the constituent
firms in the index on benchmark risk measures. The index is managed and changed discretionally by the index committee to make
it as representative of the market condition as possible. In addition, the index constantly changes due to important corporate
events such as bankruptcies, mergers and acquisitions, and spin-offs. We reconstruct market portfolios by retaining all discretionally
deleted firms in a 3 and 5 year periods. We estimate betas at every deletion date in terms of reconstructed market portfolios;
we found that these estimate betas are significantly different from the betas obtained from the constantly updated S&P 500
portfolio. We also found that such portfolios are less representative of the business cycle than the actual S&P 500 portfolio.
Finally, we found that the portfolio returns obtained by retaining all discretionally deleted firms deviate significantly
from the returns of the actual S&P 500 index over the studied period, October 1989 to December 2007. 相似文献
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Mike Geppert 《International Journal of Human Resource Management》2013,24(1):49-69
This paper intends to shed some light on strategies and power resources of subsidiary managers and employee representatives involved in ‘charter changes’ and the implementation of ‘best practices’ developed elsewhere. Research shows that local managers face a dilemma in that they need both internal legitimacy (within the MNC itself) and external legitimacy (within the local context). It is argued that the power resources key actors draw on in the (internal) decision-making processes of ‘charter changes’ are intertwined with certain (external) national business system (NBS) characteristics, an aspect often neglected in North American research about MNCs. The authors identify three key influences, which restrain or empower local management and employees in their ability to make strategic choices and gain power within the MNC. They are (1) the overall strategic approach of the multinational group, (2) the strategic position and the economic performance of the subsidiary itself and (3) the degree of institutional embeddedness of the subsidiary in the host country. Comparative mini-case studies are used to illustrate the effect of local management and employee representatives' empowerment on their ability to retain skills and work practices supportive of a diversified quality production process in the face of MNC pressure to adopt global ‘best practices’ based on more standardized production processes. 相似文献
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This paper examines the profitability of two futures trading strategies: a municipal bond futures contract strategy and a spread strategy consisting of a municipal bond futures contract and a Treasury bond futures contract. Both strategies are designed to exploit a slow municipal yield adjustment following changes in Treasury yields. We find economically significant profits to both strategies. Average holding period returns per trade for both strategies tend to increase with the magnitude of the Treasury yield change. Profit distributions associated with various Treasury yield change thresholds tend to be positively skewed, and median profits are significantly lower than average profits. The profitability results are consistent with slow municipal yield adjustments. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:763–789, 2008 相似文献
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The foreign currency futures pricing model of Amin and Jarrow (1991) is used to develop a model that predicts the primary
determinants of foreign currency futures spreads. Our data set consists of daily observations of futures prices, spot exchange
rates, and Eurocurrency LIBOR for the British pound and Japanese yen from January 2, 1990 to December 31, 2004. Using a 5-year
moving window methodology, we find repeated evidence of cointegration between the futures spread, spot exchange rates, and
interest rates over ten different estimation periods. An errorcorrection model is used to develop a trading strategy that
generates significant out-of-sample profits. 相似文献