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1.
A necessary criterion for a performance measure in corporate governance is the degree to which it mirrors how well the management
succeeds in maximizing firm value. Such a performance measure is marginal q which links changes in firm value to the investments undertaken by the management. Empirical studies of investment and performance
based on marginal q have demonstrated the usefulness of this measure. Most research however, has mainly focused on long-term performance. This
paper takes a short-term perspective and, based on the marginal q-theory, considers how firms’ market values change in the extreme stock price cycle of a stock market bubble. Using a data
set of listed Swedish corporations we find an anomaly in form of a new industry specific effect that, in addition to investment, explains changes in firm value.
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Per-Olof BjuggrenEmail: |
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Per-Olof Bylund Jim Johansson Pontus Albertsson 《International journal of injury control and safety promotion》2016,23(1):105-109
Clearing snow from roofs causes serious injuries annually. The aim of this study was to describe injury mechanisms, injury panorama, and injury incidence in connection to this activity. A specific aim was to study the association between snow depth and injury incidence. A total of 95 people were injured during four study periods. The risk of injury is strongly associated with snow depth, and the incidence varied up to 10-fold between the studied winter seasons. The majority of injuries (91; 96%) occurred during leisure time and only four people were injured in the occupational setting. The most common injury mechanism was falling off roofs or ladders of residential homes. Nearly 60% sustained moderate or serious injuries (Maximum Abbreviated Injury Scale [MAIS] 2–3), and fractures accounted for almost half of all injuries. Because roofs of single-family homes in Sweden usually do not require snow removal for heavy snow loads, these injuries may have been both unnecessary and avoidable. Further education is required to advise the public on the risks associated with snow removal from roofs. 相似文献
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Journal of Regulatory Economics - Despite a developing literature exploring the relationship between regulation, taxation and business startups, few studies have utilized artefactual experimental... 相似文献
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Per L. Bylund 《Managerial and Decision Economics》2015,36(4):221-238
This article explains firm emergence and the role of firms in the market structure using the productive power of specialization. Based on productivity efficiencies through technological specialization, a model for firm emergence is drafted alongside Coasean transaction cost theory. I find that transaction costs cannot explain firm emergence, but the entrepreneurial specialization perspective here adopted provides a promising approach to understanding the firm's function to the entrepreneur and its internal organization and capabilities. It suggests a foundational framework for studying the creation of capabilities and the interplay between markets, firms, and entrepreneurs. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献
5.
Mikael Öman Rikard Fredriksson Per-Olof Bylund Ulf Björnstig 《International journal of injury control and safety promotion》2016,23(4):405-412
The aim of this paper is to analyse and compare injuries and injury sources in pedestrian and bicyclist non-fatal real-life frontal passengercar crashes, considering in what way pedestrian injury mitigation systems also might be adequate for bicyclists. Data from 203 non-fatal vehicle-to-pedestrian and vehicle-to-bicyclist crashes from 1997 through 2006 in a city in northern Sweden were analysed by use of the hospitals injury data base in addition to interviews with the injured. In vehicle-to-pedestrian crashes (n = 103) head and neck injuries were in general due to hitting the windscreen frame, while in vehicle-to-bicycle crashes (n = 100) head and neck injuries were typically sustained by ground impact. Abdominal, pelvic and thoracic injuries in pedestrians and thoracic injuries in bicyclists were in general caused by impacting the bonnet. In vehicle-to-pedestrian crashes, energy reducing airbags at critical impact points with low yielding ability on the car, as the bonnet and the windscreen frame, might reduce injuries. As vehicle-to-bicyclist crashes occurred mostly in good lighting conditions and visibility and the ground impact causing almost four times as many injuries as an impact to the different regions of the car, crash avoidance systems as well as separating bicyclists from motor traffic, may contribute to mitigate these injuries. 相似文献
6.
Two years ago, in an article in this journal, Andy Denis revisited and added to the Socialist Calculation Debate, one of the 20th century’s greatest debates in economic theory. Denis argued that Austrian economists draw unsupported conclusions from their argument in claiming that private rather than several property is necessary for economic calculation. We note in this article that Denis’ argument rests on two key points: first, that the legal owners of capital, or the capitalists, play a purely passive role in the resource allocation process, and, second, that it is the managers who bear the entire burden of speculative decision making and economic calculation. We then proceed to criticize both points. Key to our argument is the fundamental insight of Austrian economics that the market is an open-ended process of discovery, coordination and value creation, where resource ownership and allocation is impossible to sever from entrepreneurship due to the inherent uncertainty of the future. We argue that, from the Austrian market process perspective, economic calculation indeed requires private property, and not simply several control, because entrepreneurship under competitive discovery must be subject to both the lure of profit and the risk of loss. 相似文献
7.
Signifying Williamson's Contribution to the Transaction Cost Approach: An Agent‐Based Simulation of Coasean Transaction Costs and Specialization 下载免费PDF全文
Per L. Bylund 《Journal of Management Studies》2015,52(1):148-174
This article simulates Ronald Coase's transaction cost approach to firm organizing using agent‐based modelling, and contextualizes and contrasts it with a division‐of‐labour/specialization view of the firm that Coase challenged and sought to replace. The simulation tests the firm formation process based on the different implications of transaction costs and specialization as drivers of integration, focusing especially on Coase's rejection of specialization as an explanation for integration in the firm. The results show little support for, and suggest an important shortcoming to, Coase's transaction cost theory. My findings thereby indicate a potential relationship between the specialization theory and Williamson's Transaction Cost Economics, especially the latter's emphasis on co‐specialization through relationship‐specific investments, which helps shed light on TCE's significant influence in the theory of the firm literature. 相似文献
8.
The Review of Austrian Economics - Kirzner (2019) develops an Austrian perspective to critique Friedman’s universal ethic for profit, specifically for not including a rationale for... 相似文献
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We review the place of Austrian economics in contemporary entrepreneurship and management research, focusing on the contributions of Israel Kirzner. We show that Kirzner’s central concept of entrepreneurial discovery has been vastly influential in theoretical and applied work on entrepreneurship, even though Kirzner’s larger research program has not been well understood. We also describe and assess a number of methodological, ontological, and cognitive critiques of the opportunity-discovery approach and review the most important alternatives, including the judgment-based view associated with Knight (1921) and more recent contributors. We conclude that the entrepreneurship and management literatures provide a useful example of how Austrian economics—Kirznerian economics in particular—can play an important role in shaping mainstream discussions, debates, and research programs in the social sciences. 相似文献