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Many economic and evolutionary theories have modeled cooperation as the evolutionary outcome of decisions made by autonomous,
self-interested agents operating in a social vacuum. In this paper we consider the implications for cooperative interactions
when prior social structures and corresponding social norms exist. In particular we investigate the influence of social rank/status
on perceptions of fairness and tolerance of cheating. We review evidence from a series of experiments employing the Wason
selection task (a test of conditional reasoning) and the ledger task (a decision making task) suggesting that people cued
to adopt a perspective of high social rank are more tolerant of cheating and simultaneously believe that they have been more
fairly treated (even when cheated) than people cued to adopt a perspective of low social rank. However, the evidence also
suggests interesting cross-cultural differences in perceptions of fairness and tolerance of cheating in ranked relationships.
This revised version was published online in August 2006 with corrections to the Cover Date. 相似文献
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This article presents new evidence on the cost of equity capital by line of insurance for the property‐liability insurance industry. To do so we obtain firm beta estimates and then use the full‐information industry beta (FIB) methodology to decompose the cost of capital by line. We obtain full‐information beta estimates using the standard one‐factor capital asset pricing model and extend the FIB methodology to incorporate the Fama–French three‐factor cost of capital model. The analysis suggests the cost of capital for insurers using the Fama–French model is significantly higher than the estimates based upon the CAPM. In addition, we find evidence of significant differences in the cost of equity capital across lines. 相似文献
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This paper analyzes the productivity and efficiency effects of mergers and acquisitions (M&As) in the US property-liability insurance industry during the period 1994–2003 using data envelopment analysis (DEA) and Malmquist productivity indices. We seek to determine whether M&As are value-enhancing, value-neutral, or value-reducing. The analysis examines efficiency and productivity change for acquirers, acquisition targets, and non-M&A firms. We also examine the firm characteristics associated with becoming an acquirer or target through probit analysis. The results provide evidence that M&As in property-liability insurance were value-enhancing. Acquiring firms achieved more revenue efficiency gains than non-acquiring firms, and target firms experienced greater cost and allocative efficiency growth than non-targets. Factors other than efficiency enhancement are important factors in property-liability insurer M&As. Financially vulnerable insurers are significantly more likely to become acquisition targets, consistent with corporate control theory, and we also find evidence that M&As are motivated to achieve diversification. However, there is no evidence that scale economies played an important role in the insurance M&A wave. 相似文献
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Models with a premium on external finance produce counterfactual predictions about liquidity management. We address this shortcoming by introducing a fixed cost of increasing external finance into an otherwise standard investment/financing problem. This additional financial friction is well-motivated by case studies and our analysis shows that it generates more realistic predictions about liquidity management: firms hold external finance and idle cash simultaneously, and may invest an additional dollar of cash flow in liquidity rather than repaying external funds or investing in productive capital. In addition to better fitting the stylized facts about the time-series and cross-sectional pattern of liquidity holding, these results may help shed light on the fragility of estimates of investment–cash flow sensitivities. 相似文献
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Stephen Strasser J. D. Eveland Gaylord Cummins O. Lynn Deniston John H. Romani 《Journal of Management Studies》1981,18(3):321-340
The lack of comparative evaluation research on organizational-effectiveness models is the primary focus of this discussion. Problems in conceptually and operationally defining evaluation models, such as those in the goal and system model classes, are the proposed reason for this lack of comparative research. In this paper, goal and system models are formally defined in terms of their historical origins, underlying criteria and differing methods of application. A goal and system model classification continuum is also presented. Five comparative evaluation research questions are proposed and their implications for research are discussed. From a theoretical perspective this paper attempts to go beyond the sound foundation laid by Campbell (1977) in his discussion of these two schools of thought on organizational effectiveness. 相似文献
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The paper examines efficiency, productivity and scale economies in the U.S. property-liability insurance industry. Productivity change is analyzed using Malmquist indices, and efficiency is estimated using data envelopment analysis. The results indicate that the majority of firms below median size in the industry are operating with increasing returns to scale, and the majority of firms above median size are operating with decreasing returns to scale. However, a significant number of firms in each size decile have achieved constant returns to scale. Over the sample period, the industry experienced significant gains in total factor productivity, and there is an upward trend in scale and allocative efficiency. More diversified firms and insurance groups were more likely to achieve efficiency and productivity gains. Higher technology investment is positively related to efficiency and productivity improvements. 相似文献