Measuring the economic impacts of major sports events: the case of Formula One Grand Prix (F1)

This study was examined the new money generated from Formula One Grand Prix (F1) and the economic impacts of this new money on the host economy using input–output analysis. We find that the impact of the new money from non-local attendees or international attendees is more pronounced compared to that from local attendees. Also, F1 event appears to influence on sports-related industry as well as other industries such as manufacturing industry. Our findings suggest that the host cities should focus on increasing the non-local and international attendees in order to enhance the economic impacts of a sport event.     

The Emergence,Variation, and Evolution of Corporate Social Responsibility in the Public Sphere, 1980–2004: The Exposure of Firms to Public Debate

This study examined the emergence of corporate social responsibility (CSR) as a public issue over 25 years using a content analysis of two national news- papers and seven regional, geographically-dispersed newspapers in the U.S. The present study adopted a comprehensive definition encompassing all four CSR dimensions: economic, ethical, legal, and philanthropic. This study examined newspaper editorials, letters to the editor, op-ed columns, news analyses, and guest columns for three aspects: media attention, media prominence, and media valence. Results showed an increase in the number of opinion pieces covering CSR issues over the 25-year period. The prominence of each of the four CSR dimensions varied over time. Each of the four CSR dimensions had its moment of media prominence when it was more important than the other dimensions. The most prevalent valence of the opinion pieces was negative; the volume of negative pieces increased over the 25 years, whereas the number of opinions with positive, neutral, and mixed tones showed little change over time. The study concludes by tracing the implications of the role of the news media for business ethics research.     

Market Segment Response Through Field Experimentation

A key assumption underlying segmentation studies is that marketing efforts have differential effects on market segments. This question was investigated in the context of a field experiment involving enlistment in the armed forces. Approximately 8000 completed questionnaires administered at various stages in the US Navy enlistment recruiting process were collected at two points in time, corresponding to a pre- and post-experimental intervention. Attitudinal data were analysed to identify meaningful segments. Differential responses of market segments to advertising and recruiter changes were found, providing direction for evaluation of, and changes in, the creative component of advertising.     

A New Typology for Economic Sectors with a view to Policy Implications

This paper is an attempt to tease out a typology of economic sectors based on a systems approach to innovation and economic growth that may be useful for policy analysis. The typology explored here revolves around novel products rather than ethereal knowledge-producing entities. This insight goes back to Allyn Young (1928) and Joseph Schumpeter (1934) who argued that the introduction of new goods was the engine of economic growth. More precisely, our typology of sectors focuses on novel products which are efficiency-enhancing within and between sectors through the market mechanism. The scheme revolves around the relationship between 'Enabling' and 'Recipient' sectors (which gives the typology its name: ER), and offers a lens for viewing and interpreting a substantive part of the mechanics of modern economic growth. The last part of the paper briefly discusses a few immediate policy implications, although it has the potential for greater use and value in this regard.     

Toeholds,rejected offers,and bidder gains: Do rebuffed bidders put targets in play to profit from their toeholds?

Previous research shows that on average acquirers who buy shares in the pre-bid market gain because the average price of the acquisition is reduced. This study addresses a different question, one that relies on the withdrawal of the bidder rather than the successful completion of the acquisition. Do some firms with toeholds bid for the target to entice other bidders into the contest for the gain that they make when they sell their shares in the target to another bidder? This paper argues that holding a toehold makes hostile bidders more likely to withdraw from the contest if another bidder enters. The evidence is consistent with our hypothesis: hostile bidders that have a toehold, on average, earn significant abnormal returns of 4.98%, with a mean toehold of 13.81%. Those without a toehold, on average, earn a significantly lower 0.06% return.     

A hierarchical agency model of deposit insurance

This paper develops a hierarchical agency model of deposit insurance. The main purpose of the analysis is to propose a micro-founded model of deposit insurance schemes and study their effects on the behavior of depositors and the monitoring problem for a bank. This paper also characterizes a risk-based premium in equilibrium, and conducts a comparative statics analysis of depositors’ optimal actions. The results supply the basic theoretical foundation for designing deposit insurance schemes. Our findings are consistent with the empirical research on depositor behavior.