An Analysis of REIT CEO Stock-Based Compensation

Academic research findings on the determinants of executive compensation are mixed. Some researchers attribute this to the inclusion of stock-based compensation in the more recent studies. We study the determinants of stock-based compensation schemes in the REIT industry for the period 1997–2000. While previous research analyzes REIT CEOs' cash-based compensation, we concentrate on option compensation structures. Using the Tobit method, we study both the level of option awards and the mix of option awards to total compensation. We find that REIT CEOs receive larger option awards when they increase growth opportunities, funds from operation, earnings per share and when there is greater variability of returns. Thus, our results validate most of the theories on stock-based compensation.     

An Examination of REIT Dividend Payout Policy

This paper proposes a new methodology for decomposing real estate investment trust (REIT) dividends into discretionary and nondiscretionary components. By examining the tax characteristics of dividends, I am able to accurately measure the discretionary component of a REIT's dividend. This methodology provides new insights into our understanding of REIT dividend payout policy. Unlike previous studies that find limited explanations for discretionary dividend payouts, I find a systematic explanation. Discretionary dividends tend to be large on average making up between 18% and 35% of a REIT's total dividend and display considerable variation through time and across firms. The main determinant of these discretionary dividends appears to be dividend smoothing. There is an inverse relationship between discretionary and nondiscretionary dividends. Even if a REIT has excess cash flow it could distribute in discretionary dividends, it will tend not to do so if it has a high dividend payout due to its nondiscretionary dividends. In this sense, REITs appear to use discretionary dividends to smooth their payout ratios.     

An Analysis of REIT Security Issuance Decisions

This article tests the ability of traditional capital structure theories to explain the issuance decisions of real estate investment trusts (REITs). For issuances made between 1997 and 2006, we find strong support for the market timing theory of capital structure. Controlling for past returns and growth, a REIT is more likely to issue equity when its price-to–net asset value ratio is high. This suggests that REITs issue equity in public markets when the cost of equity capital is lower in the public market than in the private market. Consistent with traditional market timing, REITs are more likely to issue equity after experiencing large price increases. We also find some support for REITs following the trade-off theory of capital structure. REITs are less likely to issue debt when proxies for expected bankruptcy costs are high.     

From Physics to Function: An Empirical Study of Research and Development Performance in the Semiconductor Industry

We present the results of an empirical study of research and development in the semiconductor industry. The study aimed to understand the drivers of innovation performance in an environment characterized by close links to science and a combination of technical novelty and manufacturing complexity. The data reveal substantial differences in research and development (R&D) performance, and R&D performance improvement, between firms. Analysis of our field observations suggests that these differences are associated with the use of experimentation and experience in guiding technology choices, matching options provided by scientific developments with the complex requirements of evolving production environments. We describe the technology choice process in some detail, and examine its nature in both U.S. and Japanese industrial settings.     

技术来源与高技术产业发展关系的实证研究

本文利用2009～2013年高技术产业统计年鉴数据,考察了自主创新、技术引进和投资拉动对中国高技术产业发展的影响和作用,研究发现：投资拉动、自主创新和技术引进都能显著推动高技术市场化;投资拉动和技术引进能够有效促进高技术产业化;技术引进对高技术国际化的正向推动作用比较明显。结果说明,创新驱动和投资拉动是我国高技术产业发展的重要动力来源,但是对高技术产业发展不同层面有着不同的影响和作用。研究结论和相关建议为中国高技术产业发展实践提供参考与借鉴。     

In Chains? An Empirical Study of Antecedents of Supplier Product Development Activity in the Automotive Industry*

In the literature on interorganizational collaboration in product development, considerable attention is given to supplier role classifications. Such classifications often link to a supplier's position in the overall supply chain, but the claim that this position has a substantial impact on its product development activities has seldom been empirically validated. The results from the present survey among Swedish automotive suppliers demonstrate that supplier product development activity is significantly affected by the position of the supplier in the supply chain and the supplier's strategic focus on innovation. While the latter has a stronger impact on product development activities, there is also an interaction effect implying that the effects of a supplier's innovation strategy are contingent on its supply chain position. Contrary to expectations, customer development commitment does not have any significant direct effect on supplier product development activities. Instead, this relation is fully mediated by supplier innovation strategy. These findings imply that, in contrast to conventional wisdom, product development activities are not strictly organized in “chains.” Although supply chains can be useful metaphors for understanding the distribution of regular production activities between firms, they arguably apply less to the distribution of product development activities.     

An Empirical Analysis of the Potential for Market Power in California's Electricity Industry

Using historical cost data, we simulate the California electricity market after deregulation as a static Cournot market with a competitive fringe. Our model indicates that, under the pre-deregulation structure of generation ownership, there is potential for significant market power in high demand hours, particularly in the fall and early winter months when hydroelectric output is at its lowest level relative to demand. The results also show that two of the most important factors in determining the extent and severity of market power are the level of available hydroelectric production and the elasticity of demand.     

我国钢铁产业集中度对能源消耗影响的实证研究

我国钢铁产业集中度低,规模经济不明显,导致钢铁产业能源消耗总量高,不仅造成了严重的环境污染和市场混乱,而且制约着整体竞争力的提高,也大大削弱了我国在国际市场的地位和作用。本文采用理论和实证研究,通过对我国钢铁产业1994~2008年的相关数据进行分析,结果表明,钢铁产业集中度的提高对能源消耗的降低有明显的作用,其中CR4/CR10的提高对钢铁产业能源消耗总量的降低影响显著,而小企业所占比重、连铸比、节能降耗投入对钢铁行业单位产值能耗的降低有明显的效果。     

企业费用"粘性"行为:基于行业差异的实证研究

本文以沪深A股上市公司为样本，研究我国企业费用“粘性”行为是否存在行业差异。通过选用1998-2005年企业的年度财务数据，并建立计量模型进行检验，结果发现制造业和信息技术业存在较强的费用“粘性”行为．而房地产业等行业的费用“粘性”相对较弱或不存在。另外，在考虑销售收入下降幅度及宏观经济增长等因素后，企业费用“粘性”行为的行业差异也很显著．结果均表明对企业行为的研究不能仅从总体上把握．而应充分考虑不同行业归属之差异．     

The Control of Technology Alliances: An Empirical Analysis of the Biotechnology Industry

We examine the determinants of control rights in biotechnology alliances through three case studies and a quantitative analysis. Aghion and Tirole [1994] argue that control rights will be assigned so as to maximize the value of the final output, as long as the R&D firm has sufficient financial resources. Consistent with this framework, the allocation of control rights to the R&D firm increases with the firm's financial resources. The empirical evidence regarding the relationship between control rights and the stage of the project at the time the alliance is signed is more ambiguous.     

Asset Pricing Information in Vintage REIT Returns: An Information Subset Test

REIT return data prior to the new REIT era offer important asset pricing information. At issue is whether empiricists should focus attention on returns series covering only the new period. We use a generalized asset pricing and information subset test to disentangle REIT information from information available in several benchmark series. Results indicate that REIT returns are informative about the discounting process during the pre–new-era period. Thus, the distribution of vintage REIT returns is not fully explained by either broad market indexes or from size-based anomalies. This study should be viewed as a useful empirical precedent for those studying REIT data preceding the new REIT era.     

Impact of Vertical Mergers on Industry Profitability: An Empirical Evaluation

Vertical integration has become an important business strategy to respond to the needs of a consumer-driven marketing system. Although one of the perceived benefits of vertical ownership integration is improved profitability of the integrated firm, empirical literature mostly ignores this issue. Using a sample of U.S. food manufacturing industries, this study examines the impact of vertical mergers on profitability. Findings show that vertical mergers negatively impact profits. This may be due to the failure of vertical mergers to create differential advantages, such as cost savings, for the integrated firm.     

信息产业与中国经济增长的实证分析

信息产业对经济增长的贡献不断上升,对优化产业结构和平抑物价总水平的上涨都起到了重要的作用,已成为经济发展的主导产业部门。信息产业较高的全要素生产率增长率,使得中国技术进步的变化越来越依赖信息技术的创新和应用。在当前全球经济危机的背景下,信息技术产业依然是我国经济增长的重要源泉。     

信息技术应用对企业纵向边界的影响--实证研究与讨论

基于交易成本理论的分析表明：信息技术应用节约了企业的内部协调成本和外部交易成本，从而影响企业纵向边界的变动，然而这一理论推断需要进一步的检验。本文利用我国信息技术行业的数据进行实证研究．分析信息技术应用与企业纵向边界变动之间的关系。结果表明：现阶段的信息技术应用使企业纵向边界呈现扩大的趋势。文章据此讨论了中外企业信息化进程的差异和影响．并解释研究结果对企业规模边界和能力边界变动趋势的含义。     

企业利益相关者问题的实证研究

作者对企业不同经营目标所涉及的利益相关者的重要性及影响程度进行了排序研究．对企业在不同规模及经营目标情况下利益相关者的重要性的差异进行了系统的实证研究。研究发现．企业在追求不同经营目标时．它的利益相关者的重要性程度是不一样的：不同规模企业的利益相关者重要性是有差异的。本研究有利于不同规模企业以及相同规模企业在追求不同经营目标时能准确把握和重要关键利益相关者的关系定位。将为企业更好的平衡各利益相关者的和益．提高各利益相关者的满意度和企业综合竞争能力提供有用的理论根据。     

浙江省研发产业发展障碍及对策研究

目前,基于资源、能源和人力资源约束下的传统产业发展面临极大的困难,浙江省迫切需要发展研发产业,以实现经济转型和产业升级.本文以研发产业发展环境支撑体系为理论基础,对浙江省研发产业发展面临的障碍及其产生的原因进行了实证分析,并提出相应的解决对策.     

珍珠饰品礼品消费行为的实证研究

为实现珍珠的有效营销,本论文对长三角地区200名消费者进行了调研。运用单项选择、定格评分量表等获取了消费者对珍珠饰品礼品消费的态度并进行了列表分析与聚类分析。结果表明:65.79%的人喜欢珍珠首饰,选择珍珠首饰作为礼品送给亲朋是一种普遍行为。珍珠礼品消费态度分为三类,第一类是在性价比合适的前提下会购买珍珠作为礼品。此类占调研人数的31%;第二类认为购买珍珠作为礼品传递了一种优雅的生活方式但对购买珍珠作为礼品保持中立态度。此类占调研人数的26%;第三类对珍珠饰品适合作为礼品等一系列正面表述皆持同意态度。此类占调研人数的43%,是调研群体中的最大类。     

高技术产业集群创新路径与机理实证研究

本文以知识溢出、企业吸收能力、集群社会资本、企业创新绩效为基本研究要素,构建了高技术产业集群创新的微观理论模型,通过规范的实证分析验证理论模型及所提出的假设,数据来自于长春市软件产业集群中121家软件企业的调研问卷。研究结果表明这几个要素之间存在较复杂的作用关系。     

中国电力产业规制效果的实证研究

本文利用1978--2005年相关数据对中国电力规制效果进行了全面的实证检验。计量结果表明，改革开放以来，明确的规制框架、独立规制机构和不断成熟的规制对象在统计意义上显著地提高了电力产业总量和效率，降低了价格水平和垄断利润．但在改善服务质量方面尚未发挥有效作用。总体看，中国电力产业规制效果是明显的．良好的规制设计不仅在理论上有利于电力产业提高绩效，在实践中也是电力产业绩效改善的推动力。