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1.
In November 2001, the Canadian province of Ontario amended the private placement regulations considerably to facilitate access
to equity financing by small and medium sized enterprises (SMEs). To determine the extent to which securities regulation is
an effective constraint on financing of growth corporations, we analyze issue activity before and after this change took effect.
We note an increase in the number of issues, but only a slight increase in the total amounts raised on the private market
following the reform. The average size of the issues has thus decreased. Some of the observed changes can be traced to concurrent
events, namely the burst of the technology bubble and the strong increase in the prices of natural resources, which represent
a major sector in Canada. When we control for various factors that influence issue activity, we observe a statistically significant
effect only on the number of issues by closed corporations, which seems to originate from the non-resource companies. These
results do not rule out the conclusion that the reform eased the issue of small amounts of money by private companies. However,
our results do not confirm the argument that securities regulation is a major constraint to small business finance.
相似文献
Jean-Marc Suret (Corresponding author)Email: |
2.
Mark M. Moriarty 《Journal of Business Research》1983,11(1):127-137
In a landmark paper, Clarke [Clarke, D.G., J. Marketing Res. 13 (November 1976): 345–357] addressed the question of how long the carryover effect of advertising on sales persists. Appropriate cautions are included in the conclusions reached by Clarke since the preponderance of studies that he reviewed involved mature frequently purchased low-priced products. His conclusion is that, for such products, the carryover effect of advertising lasts a matter of months rather than years. The current study examines durable goods and provides preliminary evidence that for some durables, advertising effects may have a duration interval that exceeds a year. 相似文献
3.
In the finance and accounting literature, the use of a common divisor in the dependent and independent variables of ordinary least‐squares regressions is commonplace. What goes less recognized, however, is that their use induces spurious correlation between the regression variables and invalidates standard testing procedures. This paper analyses the common divisor problem by outlining analytical results concerning the expected R2 and providing a simulation procedure that generates test statistics from which critical values can be drawn. To illustrate the procedure, we re‐investigate payout yield return predictability findings that have appeared in the literature and show that the results are spurious. 相似文献
4.
In 1991, Jones developed an issue-contingent model of ethical decision making in which moral intensity is posited to affect the four stages of Rest’s 1986 model (awareness, judgment, intention, and behavior). Jones claimed that
moral intensity, which is “the extent of issue-related moral imperative in a situation” (p. 372), consists of six characteristics:
magnitude of consequences (MC), social consensus (SC), probability of effect (PE), temporal immediacy (TI), proximity (PX),
and concentration of effect (CE). This article reports the findings of two studies that analyzed the factor structure of moral
intensity, operationalized by a 12-item Perceived Moral Intensity Scale (PMIS) adapted from the work of Singhapakdi et al.
[1996, Journal of Business Research, 36, 245–255] and Frey [2000, Journal of Business Ethics, 26, 181–195]. The two items that were purported to measure CE were dropped due to their inability to effectively tap into
the characteristic proposed by Jones. Factor analyses of the remaining 10 items supported a 3-factor structure, with the MC,
PE, and TI items loading on the first factor, the PX items loading on the second factor, and the SC items loading on the third
factor. These factors were labeled: Probable Magnitude of Consequences, Proximity, and Social Consensus. The authors conclude that moral intensity consists of three characteristics, rather than the six posited by Jones. 相似文献
5.
ABSTRACTThe purpose of this article is to consider an approach to teaching entrepreneurial finance using proverbs. It explores a process framework with teaching strategies that provides prescribed guidelines on the key aspects that assist in teaching using this approach. This article demonstrates that teaching with proverbs creates the construct for linking prior knowledge (proverbs) to new entrepreneurial finance concepts in a meaningful way. It further highlights that entrepreneurial finance education in different regions around the world is most effective for students when it is tailored to the local culture of the region. The authors present five main entrepreneurial finance topics with two to three subheadings, each with proverbs accompanied by their related entrepreneurial finance concept. The article concludes that the use of proverbs in entrepreneurial finance instruction provides several benefits and that proverbs have the potential to become an effective teaching instrument in the fields of entrepreneurship and finance. 相似文献
6.
The relative importance of the Jones’ [Jones, T. M.: 1991, Academy of Management Review
16(2), 366–395] six components of moral intensity was measured using a conjoint experimental design. The most important components
influencing ethical perceptions were: probability of effect, magnitude of consequences, and temporal immediacy. Contrary to
previous research, overall social consensus was not an important factor. However, consumers exhibit distinctly different patterns
in ethical evaluation, and for approximately 15% of respondents social consensus was the most important dimension. 相似文献
7.
Hermann-Josef Lamberti Dr. Matthias Büger 《Business & Information Systems Engineering》2009,1(1):26-36
Based on the lessons learned from the last 50 years, statements are derived of which the authors claim that these will continue
to be valid in future: Information technology in the banking industry supports business processes – selecting and designing
processes will continue to decide about economic success in future. The necessity of handling a growing business volume will
still be the major driver for using new information technology in the banking industry. It will be even more important than
the aim of reducing costs by automation. Industrialization of IT will also change the use of technology in the banking industry.
Hence, banks do not necessarily have to run their systems alone but may outsource services if required. The definition of
the major business fields will significantly influence the banks’ IT strategy and, among other factors, will decide on the
market success of a bank. Technological development will have an increasing effect on the banking business, will change it,
and enable new business models. Successfully dealing with technology-induced changes predominantly depends on a company’s
employees.
相似文献
Matthias Büger (Corresponding author)Email: |
8.
This paper shows by example that, under constant relative risk aversion (CRRA), the set of optimal portfolios can be non-convex even in the presence of a complete set of Arrow-Debreu securities. This implies that, with exclusively CRRA investors, market models without a strong distributional assumption such as that of the capital asset pricing model cannot be tested by testing the optimality of the market portfolio, or by assuming a representative investor. This demonstration extends the key result of Dybvig and Ross [Dybvig, P. H., & Ross S. A. (1982). Portfolio efficient sets. Econometrica, 50, 1525–1546], who showed an example of non-convexity with less restrictive utility assumptions but which could not apply to the case of a complete set of Arrow-Debreu securities. 相似文献
9.
Financial intermediaries,ownership structure and the provision of venture capital to SMEs: evidence from Japan 总被引:1,自引:0,他引:1
This paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the
ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital
market, comprising data on investment and venture capital activities of 127 Japanese venture capital funds. The data allow
us to provide a direct comparison of the behaviour of individual owner-manager venture capitalists versus financial intermediation
(e.g., bank’s venture capital divisions). The data indicate owner-manager venture capitalists (financial disintermediation)
give rise to much smaller portfolios of SMEs and more advice to entrepreneurs. Across the scope of different financial intermediation
structures, including banks, life insurance companies, securities firms, corporations and government bodies, there are further
differences in the provision of governance and value-added advice provided to SMEs. Also, the data indicate US-affiliated
funds in Japan are more likely to have smaller portfolios and tend to provide more advice to SMEs.
相似文献
Armin SchwienbacherEmail: Email: |
10.
Considerable empirical evidence has been presented in the literature of finance in recent years addressed to the question of the informational efficiency of the American capital market. The present paper adds to that evidence. In particular, securities traded off the NYSE—on the American Stock Exchange, on regional exchanges, and over the counter—are found to exhibit return characteristics that imply rather more frequent price departures from equilibrium than for their NYSE-listed counterparts. The data consist of the actual investment experiences of a large sample of individual investors with securities traded in the various locales. 相似文献
11.
Small firms, especially those in developing countries, face several serious problems: (1) costs of regulation, including corruption,
(2) contract enforcement, and (3) idiosyncratic risks that leave their owners with high costs of finance. To deal with these
problems, it is recognized that firms exercise choice over their degree of formality. Little attention, however, has been
given to the alternative strategies that firms may choose in gaining formality and dealing with these problems. This article
examines the choice between two different strategies: (1) registering with official entities, and (2) participating in private
associations. We develop hypotheses concerning factors that would favor one such choice over the other and then test these
hypotheses with data taken from a large sample survey of Mexican microenterprises. The results provide support, in some cases
strong support, for most of the hypotheses.
相似文献
Jeffrey B. Nugent (Corresponding author)Email: |
12.
Dealing with managerial incentive in an oligopolistic competition market where the relevant strategic variables are not directly
quantities but incentive schemes. It is found that, in the sequential delegation model, the leader output will not be affected
by changing the number of the follower firms when there is only one leader. In addition, more equal distribution of the number
of leaders and followers will result in higher industry output, lower price, lower industry profit, higher consumer surplus
and higher economic welfare; moreover, economic welfare in the sequential delegation model is always higher than in a simultaneous
delegation model.
相似文献
Leonard F. S. WangEmail: |
13.
The cognitive developmental theory of ethics suggests that there is a positive relationship between ethical reasoning and ethical behavior. In this study, we trained a sample of accounting and finance students in performing competitive stock trading in our state-of-the-art trading room. The subjects then performed trading of stocks under two experimental conditions: insider information, and no-insider information where significant performance-based financial awards were at stake. We also administered the Defining Issues Test (DIT). Ethical behavior, as the dependent variable was measured in a binary scale: whether the subjects used insider information for trading of stocks or not. Ethical reasoning as measured by the DIT P-score indicated statistically significant effect on ethical behavior. The results have important implications for recruitment and training of professionals engaged in the use of financial markets for securities trading. 相似文献
14.
The competitive nature of today’s business-to-business markets requires companies to continually look for ways to reduce costs;
one of the easiest of which is to demand price reductions from suppliers. In this research, price reduction demands and the
corresponding concessions given by 238 suppliers to the six major North American Automotive original equipment manufacturers
during 2001–2007 are analyzed utilizing a simultaneous equation model. The three stage least squares estimates indicate that
suppliers are willing to give higher price concessions when buyers align specific interfacing characteristics and processes
with their suppliers so that the suppliers perceive greater opportunities for future business and profit. These results provide,
for the first time, an understanding of the dynamic nature of the impact of buyer–supplier relational components on supplier
price concessions.
相似文献
John W. Henke Jr.Email: |
15.
This paper analyses a Pre-seed Fund (PSF) government venture capital (VC) program for the purpose of improving our understanding
about effective public policy towards entrepreneurial finance. The PSF program is a public-private partnership started in
2002 for the purpose of fostering more investment in nascent high-tech entrepreneurial firms in Australia. Data from Venture
Economics indicate PSFs are the primary provider of seed stage VC in Australia, but PSFs are not more likely to invest in
high-tech firms than other types of VC funds. PSFs have smaller portfolios (number of investees) per manager than other types
of VC funds, and are more likely to invest in firms resident in the same state, but do not stage and syndicate more frequently
than other types of VC funds. Overall, therefore, the structure of the program has given rise to mixed performance in terms
of finance and governance provided to nascent high-tech entrepreneurial firms. As well, there is also suggestive evidence
that the PSF program diminishes the incentives for Innovation Investment Funds (a previously existing Australian government
VC fund program) to invest in seed stage ventures, and hence competing government initiatives appear to be crowding out one
another. Further evidence suggests that among the four PSFs in existence, one PSF has outperformed the other PSFs in regards
to the investee firm patents and financial statement performance, even though this fund has invested less money and charged
lower management fees than its counterparts. Hence, a further implication is that the impact of government-sponsored VC funds
depends not only on the design of the program but also on the selection of the VC managers carrying out the investments.
相似文献
Sofia JohanEmail: URL: http://ssrn.com/author=370203 |
16.
This article introduces cross-sectional data on asset holdings derived from a survey of Australian households. We use the data to estimate asset Engel curves which are shown to fit the data extremely well. The findings indicate that cash and bank deposits and insurance are necessities, with wealth elasticities less than unity, own home has an elasticity of one and the other four assets [1) other property, 2) shares and securities, 3) superannuation, and 4) unincorporated business] are luxuries with wealth elasticities greater than unity. The Engel curve estimates are used to explain differences in the dispersion of the portfolio across households and to compute a measure of the substitutability complementarity between the individual assets. The results indicate that 1) housing is a substitute for all other assets and 2) business related assets are all pairwise complements. 相似文献
17.
Several critics have reopened the continuing debate regarding the credibility of the auditing profession in part because of
auditors’ reluctance to issue warning signals to investors. At the root of auditors’ lack of independence issues are conflicts
of interest resulting from the structural features of auditor–client relationship. The Throughput Model (TP) is advanced to
illustrate how ethical issues may be influenced by conflicts of interest. In the first stage, the TP provides an isolation
of auditors’ ethical positions from six ethical different perspectives. In the second stage, previous TP theory is built upon
by arguing a simultaneous analysis of how conflicts of interests may induce auditors’ behavior. We conclude that in the current
low litigation risk environment, auditors’ ethical behavior (both conscious and unconscious) is clearly ‹unbalanced’ favoring
the reluctance to issue warning signals. Finally, we offer a discussion of potential solutions to improve ethical issues.
相似文献
José A. GonzaloEmail: |
18.
Tulus Tambunan 《Journal of International Entrepreneurship》2008,6(4):147-167
There is an ongoing debate in the literature on the development of small and medium enterprises (SMEs) in less developed countries
(LDCs) on two issues: the survival of SMEs in the course of economic development and the importance of government promotion
programs for SME development. This research paper aims to examine those issues empirically with Indonesian data. For this
purpose, it develops and tests a set of hypotheses. It shows that both real gross domestic product per capita and government
development expenditure (especially that used to finance SME development promotion programs) have positive impacts on SME
growth. With this finding, the research argues that SMEs in LDCs can survive, and even grow in the long-run, for three main
reasons: (a) they create a niche market for themselves, (b) they act as a “last resort” for the poor, and (c) they will grow
along with large enterprises (LEs) because of their increasingly important production linkages with LEs in the form of subcontracting.
相似文献
Tulus TambunanEmail: |
19.
《International journal of injury control and safety promotion》2013,20(1):90-97
The PREVENT (Preventing Violence through Education, Networking, and Technical Assistance) project trained violence practitioners across the USA in Primary Prevention of Violence techniques (PPV). The purpose of this study is to describe the development and psychometric properties of the subscales of the PREVENT PPV Self Assessment. Of 800 participants, 585 responded (73.1%). We analyzed the data using factor analyses, reliabilities and LISREL structural equation measurement models. The Perceived PPV Project Success subscale exhibited a one-factor structure (R2 = .534, X2/df = 1.28, p = .277, GFI = .99, NNFI = .99); PPV Self-Efficacy and Support showed a four-factor structure (R2 = .583, X2/df = 3.7, p = .00, GFI = .94, NNFI = .93); Perceived PPV Collaboration showed a three factor structure (R2 = .544, X2/df = 4.20, p = .00, GFI = .92, NNFI = .93); Anticipated Future PPV Work yielded a three-factor structure (R2 = .656, X2/df = 4.76, p = .00, GFI = .94, NNFI = .91); and PPV Confidence a marginally acceptable two-factor structure (R2 = .759, X2/df = 11.1, p = .00, GFI = .95, NNFI = .99). Perceived PPV Project Success demonstrated very strong predictive validity (χ2/df = 2.33, p = .0167, GFI = .984, RMSEA = .0585) of increased time devoted to PPV. These construct validated subscales represent a rich source of material for assessing professionals' attitudes and perseverance towards personal implementation of PPV. From these results, we recommend specific items from each subscale for further use by PPV trainers. 相似文献
20.
Israel M. Kirzner 《Small Business Economics》2009,32(2):145-152
Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood
certain aspects of his theoretical system, and as a result the common distinction in the literature between “Schumpeterian”
and “Kirznerian” entrepreneurs is flawed. He also argues that his understanding of the market process (set in motion by entrepreneurial
decisions) provides a theoretical underpinning for public policy vis-à-vis entrepreneurship. Professor Kirzner’s main contributions
to the economics of entrepreneurship were also presented and evaluated by Douhan et al. [Small Business Economics 29(1–2):213–223,
2007].
相似文献
Israel M. KirznerEmail: |