The influence of dispositional affect and cognition on venture investment portfolio concentration

We explore how an investor's dispositional affect and cognitive style influence venture investment portfolio concentration. Based on a field study using a sample of 128 judges from a business plan competition, we find that high positive affectivity investors construct more concentrated investment portfolios than their low positive affectivity counterparts, whereas high negative affectivity investors construct more diversified investment portfolios than their low negative affectivity counterparts. Further, investors who rely on analytical decision making display a weaker relationship between negative affectivity and investment diversification whereas investors who rely on emotion-based decision making display a stronger relationship between positive affectivity and investment concentration.     

The determinants of cross-border equity flows

We explore a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-1996. We show that a “gravity” model explains international transactions in financial assets at least as well as goods trade transactions. Gross transaction flows depend on market size in source and destination country as well as trading costs, in which both information and the transaction technology play a role. Distance proxies some information costs, and other variables explicitly represent information transmission, an information asymmetry between domestic and foreign investors, and the efficiency of transactions. The geography of information is the main determinant of the pattern of international transactions, while there is weak support in our data for the diversification motive, once we control for the informational friction. We broaden the scope of our results by presenting some evidence linking the results on equity transactions to equity holdings.     

基于环境因素的企业项目投资决策方法研究

随着企业竞争开始从以产品为重心转向以项目为重心,以及投资项目对生态环境的破坏日益严重的现象,环境因素在企业项目投资决策中占有的地位日益重要。在当前应用较为广泛的折现现金指标的基础上,建立起基于环境因素的企业项目投资决策方法。通过熵权法将企业项目财务收益水平与生态环境质量结合,为企业项目投资决策和未来研究提供参考。     

Trade and Market Liberalisation in Eastern Europe

SUMMARY

The question of why multinational companies (MNCs) choose to locate in one region rather than another has been an important topic in IB research for many years, but has recently received even more attention. This paper presents the results of an econometric investigation of the locational determinants of Italian firms in Central and Eastern Europe. Italian firms have been very active investors in the CEE countries. Our results broadly confirm the findings of previous studies, but we also find that both trade liberalisation and market liberalisation are important influences upon the location decision. If the CEE governments wish to attract further (Italian) foreign investment, then further liberalisation of their domestic economies should be a policy priority.     

BUY‐LOW AND SELL‐HIGH INVESTMENT STRATEGIES

Buy‐low and sell‐high investment strategies are a recurrent theme in the considerations of many investors. In this paper, we consider an investor who aims at maximizing the expected discounted cash‐flow that can be generated by sequentially buying and selling one share of a given asset at fixed transaction costs. We model the underlying asset price by means of a general one‐dimensional Itô diffusion X , we solve the resulting stochastic control problem in a closed analytic form, and we completely characterize the optimal strategy. In particular, we show that, if 0 is a natural boundary point of X , e.g., if X is a geometric Brownian motion, then it is never optimal to sequentially buy and sell. On the other hand, we prove that, if 0 is an entrance point of X , e.g., if X is a mean‐reverting constant elasticity of variance (CEV) process, then it may be optimal to sequentially buy and sell, depending on the problem data.     

The quality of quality awards: Diminishing information asymmetries in a hotel chain

Services suffer to a great extent from information asymmetries because their attributes are more difficult to grasp in advance. Within services, the tourism industry is an especially notable and interesting case. Akerlof [Akerlof, G. The market for ‘lemons’: Quality uncertainty and the market mechanism. Quarterly Journal of Economics 1970; 84 (3): 488-500.] suggests the applicability of information asymmetries and counteracting institutions to hotel chains. To reduce these asymmetries different strategies have been proposed. Among them, quality certificates have become one of the most popular tools. However, two questions arise: one, are quality certificates effective tools to reduce information asymmetries in the tourism industry, with its inherent uncertainty? and two, are all types of existing quality certificates equally effective? Thus, the objectives of this study include analyzing the market value variation of a hotel chain due to quality certification, and to test the effect by type of award. The method builds from the event study technique and regression analysis. The results show that the stock market reacts positively to certificates, thus implying that quality certification can be a useful tool for reducing information asymmetry; however, this positive reaction is not equal for all kinds of certificates, the ISO 9000 shows the highest impact.     

When giving money does not work: The differential effects of monetary versus in-kind rewards in referral reward programs

Customer referral reward programs have recently gained popularity as beneficial customer acquisition tools. This research aims to explore the impact of reward type, specifically with regard to the differential effects of monetary versus in-kind rewards, on referral success. We find that although consumers prefer monetary rewards to in-kind rewards because of the greater economic value of monetary rewards, the higher social costs associated with money offset this benefit and even render money an inferior incentive when the recommendation is not well justified. Through four experiments, we demonstrate that monetary rewards (vs. in-kind rewards) lead to less referral generation and acceptance, especially when the recommended brands are weak (Studies 1 and 4), and that perceived social costs mediate the interactive effect of reward type and brand strength (Studies 1 and 3). Moreover, by increasing the economic benefit or decreasing the social costs associated with monetary rewards, we restore the effectiveness of monetary rewards as incentives. Compared with in-kind rewards, monetary rewards perform equally well when the reward is sufficiently large (Study 2), and they perform even better when both the recommender and the receiver are rewarded (Study 3). This research extends the literature on the psychological consequences of money and provides novel insights into the customer referral process.     

The trickle-down effect of trust in business-to-business relationships: How can a supplier ensure cooperation from multiple customers?

Abstract

Although several interfirm cooperation studies have expanded the unit of analysis from dyads to triads (networks), there is scant literature focusing on whether and how a supplier’s relationship with a customer influences its relationships with other customers. Individual relationship dyads are not isolated but interact with one another. Particularly, mutual trust in a supplier–customer relationship dyad may influence other customers’ cooperative behavior. This cross-dyadic influence is called the “trickle-down effect of trust.” A hypothesis for the mechanism by which this effect occurs was generated, focusing on the customers’ demand information offerings as a cooperative behavior. The results of an empirical analysis indicate that (1) a supplier’s mutual trust with its primary customer encourages nonprimary customers to offer their demand information to the supplier and (2) the quality of information from customers helps the supplier to make their new product more meaningful.     

基于企业销售经理薪酬制度的产品窜货研究

在企业营销实务中 ,窜货导致价格混乱和渠道受阻 ,从而影响品牌无形资产和企业的正常经营 ,对企业的危害极大。从销售经理的两种薪酬制度设计出发 ,建立简化模型进行定量分析 ,业绩报酬系统与产品市场特性的不匹配使得理性销售经理选择了窜货 ,但这种做法会造成价格体系混乱。     

The Effect of Word of Mouth on Consumers’ Attitudes Toward Products and Their Purchase Probability

The purpose of this study is to investigate the effects of word of mouth on consumers’ attitudes toward the product and its purchase probability. Furthermore, we examine the moderating influence of susceptibility to interpersonal influence, which is a personal characteristic of the receiver of word of mouth information. A quasi experiment was conducted, in which subjects were asked to evaluate a product, while being subjected to positive or negative word of mouth. Our results indicate that negative word of mouth has an impact on consumers’ attitudes and purchase probability, while the influence of positive word of mouth was not significant. Interestingly, susceptibility to interpersonal influence does not play a moderating role. While the experimental design with an unknown word of mouth source and fictitious brand allowed the comparison of results for the positive, negative, and control group, such conditions do not correspond to an actual market setting.     

人际关系、人际信任对企业间关系的影响——来自中国家电分销渠道的实证分析

边界管理人员是企业间关系营销的界面,不同企业的边界管理人员之间的人际关系和人际信任对企业间关系的发展具有重要影响。本研究通过选取代表性的关系变量,构建一个结构方程模型,以家电分销渠道中的分销商为样本来源,检验了企业间人际关系和人际信任对企业间关系的影响。     

Investment opportunities and dividend omissions

This study examines the market's reaction to dividend omission announcements and finds that if dividends are skipped to preserve cash for good investments, investors do not necessarily regard the omission as negative information. Markets penalize firms for dividend omissions only in the absence of a good stream of investments. In addition, the positive relation between investment opportunity and abnormal stock returns around the announcements is stronger when the level of information asymmetry between management and the rest of the market participants is low. Additional tests reveal that good omitters overcome underperformance faster in the post period. Overall, the results suggest that financial markets interpret differently the information conveyed in the announcement of dividend omission depending on the firm's future prospects.     

Information costs and home bias: an analysis of US holdings of foreign equities

We test extant hypotheses of the home bias in equity holdings using high quality cross-border holdings data and quantitative measures of barriers to international investment. The effects of direct barriers to international investment, when statistically significant, are not economically meaningful. More important are information asymmetries that owe to the poor quality and low credibility of financial information in many countries. While a direct measure of information costs is not available, some foreign firms have reduced these costs by publicly listing their securities in the United States, where investor protection regulations elicit standardized, credible financial information. A proxy for the reduction in information asymmetries—the portion of a country’s market that has a public US listing—is a major determinant of a country’s weight in US investors’ portfolios. Foreign countries whose firms do not alleviate information costs by opting into the US regulatory environment are more severely underweighted in US equity portfolios.     

奖励类型与调节聚焦对顾客推荐意愿的影响研究

文章旨在研究推荐奖励计划中奖励类型（享乐性赠品和实用性赠品）和调节聚焦（趋进型和规避型）对顾客推荐意愿的影响。结果表明：在推荐奖励计划中,具有不同调节聚焦属性的顾客,其推荐意愿也存在差异。具体来说,与规避型顾客相比,趋进型顾客的推荐意愿较高。此外,调节聚焦与奖励类型对顾客推荐意愿存在交互作用。具体来说,对于趋进型顾客来说,与实用性赠品相比,当奖励为享乐性赠品时,其推荐意愿较高;而对于规避型顾客来说,与享乐性赠品相比,当奖励为实用性赠品时,其推荐意愿较高。最后,文章为企业制定推荐奖励计划提出了几点建议。     

Entry decisions of multinational firms: The role of competition threats

How do multinational corporations (MNCs) influence each other's foreign entry decisions? In this paper, I examine the interactions in MNCs' entry decisions by investigating how MNCs respond to competition threats from their multinational competitors. The analysis shows that entry threats anticipated through foreign investment news encourage MNCs to take preemptive actions by entering the same city after the news, while the actual entry of competitors and the anticipated expansion of incumbents discourage more entry. Incumbent MNCs, on the other hand, respond to entry threats by upgrading productivity. The effect of competition threats depends on each MNC's own existing activity and production network within the region. The effect of entry threats increases with the size of threats, measured by the investment value, expected employment and expected output, the influence of the news, the credibility of the news and the local market orientation of the threats. Across industries, MNCs' entry decisions are found to respond to only the actual entry—not anticipated entry—in vertically linked industries. Further, by exploring the time path, I find that MNCs' preemptive entry is only taken before FDI news expires. The main results are robust to IV analyses that explore unique information from news source and news content.     

我国民营企业和国有企业投资管理的差异研究

民营经济已成为我国国民经济中的重要力量,政府越来越重视对民营企业的支持与发展,投资环境也在不断好转。但民营企业和国有企业在投资方面的内部差异,将给民营企业带来更大的阻碍。民营企业应调整和树立正确的投资观念,完善投资管理程序,增强发展的活力     

Aggregation and Disaggregation of Preferences for Collective Decision-Making

Group decisions are of longstanding interest to researchers from a wide spectrum of disciplines. Group Decision Support Systems (GDSS) can play a vital role in situations where multiple persons are involved, each having their own private perceptions of the context and the decision problem to be tackled. In such an environment the conflict between the members of the planning group is not an unusual situation. Multiple criteria decision aid (MCDA) methods may be a useful tool in coping with such interpersonal conflicts where the aim is to achieve consensus between the group members. This paper combines two well-known multicriteria methods, based on the notion of aggregation of preferences, in order to construct a consensus seeking methodology for collective decision-making.