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1.
We analyze how the market processes a signaling event by studying a sample of self-tender offers, events often viewed as signals
of firm value. By examining changes in the degree of informed trading, we find asymmetric information costs fall at announcement,
remain low throughout the event, and increase at offer expiration. By 1 month following expiration, informed trading returns
to a level not significantly different from that prior to the offer. Higher risk firms have significantly larger declines
in information asymmetry during the offer. Increases in information asymmetry persist 1 month following expiration for firms
with lower pre-offer informed trading.
相似文献
Judith SwisherEmail: |
2.
This study makes an attempt to understand some of the reasons why some nascent firms make the transition to new operational
firms (a process called “firm emergence”) while others do not. Because of liabilities-of-newness, nascent firms face the daunting
task of acquiring legitimacy from their immediate audience in order to emerge as new operational firm. This study claims and
finds empirical evidence that through certain legitimating behaviors nascent firms can acquire legitimacy from their immediate
audience and thus succeed in becoming new operational firms. The study will put forward more general propositions for future
testing, and will draw implications for practitioners and entrepreneurship scholars.
相似文献
Erno TornikoskiEmail: |
3.
Isabel M. Correia Orlando Petiz 《The International Entrepreneurship and Management Journal》2007,3(2):145-157
This paper aims to assess if geographic proximity from universities enhances small firms’ performance, by means of knowledge
spillovers. A sample of micro data is used on 390 manufacturing firms and 11 public universities in Portugal. Performance
is measured by labour productivity. The estimation was made using OLS as well as Quantile Regression. Results seem to confirm
that both domains of knowledge do produce distinct effects, but there is no evidence that a firm’s performance improves with
the proximity to a university. Likewise, the quality of universities does not seem to influence the labour productivity of
firms.
相似文献
Orlando PetizEmail: |
4.
The determinants and survival of reverse mergers vs IPOs 总被引:1,自引:0,他引:1
This study examines the motivation for using a reverse merger (RM) rather than an IPO to take a private firm public and analyzes
the survival of RMs and IPOs in the aftermarket. Private firms using the RM technique are smaller, younger, and have poorer
ex ante performance on average than those using IPOs. For private firms using RMs, 1.4% do not meet any listing requirements
while all IPOs meet at least one requirement of the listing exchange. Forty-two percent of RMs are delisted compared with
27% of matched IPOs within 3 years of listing on an exchange.
相似文献
Mark M. WalkerEmail: |
5.
David B. Audretsch Erik E. Lehmann 《The International Entrepreneurship and Management Journal》2008,4(4):419-429
The market for publicly traded equity is the heart of a modern capitalist system. In particular, the market for newly listed
firms is in turn a bellwether for the public equity market because the entry gives firms expanded access to capital, allowing
them to emerge and grow. On the other hand, stock markets also serve as an institution to reallocate productive resources
from non-surviving to surviving firms. We describe the Neuer Markt—a special segment of the Frankfurt Stock Exchange in Germany—as an institution to foster the creation of new firms and their
destruction.
相似文献
Erik E. Lehmann (Corresponding author)Email: |
6.
Julie A. B. Cagle Amit Sen James E. Pawlukiewicz 《Journal of Economics and Finance》2009,33(1):100-110
This study expands the examination of workforce layoffs by banks to include non-bank financial institutions and explores inter-industry
differences in market reactions to layoff announcements. In examining inter-industry differences, we control for variables
that influence the market’s reaction to a layoff announcement, such as firm size, the size of the layoff, the reason given
for the layoff, and the governance structure of the firm. We provide evidence of inter-industry differences in market reaction
to layoff announcements by financial institutions, with banks experiencing more favorable stock-price reactions than other
types of regulated firms. These results provide evidence that bank regulation reduces asymmetric information surrounding managerial
announcements to a greater degree than the regulation of other types of financial institutions.
相似文献
James E. PawlukiewiczEmail: |
7.
Robert G. Chambers 《Journal of Productivity Analysis》2008,30(2):107-120
Stochastic productivity indicators are defined, and superlative measures of these indicators are derived. It is shown that,
in the presence of complete markets or a common-expectations equilibrium, differences in the market values of firms are superlative
indicators of cross-sectional productivity differences. Exactness results are used to decompose nonstochastic productivity
indicators into a measure of true productivity change and a measure of ‘luck’. The decomposition is illustrated empirically.
相似文献
Robert G. ChambersEmail: |
8.
Alfred Radauer Jürgen Streicher 《The International Entrepreneurship and Management Journal》2007,3(3):247-261
This paper analyses innovation patterns of Austrian Low- and Medium Tech (LMT-) SMEs and how these companies are supported
by public policy. It adds evidence to the claim that Low-Tech SMEs are actually more innovative than commonly thought and
that supporting these industries might yield positive effects. The Austrian innovation system is diversified, yet programmes
that aim at LMT innovations are scarce. LMT SMEs are surprisingly innovative, but rarely use available support measures, indicating
that these measures may be too High-Tech-oriented. Relatively high additionality effects and impacts can be achieved, if innovative
LMT projects are fostered.
相似文献
Alfred RadauerEmail: URL: http://www.kmuforschung.ac.at |
9.
This paper examines the relationship between multinationality and firm performance. The analysis is based on a sample of over
400 UK multinationals, and encompasses both service sector and manufacturing sector multinationals. This paper confirms the
non-linear relationship between performance and multinationality that is reported elsewhere in the literature, but offers
further analysis of this relationship. Specifically, by correcting for endogeneity in the investment decision, and for shocks
in productivity across countries, the paper demonstrates that the returns to multinationality are greater than those that
have been reported elsewhere, and persist to higher degrees of international diversification.
相似文献
Sourafel GirmaEmail: |
10.
Several studies have evaluated short- and long-term performances of parent firms who resort to restructuring via tracking
stock or minority carve-out. Results show that short-term positive performance of restructuring parents turns negative in
the long haul. Although researchers have attempted to resolve this inconsistency, a satisfactory explanation is yet to emerge.
In this paper, we offer the self-serving behavior of restructuring parents’ managers as a potential explanation for the observed
discrepancy in the short- and long-term performances. We argue that managers of parent firms create new units to receive additional
compensation packages. We present evidence that the long-term negative performance can be attributed, at least partially,
to self-awarded raise. Since managers of tracking stock parents enjoy a greater degree of managerial discretion and controls,
we hypothesize that they would pay themselves a bigger compensation package than their carve-out counterparts and their long-term
performance would be inferior to that of the latter group. Our results largely support these hypotheses.
相似文献
Peihwang WeiEmail: |
11.
Partial derivatives of production functions are necessary in many instances to characterize the technology of firms. We present here a general method to recover the first derivatives of the production function of a profit maximizing firm. The method is systematic and applies even when the optimization problem of the firm is subject to additional constraints. It allows researcher to recover returns to scale and technological progress in complex situations.
相似文献
Stéphane VigeantEmail: |
12.
The joint hypotheses of informationally efficient markets, transparent financial statements, and adequate accounting disclosure
suggest that announcements of changes in the accounting treatment of employee stock options from footnote disclosure to expense
recognition should not trigger stock price reactions because free-cash-flows will not change. Event study results from a sample
of 241 firms that announce such changes reveal statistically significant negative price changes followed by positive price
changes about equal in magnitude. We propose the learning, sophisticated investor, neglected firm, and firm size hypotheses
to explain the observed announcement-period stock price reaction.
相似文献
Ting-Heng ChuEmail: |
13.
The cost of strikes in the Spanish mining sector: modelling an undesirable input with a distance function 总被引:1,自引:1,他引:0
Ana Rodríguez-Álvarez Ignacio del Rosal José Baños-Pino 《Journal of Productivity Analysis》2007,27(1):73-83
In some contexts, firms have to deal with certain elements or factors that affect the production outcome but which are non-market
in nature and therefore do not have a price. In this paper we propose a new use of a production economics tool, the input
distance function, to empirically measure the effects of these factors. Although we suggest a general use of this methodology,
it has been developed in the context of measuring the effects of labor disputes in a particular declining industry, that of
Spanish coal mining. We have estimated an equation system comprising an input distance function and cost share equations to
calculate the cost generated by strikes.
相似文献
Ana Rodríguez-álvarezEmail: |
14.
Saioa Arando Iñaki Peña Ingrid Verheul 《The International Entrepreneurship and Management Journal》2009,5(1):77-95
Drawing upon institutional theory we develop a conceptual model and investigate the determinants of market entry for worker
cooperatives, publicly traded and limited-liability companies. Our results show that formal institutional conditions (i.e., mercantile legislation) influence the start-up choice of entrepreneurs regarding the legal
form of their new venture. In addition, we take into account the influence of informal institutional conditions (i.e., local corporate culture) on the market entry rate of firms with different legal structures.
Findings show that, while market entry is sensitive to the general economic climate, entry rates of firms with a different
legal structure respond differently to the same economic conditions.
相似文献
Ingrid VerheulEmail: |
15.
Joseph A. McCartin 《Employee Responsibilities and Rights Journal》2006,18(3):215-222
This article argues that the unsuccessful 1981 strike of federal air traffic controllers was the most significant single event in accelerating the decline of organized labor in the United States in the late 20th century. Like the failed Homestead steel strike of 1892, the PATCO strike cast a long shadow over US labor relations for many years after the event itself. Among the effects of the strike was the role it played in legitimizing the use of permanent replacement workers during strikes. This article draws lessons from the PATCO debacle that are worth considering 25 years later.
相似文献
Joseph A. McCartinEmail: Phone: +1-202-6870096 |
16.
Gurmeet Singh Bhabra 《Journal of Economics and Finance》2008,32(2):158-175
Stockholders of potential targets experience a statistically significant wealth gain of 0.59% over the 3-day window surrounding the acquisition program
announcement. Potential targets are defined as those firms that subsequently receive bids. Using alternative definitions,
such as a portfolio of all firms in the industry of the target or firms within the target industry with a higher probability
of receiving a bid as predicted by a maximum likelihood logit model, yield qualitatively similar results. These findings suggest
that events, such as program announcements, release significant merger related information well before a target is formally
approached with implications for wealth effects at subsequent bids. As with normal targets, the likelihood of receiving a
bid for targets that are part of a broad-based program of acquisitions increases in the level of agency problems, managerial
inefficiency and in the proportion of tangible assets in the target.
相似文献
Gurmeet Singh BhabraEmail: |
17.
Succession in family-owned businesses has been revealed to be a multi-staged phenomenon with trigger events distinguishing
one stage from the other. Our aim is to apply change management theory to this process to improve our understanding and to
identify the key factors that should be taken into account when implementing it. To achieve this goal, we will review the
existing literature about organizational change and will adapt it to succession in family firms. We will end with a case study,
concluding that a good succession process is not the one which avoids conflict, but the one which successfully manages it.
相似文献
Manuela Pardo-del-ValEmail: |
18.
Government regulations designed to promote social welfare can have unintended consequences on efficiency. According to the
LeChatelier Principle, regulations that effectively limit substitution possibilities among inputs will reduce firm and industry-wide
efficiency. In imperfectly competitive markets, however, government constraints on a strategic variable can facilitate coordination.
An advertising restriction, for example, would improve efficiency if it enables firms to produce the same level of sales with
less advertising spending. We use data envelopment analysis to estimate the effect of marketing regulations on efficiency
in the U.S. cigarette industry. Unlike previous studies, we do not assume that marketing and production technologies are separable.
Our results demonstrate that coordination effects dominate LeChatelier effects. Cigarette producers have benefited from advertising
restrictions, a result consistent with the capture theory of regulation.
相似文献
Victor J. TremblayEmail: |
19.
Agustí Segarra-Blasco Jose Garcia-Quevedo Mercedes Teruel-Carrizosa 《The International Entrepreneurship and Management Journal》2008,4(4):431-451
The present paper analyses the link between firms’ decisions to innovate and the barriers that prevent them from being innovative.
The aim is twofold. First, it analyses three groups of barriers to innovation: the cost of innovation projects, lack of knowledge
and market conditions. Second, it presents the main steps taken by Catalan Government to promote the creation of new firms
and to reduce barriers to innovation. The data set used is based on the 2004 official innovation survey of Catalonia which
was taken from the Spanish CIS4 sample. This sample includes individual information on 2,954 Catalan firms in manufacturing
industries and knowledge-intensive services (KIS). The empirical analysis reveals pronounced differences regarding a firm’s
propensity to innovate and its perception of barriers. Moreover, the results show that cost and knowledge barriers seem to
be the most important and that there are substantial sectoral differences in the way that firms react to barriers. The results
of this paper have important implications for the design of future public policy to promote entrepreneurship and innovation
together.
相似文献
Mercedes Teruel-CarrizosaEmail: |
20.
Wendy Chapple Richard Harris Catherine J. Morrison Paul 《Journal of Productivity Analysis》2006,26(3):245-258
Manufacturing produces both good and “bad” outputs, such as waste, which have negative environmental effects. Economic (e.g., tax) and non-economic (e.g., reputation) incentives encourage firms to reduce waste. However, such practices are costly because decreases in output produced or increases in inputs used may accompany waste reduction. We employ a cost function approach to evaluate patterns of output and waste production and capital, labor, and materials use, for UK manufacturing plants. We find that costs of waste reduction generally imply increasing materials use and capital and labor input saving, but vary by county, region, and industry.
相似文献
Wendy ChappleEmail: |