Competition,innovation and regulation in the pharmaceutical industry

This article discusses the impact of regulation on competition and innovation in the pharmaceutical industry. Prompted by concern over attempts at regulating the industry on the European level, we discuss the two basic forms of regulation which we observe to be typical, quality regulation (licencing) and price regulation. In doing so, the analysis focuses on the research segment of the pharmaceutical industry and discusses forms of competition by innovation. Following a recent paper by Nelson, the specific characteristics of competition in the pharmaceutical industry are developed as well as their welfare implications. Regulatory behavior vis-á-vis the industry is analysed in terms of a behavioral model initially proposed by Stigler, and an attempt is made to incorporate into the analysis the experience of regulation in both Europe and the United States of America.     

Statistical Causality and Strategic Behavior in Industrial Markets

This paper proposes a simple test of the leader-follower model of strategic behavior. This test relates the temporal notions of leadership central to such models to the empirical methods of statistical causality. This test is performed using data from the US softwood plywood industry of the last three decades. Others have productively explored the spatial pricing practices of this industry by applying a leader-follower model. Similarly, we find that a leader-follower model explains well the temporal relations between key strategic variables (prices) in the industry. We conclude that the leader-follower model imposes meaningful restrictions on observable time-series data and that statistical causality is a useful method for testing these restrictions.     

Conglomerate mergers,mutual forbearance behavior and price competition

This paper tests the hypothesis that conglomerate mergers lessen price competition through the creation of mutual forbearance behavior. This hypothesis is tested by estimating the impact of multi-market contacts on price competition in manufacturing industries. Potential interfirm contacts are computed for 195 of the top 200 American manufacturers in 1963. Measures of multi-market contacts are then constructed and introduced as additional explanatory variables in a three-equation model of the determinants of industry price-cost margins. The empirical results do not support the mutual forbearance hypothesis, and suggest that conglomerate mergers should not be proscribed on that basis.     

Environment, strategy, and power within top management teams

This study distinguishes two sources of critical contingencies for organizations: environment and strategy. In turn, it explores how coping with each type of contingency is related to power within top management teams. Executives had high power if, by virtue either of their functional area of scanning behavior, they coped with the dominant requirement imposed by their industry's environment. Power patterns within each industry were further affected by the extent to which executives coped with the contingencies posed by their organizations' particular strategies. A temporal critical contingencies model of power is proposed.     

Firm interdependence in oligopolistic markets

This paper develops an econometric model capable of identifying the pattern of interdependent behavior among firms in an oligopolistic industry. The model is based on the necessary conditions for producer equilibrium which, for a firm in an oligopolistic market, include the firm's conjectural variations. The conjectural variations are unknown parameters. The production model is based on the translog production function. The domestic coffee roasting industry is analyzed. Industry and size class specific Cournot and equality hypotheses are tested. Interdependent behavior cannot be rejected.     

The dynamic adjustment of environment, strategy, structure, and resources on firm performance

Under the uncertainty of external environment, how do the firms exploit resources, adjust organizational structures, and adopted proper strategies to gain the better performance is an important issue. Many theories have been proposed to explain this phenomenon. Structure-conduct-performance model suggest that industry structure influences the firm behavior and determines the performance of individual firms and of the industry as a whole. Strategy-structure-performance model suggest that strategy must dictate organizational structure, which in turn influences performance. The environmental perspective considers external environments. Resource-Based View suggests that management must focus on the values of resources to generate sustained competitive advantages and to improve performance. Dynamic adjustment among environment, strategy, structure, and resources can become primary causes of the firm performance. The purpose of this paper is to clarify the gaps between different theories and to complement the existing theories. This paper confirmed the measurement of the constructs first and competing models were used to examine dynamic adjustment among constructs and the relationships to firm performance. The results demonstrated that most of the relationships among constructs were supported and support the dynamic adjustment of the constructs. When facing uncertain environments, firms tend to use competition strategies as well as cooperation strategies; firms tend to formalize organizational structures and to amass resources. Firms which conduct cooperation strategies and possess more resources will attain better performance levels than those that do not. As to the theoretical models, the structure-conduct-performance model and the environmental perspective were supported. Practitioners should recognize the importance of the industrial and environmental factors.     

Economic uncertainty,oil prices,hedging and U.S. stock returns of the airline industry

This paper examines the impacts of economic policy uncertainty and oil price shocks on stock returns of U.S. airlines using both industry and firm-level data. Our empirical approach considers a structural vector-autoregressive model with variables recognized to be important for airline returns including jet fuel price volatility. Empirical results confirm that oil price increase, economic uncertainty and jet fuel price volatility have significantly adverse effect on real stock returns of airlines both at industry and at firm level. In addition, we also find that hedging future fuel purchase has statistically positive impact on the smaller airlines. Our results suggest policy implications for practitioners, managers of airline industry and commodity investors.     

Patterns of technology,industry concentration,and productivity growth without scale effects

This paper investigates the relationship between geographic patterns of industry and economic growth in a two-country model of trade with no scale effect, where productivity growth is generated by firm investment in process innovation. We find that dispersed equilibria with industry located in both countries produce higher growth rates than concentrated equilibria with all industry located in one country. The highest growth rate arises for equal industry shares and no productivity gap, implying that industry concentration has a negative effect on overall growth. Convergence towards a dispersed equilibrium is contingent on transport costs and knowledge dispersion.     

Strategic management of worker health,safety, and environmental issues in Mexico's Maquiladora industry

Conflict arising from differences in business practices, standards, values, and norms guiding behavior are inherent in international business. These conflicts are evident in Mexico's maquiladora industry, particularly relating to issues of worker health, safety, and environment. This article extends a model of conflict management; illustrates the model's dimensions with case study examples; discusses strategic human resource management implications of the model's various outcomes; offers recommendations for managing worker health, safety, and environment issues; and identifies directions for future research. © 1993 by John Wiley & Sons, Inc.     

Agency costs in U.S. manufacturing: An empirical measure using X-efficiency

By adapting the concept of X-inefficiency, the deadweight cost associated with agency problems is estimated for U.S. manufacturing industry. X-inefficiency theory postulates that agent’s opportunistic behavior will lead to second-best outcomes in imperfect markets. When the methodology is applied to the 1986/87 fiscal year, thirty industries are identified as X-inefficient. The total deadweight agency cost generated by these industries amounts to some $76 million. On average, in any given industry, agency costs represent two-tenths of one percent of that industry’s annual sales.     

Wage bargaining,productivity growth and long-run industry structure

This paper studies the innovation dynamics of an oligopolistic industry. The firms compete not only in the output market but also by engaging in productivity enhancing innovations to reduce labor costs. Rent sharing may generate productivity dependent wage differentials. Productivity growth creates intertemporal spillover effects, which affect the incentives for innovation at subsequent dates. Over time the industry equilibrium approaches a steady state. The paper characterizes the evolution of the industry's innovation behavior and its market structure on the adjustment path.     

行业资产的Black-Litterman模型配置研究——基于社交网络情绪文本挖掘算法

研究目标:构建反映行业股价走势的基于社交网络文本挖掘算法的行业投资者情绪指标，并改善嵌入行业投资者情绪指标的Black-Litterman模型对资产的配置结果。研究方法:基于社交网络文本挖掘算法度量投资者情绪，运用主成分分析法构建行业投资者情绪指标，并嵌入Black-Litterman模型中构建投资者观点矩阵，确定行业资产配置比。研究发现:基于行业投资者情绪的BL模型有效提高了资产配置的日均收益率和夏普比率。实证结果在样本外验证(除受新冠疫情影响阶段)、暴涨暴跌阶段以及经过允许卖空和交易成本调整后仍稳健，进而证实了投资者情绪对资产组合有显著影响。研究创新:基于社交网络文本挖掘算法构建投资者情绪指数，解决了仅依赖于预期收益或历史数据的预测模型无法直观揭示投资者心理认知和行为的局限性问题，从一个崭新的视角科学地解决Black-Litterman模型中投资者观点的生成问题。研究价值:扩展了Black-Litterman模型理论体系研究，并推动了行为金融理论在资产配置中的应用。     

Reconciling Gray and Hotelling

A bstract .   Early exhaustible resource economics provides an important foundation for recent suggestions that firm-level economic modeling plays a larger role in the analysis of resource scarcity. The lack of empirical support for Hotelling's r -percent rule, introduced in 1931, and recent suggestions that industry behavior may not be reducible to firm behaviors are the primary motivating factors for examining the relative value of Gray's contribution to the field of exhaustible resource economics relative to Hotelling's contribution. Specifically, Gray's papers that appeared in the 1910s provide insight into the heterogeneity of deposits and their spatial dimensions, and offer the possibility that firms will be subject to fixed costs carried over between periods. In this paper, the arguments presented by Gray are formalized in a dynamic model, which allows the differences between Gray's and Hotelling's assumptions to be more fully explored. The results of the paper illustrate that by considering spatially identifiable heterogeneous deposits, fixed costs, and entry costs, in general Hotelling's r -percent rule is not a sufficient condition for firm-level decision making and that firms' extraction behavior cannot be linearly aggregated to describe industry behavior.     

会展业和旅游业战略联盟模式及行为探析

本文分析了会展业和旅游业战略联盟的模式及行为,认为从会展业和旅游业在联盟中的主导作用及参与程度,可以把其战略联盟形成模式分成单业主导模式和双业互推模式两种;而从会展企业和旅游企业在产业链中的合作、融合程度深浅,又可以把其战略联盟行为分为单向对接行为和双向互动行为两种。     

基于航运系统的承运人合作演化博弈分析

本文运用演化博弈理论研究了航运业中承运人群体之间的合作行为。研究表明,当没有监控机制存在时,航运业承运人群体之间的合作将是无效的。在航运旺季时,承运人之间存在合作和不合作的演化均衡,在航运淡季时,承运人之间出现双方都不合作的演化均衡。然而,当航运区域的枢纽港充当监控平台时,在航运旺季和航运淡季时,对承运人群体合作和背叛行为给与不同范围的激励和补偿,将使承运人之间出现高效的合作演化均衡。研究结果对区域航运业有一定的借鉴作用。     

农户产业链参与对信贷获得的影响

本文基于吉林省820户农户的调查数据,使用倾向得分匹配法、二元选择模型和归并回归模型分析农户产业链参与行为对其信贷可得性和信贷规模的影响。结果表明：农户参与产业链对其信贷可得性和信贷规模具有显著正向作用,其机制在于农户订单生产和技术水平提升能够促进信贷获得。考虑到中国农户的异质性,按农户的耕地面积将农户分为规模大户和传统小户,分析结果显示,规模大户参与产业链行为对其信贷规模无显著影响,而传统小户参与产业链行为对其信贷规模有显著正向作用。根据本文研究结果,加快现代农业产业体系构建,强化产业链对小农户的吸纳作用,优化农业产业链金融服务,应成为政策选择上的重点。     

政府促进产业集群升级机理的agent仿真研究

运用产业集群理论及agent方法,从集群内部企业的行为入手,分析集群内企业对产业政策响应,建立产业集群—政府作用模型,研究政府制定政策对于促进产业集群升级的作用。在Simphony repast环境下,通过实证数据对产业政策对于促进产业集群升级的效果进行仿真,从而验证产业政策的有效性。     

证券业客户细分模型构建及实证研究

对比国内外证券业市场客户关系管理应用现状,在客户行为细分和客户生命周期理论的基础上,结合K-means聚类算法和商务智能技术,提出基于K-means聚类方法的中国证券业客户分层分级细分模型,并结合具体案例,进行了实证研究,证券公司可以据此推出个性化营销策略。     

Exploring individual and institutional drivers of proactive environmentalism in the US Wine industry

Industry transformation related to environmental stewardship proceeds through multiple stages, and there is as of yet no clear understanding of the importance of certain drivers of transformation at different stages. We bring together previous environmental management research regarding individual‐ and institutional‐level drivers of environmental stewardship to develop a model and series of questions regarding proactive environmental behavior in the US wine industry. A qualitative research method, including interviews and focus groups, is used to test the model. At the early stage of environmental transformation in the wine industry, we find that managerial attitudes and norms, existing regulations, employee welfare and competitive pressures are all strong drivers of proactive environmental behavior. However, our multi‐level analysis suggests that drivers of environmentalism vary in relevance and relative importance and that future environmental management research needs to consider the relationship between drivers of environmentalism and the stage of an industry's environmental transformation. Copyright © 2005 John Wiley & Sons, Ltd and ERP Environment.