Market performance of options on the Chicago board options exchange

Unproven assertions about potential option returns have accompanied increased interest in option trading since formation of the CBOE. This paper presents an analysis of return distributions from buying and selling CBOE options. Generally, buying options resulted in returns that were negative and lower than returns from buying the underlying stocks. Average returns from writing covered options exceeded returns from buying both options and stocks. Commissions and taxes shifted location of return distributions for all three investments, particularly reducing returns from buying options.     

Corporate characteristics and the corporate socialization of local (Mexican) managers of U.S. multinational corporations

This paper examines the proposition that local nationals employed as (local) managers by foreign subsidiaries of multinational corporations have managerial attitutes which are generally between those of indigenous managers employed by domestic firms in both the parent and host countries. The evidence strongly suggests that the concept has validity, and that the organization attributes of capital, R&D, and marketing intensity influence the managerial attitudes of the three groups of managers and the differences among these attitudes.     

Organization technology and the media and purpose dimensions of organization communications

Data collected from field research using structured observations indicate for task communications significant relationships between organization technology certainty (using Perrow's typology) and use of verbal and sign media and no significant relationship with use of object and written media. These data also indicate relationships between technology certainty and stimulus and problem solving communications purposes. Directionality of communications moderates these technology-purpose relationships, even exposing some additional relationships. The last section of this article proposes a reconceptualized model of organization communications, considering technology certainty, member mobility, and leadership style as independent variables and directionality as a moderating variable.     

Firms' acquisition decisions and Tobin's q ratio

We develop the hypothesis that Tobin's q ratio signals favorable opportunities for a firm to make acquisitions and then undertake an empirical test of this hypothesis within the context of a more general “multicausal” model. The results of this test support our hypothesis. The empirical study is also notable in that our data consists of a representative sample of large manufacturing firms (selection to the sample is not conditional upon merger activity) and the time period covered (1971–1978) postdates the conglomerate merger boom era of the 1960s.     

Perceived situational effects on price sensitivity

In this article, the multidimensionality of price as perceived by members of a consumer panel is examined. Respondents are first classified as price-sensitive or non-price-sensitive with respect to a durable and a nondurable product. Several dimensions of price are then described within the framework of brand purchase decision situations, and consumer evaluations of the importance of each situational dimension are measured. Dimensions perceived as important by price-sensitive persons are different from those considered important by non-price-sensitive consumers. Variations exist in the importance of price dimensions based on type of product.     

Managerial pay and financial performance of small business

The purpose of this study is to examine empirically whether managerial pay of small-firm executives is more closely related to profitability or generation of sales. Conventional economic doctrine supports the hypothesis that chief executives are paid primarily to advance profitability. The contrary hypothesis, given impetus by Baumol [2] and Galbraith [8], asserts a closer relationship between compensation and sales. Previous studies of large corporations have produced conflicting results. Regression analysis of the 78 small firms in this study reveals managers receiving compensation correlating fairly closely with both profitability and sales. The cumulative forces at work in these firms impacting upon managerial pay appear to have wrought a linkage conductive toward motivating managers to be both “bottom line” and marketing oriented.     

Identifying innovative behavior patterns using canonical analysis

Marketers are vitally interested in the relationships between personal attributes and consumer behavior. This study was developed to examine, using canonical analysis, the relationships of personality and socioeconomic data with innovative behavior of housewives. The Gordon Personal Profile and Inventory provided the personality variables, and socioeconomic variables used were age, marital status, income, and number of children living at home. All respondents were women who represented middle-class housewives in the Columbia, South Carolina, metropolitan area. An initial sample was used to scale a list of products as to their degree of innovativeness in their effect on consumption and usage patterns. A sample of 152 middle-class housewives were then contacted and 142 of these supplied completed questionnaires suitable for analysis. A great many combinations of innovative products and personality and socioeconomic variables were run. Several strong relationships were found. The major ones were between products and socioeconomic variables. However, one analysis showed the most significant levels of association with the innovative products when personality variables were used alone. A brief analysis of the major canonical root for this analysis indicates a woman who uses more malt liquor and club cocktails and who has a microwave oven. Associated with these innovative products are the personality variables of ascendancy, slightly irresponsible, less cautious, and highly sociable. This interpretation might indicate the profile of a woman who is on the way up and likes to socialize without regard to what others think. Many other interesting profiles are also described. The study is exploratory in nature but provides stimulus for additional research and also provides support for previous consumer behavior findings.     

Self-monitoring,norms, and attitudes as influences on consumer complaining

Reactions of consumers to marketplace problems vary widely despite the frequent similarity of sources of dissatisfaction. The results of two studies designed to investigate the determinants of consumer inclinations to complain are presented. Two alternative social-psychological explanations of behavior employing self-monitoring, moral and social norms,and attitudes as predictor variables are examined.     

Risk analysis in the real property development process: a conceptual framework and a computer simulation model

Real property development is an interdisciplinary field that produces interesting time-risk questions for the various participants. The conceptual framework of the process is a normative staging of activities and related decision points. The framework provides the theoretical foundation for the application of management science techniques to this complex environment. The computer simulation model is a straightforward quantification of the conceptual framework. The equations incorporated in the model are common to financial and appraisal literature with alterations designed to encompass the unique aspects of the real property development process. The model is a tool for use in the application of sensitivity analysis to development period decision making. At various decision points in the process the decision maker can evaluate alternative risk control techniques on a cost-benefit basis using the model.     

Did the Swiss demand for money function shift?

The purpose of this note is to test the stability of a short-run money demand function for Switzerland during the breakdown of the fixed exchange rate system and for the OPEC crisis. The evidence suggests that the function was unstable due to intercept shifts that occurred during the breakdown of the Bretton Woods system but not during the OPEC crisis. The evidence provides a counterexample to other recent studies that conclude that money demand studies for other major industrialized countries besides the United States were apparently stable during this period.     

Branch plant location and the product cycle in computer manufacturing

This paper examines the implications of changes in product and process technology in the computer industry for the regional location pattern of production facilities. Emphasis is placed on the different locational needs of research and development activities as opposed to volume production of components. Using establishment data, the existing pattern of location is analyzed. A location model for branch plants is estimated across SMSAs; the results show that SMSA size and wage rates are repelling forces for branches. Agglomeration factors, educational level, and the supply of engineers, as well as the distance to headquarters, are positive influences on location.Manufacturing employment in the United States has grown faster outside than inside the traditional manufacturing belt for decades (Carlino 1984); this trend has accelerated in recent years. Causes of this redistribution may include surplus farm labor in the South (Cogan 1982), an attractive climate in the West, and unionization and high taxes in the North. Changes in product and process technology have also affected the location of some industries. This paper attempts to show how technology and the product life cycle influence the location of computer manufacturing.     

Factors influencing sales call frequency of industrial salespersons

Industrial sales representatives face a problem of allocating their time in deciding which customers or prospects to call on and how frequently to make those calls. These decisions directly influence the firm's costs and revenues, yet research in this area has been sparse. This article reports an empirical study of the relationship between the call frequency of salespersons and select characteristics of the market, the customer, and the salesperson-customer interaction. Data for the study were collected by a self-administered questionnaire which was completed by 83 salespersons representing 34 different firms. Respondents provided data concerning their call frequency on a particular customer, time in the sales territory, and responses to a series of Likert statements. Eight summative scales were developed from the statements. Multiple regression analysis was used to examine the relationship between call frequency and the independent variables. Several predictors (Role Consensus, Important Purchase Decision, Important Customer, and Customer Disposition) were salient variables in the model. The article concludes with a discussion of the implications of the research findings to marketing managers and researchers.     

Sales: Demand-supply variation or price discrimination?

The objective of this paper is to test the relative importance of price discrimination as an explanation for sales on major appliances. Using data on sales by Sears stores in San Diego, we conclude that for major appliance sales, price discrimination seems to be the most important explanation. The second section describes briefly the theoretical explanations for sales. The third section describes the test and the results. The fourth section presents more stylized facts about appliance sales. The last section presents the conclusion.     

Alternative approaches for interpretation of multiple discriminant analysis in marketing research

Multiple discriminant analysis has proven to be a versatile and useful tool in analyzing the similarities and differences among market segments. Yet many of the marketing applications of discriminant analysis have relied on interpretive procedures that can be misleading. More generally, the full interpretive potential of this general analytical model has not been realized. This article addresses these problems, suggests a number of new and useful approaches for interpretation, and illustrates them in an innovator segment analysis.     

Measuring the performance of industrial salespersons

Sales force performance is a critical concern of most industrial firms, yet in this area of research there are difficulties in measuring salespersons performance. Issues relevant to measuring the performance of industrial salespersons are reviewed. A self-report performance scale developed and evaluated based on the responses of 200 salespersons and 42 managers from five major industrial firms is presented.     

世贸组织面临的挑战及其发展前景

基于世贸组织在世界经济中的重要作用,本文针对近年来WTO谈判频频出现几近停滞的现状,首先论述了现阶段世贸组织所面临的主要挑战,即如何协调发达国家和发展中国家的利益关系以及如何顺利完成和执行“多哈”谈判,进而说明了在WTO内多方谈判必须循序渐进,要照顾到发展中国家利益,加强南南、南北合作,只有这样世贸组织才能在国际舞台上发挥更大的作用。     

浅析韩国构建东亚双边FTA第二交汇点战略

近年,韩国在东亚经济合作中的地位正悄然上升,极有可能成为东亚双边FTA第二交汇点。分析这种情况产生的背景及原因;具有积极意义。中国应当制订相应战略,使东亚经济合作在正确轨道上向前发展。     

Competition and the cost of liquidity to investors

The Congressional mandate to develop competitive securities markets in the United States has focused attention on the cost of liquidity to investors. Prior studies have emphasized the impact of external competition in the form of competing markets and/ or competing dealers on the bid-ask spread of the dealer. However, the spread of the specialist (dealer) on the NYSE may or may not be observable because of the interaction between public limit orders and the specialist's quotes. Our study develops a model of this interaction, and empirically verifies that internal competition in the form of limit orders has an important impact on the cost of liquidity to investors.     

Interstate competition in the US South for South Korean auto investments: a US perspective

Multinational corporations (MNCs) recognize the importance of optimizing their international site-selection decision(s). Similarly, host regions recognize the potential economic benefits of securing ‘greenfield’ investment projects. Thus, there is intense intra-regional competition to secure ‘trophy investments’. The extant research offers little insight to the very final stages of the site-selection negotiation process. No previous study has examined in detail the final stages of international site-selection negotiations involving South Korean MNCs. This paper focuses on the role of US government officials and Southern state stakeholders seeking to secure investments by Hyundai Motors and Kia Motors. It offers an exploratory eclectic theory to explain site-selection decisions.