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1.
This paper explains why conclusions that appear to be “facts” can truly be “myths” in industries like today’s telecommunications industry, where key suppliers operate in multiple vertical stages of production. The paper explains, for example, why an entrant’s decision to make or buy critical production inputs may be largely insensitive to the price of these inputs. It also reviews why a vertically-integrated producer (VIP) may prefer to assist, rather than disadvantage, retail rivals, and why a VIP may be disadvantaging rivals even when it provides them with the same wholesale service quality that it provides to its own retail affiliate.  相似文献   

2.
Whether the firms that supply Internet hardware and software should face restrictions on the use of their property is an important and controversial policy issue. Advocates of “net neutrality”—including President Obama and the current FCC majority—believe that owners of broadband distribution systems (hardware used to distribute Internet and video services) and producers of certain “must-have” video content should be subject to prophylactic regulation that transcends present-day antitrust law enforcement. In the economic terms that are used in debates on competition policy, the concern is with vertical integration that may give firms both the opportunity (through denial of access or price discrimination) and incentive (increased profit) to restrict competition. This paper’s central point is that virtually every production process in the economy is vertically integrated, and economics predicts changes in the extent of vertical integration—that is, changes in the boundaries of the firm—in response to changes in relative prices, technology, or institutions. Both vertical integration and changes in the extent of vertical integration are benign characteristics of efficient, dynamic, competitive markets. While there is no shortage of theoretical models in which vertical integration may be harmful, most such models have restrictive assumptions and ambiguous welfare predictions—even when market power is assumed to be present. Empirical evidence that vertical integration or vertical restraints are harmful is weak, compared to evidence that vertical integration is beneficial—again, even in cases where market power appears to be present. Thus, it is reasonable to conclude that prophylactic regulation is not necessary, and may well reduce welfare. Sound policy is to wait for ex post evidence of harm to justify interventions in specific cases. Net neutrality, recently enacted by the FCC but subject to judicial review, is an unfortunate idea.  相似文献   

3.
The relationship of satisfaction with the “parts” or facets of the job to the “whole” of global job satisfaction and to intention to quit differed between samples of employees from financial firms in the United States of America (USA) and the Philippines. In contrast with research using commonly accepted sets of facet satisfactions developed in the USA, our results showed that additional extrinsic facets improved the explanation of outcomes in the Philippines, but not in the USA. In addition, extending past research, satisfaction with intrinsic job facets explained outcomes better in the USA than in the Philippines, and job dissatisfaction had a stronger relationship with turnover intentions in the USA than in the Philippines. Implications for the measurement of facet satisfactions, and for international management research and practice in the Philippines are discussed.  相似文献   

4.
This paper studies the effects on prices and welfare of multimarket contact when firms serve multiple markets from a single facility with rising marginal costs. Here a link is created between markets, even with independent demands: greater output in one market leads to a higher marginal cost and lower output in other markets; and multimarket contact can indeed lower welfare. Variations of the model can explain two other puzzling phenomena: “recoupment” – lower prices in one market “paid for” by higher prices in other markets; and “retaliatory entry” – the credible threat to enter a rival’s market if it enters yours.  相似文献   

5.
This paper examines the effect of external shocks on corporate strategy of ethnic Chinese business groups in the context of Indonesia. It reports on an in-depth, longitudinal, and comparative case study of four prominent Indonesian Chinese groups, all of which implemented major strategic changes in response to the Asian financial crisis. As theories emphasizing strategic continuity and strategic adaptation are only partially able to explain the results, an alternative explanation is offered. Results are generalized towards a novel notion of “shock-imprinting” which implies that companies continue to employ defensive strategies after an external shock has subsided.  相似文献   

6.
This paper examines the price effects of generic drugs that are produced by brand-name drug firms and that are labeled, priced, and marketed to compete against independent generics. The strategy of introducing such “pseudo-generics” – also known as “authorized generics” – has raised some antitrust concerns. One defense of this strategy has been that the additional competition created by pseudo-generics should lead to lower prices. This paper develops a simple model to show that pseudo-generics can be expected to have exactly the opposite effect. It then examines empirical evidence on this point from the Canadian pharmaceutical market, showing that there appears to be a positive relationship between drug prices and the share of generic sales made by the brand’s own pseudo-generic.  相似文献   

7.
The purpose of this study was to examine the structure of students’ knowledge formed in information education at junior high-school level. Seventy-two 7th graders (first-year junior high-school students) and 78 10th graders (first-year high-school students) participated in the study. A cluster analysis was performed on 40 items of knowledge that was included in “Information and Computers.” The results of the analysis indicated that students’ knowledge composed from the perspective of two clusters: “Practical knowledge” and “Systematic knowledge.” In addition, “Systematic knowledge” was significantly correlated with “Processing ability,” which is one of the subordinates to “the ability of practical use of information.”  相似文献   

8.
Mergers are generally conglomerate in nature with only minor (if any) horizontal overlaps. Under U.S. law, an enforcement agency may challenge any anticompetitive aspect of the merger and the consequent delay associated with litigation would impose costs on the firm. These costs may give the enforcement agency “leverage” to extract a settlement even when the firm would prevail in court. This paper explores whether the FTC’s decisions to challenge transactions approximate the case law. We find that the representative enforcement regimes of the FTC and the courts are remarkably similar, although the FTC credits efficiencies, while courts consider buyer sophistication as a mitigating factor.  相似文献   

9.
In Austria, the syllabus for “Technisches Werken/Crafts and Technology” for all types of school in general education was issued more than 30 years ago. The authors believed that it might lay the foundations for technical literacy. The paper is about how the situation of the subject and, with it, technical education has developed since then in Austria. After a brief account of the origin and further development of the carrier subject “Technische Erziehung”/Technical Education various aspects of the present situation of “Technisches Werken/Crafts and Technology” from early years education up to general education are highlighted: the structure and contents of the subject between architecture, design and technology; its significance and the chances of the subject in Austrian schools; the training of the subject teachers. This is followed by the interpretation of a survey of the understanding Austrian pupils have of technology and gender, which was carried out within the framework of the UPDATE-project. The central issues of this study are concerned with pupils’ general awareness of the most important school subjects in primary and secondary schools, specifically of the subject “Crafts and Technology” and of the connection between “Crafts and Technology”, technology and technical occupations.  相似文献   

10.
The Antitrust Division of the US Department of Justice had a number of interesting cases during the last year. The merger between Comcast and NBC-Universal presented an interesting challenge of preserving existing competition from an emerging technology. The abandoned attempt by NASDAQ to acquire NYSE shed light on a number of competitive interactions between financial exchanges. Hospital contracts in Texas illustrated that exclusive dealing is still a violation of Section “NASDAQ’s Proposed Acquisition of NYSE” and will be pursued by the Antitrust Division. And, a number of cases as well as a new policy guide on the subject demonstrate that the Antitrust Division will work with parties and accept innovative remedies to eliminate competitive problems in ways that may better preserve efficiencies.  相似文献   

11.
Effective open relationships with employees can help foreign managers rely upon and utilize the local knowledge of their employees. One hundred and sixty-three Chinese employees from various industries in China were surveyed on their relationships (leadership–member relationship and personal guanxi) with American and Chinese managers, their constructive controversy, that is, their constructive controversy with them, and the job assignments and promotions received from their managers. Results support the hypotheses that quality leader–member relationship and personal guanxi promoted their constructive controversy, which in turn facilitated employees receiving challenging jobs and promotions. Results suggest that leader–member relationship and Chinese value of guanxi may be important for enhancing their constructive controversy; this kind of open dialogue can be a foundation upon which American managers can develop the confidence to give their Chinese employees challenging tasks and promotions.
Dean TjosvoldEmail:
  相似文献   

12.
Andersen’s exit from the already-concentrated market for auditing services is shown to have increased market concentration and audit fees. Changes in market concentration are found to be significantly related to changes in audit fees, suggesting that the structure-performance hypothesis is applicable to the post-Andersen accounting industry and that the “Final Four” accounting firms may have exercised market power in this environment. The paper concludes with a discussion of the implications of Andersen’s exit from the market.  相似文献   

13.
Standard Oil formed the South Improvement Company in the fall of 1871, supposedly to negotiate “secret” discounts on published railroad tariffs and place independent refiners at a transportation cost disadvantage. We argue that discriminatory railway rates were common both before and after Standard Oil’s founding in 1870, played little or no part in its rise to prominence and were not necessarily even illegal. Rebates and drawbacks were in fact ways of sharing the efficiency gains that flowed from the dependable high-volume rail traffic Rockefeller was able to guarantee as well as from other investments that he undertook that lowered the railroads’ costs.  相似文献   

14.
Using data from the Hong Kong electronics industry, this paper studies the “make” or “buy” decisions associated with export channel strategies (Peng, Zhou, & York, 2006). Findings show that the integrated channels (the “make” decision in transaction cost theory) play a more important role on exporting than the market governance channels (the “buy” decision, i.e., buying channel services from local export intermediaries). In addition to manufacturers’ integrated channels, from the buyers’ standpoint, we find two active integrated channels, namely, (1) the buying offices of firms from developed economies which are located in Hong Kong and (2) the regular visiting buyers of firms from developed economies. These two export channels are integrated channels from the buyers’ standpoint. They are not found in the export distribution structure of developed economies. This paper explains the development and the importance of these buyers’ channels in newly industrialized economies. It also examines the similarities and dissimilarities of export behavior between manufacturing firms in developed and newly industrialized economies, using Hong Kong as an example.
Ho-Fuk LauEmail:
  相似文献   

15.
We analyze the relationship between firm size and innovation inputs in Taiwan. Two inputs are considered: R&D and technology imports. Building on an existing theoretical framework, we test this relationship by estimating bivariate Tobit models in twenty 2-digit industries, using a panel of 27,754 firms observed from 1992 to 1995. We find that, in all industries, R&D intensity and/or technology imports intensity depend strongly on firm size, following an “inverted-U” pattern. Moreover, we find that most industries are only “mildly Schumpeterian”. Finally, our results provide some empirical evidence for complementarity between R&D and technology imports in the innovation process.  相似文献   

16.
This paper presents an analysis of merger enforcement at the Federal Trade Commission under the 1992 Merger Guidelines. The econometric analysis suggests that enforcement decisions are best predicted with the Herfindahl index when the relevant theory is collusion and the number of significant rivals when the relevant theory is unilateral effects. Evidence such as “hot” documents, customer complaints, and historical events suggestive of past competitive problems also increase the chance of a challenge. Mirror image considerations suggestive of continued post-merger competition (“cold” documents, customer support, and procompetitive events) reduce the probability of challenge in one specification. This article is based on non-public data obtained from Federal Trade Commission internal files. The Commission’s General Counsel has authorized publication of such data in aggregated form under Commission Rule 4.11(g), 16 C.F.R. 4.11(g). I would like to thank David Scheffman, Paul Pautler, Elizabeth Callison, and Jeffrey Fischer for helpful comments on the project and Anthony Alcorn, Brian Cross, Fulvio Cajina, Paul Golaszewski, Wendy Hanson, Janet Ireland, Karl Kindler, Michael Madigan, Madeleine McChesney, Joseph Remy, and especially Matthew Tschetter for research assistance in assembling the data. Of course, the analyses and conclusions set forth in this paper remain those of the author and do not necessarily represent the views of the Federal Trade Commission, any individual Commissioner, or any Commission Bureau.  相似文献   

17.
This paper examines the welfare effects of physically interconnecting two (network) markets that were previously separated. In each market a different set of capacity-constrained firms operate. Firms engage in a supergame and collude whenever it is rational for them to do so.We find that, under certain parametric restrictions, interconnection of the two markets reduces total welfare. The collusive horizon may extend from a single market to the overall integrated market. In such case, interconnection can be viewed as “exporting” collusion, rather than competition.   相似文献   

18.
This paper argues that the role of informal institutions as well as formal ones is central to understanding the functioning of corporate governance. We focus on the four largest emerging economies: Brazil, Russia, India, and China—commonly referred to as the BRIC countries. Our analysis is based on the Helmke and Levitsky framework of informal institutions and focuses on two related aspects of corporate governance: firm ownership structures and property rights; and the relationship between firms and external investors. We argue that for China and some states of India, “substitutive” informal institutions, whereby informal institutions substitute for and replace ineffective formal institutions, are critical in creating corporate governance leading to enhanced domestic and foreign investment. In contrast, Russia is characterized by “competing” informal institutions whereby various informal mechanisms of corporate governance associated with corruption and clientelism undermine the functioning of reasonably well set-out formal institutions relating to shareholder rights and relations with investors. Finally Brazil is characterized by “accommodating” informal institutions which get around the effectively enforced but restrictive formal institutions and reconcile varying objectives that are held between actors in formal and informal institutions.  相似文献   

19.
This paper explores how to build innovative organizations in China. Using grounded inductive theory building with ten case studies of commercial organizations in China’s information and communication technology (ICT) industries, we find that because China is entrenched in the paradigm of execution and its two-tier talent structure lacks a competent pool of middle-level talent, it calls for a new organizational form: “execution+.” The key to building “execution+” organization lies in building a competent middle tier by taking advantage of apprenticeship type of training. Our findings have implications for theories of organization design and organizational learning.  相似文献   

20.
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