Firm Productivity and the Foreign‐Market Entry Decision

We use Japanese firm‐level data to examine how a firm’s productivity affects its foreign‐market entry strategy. The firm faces a choice between exporting and foreign direct investment (FDI). In the case of FDI, the firm has two options: greenfield investment or acquisition of an existing plant (M&A). If it selects greenfield investment, it has two ownership choices: whole ownership or a joint venture with a local company. Controlling for industry‐ and country‐specific characteristics, we find that the more productive a firm is, the more likely it is to choose FDI rather than exporting and greenfield investment rather than M&A.     

Anticipation of Auction Fever: Entry Decision,Reserve Price and the Choice of Auction Design

This paper analyzes the entry decision of rational bidders who expect to experience auction fever in English auctions. It shows that nonparticipation decision reduces seller's expected profit and this effect may outweigh the positive effect of the auction fever. We analyze the choice between English and second‐price sealed‐bid auctions and the optimal reserve price in English auctions. We show that it might be optimal for the seller to set a reserve price below her own valuation of the object. Finally, we show that the order in which bidders place their bids matters and the first bidder always has an advantage. Copyright © 2011 John Wiley & Sons, Ltd.     

转型决定成败

对于中国企业界来说,几年来一直高度敏感的几个词是“战略”、“模式”、“转型”和“执行”。这种变化比起仅仅关注政府关系或者银行融资来说,当然是一个很大的进步。不过,对于还显得比较年轻(较为成型的企业普遍只有10岁左右,部分20岁的还能领跑的企业已经属于不可多得)的中国企业集群来说,如何面对和把握这个庞大市场莫测的未来,显然还需要他们为此转变和付出更多。     

The Alternative of Private Regulation: The London Stock Exchange's Alternative Investment Market as a Model

Most people assume that markets require a strong set of government rules and regulations to eliminate problems associated with transparency and fraud. Commonly overlooked is the fact that stock exchanges did, and to a large extent still do, provide a set of private rules and regulations. One modern stock exchange that relies heavily on private rather than government regulation is the London Stock Exchange's Alternative Investment Market (AIM). Founded in 1995, AIM is an exchange regulated market in which private regulators, called Nominated Advisors or Nomads, oversee individual firms and decide whether they can list their shares. This system of private regulation reduces regulatory barriers and has attracted many new firms. But rather than being ‘a race to the bottom’ in which anything goes, the private regulators work to put their stamp of approval only on firms that warrant trading. The market has attracted a lot of investment, and the survival rate of IPOs is in line with that of other more regulated markets.     

Managing Organisational Culture: Fantasy Or Reality?

Emmanuel Ogbonna, who is a Lecturer in Human Resource Management at Cardiff Business School, offers a critique of the burgeoning literature on managing organisational culture. He asks whether, after ten years of ‘sanctimonious devotion’, we are any closer to understanding culture; whether we are yet in a position to generate a conceptual model of managing organisational culture; or whether we have simply succeeded in e xposing the inherent weaknesses of such a notion.     

Acquisitions and Real Options: The Greenfield Alternative

Although acquisitions are a popular way to enter new markets, empirical evidence tends to indicate few benefits accrue to acquiring firms. This might be the case because firms use acquisitions when they should be employing an alternative mode of expansion. Applying real options theory to this issue, we suggest that greenfield start‐up ventures provide a real option alternative to acquisitions for firms establishing new international subsidiary units. To test this notion we examine a sample of Western European firms entering the emerging economies of Eastern Europe. The evidence suggests that acquisitions are a good choice only when firms enter markets containing low demand uncertainty and when these firms possess acquisition‐based strategic flexibility. Overall, our analysis indicates that greenfield ventures appear to provide firms with a real option when making the acquisition decision.     

Buy low,sell high: Price gaps and neoclassical theory

This paper considers the simple neoclassical economics of price gaps in the absence of income effects. Our guiding principle is that price gaps reflect a fundamental economic principle: buy low and sell high. It is demonstrated that neoclassical theory makes clear and economically testable predictions about these price gaps.     

Alternative exchange-rate regimes: The options for Latin America

The debate on the optimal exchange-rate regime has been rekindled by the arrival of the euro and the rash of crises in Latin America and elsewhere. This paper reviews the key issues and assesses the state of play in the debate. This provides the context for the other papers in the group, prepared for a conference on “ Monetary union: Theory, EMU experience, and prospects for Latin America,” which took place in Vienna in April 2002 and which was co-sponsored by the Banco de Chile, the Oesterreichische Nationalbank, and the University of Vienna. The papers selected for this issue deal with exchange-rate problems in the Western Hemisphere, and Latin America and the Caribbean (LAC), in particular. After assessing the debate over floating rates versus currency union, the paper examines the issue in the context of monetary relations between the U.S. and Canada. It concludes with an empirical measure of convergence among the countries in the hemisphere.     

The Speculative Demand for Money: An Alternative Approach

Abstract . The speculative demand for money has occupied an important role in Keynes’ General Theory. Since then it has received only sporadic attention. The lack of sustained interest among specialists in monetary theory is largely due to the fact that the theory, in its original form, has usually failed to survive the empirical tests. In this paper, an attempt is made to estimate the speculative demand for money using the general framework of the “Efficient Markets Theory.” The study uses the United States seasonally adjusted monthly data for the period 1952-72. The results strongly indicate the existence of the speculative demand for money.     

The CPE Aversion to Innovations: Alternative theoretical explanations

Conclusions Three competing theoretical approaches address the factors determining the low technological capability of the CPEs. One, here called the risk-reward explanation, focuses on the excessive riskiness of innovation to enterprises or the lack of sufficient rewards for taking on additional risk. Another theory, called the zero-price explanation, links their lackluster technological performance to the state's willingness to rescue failing enterprises. Finally, the closed-economy explanation relates the CPEs' incapacity to the autarkic nature of CPE systems.If one restricts discussion to internal matters, the zero price theory appears to be the most plausible. Where a permissive state offers help to any unfortunate or mismanaged enterprise, this weakens interest in efficiency and in pursuing innovations whose purpose is to economize on resources. The risk-reward explanation loses force if one assumes the presence of a permissive (or paternalistic) state because it implies little real risk for managers, which makes the size of rewards for innovative actions rather irrelevant.However, one can scarcely be satisfied with a discussion of the factors behind the lackluster performance of the CPEs that remains within the framework of a national economy. Technological changes in contemporary economies are highly international, so that developments in one country are very dependent on those occurring elsewhere. Therefore, what most undermines the CPEs' efforts is their limited degree of openness to the world market, which reduces enterprises' exposure to foreign competition and limits the inflow of foreign direct investment. Unfortunately, this closedness is not compensated for by their extensive—but bureaucratized—trade with one another in the CMEA.Parts of this article have been presented in Poznanski (1987). The author has benefited from comments by Irena Grosfeld.     

论混凝土搅拌站建设

文章主要介绍了混凝土搅拌站设备选择、场地建设、安装方法及注意事项、安全生产等方面的内容.     

Online Market Entry: The Motivations for Imitation across Retailer Types

This study examines the motivations for imitation in retailers' online channel entry. Extant literature suggests that legitimacy and efficiency are the primary motivators for firms to imitate. We develop hypotheses that center on the belief that not all firm types would use the same motivator for deciding to imitate and enter the online market; legitimacy would be the driving force for some retailer types whereas efficiency would be the motivator for others. We test our hypotheses on unique data collected from multiple sources. Our findings confirm that the motivators for imitation vary across retailer types. Copyright © 2014 John Wiley & Sons, Ltd.     

Second-Best Congestion Pricing: The Case of an Untolled Alternative

This paper deals with second-best one-route congestion pricing in case of an untolled alternative. Using a two-link network simulation model, the effects of various demand and cost parameters on the relative efficiency of one-route tolling are analyzed. It is investigated whether the existence of costs of congestion charging may be a reason for one-route tolling to be more “overall efficient” than two-route tolling. Finally, the efficiency of revenue-maximizing one-route and two-route tolling is discussed.     

The Economics of Crime: Climbing the Decision Tree

How is it possible to study crime as an economic problem? George Brower, of the University of Connecticut, shows how the original argument of Professor Gary Becker has been tested and developed.     

Entry,financing, and bankruptcy decisions: The limited liability effect

A firm, which has a privileged right to undertake an irreversible investment project, simultaneously determines whether to exercise this project and also how many bonds to issue in the presence of demand uncertainty. The firm will not exercise the project until its net value from investing immediately equals its option value from delaying investment. The firm’s choice of debt levels balances the tax advantage of debt against a cost associated with the event of bankruptcy. The effects of uncertainty, asset specificity, and the costs to purchase capital later on a firm’s entry, financing, and bankruptcy decisions are examined and compared with those in the literature.