芬欧汇川 从芬兰森林走出的纸业巨人

<正>芬欧汇川集团(UPM-Kymmene Corporation)的根深植于北欧芬兰的土壤之中。作为全球领先的跨国森林工业集团之一,世界最大的杂志纸生产企业,它的历史可以追溯到一百多年以前,与芬兰森林工业的发展息息相关。     

Attributional tendencies in cultural explanations of M&A performance

This paper focuses on managers' attributions of M&A performance. Our analysis indicates that there is a linear association between performance and attributions to cultural differences, which is moderated by prior experience. Furthermore, our results suggest that there is a curvilinear association between performance and attributions to managers' actions, but we found no support for the moderating effect of experience for this association. By substantiating these attributional tendencies, our results contribute to research on M&As and studies on attribution more generally. In particular, our study helps to put cultural differences in perspective and cautions researchers and practitioners alike to avoid simplistic explanations of M&A performance. Copyright © 2013 John Wiley & Sons, Ltd.     

Can the FSCORE add value to anomaly-based portfolios? A reality check in the German stock market

Financial Markets and Portfolio Management - This paper examines the added value of using financial statement information, particularly that of Piotroski’s (J Account Res 38:1, 2000....     

Strategies as Discursive Constructions: The Case of Airline Alliances

ABSTRACT In this paper, we argue that by examining the discursive elements in strategy talk we can contribute to our understanding of the myriad of micro‐processes and practices that make up strategies. We focus on airline alliances as a particularly illustrative case. Based on a critical discourse analysis of an extensive material of strategy talk on airline alliances, we point to five types of discursive practices that characterize strategizing in this context in 1995–2000: (1) problematization of traditional strategies; (2) rationalization, objectification and factualization of alliance benefits; (3) fixation of ambiguous independence concerns; (4) reframing of cooperation problems as ‘implementation’ issues; and (5) naturalization of alliance strategies. While we want to emphasize the context‐specificity of these practices, we claim that similar types of discursive practices are also likely to be an inherent part of strategizing in other settings.     

Role-bound actors in corporate combinations: a sociopolitical perspective on post-merger change processes

Real-life experiences of corporate mergers often tell of disappointment in terms of the synergistic benefits that fail to appear, or the severe organisational problems that arise. Although many studies have provided empirical material on internal divisions among actors coming from the previously separate organisations, we still know little about the sociopolitical forces at work in the upper echelons of corporate hierarchies. It is suggested in this paper that an examination of the emergent role identities in the upper echelons of a new corporate hierarchy can help us to understand the nature of these sociopolitical forces. The empirical analysis concentrates on a revealing merger case where Finnish Ovako and Swedish SKF Steel first joined forces, but where their organisational marriage broke down five years later. This analysis illustrates how behaviour consistent with the enacted role identities can create contradictory sociopolitical forces, and how this can lead to increasing tension and severe open conflict. The analysis suggests that a favourable turn in the business cycle is a condition that can easily hide such divisions with dramatic consequences later on.     

A CLOSER LOOK AT VALUE PREMIUM: LITERATURE REVIEW AND SYNTHESIS

This paper provides a systematic review of value premium literature that examines the performance difference between value and growth stocks and the possible reasons for it. We compare and synthesize the results from the different regional stock markets and different sample periods. The literature is categorized according to stock selection criteria that are based on either individual valuation ratios, such as E/P, B/P, D/P, S/P, CF/P, and enterprise value-based multiples, or composite value criteria that aim to capture more than one dimension of relative value simultaneously or combine them with other classification criteria. We also compare the efficacy of various selection criteria to each other and synthesize the literature on the explanations for the value anomalies. The overall evidence shows that the best criterion varies over time and across the markets. The relative efficacy of different valuation criteria also seems to depend on numerous methodological choices. Recent studies have given mild evidence that combining traditional valuation ratios either with each other or with some financial statement variables could at least in some cases enhance the value premium, although very few studies have provided transparent comparisons between the results based on individual valuation ratios and those based on composite value criteria.     

Institutions and Actorhood as Co-Constitutive and Co-Constructed: The Argument and Areas for Future Research

We argue that in order to overcome the reductionism and essentialism in institutional theory there is a need to acknowledge that institutions and social actors are co-constitutive and co-constructed in processes of communication. We elaborate this argument by drawing on the phenomenological foundation of institutional theory and point to promising areas of future research: the multimodal nature of institutions, the mediated and mediatized character of modern communication, and the contestedness of all social orders and their legitimation.     

Narrative attributions of entrepreneurial failure

We examine how organizational stakeholders use narratives in their psychological processing of venture failure. We identify a range of “narrative attributions”, alternative accounts of failure that actors draw on to process the failure and their role in it. Our analysis provides a view of entrepreneurial failure as a complex social construction, as entrepreneurs, hired executives, employees and the media construct failure in distinctively different ways. Narratives provide means for both cognitive and emotional processing of failure through grief recovery and self-justification.     

Performance of moving average trading strategies over varying stock market conditions: the Finnish evidence

This article examines the profitability of dual moving average crossover (DMAC) trading strategies in the Finnish stock market over the period 1996 to 2012. It contributes to the existing technical analysis literature by comparing for the first time the performance of DMAC trading portfolios of individual stocks to the performance of index trading strategies based on trading on an index that consists of the same stocks. The results show that their relative performance varies over time, whereas previous studies have documented outperformance of index trading strategies over trading strategies of stock portfolios. Moreover, the great majority of 3020 DMAC strategies examined in this article outperform the corresponding buy-and-hold (B and H) strategy for both trading targets (i.e., OMX Helsinki 25 index and individual stocks included in the index) in out-of-sample tests. In addition, the decomposition of the full-sample-period performance into separate bull- and bear-period performance shows clearly that the outperformance of DMAC strategies over B and H strategy is mostly attributable to their better performance during bearish periods.