Applying jump-diffusion processes to liquidate and convert venture capital

This study attempts to apply real options and expand the model designed by Lin and Huang [Lin, T.T., Huang, Y.T.: J. Technol. Manage. 8(3), 59–78 (2003)], which helps venture capital (VC) companies to optimize project exit decisions. The expected discounted factor and a jump-diffusion process combine to assess the value of a start-up company, and determine the threshold of the exit timing of liquidation or convertibility for establishing the optimal disinvestment evaluation model for VC companies. When the project value is below V_L^*V_L^\ast, the VC company carries out liquidation, but when the project value exceeds V_C^*V_C^\ast, the VC company performs convertibility. The project value is ranging between (V_L ^*,V_C^*)\left({V_L ^\ast,V_C^\ast}\right), and the best choice is holding the decision and waiting to carry out the rights of liquidation and convertibility next time. Besides, this work attempts to identify the expected discounted time in terms of the investment time for VC companies.     

有限理性视角下知识产权质押贷款风险形成、评估与检验

创新型企业面临的信贷配给等融资约束已为经验研究所证实。中国政府为解决该问题,制定了知识产权质押贷款融资等政策并在实施后取得了阶段性效果,但后续的贷款风险正在形成和积累。借助有限理性理论解释知识产权质押贷款风险的形成机理是一种新尝试。同时,运用中国早期专利质押贷款试点数据,基于有限理性理论对知识产权质押贷款风险进行评估与检验。研究结果能够为检验、完善和改进中国知识产权质押融资政策提供经验依据。     

Der US-Dollar als Leitwährung – alternativlos?

The importance of the industrialized countries – including the USA – for world production has been declining for a long time. By contrast, China’s share in particular has increased significantly. Nevertheless, the US dollar has largely fulfilled the criteria for a leading currency function so far, even if this is increasingly criticised due to the protectionist rhetoric of the US. Accordingly, central banks worldwide hold their reserves primarily in US dollars and transactions are largely conducted in US currency. This position brings great advantages–such as making it easier for the US to monitor and enforce sanctions, among other things–and therefore great incentives for the US to maintain its position as the leading currency. Whether other currencies, especially the renminbi, will be able to fulfil the lead currency function is questionable. Similarly, it does not seem realistic that market participants will be able to engage in a global currency.     

Introducing experiment in pedestrian behaviour and risk perception study at urban level crossing

Given the high risk of severe accidents at level crossings (LCs), this study examined legal and illegal crossings by pedestrians and cyclists at a high-traffic LC in Zagreb, Croatia. Survey data and field observations were collected to identify reasons for risky behaviour. Behaviour was observed under normal conditions and in the presence of various safety measures in order to identify measures that can reduce risky behaviour. Results show that the presence of police officer at the LC was most effective at reducing illegal crossings, while the presence of cameras contributes significantly as well, especially after safety educational campaign when illegal crossing decreases for 59.23%. We can assume that in future the improvement regarding human behaviour on LC could be made with cameras on LC and more frequent educational campaigns. This is the first reported use of field survey and video surveillance methods to analyse user behaviour at LCs in Croatia.     

Corporate financial soundness and its impact on firm performance: implications for corporate debt restructuring in Slovenia

This article studies the extent of corporate leverage and range of excessive debt of Slovenian firms during the recent financial crisis. Half of all firms (of those with some non-zero debt and at least one employee) are found to face an unsustainable debt-to-EBITDA leverage ratio beyond 4, accounting for almost 80% of total outstanding debt. Moreover, a good quarter of all firms experience debt-to-EBITDA ratios exceeding 10 and hold almost half of total aggregate net debt. We then examine how this financial distress affects firm performance in terms of productivity, employment, exports, investment and survival. We find that, while less important during the good times (pre-recession period), lack of firms’ financial soundness during the period of financial distress becomes a critical factor constraining firm performance. The extent of financial leverage and ability to service the outstanding debt are shown to inhibit firms’ productivity growth as well as the dynamics of exports, employment and investment. Micro and small firms are found to suffer relatively more than larger firms from high leverage in terms of export and employment performance during the recession period.     

Decomposing the effect of supplier development on relationship benefits: The role of relational capital

Buyers invest considerably in developing their suppliers, yet the performance effects of such investments are not universal. Drawing on social capital theory, this research investigates whether the relationship between supplier development and relationship benefits may be facilitated by the generation of relational capital. The authors examine mediating and moderating roles of relational capital in the relationship between two aspects of supplier development (capability development, supplier governance) and two dimensions of relationship benefits (supplier benefits, buyer benefits), using survey data collected from 185 suppliers of a large manufacturing firm. Investment in supplier development does not automatically result in benefits for the supplier or reciprocated benefits for the buyer. Rather, relational capital “bridges” supplier development and relationship benefits. Without relational capital, benefits from capability development do not accrue, and the impact of a supplier governance regime can be even detrimental. In conditions of high relational capital, capability development results in lower perceived buyer benefits. The results can help managers ensure that the benefits from their supplier development efforts fully materialize.     

Take it or leave it: Using regulatory fit theory to understand reward redemption in channel reward programs

Channel Reward Programs (CRPs) facilitate relationship management within reseller networks in distribution channels, yet a persistent problem is that rewards are not seen as valuable, which can reduce program investment. By applying Regulatory Fit theory, to understand how to sustain goal orientation (promotion or prevention) and stimulate task engagement through a match with the manner of goal pursuit, this study demonstrates that the presentation style suppliers adopt influences resellers' perceptions of reward value and their rate of point redemption with respect to CRPs. Two field studies demonstrate the mechanisms driving this effect. First, fit effects result from the interaction between reward type and presentation format (i.e., verbal vs. numerical) and affect perceived reward values and investment decisions. Second, cognitive engagement and “feeling right” about reward redemption mediate the effects of fit on investment opportunity evaluations. In turn, the findings demonstrate that CRP efficacy can be enhanced by stimulating regulatory orientations that match the presentation formats of the reward and that the dual affective–cognitive processes affect probabilistic judgments of rewards. This additional mechanism can further stimulate resellers' engagement with and investment in CRPs within complex decision-making contexts.     

An Extended Neural Network-Based Importance-Performance Analysis for Enhancing Wine Fair Experience

This article presents the results of a study conducted at the Dalmacija Wine Expo, a regional wine fair that was held for the first time in 2010 in Makarska, Croatia. To identify critical attributes impacting the experience of fair participants, two separate surveys were conducted among visitors and exhibitors. In analyzing the data, this study used an extended neural network-based importance-performance analysis (IPA) that combines measures of both the relevance (i.e., stated importance/general importance) and determinance (i.e., derived importance/actual influence) of fair attributes. Compared to traditional IPA approaches with uni-dimensional operationalization of attribute-importance, such an approach provided significantly more detailed (and reliable) managerial implications.