PRIVATE BENEFITS: OWNERSHIP VERSUS CONTROL

We empirically decompose private benefits into benefits accruing from ownership and benefits accruing from control. We document that private benefits increase slowly with respect to the ownership level but increase rapidly with respect to the blockholder's likelihood of exercising control. The decomposition of private benefits allows us to quantify the magnitude of nonpecuniary private benefits by examining the block premium when the blockholder's likelihood of exercising control is close to zero. We find that the size of nonpecuniary private benefits ranges from 0.61% to 5.92% of the share price, or 18% to 29% of the total private benefits.     

Bootstrap refinements in tests of microstructure frictions

Bootstrapping is often used as a substitute for asymptotic distributions when the latter are not available. Recent developments in the theory of the bootstrap show that combining the bootstrap with a known asymptotic distribution yields inferences that improve on those drawn from asymptotic distribution theory or bootstrapping alone. We review the key to obtaining the improvement and compare asymptotic and bootstrap inferences of three variance ratio tests used in microstructure research. The more precise bootstrap inferences lead to conclusions that differ from those found in extant research on transitory volatility. Asymptotic tests are biased toward rejection, and bootstrap and asymptotic critical values are not generally close to each other. These findings suggest that the more precise bootstrap inferences should be used in future applications of these tests, as well as in various other empirical applications where intradaily or other high frequency data are modeled using vector autoregressions     

Mapping alternatives: A commentary on Cova,B. et al. (2010). ‘Navigating between dyads and networks’

In this paper, we explore the mapping metaphor in its various guises within B2B marketing and, particularly, IMP research. We explore these multiple mapping techniques in terms of different mapping styles that point to different types of research journey, different sights along the way and different destinations. We critically appraise ‘dead mapping’ approaches, which we see as a persistent cause of getting lost and advocate ‘second order’ mapping as a more suitable alternative. We focus our critique upon Cova, Prévot, and Spencer (2010)'s paper ‘Navigating between dyads and networks’.     

Optimal Export Taxes with an Endogenous Location

Export tax policy is one of the most debated issues in many developing countries. Those countries with strong natural advantages in the production of primary commodities, such as agricultural and livestock products, coffee, jute, rubber, and others, have attained at particular times a position as dominant suppliers in international trade. They have often used export taxes on those commodities to obtain foreign exchange and/or government tax revenues. This paper provides a normative analysis to examine how the inclusion of economic space affects export tax policy and to compare optimal export taxes under endogenous location with optimal export taxes under exogenous location, both in the short run and in the long run.     

Capital Market Openness and Output Volatility

In this paper, using data from 21 advanced and 81 developing countries during 1971–2010, we empirically examine the impact of capital market openness on output volatility. We find that opening of capital markets increases the output volatility of developing countries. Furthermore, we find that the main channel through which capital market openness increases volatility is currency and external‐debt crisis. Finally, we find that while Asian countries are less likely to experience a crisis, they become even more unstable than other developing countries once a crisis occurs. Our evidence strengthens the case for caution in developing countries' opening up of their capital markets.     

Balancing in-house and outsourced logistics services: effects on supply chain agility and firm performance

Service Business - The purpose of this study is to explore the role of logistics strategies (flexibility, collaboration, and differentiation) as antecedents of supply chain agility (SCA) and...     

A Model of Brand Prestige Formation in the Casino Industry

The objective of this study was to investigate the antecedents and consequences of brand prestige in the casino industry. To test the proposed model, this study collected data from 228 casino customers in the United States. The results of the data analysis show that three types of casino service quality (i.e. game service, service environment, and service delivery) influence the formation of brand prestige and can thus help to enhance social value, brand preference, and revisit intentions. Finally, brand consciousness moderated the relationship between brand prestige and brand preference.     

Consumers' Needs for Public Education and Corporate Participation Regarding Child Internet Addiction: Based on the Risk Perception Attitude Framework

Internet addiction, which causes physical, behavioral, and psychological problems, especially in children, is becoming an increasingly common disorder in contemporary society. This study investigated the needs of consumers for public education and corporate participation in South Korea to prevent or reduce the risk to young children becoming addicted to the Internet, and classified consumers into four groups according to their risk perception and efficacy beliefs using the Risk Perception Attitude framework. The expressed consumer need for public education was higher for groups with low efficacy beliefs, whereas the expressed need for corporate participation was higher for groups with high efficacy beliefs. These results indicate that consumers who perceive the risk as out of their control feel a higher need for a public approach, while those with high efficacy beliefs feel a higher need for corporate efforts.     

Parallel trade with an endogenous market structure

This paper sets up a two‐country model in which there is one domestic manufacturer authorising its product to a distributor in the foreign country. The distributor can sell the product not only to its own market (i.e., the foreign market) but also back to the domestic market. The latter is called parallel trade (PT). The paper investigates the effects of PT on the profits of the manufacturer and social welfare if the domestic market structure is endogenously determined. It is found that PT should be encouraged rather than banned as it increases not only the profits of the manufacturer but also the welfare of both the domestic and the foreign countries.     

A cluster analysis of highly productive business and management education scholars

The authors examined the publications and impact of highly productive business and management education (BME) scholars across the business disciplines of accounting, economics, finance, information systems, management, marketing, and operations management. Results from a hierarchical cluster analysis revealed five clusters of scholars: leading BME Scholars, leading discipline-focused BME scholars, high-profile BME scholars, focused BME scholars, and recognized BME scholars. The article includes a discussion of findings and their implications for BME scholarship, future BME scholars, and business schools.