The characteristics of takeover targets q and other measures

This study attempts to assess differences in the financial characteristics of target and non-target firms using logit analysis and a case-control methodology in which control groups are matched by size or industry. The results indicate that unregulated non-financial target firms are characterized by low $\text{q}$ ratios (market/replacement values) and to a lesser extent high current financial liquidity. Measures of financial leverage were not found to be significant.     

A Model of Declining Standards

This paper presents a model in which relative standing determines standards. There are three kinds of agents in the model: candidates who wish to pass a test, members of the elite who have passed the test, and the judge who decides who passes. In order to pass, a candidate's performance must be at least as good as the performance of a representative member of the elite. Without perturbations in the underlying data, the model predicts that standards will not change. Perturbations in the preferences used to judge candidates lead to a reduction in standards.     

The limits to IPR standardization policies as evidenced by strategic patenting in UMTS

The impact of patents and patent royalties are a major concern of standards setting organizations. This study examines the patents filed in the standardization of UMTS, the third-generation mobile phone technology developed under sponsorship of the European Telecommunications Standards Institute (ETSI) and others, using a patent policy developed in response to issues faced in the earlier GSM (née Group Special Mobile) standardization. After contrasting firm strategies and policy effectiveness between the GSM and UMTS efforts, the paper reviews the potential impact of potential changes to the ETSI IPR (intellectual property rights) policy.     

Commercializing Open Science: Deep Space Communications as the Lead Market for Shannon Theory, 1960–73

Recent research on the commercialization of scientific discoveries has emphasized the use of formal intellectual property rights (notably patents) as a mechanism for aligning the academic and entrepreneurial incentives for commercialization. Without such explicit intellectual property rights and licensing, how is such open science commercialized? This paper examines the commercialization of Claude Shannon's theory of communications, developed at and freely disseminated by Bell Telephone Laboratories. It analyses the first 25 years of Shannon theory, the role of MIT in developing and extending that theory, and the importance of deep space communications as the initial market for commercialization. It contrasts the early paths of two MIT‐related spinoffs that pursued this opportunity, including key technical and business trajectories driven by information theory. Based on this evidence, the paper provides observations about commercializing open science, particularly for engineering‐related fields.     

Choice and the Internet: From Clickstream to Research Stream

The authors discuss research progress and future opportunities for modeling consumer choice on the Internet using clickstream data (the electronic records of Internet usage recorded by company web servers and syndicated data services). The authors compare the nature of Internet choice (as captured by clickstream data) with supermarket choice (as captured by UPC scanner panel data), highlighting the differences relevant to choice modelers. Though the application of choice models to clickstream data is relatively new, the authors review existing early work and provide a two-by-two categorization of the applications studied to date (delineating search versus purchase on the one hand and within-site versus across-site choices on the other). The paper offers directions for further research in these areas and discusses additional opportunities afforded by clickstream information, including personalization, data mining, automation, and customer valuation. Notwithstanding the numerous challenges associated with clickstream data research, the authors conclude that the detailed nature of the information tracked about Internet usage and e-commerce transactions presents an enormous opportunity for empirical modelers to enhance the understanding and prediction of choice behavior.     

Multinational Headquarters Control of UK Subsidiaries' Advertising Decisions

This study confirms the relative importance of the multinational headquarters international coordinator as a main player in UK subsidiary-advertising agency relations. Five alternative headquarter strategies towards the subsidiary's advertising decision making are identified and their rationales discussed. In general, international headquarter advertising personnel are shown to have substantial control over strategic advertising decisions but allow local adaptation at a tactical level. The research also suggests that during the 1980s such control increased, and that a greater degree of standardized advertising decision making may be expected in the future.