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The Relation Among Targets' R&D Activities, Acquirers' Returns, and In-Process R&D in the US

Abstract:  Using a sample of 129 mergers and acquisitions (M&As) in the US between publicly traded acquirers and targets in research and development (R&D) intensive industries over the period of 1994-2004 and a size- and industry-matched sample, we examine the relation among targets' R&D activities, the probability of acquirers' writing-off in-process R&D (IPRD), and acquirers' returns around the time of M&A announcements. We find that firms acquiring targets with higher R&D investments tend to write off some of the acquired R&D assets upon the completion of the M&As. We also find that the median cumulative abnormal return during the three days around M&A announcements for acquirers with subsequent IPRD write-offs is −2.73% while the return for acquirers without IPRD write-offs is −0.60%. This suggests that acquirers' stock returns around M&A announcements are much lower when investors expect acquirers to expense IPRD. The results are consistent with our conjecture that acquirers tend to write-off IPRD when they acquire overvalued targets. We also find that IPRD write-offs do not increase earnings or stock returns of acquirers after M&As, which is inconsistent with an earnings management hypothesis.     

The Advertising Effects of Corporate Social Responsibility on Corporate Reputation and Brand Equity: Evidence from the Life Insurance Industry in Taiwan

This study investigates the persuasive advertising and informative advertising effects of CSR initiatives on corporate reputation and brand equity based on the evidence from the life insurance industry in Taiwan. The study finds, first, policyholders?? perceptions concerning the CSR initiatives of life insurance companies have positive effects on customer satisfaction, corporate reputation, and brand equity. Second, the advertising effects of the CSR initiatives on corporate reputation are only informative. Third, the impacts of CSR initiatives on brand equity include informative advertising and persuasive advertising effects. This study contributes the literature by explicit defining the advertising effects of CSR initiatives. Following the first step made by McWilliams et al. (Journal of Management Studies 43(1):1?C18, 2006), the hypotheses of this study crystallize their conceptual framework. The obtained results in this research first identify the informative advertising effects and persuasive advertising effects of CSR initiatives.     

A model of junior high school students’ attitudes toward technology

The purposes of this study were to develop and verify a model that contributes to our understanding of the attitudes toward technology held by students in junior high school, as well as to explore relationships among the factors in this model. We distributed questionnaires to research participants selected on the basis of stratified random sampling. A total of 1,437 questionnaires were distributed, and 1,330 valid questionnaires were collected, reflecting a valid return rate of 92%. Structural equation modeling was used to construct and verify a model of student attitudes toward technology. The results of the study included (1) a complete model of student attitudes toward technology and (2) identification of the main factors influencing the pursuit of careers in technology, identification with technology, and experiences with technology-related curricula.     

Corporate social responsibility programs choice and costs assessment in the airline industry—A hybrid model

Corporate social responsibility (CSR) has taken an increasingly important role in business. Here we develop a technique for operationalizing CSR programs for air transportation within the context of limited physical resources. A hybrid model for selection and costs assessment is proposed to address inter-relationships among CSR criteria using trial and evaluation laboratory methods, analytical network processes and zero–one goal programming. The activity-based costing approach is applied to estimate costs of the chosen programs and an example looking at China Airlines is presented.     

The Optimal Timing of Open Market Stock Repurchases

Using a continuous-time real options approach we determine the conditions under which a value-maximizing company would conduct an open market stock repurchase to exploit the undervaluation of shares. We find the optimal timing of such repurchases as well as the optimal amount a company should repurchase and analyze how it depends on market parameters. Obtaining the announcement returns from the authorization of stock repurchases from our model allows us to derive testable empirical implications.     

贸易财属性与贸易政策竞争均衡

本文利用两国两异质财货的产业内贸易模型,讨论贸易财属性与贸易政策竞争均衡的决定,并获得以下结论:(1)当两国政府均采取相同的进口或出口政策时,不论产品的消费性质,最适进口贸易政策均为课税;最适出口贸易政策将随贸易财的消费性质而定.替代品为出口补贴,互补品为出口课税.(2)当产品为替代品且厂商在两国市场均实行数量竞争的情况下,进口课税政策虽将成为两国政府的优势策略,但出口补贴政策则更具有效率.在产品为互补品且厂商在两国市场均实行价格竞争的情况下,当产品的互补程度较小(大)时,进口课税(出口课税)政策将成为两国政府的优势策略;当互补程度中等时,两国政府有可能采取差异性的贸易政策.     

Native American casino marketing on the web

The Internet and its component, the World Wide Web (WWW or Web), as well as the casino industry grew tremendously in the United States in the past decade. While there are various estimates about the future size of the Internet and the casino market, all agree that the two will continue to grow substantially. However, very few studies have discussed Internet use within the casino industry. This study reviewed 58 Class III Native American casino web sites. Content areas analyzed included introduction to the casino organization, local destination attractions, food and beverage services, accommodations, entertainment and recreation facilities, maps and directions to casinos, links to related commercial and regulatory agency web sites, and user friendliness. Web site features were evaluated based on marketing mix and principles.