Gender gaps and reentry into entrepreneurial ecosystems after business failure

Small Business Economics - Despite the significant role played by serial entrepreneurs in the entrepreneurial process, we know little about group differences in reentry decisions after business...     

The Stock Market Reaction to Significant Tender Offer Repurchases of Stock: Size and Purpose Perspective

This paper uses event methodology to examine the impact of common stock repurchases on the repurchasing firm's common stock returns, including examination of various subsamples to test the effects of size and purpose of repurchase. Although the market reacts positively to general repurchase announcements, it reacts negatively to those repurchases used to fend off takeover attempts and does not react at all to stock repurchases for employee stock option plan (ESOP) purposes.     

A study of MRP benefits and costs

This paper describes benefits and costs of MRP systems based on a large survey of MRP users. These users report they have achieved significant improvements in inventory turnover, delivery performance, and other benefits, and that further improvements are expected when their MRP systems are fully implemented. A series of regression models are also described in the paper which explain why some companies achieve more benefits from MRP than others. The models are not only fitted to the sample data, but they obtain good predictive results on a holdout sample. These models indicate that companies should stress a broad approach to implementation; there is no one overriding factor which guarantees MRP success.     

Alumni Contributions to Academics

A bstract . The effect of intercollegiate athletics on alumni contributions to the academic endowment of an institution is analyzed empirically. Using time series data from a representative National Collegiate Athletic Association (NCAA) Division I university, a contribution function is estimated which incorporates various measures of success in the major sports programs. After controlling for the population of alumni, student enrollment, state appropriations, and per capita income, the results indicate that contributions are positively related to the overall winning percentage of the intercollegiate sports program. Post season play is not found to be a significant determinant of donations to academics while television appearances are positively related to contributions. The results also suggest that sanctions imposed by the NCAA for rules violation may slightly reduce contributions to academics.     

EXAMINING MERGER SYNERGY WITH THE CAPITAL ASSET PRICING MODEL

This paper analyzes the impact of mergers on the alphas and betas of actual merged firms compared to those of the homemade mergers an investor could have created by buying proportional shares of the two firms. The results provide some evidence of merger synergy. Where alpha and beta shifts were observed, the evidence did not indicate that either the relative size of target firms or concurrent capital structure changes were related to these shifts as current theory suggests. There is weak evidence that nonconglomerate mergers were more frequently synergistic.     

Waterway freight transport — survival or revival?

The author sees the official opening of the first new stretch of commercial waterway in the UK since 1905 as possibly the initial step towards a reappraisal of inland freight transportation. She explains the relative value of this method of transport in the 1980s despite the constant failure of successive UK governments to promote its use. A comparison is made of the decline of the UK inland waterway system of the Industrial Revolution, and the growth of the Western European system of the 20th century. The author pinpoints the West German and Dutch examples and returns to the UK situation in an attempt to understand why it has been so different. An analysis of recent moves by the UK legislature is given and the article concludes with a plea for some fundamental rethinking in UK transport planning.