贝恩资本的印钞机

贝恩资本醉翁之意不在酒，它真正看好的是3COM同华为在中国的合资公司以及在中国市场上强劲的盈利能力。     

Family ownership and environmental performance: The mediation effect of human resource practices

Previous literature has found that listed family firms underperform their nonfamily counterparts in terms of environmental performance, but has not explained why this occurs. We address this research gap by hypothesizing that training and development practices (i.e., managerial practices devoted to providing training and development for the workforce) mediate the relationship between family blockholders and environmental performance. Using a sample of 33,901 firm‐year observations from 2002 to 2016 distributed across 56 countries and employing the structural equation model technique, we find that investment in training and development practices explains almost half of the negative relationship between family blockholders and environmental performance. Our study contributes to the agency theory debate on principal–principal problems by explaining why family blockholders could damage other blockholders and minority shareholders.     

Measuring knowledge persistence: a genetic approach to patent citation networks

The aim of this paper is to propose a new empirical method for identifying technologically important patents within a patent citation network and to apply it to the telecommunication switching industry. The method proposed is labelled the genetic approach, as it is inspired by population genetics: as geneticists are interested in studying patterns of migration and therefore the common origins of people, in innovation studies we are interested in tracing the origin and the evolution of today knowledge. In the context of patent and citation networks, this is done by calculating the patent’s persistence index, i.e., decomposing patent’s knowledge applying the Mendelian law of gene inheritance. This draws on the idea that the more a patent is related (through citations) to “descendent” patents, the more it affects future technological development and therefore its contribution persists in the technology. Results show that the method proposed is successful in reducing the number of both nodes and links considered. Furthermore, our method is indeed successful in identifying technological discontinuities where previous knowledge is not relevant for current technological development.     

CANDIDATE VALENCE: EVIDENCE FROM CONSECUTIVE PRESIDENTIAL ELECTIONS*

This article develops and estimates a dynamic spatial model of voting. The distribution of voters' policy positions and candidates' valence are recovered using individual‐level data on voting decisions in two consecutive presidential elections. The estimated model is used to provide an equilibrium interpretation of observed individual voting profiles and aggregate electoral outcomes as well as to conduct counterfactual experiments that assess the impact of candidates' policy positions, valence, and voters' information on electoral outcomes.     

Social norms,cooperation and inequality

This paper analyzes the outcomes that can be supported by social norms in a society of infinitely lived and patient agents that are randomly matched in pairs every period to play a given game. I find that any mutually beneficial outcome can be supported by a self-enforcing social norm under both perfect information and a simple local information system. These Folk Theorem results explain not only how social norms can provide incentives that support cooperation in a community, providing support to the concepts of social capital and corporate culture, but also how they can support inequality and discrimination.I am grateful to David Levine for invaluable guidance and ideas. I also thank Anna Aizer, Hongbin Cai, Walter Cont, Ernesto Dal Bó, Jean-Laurent Rosenthal, Federico Weinschelbaun, William Zame, anonymous referees and seminar participants at Universidad de Buenos Aires, UCLA, Universidad T. Di Tella, Harvard Business School and Stockholm School of Economics for very useful comments and discussions     

Socially responsible and conventional investment funds: performance comparison and the global financial crisis

We investigate the performance of socially responsible funds (SRFs) and conventional funds (CFs) in different market (geographical area and class size) segments during the period 1992–2012. From an unbalanced sample of more than 22 000 funds, we define a matched sample using a beta-distance measure to match any SRF with the ‘nearest neighbour’ CF in terms of sensitivity to risk factors. Using this matching approach and a recursive analysis, we identify several switch points in the lead/lag relationship between the two investment styles over time in different market segments. A relevant finding of our analysis is that SRFs played an ‘insurance role’ outperforming CFs during the 2007 global financial crisis.     

Reputation When Threats and Transfers Are Available

We present a model where a long run player is allowed to use both money transfers and threats to influence the decisions of a sequence of short run players. We show that threats might be used credibly (even in arbitrarily short repeated games) by a long-lived player who gains by developing a reputation of carrying out punishments. Particular cases of the model are a long-lived pressure group offering rewards and punishments to a series of targets (public or corporate officials) in exchange for policy favors, or that of a long-lived extorter who demands money in order not to punish. We use the model to analyze the "convicted nonpayor" debate around judicial corruption. The model highlights formal similarities between lobbying and extortion.     

A principled justification for business rescue laws: A comparative perspective (part I)

In 1992 the Federal Government of Australia introduced the voluntary procedure administration as an option for a company in financial difficulties. In the same year the Canadian Parliament introduced legislation with the same objective. The precursor to both Australian and Canadian initiatives is the American Chapter 11 procedure. However there are some significant differences between the approaches adopted. These differences are outlined as a precursor to an analysis of selected policies behind business rescue laws. By considering the aim of the legislation and objective criteria against which the legislation could be assessed the authors conclude that the Australian procedure is preferable to both its Canadian and American counterparts. Part II of this article will appear in the next issue of IIR.     

To beat or not to beat? The importance of analysts’ cash flow forecasts

We investigate the implications of firms’ benchmark-beating patterns with respect to analysts’ quarterly cash flow forecasts for firms’ current capital market valuation and their future performance. We hypothesize that nonnegative earnings surprises are more likely to be supported by real operating performance and signal higher earnings quality if they are achieved via higher than expected cash flows or lower than expected accruals. We show that firms beating analyst earnings forecasts have larger positive capital market reactions and larger earnings response coefficients if they beat analyst cash flow forecasts or report lower than expected accruals. We also demonstrate that these firms’ superior future performance may provide an economic justification for their more favorable market response. Our findings suggest that firms’ ability to beat analyst cash flow forecasts is informative regarding the quality of their earnings surprises.