移动广告的挑战与机遇:地理定位是关键

<正>美国精准移动广告服务公司ThinkNear CEO艾丽·珀特诺伊(Eli Pornoy)近日撰文称,移动广告的真正发展障碍在于很难实现精准投放,而要解决这一问题,最好的方式就是利用地理定位信息。不过,地理定位信息的功能不仅是帮助广告主判断用户所在的地方,还可以推断出他们所在的环境以及正在从事的活动,从而全面提升移动广告的精准性。     

Risk,Mispricing, and Value Investing

We evaluate the stock return performance of a modified version of the book-to-market strategy and its implications for market efficiency. If the previously documented superior stock return of the book-to-market strategy represents mispricing, its performance should be improved by excluding fairly valued firms with extreme book-to-market ratios. To attain this, we classify stocks as value or glamour on book-to-market ratios and accounting accruals jointly. This joint classification is likely to exclude stocks with extreme book-to-market ratios due to mismeasured accounting book values reflecting limitations underlying the accounting system. Using both 12-month buy-and-hold returns and earnings announcement returns, our results show that this joint classification generates substantially higher portfolio returns in the post-portfolio-formation year than the book-to-market classification alone with no evidence of increased risk. In addition, this superior stock return performance is more pronounced among firms held primarily by small (unsophisticated) investors and followed less closely by market participants (stock price <$10). Finally, and most importantly, financial analysts are overly optimistic (pessimistic) about earnings of glamour (value) stock, and for a subset of firms identified as overvalued by our strategy, the earnings announcement raw return, as well as abnormal return, is negative. These last results are particularly important because it is hard to envision a model consistent with rational investors holding risky stocks with predictable negative raw returns for a long period of time rather than holding fT-bills and with financial analysts systematically overestimating the earnings of these stocks while underestimating earnings of stocks that outperform the stock market.     

Technology use on the front line: how information technology enhances individual performance

This study explores and tests a new model that links different types of technology usage to individual-level outcomes. The primary objective of this study is to examine the effects of efficient use (routinization) and effective use (infusion) along with the traditional measure of usage—namely, frequency of use—on two dimensions of individual-level outcomes: information technology-enabled administrative performance and information technology-enabled salesperson performance. To maintain consistency with the existing literature, the authors examine the effects of predeployment attitude toward or acceptance of technology and pre-deployment intended use of technology. The authors discuss managerial implications and provide directions for future research.

Groundwater Management: Efficiency and Equity Considerations

Groundwater has the characteristics of commonly owned property, and its use is likely to be inefficient in the absence of regulation. Several management tools can be used to regulate groundwater withdrawals, with no one tool dominating the others in terms of efficiency of water use. However, the welfare distributional effects of various management schemes on individual users who vary in their derived demands for groundwater might be quite substantial, and different users may find considerably different schemes attractive. The equity problems associated with the division of management benefits may dominate the decisions about support of or opposition to groundwater management, and hence they must be undertaken with considerable care and resolved by consensus among users. Although the negotiations are expected to be extensive and complicated, there is a substantial basis for agreement because all users stand to gain; the question is, who will gain the most?     

REIT Operational Efficiency: Performance,Risk, and Return

The Journal of Real Estate Finance and Economics - Relations between Real Estate Investment Trust (REIT) efficiency and operational performance, risk, and stock return are examined. REIT-level...     

Modeling Foreign Bank Performance and Lending Behavior

This paper examines the profitability and commercial loan growth of foreign banks using a simultaneous‐equation framework. Maximizing behavior provides a two‐equation system in which bank profitability depends on variables related to expected returns, costs, and risks and in which loan growth is determined by risk and return variables. The model is tested to evaluate the determinants of foreign bank performace and lending behavior in the United States between 1987 and 1991. Overall the results indicate that factors such as capital strength, commercial and industrial loan growth, and assets composition were important in determining foreign banks' return‐on‐assets in the period under study. The role of capital appears to be particularly important in explaining foreign bank performance. The single significant determinant of loan growth was found to be previous period's loan growth.     

Framing the Allais paradox as a daily farm decision problem: tests and explanations

The well-known Allais paradox is reformulated as a daily farm decision problem. Only 26% of the farmers exhibit violations of the expected utility hypothesis. Moreover, the tendency for violation decreases with the farm operator's education, experience and family size. No effects of the farm main crop or its scale were detected. Finally, when taking into account the possibility of choice errors, we find that the violation rate is statistically insignificant.     

Recycled Effluent: Should the Polluter Pay?

A coastal city can either dispose of recycled effluent by dumping it in the sea, or transfer it to farmers in its hinterland for irrigation. Who should bear the cost of recycling? Three alternatives are employed: a central planner who maximizes the combined utility of city and farmers; regulation by prices, for which purpose we develop the city's supply function; and a bargaining framework for the allocation of costs. The main conclusions are that "the polluter pays" rule cannot be justified in principle and that bargaining may result in inefficiency. We demonstrate with an example from Israel that essentially conforms to the theoretical structure.