A Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View

One possible explanation for bidding firms earning positive abnormal returns in diversifying acquisitions in the 1960s is that internal capital markets were expected to overcome the information deficiencies of the less-developed capital markets. Examining 392 bidder firms during the 1960s, we find the highest bidder returns when financially "unconstrained" buyers acquire "constrained" targets. This result holds while controlling for merger terms and for different proxies used to classify firms facing costly external financing. We also find that bidders generally retain target management, suggesting that management may have provided company-specific operational information, while the bidder provided capital-budgeting expertise.     

"上下分离"是21世纪铁路的唯一模式?

文章就竞争和调控、运价、列车优先权等几个方面分析比较了“上下分离”模式和北美模式，认为应视国情不同，选择铁路重组模式。     

Broadcasting cookery: BBC radio programmes in the 1920s and 1930s

The development of British radio broadcasting technology in the 1920s and 1930s and, equally importantly, the progressively widespread purchase and use of radio sets established a new platform from which to engage and influence the population on a number of matters. The British Broadcasting Corporation's public service principles of programmes to inform, educate and entertain gave rise to various content experiments at a time when there were very few precedents. One such innovation was the cookery talk. This was broadcast live, accomplished without the possibility of practical demonstration, and constituted a new, and abstract, form of communication primarily designed for women in their own homes. In this, women were the earliest and most frequent contributors, and their broadcast content differed from that provided by men. By reference to archive material, this article examines the social context and the thinking behind those early years of radio cookery talks and documents the contributors who were to establish this now‐familiar genre of broadcasting.     

Anesthesiologists and anesthetist: are we paying for outcome or process?

The concept of Value Exchange is fundamental to any discipline that focuses on interactions between providers and consumers. In both the study of Marketing and the study of Economics, one learns that a producer and consumer will engage in an exchange relationship only so long as the value/cost relationship is positive. Once the cost of the exchange is equal to the value of that exchange, further economic activity is irrational. In a market-based economy, the market is obviously the regulator unless there is some imperfection inhibiting the interaction of the buyer and seller. When there is an imperfection, it is the government's responsibility to intervene and function as a proxy promoting rational buying and selling. In this paper, the author will attempt to demonstrate that the consumer has been economically irrational when purchasing anesthesia services and government has been slow and minimally effective when intervening to rectify this market imperfection.     

Everything I know about business I learned from monopoly

How do game designers approach their work? Perhaps in the same way that managers should. Here, the author, an expert in board-game design and the world's foremost authority on Monopoly, translates six tenets of game design into management principles. Three tenets focus on giving players the right level of structure. First, design simple and unambiguous rules: That also holds true in business; people engage most when responsibilities, objectives, and evaluation criteria are clear. Second, avoid frustrating the casual player. Just as not every game player aspires to be a grand master, not every employee wants to think like an executive. Third, establish a rhythm so that players know intuitively whether they are at the beginning, middle, or end of the game. Managers can also engineer such shifts of momentum and motivation for workers. Three more principles focus on providing entertainment. The most important is to tune into what's happening off the board. For many people, the real joy of a great game--or a great job--comes from the larger social experience surrounding it. Another key is to offer chances to come from behind. Even struggling employees want to believe, "The odds may be stacked against me, but just one great stroke and I'm right back in it." Finally, managers, like game designers, should provide outlets for latent talents. Games themselves can be useful in the workplace. For instance, an afternoon of game playing builds relationships and increases an organization's social capital. And simulation games can sharpen employees' business judgment. Managers may come to appreciate that games succeed depending on how well designed they are--and that many design challenges have their equivalents in the art of management.     

Weekly occupancy fluctuations in Yorkshire and Humberside hotels 1982–1984: patterns and prescriptions

In this article it is argued that the formulation of planning policy for tourism in general, and the hotel industry in particular, requires detailed information on the temporal characteristics of visitor flows in relation to the capacity of the industry to accommodate them. In this light, a detailed analysis is performed on weekly fluctuations in visitor flows to hotels in Yorkshire and Humberside, as revealed by daily occupancy returns in 99 hotels over the study period.Clear temporal and spatial patterns are identified and linked with differences in market orientation, between areas, between hotels and between different seasons.Stepwise regression analyses relating occupancy performance to a range of hotel characteristics confirms the importance of market orientation and identifies other correlates of weekly occupancy pattern.Finally, the marketing and planning implications of the results are discussed, and different marketing options for improved occupancy performance are outlined.     

A COMMENT ON KLIEVE-MACAULAY'S SOUTHERN BLUEFIN TUNA GAME

Klieve and MacAulay (1993) (KM) analyse bargaining between the Australian and Japanese Southern Bluefin Tuna (SBT) industries using game theory. The KM model is a Nash equilibrium with symmetrical information, threat functions and a set of biological constraints. When we attempted to include the New Zealand SBT industry as a player in the KM model, we discovered important shortcomings in it. In this comment, we outline three major shortcomings in the KM model and propose an alternative model of a Nash equilibrium for the SBT industry.     

Organisational culture and nonunion status of small businesses

It is frequently contended that the current non-union status of an organisation is a reflection of the values and preferences of the organisation's founder(s). This article develops and tests a set of hypotheses concerning the factors that lead an organisation founder to desire non-union status.