A prominent motive for corporate venture capital (CVC) is the identification of entrepreneurial-firm acquisition opportunities. Consistent with this view, we find that one of every five startups purchased by 61 top corporate investors from 1987 through 2003 is a venture portfolio company of its acquirer. Surprisingly, our analysis reveals that takeovers of portfolio companies destroy significant value for shareholders of acquisitive CVC investors, even though these same investors are “good acquirers” of other entrepreneurial firms. We explore numerous explanations for these puzzling findings, which seem rooted in managerial overconfidence or agency problems at the program level. 相似文献
Perhaps the most common criticism of socially responsible investment funds is that imposing non‐financial screens restricts investment opportunities, reduces diversification efficiencies and thereby adversely impacts performance. In this study we investigate this proposition and test whether the number of screens employed has a linear or curvilinear relation with return. Moreover, we analyse the link between screening intensity and risk. Screening intensity has no effect on unadjusted (raw) returns or idiosyncratic risk. However, we find a significant reduction in α of 70 basis points per screen using the Carhart performance model. Increased screening results in lower systematic risk – in line with managers choosing lower β stocks to minimize overall risk. 相似文献
This paper investigates how the timing of social support, both emotional and instrumental support, affects entrepreneurial persistence of nascent entrepreneurs. Drawing on social support theory, we hypothesize that the effectiveness of support depends on when, during the venture development process (number of gestation activities completed), it is provided. We also propose that the impact of social support depends on when during the entrepreneur’s life stage (age) that support is made available. Testing our hypotheses using a longitudinal dataset of nascent entrepreneurs, we find that emotional support is most relevant earlier on during venture development, while instrumental support is most relevant for entrepreneurs who begin their businesses in earlier life stages. 相似文献
Objective: To evaluate cost-effectiveness of brentuximab vedotin in patients with relapsed/refractory Hodgkin lymphoma who have received autologous stem cell transplantation, from a Scottish healthcare payer perspective.
Methods: A Microsoft Excel-based partitioned survival model comprising three health states (progression-free survival [PFS], post-progression survival, and death) was developed. Relevant comparators were chemotherapy with or without radiotherapy (C/R) and C/R with intent to allogeneic hematopoietic stem cell transplantation (alloSCT). Data were obtained from the pivotal phase II single-arm trial in 102 patients (SG035-0003; NCT00848926), a systematic literature review and clinical expert opinions (where empirical evidence was unavailable). PFS and overall survival for brentuximab vedotin were estimated using 5-year follow-up data from SG035-0003, and extrapolated using event rates observed for comparator treatments from published survival data. Resource use included drug acquisition and administration; alloSCT; treatment of adverse events; and long-term follow-up. Deterministic and probabilistic sensitivity analyses were conducted to evaluate the impact of uncertainty.
Results: In the base case, the incremental cost-effectiveness ratio (ICER) for brentuximab vedotin was £38,769 per quality-adjusted life year (QALY) vs C/R, whereas C/R with intent to alloSCT was dominated by brentuximab vedotin. ICERs for brentuximab vedotin generated by the deterministic sensitivity analysis ranged between £32,000–£54,000 per QALY. Including productivity benefits reduced the ICER to £28,881 per QALY.
Limitations: Limitations include lack of comparative data from this single arm study and the heterogeneous population. Inconsistent baseline characteristic reporting across studies prevented complete assessment of heterogeneity and the extent of potential bias in clinical and cost-effectiveness estimates.
Conclusions: Although the base case ICER is above the threshold usually applied in Scotland, it is relatively low compared with other orphan drugs, and lower than the ICER generated using a previous data cut of SG035-0003 that informed a positive recommendation from the Scottish Medicines Consortium, under its decision-making framework for assessment of ultra-orphan medicines. 相似文献
Economic studies using aggregate data generally find that higher taxes are the most effective policy to reduce drunk driving while criminologists report strong evidence supporting law enforcement measures in policy evaluations. This paper evaluates these differing perspectives using the aggregate data that is typically used in the economic literature. OLS and fixed effects models show that police can affect the probability of arrest for drunk driving and, in combination with evidence from DUI deterrence experiments, this suggests that the failure of economic models to detect deterrence reflects the lack of systematic and sustained police efforts against DUI. 相似文献
This study investigates whether the relation between aggregate fund flow and market returns differs between retail and institutional funds. For the retail fund sample, we document a contemporaneous relation between flow and market returns and also find evidence of feedback trading. In contrast, there is little evidence of a relation between flow and market returns for the institutional fund sample. Consequently, it appears that retail and institutional fund investors use different investment strategies, with retail investors following a more naive strategy. We find no evidence of flow inducing price pressure for either type of fund. 相似文献
Are consumers' financial needs, and financial values, the same or different across cultures? Two studies, with student (Study 1; n = 988) and non‐student (Study 2; n = 959) participants, explore the extent of equivalence, across six countries (Brazil, Russia, China, Taiwan, Tunisia and US), in financial need belief, and financial value, measurement models. The financial need beliefs, derived from self‐determination theory (SDT) principles, include financial self‐efficacy, financial autonomy, financial community trust and support; the financial values include materialism and financial altruism. Both the financial need and financial value constructs evidence configural invariance (similar factor structure), and factor invariance among student but not non‐student samples. The financial need constructs evidence full, and the financial value constructs evidence partial, metric (factor loading) invariance. Factor covariance invariance obtains for the financial need beliefs constructs but not the financial value constructs. Finally, neither financial need nor financial value constructs evidence scalar (intercept) invariance. These results provide partial support for extending SDT's hypothesis of universal human needs to the financial domain. In contrast, the financial value constructs of altruism and materialism are largely instable across cultures, suggesting that consumer views of giving, and the role of wealth in social status, differ between countries. 相似文献
This article discusses the issue of cinema screen commercials and suggests that it should be considered within the context of movie theatre intermission time utilization, where the other alternatives are short, commercially sponsored films or illuminated theatres. A two-stage attitudinal survey of movie goers shows that the majority prefer to have something on the screen during intermission time. Respondents expressed negative attitudes towards cinema screen commercials, resulting in short, commercially sponsored films being the most preferred alternative. Negative attitudes do not imply agreement with the banning of commercials, nor a willingness to share its costs. The relative ranking of illuminated theatres over cinema screen commercials changed after respondents were exposed to the economic implications of their choice. 相似文献
The relationship banking literature suggests that business relationships play an important role in the loan decisions of small banks. We test one aspect of this hypothesis using a cross-sectional panel dataset of small banks located in Texas from 1994 to 2002. Our results suggest that small banks located in smaller counties escalate their commitment to bad loans when compared with those located in larger counties, even after controlling for psychological and social factors that influence escalation tendencies. These results highlight the need for small banks to trade-off the positive benefits of adopting a relationship banking strategy against its unintended negative consequence. We provide some suggestions on how small banks may lessen their escalation tendencies despite adopting a relationship banking strategy. The results of this study also suggest that small and medium-sized enterprises (SMEs) that develop strong relational bonds with small banks may benefit from continued access to credit facilities, especially during periods when they experience financial distress. 相似文献