Mutual fund managers: Does longevity imply expertise?

We analyze the performance of 1,042 mutual funds from 1986 to 1995 to measure the relationship between manager tenure and performance. Funds whose managers' have at least ten years tenure do not generate significantly higher excess returns than funds with less experienced managers. The excess returns of the best managers are not greater than those of their less experienced colleagues. Regardless of tenure, managers producing positive risk adjusted returns for three years are not likely to repeat their performance in subsequent periods. Our results provide further evidence that tenure should not be a factor in selecting mutual funds.     

Labor contracts,informational discrepancies and the role of monetary policy

This paper examines output stabilization and inflationary consequences of short-run monetary policy. The macroeconomic framework incorporates informational discrepancies between the monetary authority and economic agents who form long-term labor contracts. Economic agents are assumed to form rational expectations of the rate of inflation. One result of the analysis is that optimal monetary policy rules for stabilizing fluctuations in output and inflation are independent of the structure of the wage contracts and the degree of informational discrepancy. A second proposition shows that the monetary authority can actually make use of specific knowledge concerning the contract structure to reduce fluctuations in the rate of change in output. In particular, the monetary authority can reduce fluctuations in output below those occurring in a frictionless system by increasing fluctuations in the rate of inflation.     

Residential demand estimation for bundled fixed-line and wireless mobile broadband services

This article is the first investigation of residential Internet markets in Thailand, in particular Bangkok. Bangkok is an interesting market to study as it is Thailand’s most populous province, and supports an advanced economy. The study offers a comprehensive discussion of the process to obtain cross-price elasticity estimates when Internet services are bundled. Interestingly, the empirical results reveal positive cross-price effects, i.e. Internet alternatives are viewed as substitutes by respondents in this market. This finding is plausible as the services differ essentially in their model of delivery.     

Can Hypothetical Questions Reveal True Values? A Laboratory Comparison of Dichotomous Choice and Open-Ended Contingent Values with Auction Values

Can hypothetical questions reveal true values? An examination of thelaboratory experimental literature examining contingent valuation (CV)lends some support for using open-ended hypothetical willingness to payquestions. However, experimental studies examining dichotomous choicehave found that hypothetical answers overstate demand. Consistent withthe experimental literature, published CV studies comparing open-ended todichotomous choice questions have shown that values from the dichotomouschoice method equal or exceed those of the open-ended method in everycase. This paper presents a series of experiments employing more than 800subjects to test this hypothesis for CV and compares the CV results toactual auction values in a single controlled experimental environment.     

How Robust is Laboratory Gift Exchange?

The gift-exchange game is a form of sequential prisoner's dilemma, developed by Fehr et al. (1993), and popularized in a series of papers by Ernst Fehr and co-authors. While the European studies typically feature a high degree of gift exchange, the few U.S. studies provide some conflicting results. We find that the degree of gift exchange is surprisingly sensitive to an apparently innocuous change—whether or not a comprehensive payoff table is provided in the instructions. We also find significant and substantial time trends in responder behavior.     

Pedagogical recommendations for internationalizing the undergraduate business curriculum

In higher education, it is taken for granted that internationalization of the curriculum is necessary, but there is little evidence that this objective has been realized. The purpose of this paper is to apply a strategic planning approach to achieve internationalization of the undergraduate business curriculum. Besides achieving curricular objectives, this approach develops new student recruitment possibilities and other revenue-creating opportunities—a vital concern as colleges increasingly face resource constraints. The end result is that the institution emerges with an enhanced image and achieves a leadership position through its unique development of international understanding.     

Medical Board Regulation of Physician Licensure: Is Excessive Malpractice Sanctioned?

This paper considers the deterrent effect that self-regulation has on a patients propensity to sue under malpractice law. A model of tort-driven self regulation is developed and its implications are examined using data on the disciplinary actions of the Florida Medical Board and data on closed malpractice claims. Doctors who in 1987-1991 generated abnormal rates of malpractice claims had a higher rate of disciplinary actions in the following period 1992-1995. Significantly, the evidence suggests that the Board may also be more likely to discipline older physicians and non-certified practitioners, perhaps in response to special interests of industry members.     

Organizing and managing channels of distribution

During the past three decades, tremendous strides have been made in our understanding of how firms should organize and manage their channels of distribution. Still, we have barely touched the surface of all the managerial issues that need to be addressed. A variety of research needs still exist regarding constructs and issues examined in prior channels research. Furthermore, many issues of managerial importance relating to the organization and management of channels of distribution have received no attention in empirical research. The purpose of this article is to provide a perspective on how channels research should proceed in the future to promote the most progress. It is hoped that the article will help to shape the future direction of marketing thought with regard to channels of distribution and its fundamental domain. Gary L. Frazier, Ph.D., holds an endowed chair appointment as the Richard and Jarda Hurd Professor of Distribution Management in the Marshall School of Business Administration at the University of Southern California (USC), Los Angeles. His research interests have focused on the structuring and management of channels of distribution around the world. He is especially interested in how channel relationships can be efficiently and effectively coordinated to create value for the channel’s customers. He has conducted research studies on channels of distribution in Europe and India, as well as in the United States. He has edited 10 books and proceedings, and has published more than 40 research article, including 15 in theJournal of Marketing and theJournal of Marketing Research. He heads the Program in Distribution Management at USC, supported by distributors with more than $10 billion in annual sales. He has won several awards for his teaching. He also has had the opportunity to consult and teach for a number of major corporations.