DO INSTITUTIONS PREFER HIGH‐VALUE ACQUIRERS? AN ANALYSIS OF TRADING IN STOCK‐FINANCED ACQUISITIONS

If owners of target shares in a stock‐for‐stock merger perceive the acquirer as overvalued, they should sell their holdings more aggressively to profit before such overvaluation dissipates. We study institutional owners of targets and find that slightly more than half liquidate their shares in stock mergers, consistent with high institutional‐share turnover rates found in the prior literature. However, share retention is higher when valuation measures suggest greater acquirer overvaluation, regardless of whether institutional owners generally prefer growth or value stock. Institutions that prefer large‐cap, growth stock are most enthusiastic about bids from large, high‐valuation acquirers, and substantially increase their stakes in such deals.     

A theory of delegated search for the best alternative

Searching for the best worker, a reliable supply alternative, or the most profitable investment is frequently delegated to an agent. This article develops a theory of delegated search. We show that the principal’s ability to delegate depends on the agent’s luck, her initial resources, and the contract that governs her search. With moral hazard, the optimal contract is characterized by performance deadlines with bonuses for early completion. If performance cannot be specified, the optimal search is implemented by an option‐to‐buy contract for the principal. If performance is partially specified, the optimal contract is a standard pay‐for‐performance arrangement.     

Conducting Mode 2 research in HRM: A phase‐based framework

Recent studies in the field of human resource management (HRM) have highlighted that current research is mostly performed and consumed by academics, and is driven by theoretical and disciplinary concerns rather than practical ones. This debate has invoked the need to produce more Mode 2 research in the HRM field, that is, research driven by practical problems that integrate collaborative efforts by academics and practitioners. Yet, guidelines on how academics and practitioners may implement Mode 2 research remain disjointed and incomplete. Our study provides a phase‐based collaborative‐based framework for the implementation of Mode 2 research in the HRM field, in ways that both academic rigor and practical relevance are achieved. Our framework is informed by a comprehensive review of previous Mode 2 research, within and outside the HRM field. The proposed framework details four macro‐phases: the codevelopment of research questions with practitioners; the design of collaborative spaces and mechanisms; the design and management of double‐loop iterative research processes; and finally the academic and practice legitimization of Mode 2 outcomes. Our framework has the objective to support HRM researchers and practitioners, as well as relevant institutions and gatekeepers in the design, implementation, education, and assessment of Mode 2 research.     

横向并购背景下的品牌整合——以美的集团为案例

国内外专门针对横向并购背景下的品牌整合问题鲜有研究.在文献综述的基础上,本文以美的集团为研究对象,采用规范的案例研究方法对其品牌整合战略、影响战略决策的关键因素以及品牌整合绩效进行了深入分析.在案例研究的基础上,进一步提出了四种品牌整合战略类型,结合案例分析中得到的六个影响因素及两个调节变量,将品牌整合绩效作为结果变量...     

Optimal Environmental Policy Differentials in Open Economies under Emissions Constraints

Is there a case for preferential treatment of the exposed sector in an economy when compliance to an aggregate emissions constraint induced by an international environmental agreement is mandatory? This question is being debated in many countries in the context of the implementation of the Kyoto Protocol. We address the issue in a general equilibrium framework and theoretically cover several market structures, including perfect competition, the large country case and oligopoly. We identify the conditions under which preferential treatment of the exposed sector is not warranted from the point of view of maximizing social welfare. In addition, we demonstrate that in the case of oligopoly, instituting a more stringent environmental policy on the exposed sector might be profit-enhancing for this sector. This finding lends theoretical support to a specific interpretation of the Porter hypothesis.     

Loss Coverage as a Public Policy Objective for Risk Classification Schemes

This article suggests that from a public policy perspective, some degree of adverse selection may be desirable in some insurance markets. The article suggests that a public policymaker should consider the criterion of “loss coverage,” and that in some markets a policymaker may wish to regulate risk classification with a view to increasing loss coverage. Either too much or too little risk classification may reduce loss coverage. The concept is explored by means of examples and formulaic and graphical interpretations. An application to the UK life insurance market is considered.     

A sociological view on why firms differ

Much theory and research that apparently seeks to explain why firms differ actually addresses the question of why successful firms differ. This article explains why the two questions are different and explores some of the implications of this difference for the field of strategic management. A wide variety of organizational and economic theories are reviewed in this context, including contingency theory, resource dependence theory, process models, dispositional models, transaction cost economics, organizational ecology and institutional theory. Further discussion considers why heterogeneity persists at the firm level when it becomes apparent that only certain types of firms will succeed.     

Semi-quantitative risk assessment method for product management

The workshop presented a semi-quantitative risk assessment technique that can be used to judge the total risk on all undesired consequences/events for a product manufacturing operation. The technique requires an experienced team to judge risk utilizing a numerical rating system that, although arbitrarily chosen, is self consistent and provides a relative assessment of product manufacturing risk. Once calculated, the risk is compared to the product's net income for making risk management and product planning decisions. The workshop included an exercise where all participants could try the technique.     

Research Methods in the Leading Small Business–Entrepreneurship Journals: A Critical Review with Recommendations for Future Research*

Small business and entrepreneurship scholars have made significant progress toward advancing the field and gaining recognition as an important domain of scientific inquiry. However, the authors suggest that a strong methodological foundation built on state‐of‐the‐art research technologies is necessary to support further paradigmatic growth and maturation. Using Chandler and Lyon's study as a benchmark for research methods through the 1990s, the study critiques research methodologies used by small business and entrepreneurship researchers over the ensuing years. The analysis includes all 665 papers published between 2001 and February of 2008 in the Journal of Small Business Management, Journal of Business Venturing, and Entrepreneurship Theory and Practice. The research outlines key methodological issues, assesses recent methodological practice, identifies current trends, and offers recommendations for researchers in adopting existing and emerging research technologies.