The influence of management journals in the 1980s and 1990s

It is difficult to get a clear picture of the relative influence of management journals because previous studies have focused on a single sub‐area in the field over a relatively restricted number of years, and/or have used inconsistent criteria to judge journal influence. Therefore, the purpose of this study is to examine journal influence using citations from 28 journals over the past two decades. The findings show that the top seven journals accounted for 61 percent of all of the citations in the journals included, and that the three journals that showed the greatest increase in influence over the past 20 years were AMJ, AMR, and SMJ. Copyright © 2005 John Wiley & Sons, Ltd.     

Consumer Control and Empowerment: A Primer

This paper introduces consumer empowerment as a promising research area. Going beyond lay wisdom that more control is always better, we outline several hypotheses concerning (a) the factors that influence the perception of empowerment, and (b) the consequences of greater control and the subjective experience of empowerment on consumer satisfaction and confidence.     

Match choice and Ghettoization in evolutionary games

I study how having a choice about who to play affects the conventions that arise in a population playing a 2×2 common interest game. Match choice allows agents playing “fragile but efficient” strategies to isolate themselves, raising their returns but making it harder for outsiders to duplicate their success. When agents are myopic, the second effect dominates: long run play can shift toward either the risk-dominant equilibrium (with common interests in matching) or toward the inefficient equilibrium (with opposing interests in matching). In contrast, when agents are patient, supra-Nash payoffs can be sustained.     

Idiosyncratic Volatility and Firm‐Specific News: Beyond Limited Arbitrage

We examine the relation between idiosyncratic volatility and returns around news announcements. Mispricing is most likely to occur during news announcements. If idiosyncratic volatility generates a limit to arbitrage, then the negative relation between returns and news volatility should be stronger than the relation to nonnews volatility. Instead, we find nonnews volatility has a robust negative relation to returns and lacks key features expected if volatility were a reflection of limits to arbitrage. Pricing of nonnews volatility is related to lottery‐like features of a stock's return. Our results suggest that volatility has a price effect beyond a limit to arbitrage.     

Book Reviews

Colin Macandrews (Ed.), Central Government and Local Development in Indonesia, Singapore: Oxford University Press, East Asian Social Science Monographs, 1986, pp. 270, 36 Tables, 2 Figures, 4 Maps.

Himpunan Peraturan Perundang-undangan Republik Indonesia di Bidang Ketenaga-kerjaan [Labour Legislation in Indonesia], Vols I-III, Jakarta: P.T. Twins, 1986.

Michael A. Costello, Thomas R. Leinbach and Richard Ulack, with Marilou Palabrica-Costello and Bambang Suwarno, Mobility and Employment in Urban Southeast Asia: Examples From Indonesia and the Philippines, Boulder: Westview Press, 1987, pp. xvi + 191. $Us 26.50.

Susan Abeyasekere, Jakarta: A History, Singapore: Oxford U.P., 1987, pp. xvii + 280. Cloth: $45.00.

David P. Chandler and M.C. Ricklefs (Eds), Nineteenth and Twentieth Century Indonesia: Essays in Honour of Professor J.D. Legge, Clayton, Vic. : Monash University Centre of Southeast Asian Studies, 1986, pp. 281. $14.00.

Graeme J. Hugo, Terence H. Hull, Valerie J. Hull, Gavin W. Jones, The Demographic Dimension in Indonesian Development, Singapore: Oxford University Press, 1987, pp. xxv + 417. $50.00.

I Ketut Nehen and Ian R. Wills, Land Preparation in West Java: Benefits and Costs of Alternative Techniques, Agency For Agricultural Research and Development, Indonesia, and International Rice Research Institute, 1986, pp. xii + 159.

Michael Smith et al., Asia's New Industrial World, London: Methuen, 1985, pp. vi + 136. £2.95.

Australian Institute of Urban Studies, Review of Australian Assistance to the Indonesian Water Supply and Sanitation Sector, A Report for the Australian Development Assistance Bureau, 1986, pp. xxxiii + 305, $26.00 plus postage.     

Pass‐Through and the Prediction of Merger Price Effects

We use Monte Carlo experiments to study how pass‐through can improve merger price predictions, focusing on the first order approximation (FOA) proposed in Jaffe and Weyl [ 2013 ]. FOA addresses the functional form misspecification that can exist in standard merger simulations. We find that the predictions of FOA are tightly distributed around the true price effects if pass‐through is precise, but that measurement error in pass‐through diminishes accuracy. As a comparison to FOA, we also study a methodology that uses pass‐through to select among functional forms for use in simulation. This alternative also increases accuracy relative to standard merger simulation and proves more robust to measurement error.     

The role of sense of community and motivation in the collaborative learning: an examination of the first-year design course

International Journal of Technology and Design Education - The demand for creating collaborative learning environments in technology education highlights the needs to enhance student collaborations...     

Do firms have leverage targets? Evidence from acquisitions

In the context of large acquisitions, we provide evidence on whether firms have target capital structures. We examine how deviations from these targets affect how bidders choose to finance acquisitions and how they adjust their capital structure following the acquisitions. We show that when a bidder's leverage is over its target level, it is less likely to finance the acquisition with debt and more likely to finance the acquisition with equity. Also, we find a positive association between the merger-induced changes in target and actual leverage, and we show that bidders incorporate more than two-thirds of the change to the merged firm's new target leverage. Following debt-financed acquisitions, managers actively move the firm back to its target leverage, reversing more than 75% of the acquisition's leverage effect within five years. Overall, our results are consistent with a model of capital structure that includes a target level and adjustment costs.