Die „Deposit“-Legende in der Banktheorie

Ohne Zusammenfassung     

Hungarian Privatisation Strategy and Financial Performance of Privatised Companies

This paper examines Hungarian privatisation strategy and the financial performance of privatised enterprises. The results suggest that Hungary has preferred privatisation by direct sales by a considerable margin, but has recently shifted towards share issues. Both types of sale have predominantly been gradual. Subsequent sales, however, confirm the government's intention to sell previously retained shares. An analysis of IPOs during 1990–1998 shows positive initial returns on Privatisation Initial Public Offers (PIPOs) and greater underpricing than for other IPOs. The long term returns of PIPOs are positive and they outperform other IPOs in all periods after the listing.     

Estimating the Cost of Equity Capital for Property-Liability Insurers

This article presents new evidence on the cost of equity capital by line of insurance for the property‐liability insurance industry. To do so we obtain firm beta estimates and then use the full‐information industry beta (FIB) methodology to decompose the cost of capital by line. We obtain full‐information beta estimates using the standard one‐factor capital asset pricing model and extend the FIB methodology to incorporate the Fama–French three‐factor cost of capital model. The analysis suggests the cost of capital for insurers using the Fama–French model is significantly higher than the estimates based upon the CAPM. In addition, we find evidence of significant differences in the cost of equity capital across lines.     

GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings

Managers, security analysts, investors, and the press rely increasingly on modified definitions of GAAP net income, known by such names as "operating" and "pro forma" earnings. We document this phenomenon and discuss competing explanations for the recent rise in the use of such modified earnings numbers and implications for the interpretation of related accounting research. Our results show that over the past 20 years there has been a dramatic increase in the frequency and magnitude of cases where "GAAP" and "Street" earnings differ. Further, there is a very strong bias toward the reporting of a Street earnings number that exceeds the GAAP earnings number. We also show that the market response to the Street earnings number has displaced GAAP earnings as a primary determinant of stock prices. Finally, through an analysis of earnings releases, we show that management has taken a proactive role in defining and emphasizing the Street number when communicating to analysts and investors.     

What Can Be Learned from DuPont and the Freon Ban: A Case Study

Between 1974 and 1988, executives of DuPont, the world's largest producer of CFCs, were confronted with emerging evidence that CFCs were destroying the stratospheric ozone layer. The difficulty that executives face in such cases is that scientific knowledge develops over time and does not necessarily proceed in a straight line toward true conclusions. At the beginning of a new field of research, there is much uncertainty and disagreement among the experts. The solution of the ozone problem required a remarkable cooperation among science, business, and international governments. After looking at the role of DuPont executives in this drama, and the difficulties facing any executive dealing with uncertain science, the paper turns to an evaluation of the field of Business Ethics to see what light it might throw on this and analogous problems. Finally, the paper offers specific suggestions in terms of principles in dealing with uncertain science, and concludes that the course of action that DuPont followed, including some mistakes, can serve as a model for analogous crises.     

Choice-Based Conjoint Analysis of the Local Coupon Preferences of Millennials

This article explores the local coupon preferences of the 18–29-year old market. Choice-based conjoint analysis was used to determine Millennials’ local coupon needs and preferences. From this data, three need-based segments were identified and discussed. The findings indicate that while overall, millennials are resistant to receiving coupons for local businesses through their cell phones, there is one segment that is receptive to this method of coupon delivery method.     

Consumer Believability of Information in Direct-to-Consumer (DTC) Advertising of Prescription Drugs

Direct to consumer (DTC) advertising has attracted significant research attention, yet none has focused on empirical assessments of its overall impact on U.S. consumers nationally, and tying assessment to relevant behavioral outcomes. This paper addresses the ethical issue of DTC advertising providing a balance of product and risk information that is both understandable and believable, and contributes direction to those exploring this phenomenon. Richard F. Beltramini is currently Professor of Marketing in the School of Business Administration at Wayne State University. He received his Ph.D. from the University of Texas at Austin, and served on the faculty of Arizona State University for fifteen years. His teaching interests include advertising and marketing management, research, and strategy. His primary research focus is on the believability of marketing communications information, and he has published in the Journal of Advertising, Journal of Advertising Research, Journal of Consumer Research, Journal of Marketing, and a variety of other journals, conference proceedings, and books as well as co-editing Gift Giving: A Research Anthology. Dr. Beltramini has served on the Editorial Review Boards of a number of academic journals, as guest editor of special issues of the Journal of Business Ethics and the International Journal of Internet Marketing and Advertising, as international president of the American Academy of Advertising, as a member of the American Advertising Federation's National Academic Committee and several other professional and business organizations, and is active as a consultant to several international organizations. He is the recipient of several national competitive grants and awards for his teaching and research, including the National Science Foundation, is the only faculty recipient of both his school’s Excellence in Research and Excellence in Teaching awards, and is currently the first Board of Visitors Faculty Fellow. Prior to academe, Dr. Beltramini worked for Texas Instruments, Inc. and The Drawing Board, Inc., both in Dallas, and he has also worked as a Visiting Research Professor for J. Walter Thompson Advertising in Chicago, Honeywell Information Systems in Phoenix, and the Federal Trade Commission in Washington, D.C.     

Testing the Cross-National Applicability of U.S. and Russian Advertising Belief and Attitude Measures

Abstract

Examining the cross-national applicability of advertising measures is becoming increasingly important, especially in rapidly changing countries such as Russia. Therefore, our study's purpose is first to demonstrate recommended procedures for testing the cross-national equivalence of advertising belief and attitude measures. Then, we conduct an initial cross-national comparison of beliefs and attitudes toward advertising in general between student samples from both the U.S. (n=148) and from Russia (n=64). Results indicate that, while Russian respondents felt advertising is more essential, U.S. respondents felt advertising resulted in greater negative social effects. Also, U.S. respondents were more favorable toward the institution of advertising (its purpose and effects), with no differences for the instrument of advertising (its methods and practices). Russian respondents' attitudes toward advertising in general were more favorable than those of U.S. respondents.