The structure of marketing channel relationships

Distribution channel research has been advanced in recent years by contributions based on the political economy paradigm, transaction cost analysis, and relationship marketing. Drawing on these bodies of thought, we propose a new conceptualization of the structure of marketing channel relationships. Relationship structure is defined in terms of decision-making structure and operational integration. The proposed model of channel structure antecedents and consequences is consistent with the major research paradigms but extends beyond simple categorical assemblages of constructs to provide an ordered set of relationships based on theory and empirical research. This conceptualization reconciles some apparent contradictions in the literature and provides a clear focus for structure, process, and performance research in channels. He received his Ph.D. in marketing from Louisiana State University. He has published in the areas of marketing channels, retailing, and logistics. His work has appeared in theJournal of Marketing Research, Journal of Marketing, Journal of Retailing, Journal of Business Research, Journal of Marketing Channels, International Journal of Physical Distribution and Materials Management, Journal of Marketing Education, and others. He served as the managing director of public relations with the Federal Express Corporation before entering the Ph.D. program at Alabama. He holds a B.B.A. in accountancy from the University of Mississippi and an M.A. in marketing from the University of Alabama.     

From edgeworth to fisher to vickrey: A comment on Michael J. Boskin's Vickrey lecture

Irving Fisher has been overlooked as an influence on William Vickrey's work on taxation and as a link between Edgeworth and Vickrey. Vickrey was Fisher's last and greatest student.     

Productivity Trends in Europe: Implications for Real Exchange Rates, Real Interest Rates, and Inflation

The paper examines a long–run (neoclassical) framework in which differences in productivity growth across sectors and countries lead to inflation differentials. In a currency union, these inflation differentials imply cross–country differentials in real interest rates. The authors estimate the likely size of these differentials for European Union countries, discuss the potential costs of persistent inflation differentials, and comment on the conflicts they may cause within Economic and Monetary Union (EMU). The analytical framework is a variant of the Balassa–Samuelson "productivity hypotheisis," which relates sectoral productivity trends to trends in the relative price of home goods.     

Economics and underdetermination: a case study of urban land and housing economics

Underdetermination, associated with the Duhem–Quine thesis,is a familiar if under-researched theme in economics. In thelight of this, we examine the development of urban land andhousing economics. Through its Cartesian dualistic delineationof theory and data, the contemporary mainstream approach appearsunable to circumvent the problem of underdetermination. In effect,it employs the strong version of Duhem–Quine in its retentionof the assumption of a single, unitary competitive market (andassociated access–space trade-off). Conversely, we highlightthe affinity of Ely's (and the later Columbia School's) approachto pragmatists Dewey and Peirce, which provides a more fruitfulbasis for explanation.     

Estimating the effectiveness of extension information systems using farm trials and subjective probabilities

A method of combining survey data and Dairy Herd Improvement Association (DHIA) records to achieve low cost farm trials is presented. Farm trials and surveys of current practices and production responses are useful to identify yield gaps between expectations predicted from experimental findings and actual field results. Different management schemes can be ranked using subjective probabilities and stochastic dominance to enhance successful implementation of research findings and to increase the feedback between researchers, extension workers, and producers. A survey of current masitis control practices and expected milk yield response is the example. Combining survey results with DHIA records allowed estimating the relationship between somatic cell counts (SCC) and milk yield. Eliciting beliefs about the relationship between SCC and milk yield showed that producers agreed with predictions from the statistical model. Subjective probabilities about SCC and mastitis control practices showed that our sample of experts and producers consistently ranked the different practices but extension agents had no consensus about the the most or least effective ones.     

Why managers divest—Evidence from New Zealand's largest companies

Chief Executives from New Zealand's largest companies were surveyed to distinguish divesting and nondivesting companies, and to identify the relative importance of the factors and motives which led to the divestment of 208 business units in the period 1985 through 1990. The divesting companies were considerably larger and faster growing than nondivestors. The typical divestment was motivated by the need to convert unattractive assets into liquid form which could then be held to strengthen the balance sheet, or reinvested in either the core business or new areas.     

Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.     

The Determinants of Enterprise Risk Management: Evidence From the Appointment of Chief Risk Officers

Enterprise risk management (ERM) has captured the attention of risk management professionals and academics worldwide. Unlike the traditional "silo-based" approach to corporate risk management, ERM enables firms to benefit from an integrated approach to managing risk that shifts the focus of the risk management function from primarily defensive to increasingly offensive and strategic. Despite the heightened interest in ERM, little empirical research has been conducted on the topic. This study provides an initial attempt at identifying the determinants of ERM adoption. We construct a sample of firms that have signaled their use of ERM by appointing a Chief Risk Officer (CRO) who is charged with the responsibility of implementing and managing the ERM program. We use a logistic regression framework to compare these firms to a size- and industry-matched control sample. While our results suggest a general absence of differences in the financial and ownership characteristics of sample and control firms, we find that firms with greater financial leverage are more likely to appoint a CRO. This finding is consistent with the hypothesis that firms appoint CROs to reduce information asymmetry regarding the firm's current and expected risk profile.