A RE-EXAMINATION OF THE RELATIONSHIP BETWEEN CLOSED-END FUND DISCOUNTS AND EXPENSES

In this paper the role of expenses in explaining closed-end fund discounts is re-examined. A present value model is developed to illustrate the relationship between expenses and discounts. Earlier studies find that discounts are not related to management fees. In this paper, using a larger sample over a longer and different period and a better specification of the expense variable consistent with the model developed, discounts are found to be significantly related to expenses. The relationship between expenses and discounts holds in the presence of other control variables.     

R&D–Marketing Integration Mechanisms, Communication Flows, and Innovation Success

Rudy Moenaert, William Souder, Arnoud De Meyer, and Dirk Deschoolmeester report the results of their study of forty technologically innovative Belgian companies to examine the interaction between marketing and R&D. They studied one commercially successful and one commercially unsuccessful technological product innovation project in each participating company and collected data from one marketing and one R&D respondent per project. Communication flows between marketing and R&D are increased under conditions involving formalization of projects, decentralization, positive interfunctional climate, and role flexibility.     

The effects of an advertising retrieval cue on young children's memory and brand evaluations

Young children's memory for television advertising is important in order for children to recognize brands in stores and/or to recall the brand name in making a purchase request. Two experiments showed that the use of visual advertising retrieval cue (a green frog as the brand character) improved memory performance and brand evaluations. Study 1 (n = 40) showed promise in the cue's assistance in children's recalling the brand name (cued recall) from the ad memory trace. Study 2 (n = 40) contained multiple exposures to the ad, which resulted in greater free recall and in support for the cue's assistance in better access of the brand name from the ad memory trace (cued recall). Affected ad memory resulted in more favorable brand evaluations and intent to request the brand's purchase. © 1994 John Wiley & Sons, Inc.     

Value of Multinationality: Internalization, Managerial Self-interest, and Managerial Compensation

In this paper, we examine the impact of managerial self-interest on the value of multinationality. Since agency theory also suggests that a divergence between the interests of managers and shareholders can be aligned by effective managerial incentive, we also examine the effect of managerial compensation on the value of multinationality. Our results show that for high- Q (Tobin's Q > 1 ) firms, investors do not associate the spending of free cash flow on multinationality with the problem of overinvestments. For high- Q firms, it is also found that the value of multinationality can be enhanced by effective managerial incentives. For low- Q firms (Tobin's Q < 1 ), it is found that the concern of managerial self-interest overwhelms the benefits of internalization, making multinationality a value-decreasing event. For low- Q firms, managerial compensation is also ineffective in promoting value-enhancing foreign direct investments.     

A Conceptual Model of the Household's Housing Decision–Making Process: The Economic Perspective

At some stage in every household's family life cycle, the household is likely to make certain decisions with regard to its housing environment. Although the household's housing decisions essentially comprise the decision to move, and the selection of a new residence, the process from which these decisions are derived is very complex because varying circumstances could produce a multitude of different housing decisions. Due to the sheer complexity of the household's housing decision–making process, researchers have generally focused on individual decision–making stages rather than on the process as a whole. This paper therefore attempts to conceptualize the entire household housing decision–making process using theoretical concepts from the economic perspective, and then tests the conceptual model with empirical evidence drawn from the moving population within the multi–racial society in Singapore.     

PROCYCLICAL RETAIL LABOUR PRODUCTIVITY*

The influence of lagged adjustment and consumer spending on retail labour productivity is investigated. Both influences result in a procyclical productivity pattern.     

Varietal Licensing Standards and Canadian Wheat Exports

Canada's wheat grading system is largely based on visual criteria and it is based on relatively high quality standards. A strict varieties licensing system exists to maintain the integrity of the grade standards. One of the consequences of the licensing system is that higher yielding, lower or different quality wheats have not been grown in Canada until recently. The basic objective of this paper is to examine some of the consequences of the regulatory strategy of limiting wheat production to the traditional high quality wheats. This question is analyzed in the context of important changes in the international grain markets. Using a partial equilibrium trade model this paper estimates that if higher yielding wheats were permitted to be grown, annual producer gains would be 5 to 17 percent of current net farm income.
Le classement des blés au Canada est basé sur des critères visuels qui sont de hautes qualités. Le système actuel d'homologation des variétés est tel que l'intégrité de ce système est maintenue. En conséquent, ce système n'a pas encouragé la cultivation des blés de hauts rendements ou des varietés différentes que tout récemment. L'objectif principal de cette étude est d'examiner quelques unes des conséquences de la stratégic de la réglementation visant à limiter la production du blé aux variétés de hautes qualités. Cette question est adressée dans le contexte des changements importants qui ont eu lieu dans le marché international des grains. A l'aide d'un modèle d'équilibre partiel des échanges, la présente étude démontre gu'en permettant la production des blés de hauts rendements, le gain annuel aux producteurs serait de 5 à 17 pourcent du revenue agricole net.