Multi-directional program efficiency: the case of Lithuanian family farms

The present paper analyses both managerial and program efficiencies of Lithuanian family farms, in the tradition of Charnes et al. (Manag Sci 27(6):668–697, 1981) but with the important difference that multi-directional efficiency analysis rather than the traditional data envelopment analysis approach is used to estimate efficiency. This enables a consideration of input-specific efficiencies. The study shows clear differences between the efficiency scores on the different inputs as well as between the farm types of crop, livestock and mixed farms respectively. We furthermore find that crop farms have the highest program efficiency, but the lowest managerial efficiency and that the mixed farms have the lowest program efficiency (yet not the highest managerial efficiency).     

A FRAMEWORK FOR STATE TRANSITIONS ON THE SELF‐ORGANIZING MAP: SOME TEMPORAL FINANCIAL APPLICATIONS

Self‐organizing maps (SOMs) have commonly been used in temporal applications. This paper enhances the SOM paradigm for temporal data by presenting a framework for computing, summarizing and visualizing transition probabilities on the SOM. The framework includes computing matrices of node‐to‐node and node‐to‐cluster transitions and summarizing maximum state transitions. The computations are linked to the SOM grid using transition‐plane visualizations. We demonstrate the usefulness of the framework on two SOM models for temporal financial analysis: financial performance comparison of banks and monitoring indicators of currency crises. Copyright © 2012 John Wiley & Sons, Ltd.     

America's settling down: How better jobs and falling immigration led to a rise in marriage, 1880–1930

The early 20th century was a period of rising marriage rate and falling age at marriage. This was due to two factors affecting men. First, men's improving labor market prospects made them more attractive as marriage partners. Second, immigration had a dynamic effect on search costs. In the short-run, it fragmented the marriage market, making it harder to find a partner of one's preferred background. The high search costs led to less marriage and later marriage in the 1890s. In the long-run, as immigration declined, immigrants' descendants integrated with American society. This reduced search costs and increased the marriage rate.     

An analysis of the implications of uncertainty and agency problems on the wealth effects to acquirers of private firms

Extensive empirical work shows that bidders do not gain from the acquisition of publicly traded targets but experience positive excess returns in the acquisition of privately held firms. This study investigates how two important differences between private and public firms, namely, informational uncertainty and ownership characteristics, impact the returns to acquirers. A sample of targets that were acquired shortly after filing for an IPO was collected to circumvent the lack of information on private firms. In spite of the special characteristics of these targets, the listing effect is still prevalent in this sample. The results of the analysis are consistent with the hypothesis that acquirers gain in the acquisition of private firms because these targets have a relatively weaker bargaining position due to informational and agency problems and costly access to external capital markets to finance growth opportunities.     

Project portfolio control and portfolio management performance in different contexts

This article investigates the nature and relationship of project portfolio control techniques and portfolio management performance, and how this relationship is moderated by situational idiosyncrasies of internal and external dynamics, industries, governance types, and geographic location. A worldwide questionnaire with 242 responses was used, of which 136 high‐performing responses were filtered out for quantitative analysis of best practices. Three portfolio control factors were identified: portfolio selection, portfolio reporting, and decision‐making style. Two measures for portfolio management performance were identified: achievement of desired portfolio results and achievement of project and program purpose. The results indicate that different portfolio control mechanisms are associated with different performance measures. A contingency model was developed, including moderating effects by contextual variables.     

A contextual understanding of projects—The importance of space and time

This article analyzes the managing of high-tech projects in complex and dynamic settings. Building on recent developments in organization theory and knowledge management, we focus on the importance of understanding the ways in which project-centered activities are shaped in time and space, both in the organization itself and in a wider context embracing customers, consultants and suppliers. A longitudinal case study including semi-structured interviews, observations and secondary data will substantiate our findings. The study offers both theoretical and practical insights suggesting that projects are exposed to a varying degree of complexity and dynamics, calling for different managerial approaches. The analysis shows that boundary spanning has many dimensions that have to be considered in the management of projects in space and time. The article concludes by suggesting seven analytical categories for analyzing and understanding projects in their spatial and temporal contexts.     

Saddled with Attention: Overreaction to Bankruptcy Filings

We analyze the effect of investor attention on stock prices around Chapter 11 bankruptcy filings. We measure investor attention as abnormal search volume from Google, and find that attention‐grabbing companies have more negative abnormal stock returns in the days before and during bankruptcy filings and more positive abnormal returns immediately thereafter. That is, for companies receiving high attention, investors overreact to a bankruptcy filing; for companies receiving low attention, they underreact. This pattern is more pronounced for companies with low institutional ownership and holds after controlling for standard predictors of stock performance during bankruptcy.     

Sport event attendance as a function of education: evidence from the UK

This article studies the role of education in the decision to attend sporting events. The overall objective is to verify whether more educated individuals are more likely to go to sports events than their less educated counterparts. If education socializes persons to focus on sports, it would then partially offset negative alternatives such as alcohol, drug abuse and unlawful behaviours, creating a positive externality. Sport events consumption is extensive, highlighting the potential economic importance of the sports-education externality. To establish the role of education in sport attendance, this article applies a probabilistic linear regression model to data from the UK. The econometric formulation associates sport event attendance in the left hand side with education in the right hand side, while controlling for the socioeconomic variables that are known to affect a consumer’s decision to go to a sport event: gender, age, income, employment status, children, marital status, and geographical location, among others. These findings add to a somewhat limited literature on both the effect of education on sports attendance and secondarily, on the impact of other socioeconomic variables on attendance.