The Performance of US Corporations: 1981–1994

This study decomposes the performance of US public firms between 1981 and 1994 into year, industry, corporate-focus and firm effects. Performance is measured by Tobin’s q, accounting profitability, and a hybrid measure. The results show that firm effects were more important to performance than industry effects, although industry effects had a large permanent component. Corporate focus was not important. The stylized facts suggest that competitive advantages – that is, differences between direct competitors in the same industry – were at least as important as industry influences on performance. Industry influences were more predictable and sustainable than competitive advantages, however.     

Existence of spatial cournot equilibria

Since the existence of equilibria in spatial price setting models is highly problematic, this paper suggests spatial Cournot competition to overcome the most severe existence problems. Sufficient conditions for existence are given for a general class of economic environments, and a linear model specification serves to illustrate the properties of a spatial Cournot-Nash equilibrium. Finally, the nature of the free entry equilibrium is discussed.     

Trade liberalisation and greenhouse gas emissions: the case of dairying in the European Union and New Zealand*

The link between trade and the environment has aroused considerable interest both in terms of the impact of trade liberalisation on the environment, and also the impact of environmental policy on production and trade. Of key environmental concern at present is global warming and its association with greenhouse gas emissions. Agriculture is a sector of the economy that both contributes to, and will be affected by, climate change. This paper models the impact of agricultural trade liberalisation on greenhouse gas emissions from agriculture around the world, focusing particularly on the effects on New Zealand, a small economy highly dependent on agricultural trade. A partial equilibrium agricultural multicountry, multicommodity trade model is used for the analysis, extended to include physical production systems and their greenhouse gas emissions. Two simulations are performed: removal of agricultural policies in the EU and in all OECD countries. The results indicate that although producer returns in New Zealand increase, greenhouse gas emissions also increase significantly. EU producers face lower returns but also lower greenhouse gas emissions.     

The pivotal mechanism revisited: some evidence on group manipulation

This paper studies the vulnerability of the pivotal mechanism with respect to manipulation by groups. In a lab experiment, groups decide on the implementation of various alternatives, some of which imply opposite interests for the two subgroups. We investigate the occurrence of tacit and explicit collusion by allowing for communication within subgroups in one treatment and prohibiting it in another. Even though all agents’ preferences are common knowledge and there exists a simple symmetric collusive strategy for one subgroup, we find little evidence for tacit collusion. Only when explicit communication is allowed, collusion is established. A behavioral model using quantal response equilibrium in which subjects have beliefs over the correlation of errors of same-type subjects helps explain the main features of our data.     

To be or to refuse to be? Exploring the concept of leisure as resistance for young people who are visually impaired

This study explored the concept of leisure as resistance to social constraints of blindness. Leisure, because of its relative freedoms, has been conceptualised as a forum in which dominant cultural discourses and stereotypes can be challenged or resisted. A post-structural analysis of the leisure narratives of five young people who are blind revealed that they intentionally used aspects of leisure to resist some constraints and stereotypes of disability. Three strategies were identified: advocacy, redefinition and passing. Advocacy targeted other people’s beliefs; yet, some activities done to resist dominant discourses actually perpetuated them. Redefinition was a covert strategy to show themselves that they could be the same as everyone else. Passing was used in different ways. One young person used it when advocating, another to maintain social connections. However, maintaining social connections by passing was often at the cost of enjoyment, engagement and perceptions of ability. Empowerment through resistance in leisure related primarily to gains in self-confidence. These gains in self-confidence have the potential to contribute to social interactions and perhaps influence some of the discourses that operate as ‘truths’ about people who are blind.     

进行境内外经商游戏规则大不同

想要在境外经商获得成功,需要的不仅仅是钱那么简单。当全世界的人们谈论起中国公司进入世界各地进行跨国经营并取得成功时,这个基本事实往往被掩盖。联想成功并购IBM个人电脑业务,海尔竞购美泰,中信悬而未决地与贝尔斯登的战略联盟——这些都表明了中国资金充裕的现状和进行海外投资的强烈愿望。     

Ethics and the gender equality dilemma for U.S. multinationals

U.S. multinational enterprises must now follow the policies of Title VII of the Civil Rights Act of 1964 in their overseas operations, at least with respect to U.S. expatriate employees. Doing so in a culture which discourages gender equality in the workplace raises difficult issues, both practically and ethically. Vigorously importing U.S. attitudes toward gender-equality into a social culture such as Japan or Saudi Arabia may seem ethnocentric, a version of ethical imperialism. Yet adapting to host country norms risks a kind of moral relativism. This article supports the view that MNEs which promote workplace equality in a host country such as Japan, which is actively involved in the international economic and political community, is not ethical imperialism in any pejorative sense and is preferable to a moral relativism or social contract approach.We hold these truths to be self-evident: that all men are created equal, and endowed by their creator with certain rights — life, liberty, and the pursuit of happiness.U.S. Declaration of Independence, 1776 All human beings are born free and equal in dignity and rights.United Nations Universal Declaration of Human Rights, 1948Don Mayer teaches Legal Environment of Business at Oakland University School of Business Administration. He received his L.L.M. in International and Comparative Law. Professor Mayer's work has appeared in the American Business Law Journal, the Midwest Law Review, and the Journal of the Academy of Marketing Science. An article entitled Sovereign Immunities and Moral Community appears in the October 1992 issue of theBusiness Ethics Quarterly.Anita Cava teaches Business Law and Business Ethics at both the graduate and undergraduate level at the University of Miami's School of Business Administration. She received her B.A. with Distinction and her J.D., Professor Cava has published in the area of ethics in law reviews and business journals.     

Verifying gross substitutability

Summary. In labor market models as well as in exchange economies with indivisible goods gross substitutability is used as a property to guarantee the existence of competitive equilibria. This paper develops an easy way to check gross substitutability for utility functions concerning a finite set of indivisible goods (or employees) and money. Concavity is one of the conditions that has to be satisfied. Only one other, but similar, type of relation must be checked to guarantee gross substitutability. Received: 21 August 2000; revised version: 28 November 2001