机遇,你抓对了么

正一旦他们看准并研究透彻了特定市场上的机遇,就会制定一套聚焦战略,将注意力牢牢锚定他们认为最佳的机会,这会让战略家们一次性收获一个领域的多个机遇,而非相互割裂的一个个机会机遇稍纵即逝。对于任何企业,抓住新的增长机遇都具有战略意义上的重要性,这种重要性体现在公司整体发展、业务创新、营销创意等各个方面。更重要的是,在新的竞争环境下,公司越来越看重变革与灵活,那么是否过去强调聚焦度的战略就不再重要?     

The Effect of Demand for Shares on the Timing and Underpricing of Seasoned Equity Offers

Despite high levels of asymmetry of information, firms that issue seasoned equity offerings (SEOs) within a year of their initial public offering (IPO) (follow‐on SEOs) are able to offer shares at a lower discount as compared to more mature firms. We provide evidence that this seeming contradiction can be explained by a very high degree of demand for the follow‐on offering. We find that the likelihood of issuing a follow‐on SEO is significantly related to the level of institutional demand and that discounts are lower for follow‐on SEOs in which institutional demand is high. We also consider the joint effect of cash holdings and follow‐on SEOs on discounts since firms that have recently gone public tend to hold high levels of cash. Underpricing is higher for firms with elevated preoffer levels of cash, which is consistent with market timing predictions. However, this relation is mitigated for both follow‐on SEOs and issues that also have high share demand.     

Corporate cash holdings and political connections

We examine the relation between corporate liquidity and political connections measured via lobbying expenditures. This is an interesting question as many of the motives for holding cash should be diminished by political connections. Results indicate a significant and inverse relation between cash levels and lobby expenses and that the marginal value of cash decreases with lobbying. Taken together, these findings suggest firms react optimally to the reduced benefits of cash linked to political connections and that the market recognizes the weakened benefits of cash. Overall, our research shows another way political connections can shape corporate policy.     

A Model for Partnering with Not-for-Profits to Develop Socially Responsible Businesses in a Global Environment

Responsible risk management is central to banking ethics. With the 1999 publication of the Basel Committee’s proposal, Basel II, for a New Capital Accord to replace the 1988 agreement, Basel I, an attempt has been made to address the problem of correlating banks’ risk management with their capital requirements. The Basel II framework, finalised in June 2004, is designed to improve risk management by using models based on past performance to help set the amount of capital banks are required to hold by regulators, with the purpose of improving the efficiency of capital allocation. The objectives of this study are to investigate how banks generally, but particularly those located in China, could improve their risk management systems and what the implications of these new regulations are for them. Three relevant propositions were formulated, namely, Basel II will improve risk management; Basel II will improve capital allocation efficiency; and compliance with advanced risk management systems is biased in favour of the large banks. Evidence was assembled with which to evaluate these three propositions by gathering relevant primary data by means of a representative survey of Chinese banking executives involved in risk management. The findings strongly support the first two of the above propositions and partly support the third proposition.     

Does Animal Feeding Operation Pollution Hurt Public Health? A National Longitudinal Study of Health Externalities Identified by Geographic Shifts in Livestock Production

The Environmental Protection Agency is currently gathering data to regulate livestock facilities under the Clean Air Act, legislation that purports to protect public health. To set rational policy, estimates of health externalities associated with livestock farming are necessary. This study uses geographic shifts in the industry to measure the impact of pollution on infant health. The article finds that a doubling of production leads to a 7.4% increase in infant mortality. This finding is robust with respect to the inclusion of multiple fixed and time-varying controls. The mortality increases are driven by elevated levels of respiratory diseases, providing suggestive evidence of an air pollution mechanism.     

Building e‐support for cause‐related marketing through strategic alliances

New opportunities for nonprofit organisations to reach new donors and volunteers are being generated by an accelerated interest in cause‐related marketing on the part of both consumers and business firms, in conjunction with the emergence of the Internet. Together, these conditions have created a climate conducive for nonprofit alliances with corporations to become one of the fastest growing forms of marketing today. This paper examines online cause‐related marketing from the fundraiser's perspective, and sets forth a series of marketing management implications of building relationships with businesses and their customers as potential donors on the Internet. Copyright © 2000 Henry Stewart Publications.     

Seasoned Equity Offers: The Effect of Insider Ownership and Float

Seasoned equity offering (SEO) underpricing has increased dramatically since the early 1980s. While previous research has examined the determinants of SEO underpricing, these studies have not explored the effect of insider ownership on discounts. We find that this effect is twofold. First, higher insider ownership reduces float, thereby increasing price pressure and SEO underpricing. This effect is greatest in firms with low liquidity. Second, the greater the percentage of secondary shares offered, the lower the underpricing, suggesting that manager's pressure banks to reduce underpricing when their personal wealth is at stake. However, we find that this negative relation is mitigated if the firm employs a prestigious underwriter.     

Hungarian agriculture: A model for the socialist world?

Hungary's status as a model in agriculture is examined in terms of its economic, social and political performance, its planning and organizational components and the contextual factors affecting its transferability. In economic and social performance the Hungarian strategy compares favourably with the rest of Eastern Europe and the USSR. Planning and institutional factors contributing to this performance include the New Economic Mechanism planning approach, autonomous agricultural producers' co-operatives, new structures for diffusion of technology, and integration of household producers into the commodity system. While the transferability of the model remains doubtful due to factors such as size, technical base, and political choices, increased participation in the world economy may force the USSR and the rest of Eastern Europe into reforms bearing some resemblance to those in Hungary.