Choosing to Cofinance: Analysis of Project-Specific Alliances in the Movie Industry

We use a movie industry project-by-project dataset to analyzethe choice of financing a project internally versus financingit through outside alliances. The results indicate that projectrisk is positively correlated with alliance formation. Moviestudios produce a variety of films and tend to develop theirsafest projects internally. Our findings are consistent withinternal capital market explanations. We find mixed evidenceregarding resource pooling, i.e., sharing the cost of largeprojects. Finally, the evidence shows that projects developedinternally perform similarly to projects developed through outsidealliances.     

Concentration,unionization and the distribution of income in Canadian manufacturing industry

An attempt is made to assess how the unionization of labor and the presence of buyers possessing monopsony power affects the distribution of income among the factors of production in Canadian manufacturing. It is found that these variables have a composite effect. They transfer income from factors of production in one industry to the factors in another. They also affect the distribution of income between labor and capital within industries.     

VOLVO 为了生活——讲述沃尔沃汽车的品牌故事

随着沃尔沃的每一次许诺，生活将不只是被保护，而且是一种欢庆。最新的广告语是“沃尔沃，为了生活”，描述了这些年来品牌创造的远不只忠诚。沃尔沃在21世纪代表一种生活方式的选择。     

Two polar cases of dynamic stability: voluntary exchange and income redistribution

Summary. It is known that when voluntary exchange is permitted at disequilibrium, dynamic stability may fail because of lack of liquidity. In this paper it is shown that when the economy runs out of liquidity dynamic stability can still be restored by means of a planning procedure of redistributing personal incomes.Received: 30 May 2003, Revised: 20 January 2005, JEL Classification Numbers: D01, D50.I wish to thank a referee for helpful comments.     

Timeliness of Reporting and Earnings Information Transfers

This study examines earnings timeliness and its effect on earnings information transfers. Empirical analyses focus on a sample of approximately fifteen hundred earnings reports and nearly four thousand information transfers. The principal findings are: (1) earlier earnings releases yield negative information transfers, (2) earnings releases yield negative (nominal) information transfers to firms that previously (subsequently) release their earnings reports, and (3) earlier earnings releases yield negative information transfers to firms that have not yet disclosed earnings. These findings show that the timing of earnings reports has significant and far-reaching economic consequences.     

Optimal bank asset and liability management with financial futures

This paper presents a model for optimal bank asset and liability management with financial futures. This model is a multiperiod linear programming model based on Markowitz portfolio theory. Given the bank's initial position, its economic forecasts, and the constraints under which it operates, the model can help a bank's senior executives determine the current and expected future balance sheet composition and financial futures position which will minimize the bank's operating risks and which will meet the bank's expected profits goal with the minimum possible profits risk. By parametrically varying the expected profits goal, the model will generate the set of risk-return efficient decisions. Bankers need then examine only the set of efficient decisions to choose their optimal solution. A simplified example is used to illustrate the application of our model and to demonstrate that banks that use financial futures in asset and liability management can obtain better results than banks that do not use financial futures.     

The Coastal Construction Control Line: A Cost-Benefit Analysis

This paper reports on a cost-benefit study of the Florida Coastal Construction Control Line (CCCL) in Martin County, Florida. The study compared the costs of implementing and maintaining the line with the value of the potential benefits resulting from (1) storm damage reduction and (2) increased open space. A systems model of development patterns was designed to project forward the historic development patterns along the beach which were compared with the patterns that have occurred subsequent to implementing the CCCL. The analysis showed the CCCL not to be cost effective in the area studied.