The Double-Auction Gambling Market: An Experimental Examination

A bstract .   I examine a new sports wagering mechanism that utilizes a double auction rather than the traditional wager matching bookmaker. Laboratory experiments were performed that modeled the two institutions in an attempt to compare the efficiency and volatility of the new mechanism versus the status quo. The new proposed double auction institution was less efficient and more volatile than the matching mechanism. However, the relative performance of the double auction mechanism was significantly improved by an increase in the size of the market.     

The role of firm characteristics in pharmaceutical product launches

I examine the determinants of new pharmaceutical launches since 1980 in G7 nations. Both market and firm characteristics, and their interaction, are important in explaining entry. New drugs are 1.5 times more likely to be launched in markets that share a border or a language of a drug company's country of headquarters. The effect of competition depends on the characteristics of both the potential entrant and incumbents: domestic entrants prefer to compete with domestic incumbents. Despite the potential for licensing and low transportation costs, the match between the innovating firm and market conditions remains an important determinant of entry.     

Do share prices matter?

This paper examines whether the cross sectional variation in Australian share prices is partially explained by measures of firm size and ownership characteristics in a manner that is consistent with firms behaving in accordance with Merton's (1987) model of capital market equilibrium with incomplete information. Based on a sample of firms whose shares were traded on the ASX during 1995, we show that firms largely owned by less wealthy shareholders tend to have low stock prices, although this relation is not linear. In addition, larger, better–known, firms tend to have higher stock prices. These findings are consistent with prior evidence from US markets, and suggest the existence of a shareholder clientele effect in Australia that is related to the share price of the underlying firm.     

SME Reporting in Australia: Where to Now for Decision‐usefulness?

This paper develops recommendations for simplified decision‐useful SME financial reporting in Australia – a country that has traditionally allowed a wide range of reporting standards to be used by these entities. Drawing on interviews and comment letters from a number of stakeholders, and data from a survey of users of financial statements of non‐publicly accountable unlisted entities, we analyse stakeholder arguments for and against SMEs providing less detailed reports, and identify the line items that might be most useful to users for decision making.     

The perilous effects of capability loss on outsourcing management and performance

The outsourcing of manufacturing activities and business processes has emerged as a prevalent business practice in many industries. Given this state, the lackluster performance of an alarmingly high proportion of outsourcing initiatives is somewhat surprising. In an effort to achieve aggressive cost savings objectives, many outsourcing engagements are associated with organizational resources being disposed of which can lead to a significant operational capability loss on the part of the outsourcing firm. Surprisingly little empirical research has dealt with the issues arising from this capability loss frequently associated with outsourcing. This study strives to address this void. Drawing on multiple theoretical perspectives, this study investigates the direct impact that capability loss has on outsourcing performance, and also the impact it has on the outsourcing firm's ability to effectively manage its relationship with the outsourcing provider. Results from our hierarchical regression analysis on 198 outsourcing initiatives suggest an inadequate capability evaluation up front can lead to a more substantive capability loss. Subsequently, we find that a more extensive capability loss has a direct negative effect on outsourcing performance. Prior studies have established the significant positive effect that developing a committed and cooperative relationship with the provider has on outsourcing performance. Our results corroborate these previous findings, and also demonstrate that capability loss inhibits the outsourcing firm's efforts to develop a committed and cooperative relationship with the outsourcing provider.     

Productive play time: the effect of practice on consumer demand for hedonic experiences

In this paper we explain how practice, prior knowledge and task difficulty interact to affect demand for hedonic experiences. As predicted by the human capital model, we propose that the key determinant of demand for hedonic experiences is the increase in performance efficiency that can be gained through practice. In addition, we argue that the nature of the effect of practice is distinctly different in hedonic consumption, compared to utilitarian consumption. Specifically, for hedonic experiences, practice allows consumers to extract greater value within a given period of time, rather than reduce the amount of time spent on a (utilitarian) task. Finally, we argue that if changes in performance efficiency across repeated hedonic experiences adhere to the power law of practice, then both prior knowledge and task difficulty will be important moderators of the main effect of practice on demand. These predictions are tested in two experiments that use an online panel to examine consumer demand for videogames.     

Food Insecurity and Hunger in the Kindergarten Classroom: Its Effect on Learning and Growth

This study investigates the correlation between food insecurity, educational achievement, and health among kindergarten children in the United States. Data from the Early Childhood Longitudinal Study—Kindergarten Cohort are used to analyze educational achievement and physical growth of kindergartners faced with food insecurity. The results demonstrate that children begin to experience the effects of food insecurity even at the most marginal level of household food deprivation. Children in households with any signs of food insecurity score lower and learn less during the school year.     

Within and Beyond Communities of Practice: Making Sense of Learning Through Participation,Identity and Practice*

abstract Situated learning theory offers a radical critique of cognitivist theories of learning, emphasizing the relational aspects of learning within communities of practice in contrast to the individualist assumptions of conventional theories. However, although many researchers have embraced the theoretical strength of situated learning theory, conceptual issues remain undeveloped in the literature. Roberts, for example, argues in this issue that the notion of ‘communities of practice’– a core concept in situated learning theory – is itself problematic. To complement her discussion, this paper explores the communities of practice concept from several perspectives. Firstly, we consider the perspective of the individual learner, and examine the processes which constitute ‘situated learning’. Secondly, we consider the broader socio‐cultural context in which communities of practice are embedded. We argue that the cultural richness of this broader context generates a fluidity and heterogeneity within and beyond communities. Finally, we argue that it is sometimes difficult to distinguish conceptually between the terms ‘participation’ and ‘practice’ because of occasional duplication of meaning. We propose, instead, a refinement of the definition to allow for greater conceptual clarity.