The objective of the study reported in this paper was to examine the role of deep cuts in capital expenditures as a firm's strategy for becoming more efficient and, in turn, more competitive. Based on an empirical study, support is provided for the argument that deep cuts in capital expenditures may be a viable strategy for realigning corporate priorities toward a more efficient operation. The measure of performance utilized in this paper is the stock market reaction to announced deep cuts. 相似文献
International benchmarking has played a key role in the reform of Australia's infrastructure industries by promoting indirect or yardstick competition, in highlighting the need for further reform and building a consensus for implementing necessary changes. The international benchmarking of infrastructure performance by the Bureau of Industry Economics (BIE) between 1991 and 1996 did much to focus attention on the need for change. The BIE examined the performance of eight infrastructure industries relative to international best practice: electricity, rail freight, telecommunications, the waterfront, road freight, coastal shipping, aviation and gas supply. Performance comparisons concentrated on indicators of price, service quality, labour productivity and capital productivity. This paper reviews and summarises the performance comparisons the BIE undertook over the last three years of its infrastructure benchmarking program. The BIE international benchmarking program provides a useful role model for other countries wanting to seriously pursue reform of their infrastructure industries. 相似文献
We develop optimal finite‐sample approximations for the band pass filter. These approximations include one‐sided filters that can be used in real time. Optimal approximations depend upon the details of the time series representation that generates the data. Fortunately, for U.S. macroeconomic data, getting the details exactly right is not crucial. A simple approach, based on the generally false assumption that the data are generated by a random walk, is nearly optimal. We use the tools discussed here to document a new fact: There has been a significant shift in the money–inflation relationship before and after 1960. 相似文献
I use a new approach to rank journals, namely the number and percent frequency of articles a journal publishes that are heavily downloaded from the Social Science Research Network (SSRN). I rank 18 accounting and finance journals, and I identify five journals not considered by the two most recent major published ranking studies of publications by accounting faculty, namely (in rank order): Journal of Financial Economics, Review of Accounting Studies, Review of Quantitative Finance and Accounting, Journal of Corporate Finance, and Journal of International Financial Management and Accounting. I show that financial accounting faculties are more likely to post their working papers to SSRN, and papers posted by financial faculties generate more downloads. I mitigate this bias in favor of the financial area by providing separate rankings based on authors in the financial versus non-financial areas. 相似文献
Changes in capital taxes by one economy spill onto other economies with internationally mobile capital. We evaluate these impacts using a two-region, intertemporal general equilibrium model. The foreign economy's unilateral reduction in corporate income taxation has positive but small effects on U.S. welfare. In contrast, unilateral reductions in personal income taxation impose large negative spillovers. The differences result from CIT being source-based and PIT residence-based. The CIT cut reduces tax burdens to U.S. residents who invest abroad, while the PIT cut reduces foreigners' tax burdens only. Through general equilibrium adjustments neglected in simpler models, the PIT cut lowers U.S. residents' welfare. 相似文献
Economists have long recognized that investors care differentlyabout downside losses versus upside gains. Agents who placegreater weight on downside risk demand additional compensationfor holding stocks with high sensitivities to downside marketmovements. We show that the cross section of stock returns reflectsa downside risk premium of approximately 6% per annum. Stocksthat covary strongly with the market during market declineshave high average returns. The reward for beasring downsiderisk is not simply compensation for regular market beta, noris it explained by coskewness or liquidity risk, or by size,value, and momentum characteristics. (JEL C12, C15, C32, G12) 相似文献
In Rational Econometric Man, Edward Nell and Karim Errouaki present a welcome and timely case for the view that econometrics and econometric model-building may not be the magic tools to solve all empirical questions despite what many seem to have thought they were in the 1960s. Here I examine some possible problems with econometric models that have to do with their usually taking the form of equilibrium models. Some of these problems were recognized by Trygve Haavelmo decades ago. And as Aris Spanos has recently discussed, the problems are often the result of what we say in our textbooks. Some problems have to do with what we mean by econometric parameters and others with how we use probabilities. 相似文献
As organizational buying systems grow more complex and sophisticated, suppliers increasingly rely on buyer advocacy: an individual buyer’s efforts to influence his/her colleagues such that the supplier’s standing is improved. Drawing from cognitive response theory, the authors hypothesize an inverted U-shaped relationship between a buyer’s advocacy for a supplier and the customer’s purchases from that supplier. They theorize that this effect is moderated by the advocate’s industry experience and customer–supplier relationship characteristics. An analysis of multisource data from a B2B service provider (Study 1) supports the predicted inverted U-shaped relationship, while a unique dataset from a large industrial supplier (Study 2) provides broad support for the hypothesized moderators. Finally, a randomized experiment (Study 3) replicates key findings and corroborates the theorized cognitive response mechanisms. Findings contribute to the limited literature on buyer advocacy within the organizational buying domain and offer practical implications for suppliers and buyers.