Homemade equity offerings via dividend reinvestment and stock purchase plans

This paper investigates equity issuances through dividend reinvestment and stock purchase plans (DRSPPs). Using a unique sample collected from security registration filings, we show that firms can issue new shares through DRSPPs without using underwriters and consequently, save a large part of direct costs. This economical form of equity offering helps high dividend paying firms retain a substantial amount of cash flow from operations. With this innovative strategic practice of capital-raising, we provide direct evidence showing that the pecking order still drives firms' financing. Furthermore, equity offerings via DRSPPs can avoid negative stock market reactions around the issuance date.     

论民营银行市场准入压抑问题

在经济转轨时期,我国金融领域存在着明显的民营银行市场准入压抑问题。民营银行市场准入压抑的形成机理在于:决策层顾虑发展民营银行会削弱国家对金融资源的控制,降低金融宏观调控效果,影响国有企业改革等。然而,随着经济和金融环境的变化,尤其是民营经济的快速发展,民营银行市场准入压抑催生的金融问题日益凸现。在国家综合经济实力的增强,金融调控和监管机制的不断完善的条件下,逐步解除民营银行市场准入压抑,应成为深化金融体制改革的理性选择。     

The effects of information sharing and interactivity on the intention to use social networking websites

Social networking sites (SNSs), which satisfy the primary demands of making friends, learning, and shopping, and are inseparable from human life, have been booming in recent years that domestic or international websites have endeavored to have users access to their websites. This study proposed relational model to examine the intention to use SNSs, and also applied a questionnaire survey to examine differences in this intention among various user groups. The findings indicated that that, in order to promote the intention to use social networking sites, managers should work to enhance interactivity and information sharing, and should also consider the feelings and attitudes of users. Different user groups lead to different outcomes with regard to the intention to use model developed in this work. However, the intention to use of most users in the sample groups was enhanced by the SNSs characteristics of information sharing and perceived playfulness.     

NONPARAMETRIC ESTIMATION OF ENTRY COST IN FIRST‐PRICE PROCUREMENT AUCTIONS

In this paper, I investigate Samuelson's low‐price auction model with entry costs. The model's equilibrium implies that the distribution of bids is truncated at the threshold for participation. I use the model to estimate the cost of participation in Michigan highway procurement auctions. The null hypothesis of zero entry costs is rejected. Using my empirical results, I then construct an estimate of the optimal auction, which employs regular policy tools such as entry fees. Finally, I demonstrate the savings that the Michigan government could have made on payments if optimal auctions had been employed. Copyright © 2012 John Wiley & Sons, Ltd.     

Applying the Technology Acceptance Model to the introduction of healthcare information systems

With the rapid development of information systems and advances in healthcare technology paired with current concerns arise over patients' safety and how to cure them efficiently, the healthcare information systems are attracting the attention of more and more people. The purpose of this study is to propose a conceptual model, appropriate for the intention to use healthcare information systems, by adopting the system, service, and information qualities covered in the Information System Success Model proposed by DeLone and Mclean [1] as the external variables and integrating the three dimensions of perceived usefulness, perceived ease of use, and intention to use — referred to in Venkatesh and Davis' updated Technology Acceptance Model, TAM [2]. This study first analyzes relevant researches on the intention to use such systems as the basis for the questionnaire design, then conducts questionnaire survey among district hospital nurses, head directors, and other related personnel. After the questionnaires are collected, SEM is used to analyze the data. The analysis shows that the proposed factors positively influence users' intention to use a healthcare system. Information, service and system quality influence user's intention through the mediating constructs, perceived usefulness and perceived ease-of-use. Managerial implications are provided accordingly. Suggestions for introducing healthcare information system are then provided as well.     

Performance improvement in new product development with effective tools and techniques adoption for high-tech industries

Utilization of appropriate tools and techniques in the process of new product development (NPD) can assist firms to achieve better performances in launching new products. However, in practice, many useful tools and techniques are not utilized effectively. This study undertakes an in-depth empirical investigation of the appropriate tools or techniques that can be used at each stage of the NPD process. The study also analyzes the impact of individual tools or techniques both on overall NPD performance and on individual performance indicators within the process. The study finds that several NPD tools and techniques (for example, DOE, FMEA/DFMEA, and supplier involvement) have a significant effect on the overall performance of NPD and on a number of performance indicators, but that their utilization is not especially high. In addition, the study finds that DFX, conjoint analysis, and concept test, which also have a significant effect on NPD performance, are relatively neglected by the firms. The study provides valuable guidance to firms in using such tools and techniques more appropriately and effectively.     

CVM 评估休闲农地的存在价值——以武汉市和平农庄为例

研究目的：以武汉市和平农庄为例,对休闲农地的存在价值进行估算。研究方法：在武汉市对和平农庄样本游客进行问卷调查的基础上,采用条件价值法（CVM）进行估算。研究结果：（1）年龄与支付意愿呈显著负相关;（2）被调查者是否为公务员与支付意愿值显著负相关;（3）取支付意愿值的中位值41.5元计算得出和平农庄的存在价值为33684166.67元。研究结论：休闲农地的存在价值量巨大,应在估算农地总价值及农地保护决策中引起重视。     

The Effects of Corporate Social Responsibility on Brand Performance: The Mediating Effect of Industrial Brand Equity and Corporate Reputation

In this article, the researchers explore the following question. Can corporate social responsibility (CSR) and the corporate reputation of a firm lead to its brand equity in business-to-business (B2B) markets? This study discusses CSR from customers’ viewpoints by taking the sample of industrial purchasers from Taiwan small-medium enterprises. The aims of this study are to investigate: first, the effects of CSR and corporate reputation on industrial brand equity; second, the effects of CSR, corporate reputation, and brand equity on brand performance; and third, the mediating effects of corporate reputation and industrial brand equity on the relationship between CSR and brand performance. Empirical results support the study’s hypotheses and indicate that CSR and corporate reputation have positive effects on industrial brand equity and brand performance. In addition, corporate reputation and industrial brand equity partially mediate the relationship between CSR and brand performance.     

The Influence of Merger and Acquisition Activities on Corporate Performance in the Taiwanese Telecommunications Industry

This study attempts to make an empirical contribution to the understanding of corporate performance in the telecommunications industry. Data envelopment analysis (DEA) is performed to assess corporate performance for the telecommunications sector in Taiwan and the relationships between corporate performance and merger and acquisition (M&A) transactions. The empirical results reveal that M&A strategy does not seem to enhance corporate performance in the telecommunications industry, whilst an internal growth strategy does improve corporate performance.     

Reducing Risk Through Pooling and Selective Reinsurance Using Simulated Annealing: An Example from Crop Insurance

Agricultural insurance is often faced with the challenge of systemic risk, arising from weather risks that tend to be correlated within a specific region in extreme situations, resulting in large crop losses within the region. However, across many regions, especially if regions are considerable distances apart, weather may be quite different and losses may be much less correlated. The objective of this paper is to improve the diversification of a crop insurance portfolio, through developing a new alternative risk management approach (Model 3) that pools crop risks across all provinces in a country to form a Canada-wide joint insurance pool. This is in contrast to the current approach used in Canada, where crop risks are pooled only within an individual province. Then using a simulated annealing optimization approach, the most suitable combination of the 150 crop types in the portfolio is identified for either retaining in the joint insurance pool or for ceding to reinsurers, such that the variance of the loss coverage ratio of the portfolio is minimized. This model overcomes the problem of insufficient diversification that makes pooling of systemic weather risk challenging. It achieves diversification at a lower cost by using a more efficient combination of pooling and selective reinsurance, resulting in overall higher surplus, higher survival probability, and lower deficit at ruin.