Agreement between top management teams and expectations for post acquisition performance

This paper addresses theoretical gaps in the relationships among decision maker agreement, social context, and performance. Agreement is considered a multidimensional construct that is embedded in a social context of intergroup relationships. Four dimensions of agreement are specified: (1) perceived agreement, (2) actual agreement, (3) accuracy, and (4) agreement with one's own organization. Understood this way, agreement is associated with success expectations. Empirical tests of hypotheses derived from this view are based on data concerning agreement on acquisition goals by the top management teams from two hospitals in the year following an acquisition. Results support a multidimensional view of agreement, the importance of the intergroup context, and the association of agreement and expectations for success.     

Determinants of R&D–Marketing Integration in High-Tech Japanese Firms

Although the R&D/marketing interface has been extensively studied in U.S. firms, this article reports the results of a study of this important relationship in Japanese high-tech firms. Based on published studies of U.S. firms, Mark Parry and Michael Song hypothesize that Japanese R&D managers' perceptions of the ideal level of R&D/marketing integration will reflect perceptions of both their firm's strategy and environmental uncertainty. They also hypothesize that perceptions of the level of achieved R&D/marketing integration are related to perceptions of organizational structure and climate. To test these hypotheses, they examine the survey responses of 274 Japanese R&D managers. Their analysis suggests that R&D managers' perceptions of firm strategy and the level of environmental uncertainty are significantly correlated with the perceived need for integration. Findings also indicate that R&D managers' perceptions of achieved integration reflect perceptions of the quality of R&D/marketing relations, the value placed on integration by senior management, the business background of R&D personnel and the risk-orientation of senior management.     

black well economics

In the first of a series of articles by economics editors at leading publishers, Mark Allin outlines what economics books Blackwell plans to publish over the next year.     

What Makes Investors Trade?

A unique data set allows us to monitor the buys, sells, and holds of individuals and institutions in the Finnish stock market on a daily basis. With this data set, we employ Logit regressions to identify the determinants of buying and selling activity over a two-year period. We find evidence that investors are reluctant to realize losses, that they engage in tax-loss selling activity, and that past returns and historical price patterns, such as being at a monthly high or low, affect trading. There also is modest evidence that life-cycle trading plays a role in the pattern of buys and sells.