Productivity and Internationalization: A Micro-Data Approach

An appropriate analysis of the effects of globalization requires a careful analysis of the various ways in which different firms operate in international markets. Micro data at the level of individual firms and employees can enhance our empirical understanding of the relationships between internationalization, firms, jobs and employees. These micro data become increasingly available. This paper provides an introduction to this special issue that illustrates the wide variation, richness and policy relevance of the emerging micro data driven research on the effects of internationalization and productivity.     

Attitude Change through Visual Imagery in Advertising

A new theory of the way in which advertising can influence consumers' attitudes toward products is proposed. The theory is based on visual imagery and classical conditioning rather than on the typical verbal belief summation approach to attitude. A supportive experiment is presented and the persuasive function of visual imagery in advertising is discussed.     

Assessing a problem-oriented social technology : A general conduct

In a commercial environment, TA is frequently seen as an extension of technological forecasting with the purpose to provide arguments for company policy. Following the contribution illus- trating this approach, which was published in the last issue,¹ Futures is now introducing another concept of TA as a policy-oriented activity in the area of “social technology”. This article discusses methodological lessons learnt from an attempt to assess the impacts of the introduction of no-fault automobile insurance on a nationwide basis. It is concerned with the development of systematic procedures for analysing two types of future conditions: (1) the unintended social impacts likely to result from a given innovation in a relatively stable external environment; and (2) the changes in intended impacts and additional unintended impacts likely to result from coupling the given innovation with other prospective changes in the external world.     

What benefit specialists think about medical savings account options for large firms

Currently, tax-preferred medical savings accounts (MSAs) are being offered on a trial basis to employees of small companies. This article reports results of a survey investigating the potential impact of adding an MSA to a medium- or large-sized firm's employee benefit offerings. The variables examined fall into the categories of attitudes toward views on employee benefits in general, the MSA option and issues associated with risk segmentation.     

Market Reactions to Corporate Restructurings

This article examines the stock price reactions to restructuring announcements by the DJIA 30 corporations over the period 1988–1995 by employing the event study methodology and cross-sectional regression analyses. Corporate restructurings, historically regarded as highly unusual accounting events, became increasingly common after 1987. One probable cause is the discretionary power managers enjoy due to the flexibility allowed by the Accounting Principles and Financial Accounting Standards Boards. Our general findings are that, contrary to contemporary press comments, restructurings, especially those impose a charge against the firm's earnings, are typically associated with negative excess returns. This evidence seems to be consistent with the notion that restructurings reveal unfavorable information of the firm's future performance. Furthermore, the larger the size of the restructuring amount announced in the Wall Street Journal, the more negative the stock price reaction is.