How Do Investors Interpret Announcements of Earnings Delays?

Unlike in the case of delays of 10‐K or 10‐Q filings, the SEC does not require managers to disclose delays of earnings announcements to the public. Thus, for companies that are unable to report earnings by their expected date, managers face a decision: remain silent or announce the delay. Prior research has investigated all earnings delays, whether or not they are accompanied by announcements of the delay announcement, and found that the market reaction is slightly negative, on average, for companies that allow their expected earnings dates to pass without disclosing results. It's not clear, however, whether this negative reaction was due to the absence of news or to the information contained in the announcements of the earnings delays. The authors' recent study documents that earnings delay announcements are associated with an average one‐day abnormal stock return of a negative 6%. This statistically as well as economically significant reduction in value is consistent with anecdotal evidence in the popular business press as well as predictions of disclosure theories, in particular the explanation that concerns about legal liability and managerial reputation motivate managers to disclose bad news. The study also shows that almost all managers who announce earnings delays attempt to influence the market reaction by disclosing the underlying cause. Finally, the study shows that the market reaction to earnings delay announcements is positively related to future earnings changes, consistent with the role of these disclosures in providing a signal of deteriorating financial performance.     

银行卡组织强制推行数据安全方案

最近，业内关于网上支付和数据保护的话题被炒得沸沸扬扬，各种黑客入侵报告和补丁程序令人应接不暇，五花八门的解决方案层出不穷。其中，VISA和Master-Card推出的数据安全方案无疑是业界瞩目的焦点。那么，银行卡受理商户应该做什么？     

Stochastic uncoupled dynamics and Nash equilibrium

In this paper we consider dynamic processes, in repeated games, that are subject to the natural informational restriction of uncoupledness. We study the almost sure convergence of play (the period-by-period behavior as well as the long-run frequency) to Nash equilibria of the one-shot stage game, and present a number of possibility and impossibility results. Basically, we show that if in addition to random experimentation some recall, or memory, is introduced, then successful search procedures that are uncoupled can be devised. In particular, to get almost sure convergence to pure Nash equilibria when these exist, it suffices to recall the last two periods of play.     

Roles, role performance, and radical innovation competences

Despite the importance of radical innovations (RI), few firms have the capability to develop such innovations internally; success is increasingly linked with relationships and networks. However, the way(s) in which relationships and networks support RI is less clear. Successfully launching RIs requires the development of four distinctive competences; discovery, incubation, acceleration and commercialization. This paper examines how networks support the development of RIs, focusing on when and how network partners become involved and how their role performances support the development of the four competences. The study context is the automotive industry, which is heavily dependent upon RI and complex interrelationships. Data were collected through in-depth interviews with network participants involved in developing several RIs. Five task-oriented and three network-oriented roles are uncovered and the performance of these roles supports the development of different competences, with some roles being exclusively connected with particular competences and others supporting several competences. Focusing on role performance offers a useful means for distinguishing between acontextual actors, and the activities and resources they bring. In doing so, the paper enhances understanding of the links between network participants, role performances and the development of RI competences, and identifies a number of important implications for theory and practice.     

An empirical investigation of salespeople’s performance,effort and selling method during a sales contest

This article examines goal theory in conjunction with sales contests. Specifically, the study examines goal difficulty, goal clarity, and goal acceptance and their association with performance, effort and selling method. The results of the study are based on a sales contest of a Fortune 500 industrial sales organization. A theoretical base for goal theory is reviewed. Results indicate that difficult goals and increased acceptance of goals are important attributes in a sales contest. Other results are presented and managerial implications are discussed.     

Industrial Companies' Evaluation Criteria in New Product Development Gates

This article presents the results of a study on the evaluation criteria that companies use at several gates in the NPD process. The findings from 166 managers suggest that companies use different criteria at different NPD evaluation gates. While such criteria as technical feasibility, intuition and market potential are stressed in the early‐screening gates of the NPD process, a focus on product performance, quality, and staying within the development budget are considered of paramount importance after the product has been developed. During and after commercialization, customer acceptance and satisfaction and unit sales are primary considerations. In addition, based on the performance dimensions developed by Griffin and Page (1993), we derive patterns of use of various evaluative dimensions at the NPD gates. Our results show that while the market acceptance dimension permeates evaluation at all the gates in the NPD process, the financial dimension is especially important during the business analysis gate and after‐market launch. The product performance dimension figures strongly in the product and market testing gates. The importance of our additional set of criteria (i.e., product uniqueness, market potential, market chance, technical feasibility, and intuition) decreases as the NPD process unfolds. Overall the above pattern of dimensions' usage holds true for both countries in which we collected our data, and across firms of different sizes, holding different market share positions, with different NPD drivers, following different innovation strategies, and developing different types of new products. The results also are stable for respondents that differ in terms of expertise and functional background. The results of this study provide useful guidelines for project selection and evaluation purposes and therefore can be helpful for effective investment decision‐making at gate‐meetings and for project portfolio management. We elaborate on these guidelines for product developers and marketers wishing to employ evaluation criteria in their NPD gates, and we discuss directions for further research.     

Index Models and Land Allocation Reconsidered

In contrast with previous index model land applications, this article shows that the land allocation problem is a portfolio model with two constraints, namely, investable funds and land. The two-constraint model implies a drastic reinterpretation of what previous studies have quantified as diversifiable and systematic risks in agricultural production. The article also argues that the constant marginal-rate-of-product-substitution (MRPS) technology implicit in financial portfolio models is unlikely to hold in a production context such as the land allocation problem, and that the index model must be modified accordingly. Farm-level data are used to illustrate and test the hypotheses advanced. Empirical results indicate that most of the risk for corn and soybeans is diversifiable, and that corn and soybeans are characterized by decreasing MRPS. The MRPS effect is found to be large from an economic standpoint and implies that crop diversification may be optimal, even for risk-neutral farmers.     

Innovation, competition and the structure of local production networks: Initial findings from the Hertfordshire project

This paper reports the initial findings of an ESRC-funded study in Hertfordshire into how award-winning innovative firms organise their production arrangements. The study is a pilot project which was based on three initial operational assumptions: first, that innovation is not entirely an aspatial phenomenon; second, that modern production structures are taking new forms — variously described as post-Fordist, or flexible specialisation (flex-spec) — particularly in areas which are rich in commercial research and development (R&D) activities; and, finally, that as a consequence innovative firms in these areas commonly form production linkages with each other to create local production networks (LPNs).

The research was carried out in the county of Hertfordshire just to the north of Greater London. Hertfordshire was selected because, according to a number of measures, it is one of the key areas for R&D in the UK. On the basis of our initial, limited empirical sample of firms in Hertfordshire, a key finding of the research was that a significant majority of the innovative firms sampled — both large and small — were not actually organised in LPNs in any recognisable way and that local post-Fordist production was either extremely limited in its operation or, more commonly for most firms, was non-existent — instead, these firms normally acted as local, relatively free-standing entities which were much more likely to be in competition with other local firms, than form production linkages with them.