A longitudinal study of the cause and consequences of changes in diversification in the U.S. pharmaceutical industry 1977–1986

The paper hypothesizes that diversification by firms based in the pharmaceutical industry during the 1977-86 time period was primarily undertaken to reduce the risks associated with being dependent upon a technologically dynamic environment. Consistent with this non-efficiency motive for diversification, declining economic performance is predicted. A longitudinal empirical analysis provides support for these propositions.     

There's something about saving …

The paper considers how people should plan their saving, given certain assumptions about inheritance and changes in household circumstances. The results are produced by a model that takes into account tax and state benefits as well as various private savings vehicles. It concludes that, for many households, saving for retirement through a ‘pension’ might not be optimum and that the best strategy is to vary the incidence and allocation of saving in response to changes in household circumstances.     

Satisfaction drivers for Internet service technology among stock brokerage customers in Thailand

Many financial services firms are offering the Internet as a self-service technology (SST), for online stock trading, in an effort to increase effciency and give customers greater access. It is important to understand how this technology will influence customer satisfaction. This paper reports results of exploratory research to identify sources of customer satisfaction and dissatisfaction with the service encounter in Thai stockbrokerage firms. Results show that customers and service providers determine sources of customer dis/satisfaction differently, depending on whether the service encounter is technology-based or interpersonal. Different customer profiles give rise to segmentation in response to the use of Internet technology in this industry.     

Distinctive characteristics of entities with an internal audit department and the association of the quality of such departments with errors*

Abstract. This research identifies those characteristics that could potentially influence a choice to create an internal audit department and tests via discriminant analysis to evaluate whether such attributes significantly distinguish between companies with and without an internal audit department. In addition, qualitative characteristics of such departments are described, as is the association of such traits with errors and the overall control environment. A sample of 260 companies is examined. Companies with internal audit departments are observed to be significantly larger, more highly regulated, more competitive, more profitable, more liquid, more conservative in accounting policies, more competent in their management and accounting personnel, and subject to better management controls. Key discriminant variables are the degree of regulation, decentralization, size, the duration of association with present auditors, the existence of an audit committee, EDP control, and pressures by external parties on management to achieve budgetary goals. Qualitative attributes of internal audit are systematically associated with the overall quality of the control environment, as well as errors. The most important attribute appears to be the independence of internal audit in terms of the propriety of the reporting level. An advantage of internal auditing is that external auditors report a 10 percent reduction in the number of hours incurred and greater flexibility appears to exist in the proportion of work performed in off-peak periods. Résumé. Les auteurs dressent l'inventaire des caractéristiques susceptibles d'influer sur le choix de créer un service de vérification interne et soumettent ces attributs à des tests, par voie d'analyse discriminante, afin de déterminer s'ils permettent d'établir une distinction claire entre les entreprises ayant et n'ayant pas de service de vérification interne. De plus, ils décrivent les caractéristiques qualitatives de ces services, de même que l'association de ces carctéristiques aux erreurs et au contexte global du contrôle. Les auteurs procèdent à l'examen d'un échantillon de 260 entreprises. L'étude révèle que les entreprises possédant des services de vérification interne sont beaucoup plus souvent des entreprises de grande taille, faisant l'objet d'une réglementation plus rigoureuse, plus concurrentielles, plus rentables, ayant davantage de liquidités, plus prudentes dans leurs conventions compatables, possédant une équipe de gestion et un personnel comptable plus compétents et soumises à de meilleurs contrôles de gestion. Les principales variables discriminantes sont le degré de réglementation, la décentralisation, la taille, la durée de l'association avec les vérificateurs actuels, l'existence d'un comité de vérification, le contrôle dans un cadre informatique et les pressions exercées par les tiers sur la direction pour l'atteinte des objectifs budgétaires. Les attributs qualitatifs de la vérification interne sont systématiquement asociés à la qualité globale du cadre de contrôle, de même qu'aux erreurs. L'attribut le plus important semble être le degré d'autonomie du service de vérification interne, c'est-à-dire le caractère approprié de ses liens hiérarchiques. La vérification interne comporte un avantage: les vérificateurs externes font état d'une réduction de 10 pour cent dans le nombre d'heures consacrées à la vérification, et il semble exister une plus grande souplesse dans la proportion du travail de vérification effectué en dehors des périodes de pointe.     

Daylight saving effect

Kamstra et al. [Kamstra, M.J., Kramer, L.A., Levi, M.D., 2000. Losing sleep at the market: the daylight saving anomaly. The American Economic Review 90, 1005–1011] argue that the mean weekend return following the changes in daylight saving time is less than the mean weekend return throughout the rest of the year. Opposing studies, such as Pinegar [Pinegar, J.M., 2002. Losing sleep at the market: comment. The American Economic Review 92, 1251–1256), reason that the observed results depend upon methodology. We extend the ongoing discussions by providing further evidence for equity markets and bond markets in Germany and across Europe. We further demonstrate that the daylight saving effect does not serve as a potential rationale for the weekend effect.     

Fixed Exchange Rates and Disinflation in Emerging Markets: How Large Is the Effect?

We examine developing countries which have institutional quality ratings for the effects of exchange rate rigidity on inflation. The level of institutional development exerts no effect on the impact of currency regimes. However, the interaction of institutional quality and exchange rates has, in the most plausible specifications, a negative impact on inflation. This suggests that fixed exchange rates exert at most a contingent effect on inflation, and indicates that countries in Eastern Europe and Latin America contemplating currency pegs would be better off improving institutional quality prior to adopting the euro or dollar and expecting a large subsequent disinflationary effect. JEL no.  F31, O11     

粮库粉土地基的动力特性研究

通过某国家粮食库的粉土地基土进行动三轴试验,研究了动荷载作用下粉土地基土的动力特性,得到了粉土的动孔压发展特性、液化特性和液化机理.为粮库的设计、施工及防护提供参考.