The extent and nature of opportunity identification by experienced entrepreneurs

Guided by insights from cognitive theories, this article explores the links between entrepreneurs' prior business ownership experience and their opportunity identification behavior. Hypotheses were tested using data from 630 entrepreneurs. Experienced entrepreneurs identified more opportunities and exploited more innovative opportunities with greater wealth creation potential. Entrepreneurs that had owned more than 4.5 businesses, however, identified fewer opportunities. The nature of prior business ownership experience also shaped opportunity identification behavior. An inverse U-shaped relationship was detected between the proportion of failed businesses relative to the number of businesses owned and the number of opportunities identified in a given period. Business failure experience was not associated with the innovativeness of exploited opportunities.     

Local martingales, arbitrage, and viability Free snacks and cheap thrills

Summary. We revisit a standard model of security prices as Ito processes, and provide some new economic insights about the role of arbitrage and credit limits within such a model. We show that the standard assumptions of a positive state prices and existence of an equivalent martingale measure exclude prices that are viable models of competitive equilibrium and that are potentially useful for modeling actual financial markets. These models have been dismissed in the past as allowing arbitrage, but in fact an agent who prefers more to less and who has limited access to credit may have an optimum. Received: June 9, 1999; revised version: October 4, 1999     

The impact of liquidity constraints on the cash-futures basis dynamics: Evidence from the Chinese market

This study investigates the impact of liquidity constraints on the dynamics of the cash-futures basis in the Chinese futures market. By analyzing the trading behaviors of hedgers, speculators, and arbitrageurs in a liquidity constraint context, we document two effects: the expectation effect and the liquidity effect. We further propose a set of threshold vector error correction models (VECMs) for the CSI 300 index and CSI 300 index futures to examine these two effects separately and jointly. We find evidence for both effects. We also find that a basis-liquidity-based threshold VECM, which includes both effects, performs well in explaining why the degree of persistence of a large basis depends on the direction of divergence in the cash-futures price relationship, a stylized fact we observe in the Chinese futures market.     

Sustainable Entrepreneurship Research: Taking Stock and looking ahead

The recognition of entrepreneurship as a solution to, rather than a cause of, environmental degradation and social inequality moved the field to identify a new type of entrepreneurial activity, namely sustainable entrepreneurship. Scholarly interest has spiked in recent years; however, aside from its aspirational appeal, there remains a lack of understanding of the nature of the phenomenon and the future of sustainable entrepreneurship in theory and practice. This review seeks to provide a conceptual basis for stimulating scholarly thought and improving our collective understanding of sustainable entrepreneurship as a distinct subdomain within entrepreneurship research. Based on boundary definition and delineation of main features, this review critically discusses the main challenges ahead and elaborates on the research implications and future research directions beyond current, dominant approaches to entrepreneurial action. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency*

We examine whether the information conveyed in a relatively new analyst research output—capital expenditure (capex) forecasts—affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the forecasts are issued by analysts with higher ability or greater industry knowledge. Moreover, the effect of capex forecasts on investment efficiency varies with the signals they convey about future growth opportunities—positive-growth signals are more effective in reducing underinvestment, while negative-growth signals are more effective in reducing overinvestment. Cross-sectional tests suggest that these effects operate at least in part through both a financing channel and a monitoring channel. Taken together, our results suggest that analysts' capex forecasts convey useful information about firms' growth opportunities to managers and investors, which can facilitate efficient investment.     

审视全球一体化

文章讨论了全球一体化的概念,指出:全球一体化既带来机遇又带来风险。在利用开放带来的高经济增长和生活水平提高的机遇时,各国和地区的政策制定者们也面临如何减轻贫穷人群风险的挑战,还面临如何增加平等和包容的挑战。同时,针对全球一体化对环境的影响也提出了积极的见解:没有单方面的关于全球一体化必然导致环境破坏的报道。相反,贸易与投资的开放若与革新的各项国内规章制度相结合,可以帮助而不是降低环境标准。     

Mixing and matching: Prospective financial sector mergers and market valuation

Which types of mergers are likely to be most productive for banks and other financial firms in the US? From a management perspective, mixing disparate firms may be difficult, but may offer significant gains from diversification. The opposite applies to matching similar firms. This paper considers life insurance, property and casualty insurance, securities, and commercial firms as potential matches for banks. It examines a measure of diversification gains from potential consolidation, based on option pricing, and a model of the “building blocks” of the industries, based on arbitrage pricing theory. The results identify potential diversification gains from virtually all combinations involving banking and insurance, which arise because common factors are combined in different ways and because insurance is already well diversified.     

Narrowing the no-arbitrage bounds

It is shown by example and by analytic argument that the no-arbitrage bounds can be narrowed by ruling out arbitrages between asset markets and stochastic production opportunities. The key analytic construct is the derivative-cost function. The narrowed no-arbitrage bounds can be calculated either as directional derivatives of the derivative-cost function or directly from the derivative-cost function itself. It is shown how some assets lying outside the subspace generated by the basis assets can be priced uniquely using the no-arbitrage prices associated with the derivative-cost function. An extension of the analysis to permit market frictions is briefly discussed.     

Pricing by hedging and no-arbitrage beyond semimartingales

We show that pricing a big class of relevant options by hedging and no-arbitrage can be extended beyond semimartingale models. To this end we construct a subclass of self-financing portfolios that contains hedges for these options, but does not contain arbitrage opportunities, even if the stock price process is a non-semimartingale of some special type. Moreover, we show that the option prices depend essentially only on a path property of the stock price process, viz. on the quadratic variation. We end the paper by giving no-arbitrage results even with stopping times for our model class.      

微时代背景下高校校园文化建设工作研究

高校校园文化是学校精神风貌的体现,潜移默化的影响着大学生的行为模式,理想信念等素养。随着微博时代的到来,高校校园文化建设工作面临着新的机遇和挑战。论文在阐述微博特性的基础上,分析了微博对于高校校园文化建设的引导和推动作用,并就其对校园文化建设的方法途径进行了探索研究,对高校校园文化建设工作具有重要的现实意义与实践价值。