Mindshift: The mental revolution we are in

It is by now a commonplace to say that today the world is in the midst of a revolution as profound as any we have ever experienced. It is, however, much less of a commonplace to specify precisely of what this revolution consists. The contention of this article is that the revolution is more than a mere shift in our industrial or technological base. Fundamentally, it is a change in underlying mental attitudes—how we conceive of the world. It is thus a shift in our values but at the same time much more basic than this alone.This article describes the nature of the change that is occuring in mental attitudes. However, it does not do so in a traditional way. Primarily, it does it by means of a fable. The reason is that the shift we are experiencing is also in part a shift in our aesthetic vision, that is, in the styles of discourse that we use to describe reality. In short, different conceptions of the world require different stylistic forms. The full nuances of a new era can not be captured by the forms of the past.     

Further evaluation of conglomerate performance

In the early years conglomerates were seen as the financial concept of the future. More recently their economic advantages have been seriously questioned. This article reviews the existing literature on conglomerate performance and extends the investigation through the early seventies. While conglomerates provide investors with less variability from market movements than do nonconglomerate firms, they provide less diversification than closed-end investment companies and mutual funds. Furthermore, risk adjusted performance measures of conglomerates did not differ significantly from those of other firms of portfolios. Thus, conglomerates should be viewed simply as another category of investments that plot along the security market line.     

Early marks: American trademarks before US trademark law

Abstract

Historians identify the process of registration as key to the ‘modern mark’. Hence the introduction of trademark registration with the US federal law of 1870 appears as a pivotal event, endorsing Chandlerean accounts of the modern mark as a product of the ‘Second Industrial Revolution’. Such accounts overlook the earlier registration laws in places where economic conditions challenge claims for an industrial origin to registration. This article looks at California’s registration law, which antedated the US federal law by seven years, asking whether it is merely an exception to prove the Chandlerean rule, or an example that asks us to question Chandlerean assumptions.     

Financial determinants of systematic risk in real estate investment trusts

Financial theory and empirical evidence suggest that a firm's systematic, or market related, risk is related to its financial conditions. This study empirically investigates the financial determinants of systematic risk for Real Estate Investment Trusts (REITs). The study is an examination of sample of 32 REITs for the period 1976–1978. The results indicate that systematic risk varies directly with financial leverage, business risk, and advisor fee. The explanatory power of the relationship between systematic risk and financial variables exceeds that of previous studies wherein firms were pooled across industry groups. The higher explanatory power observed even with limited data suggests that better estimates of coefficients of financial determinants of systematic risk may be obtained through analysis conducted on an industry by industry basis. Furthermore, such industry-specific analysis provides useful results to practicing financial managers in their financial policy considerations. With the knowledge of how the financial decisions affect the firm's systematic risk, a manager may be able to manipulate those variables so as to reduce the systematic risk for his or her firm and thus increase the market value of the firm's securities.     

A comparison of Japanese and American business negotiations

The determinants of the outcomes of business negotiations in two cultures are investigated in a laboratory experiment. The most important causal factor in Japanese negotiations was found to be the role (i.e., buyer or seller) of the negotiator. Japanese buyers consistently achieved higher bargaining solutions than Japanese sellers. The primary causal factor in negotiations between Americans was the information content of bargaining strategies. Americans to whom bargaining partners gave information more freely achieved higher bargaining solutions.     

Controlling the performance of professionals through the creation of congruent environments

Many problems arise from potential incompatibilities between characteristics of professional employees and characteristics of organizational control systems. These incompatibilities may lead to dysfunctional conflict between the role expectations of the professional and organizational requirements, depending on the degree to which an incongruence exists between the two. A framework for conceptually analyzing congruence between individual, organizational, and occupational components is offered and implications for the control system are made.     

Modeling fuel saving investments and fleet management in the trucking industry: The impact of shipment performance on GHG emissions

Much has been written about the potential of technologies to reduce the greenhouse gas (GHG) emissions of trucking, but much less on the determinants of these investments. The Trucking Sector Trip Segmentation Model (TSTS) predicts how firms make these investments in the context of operating heterogeneous truck fleets to service the spatially dispersed demand of shippers. This analysis suggests that improving the performance of trucking (speeding up shipments) could reduce significantly GHG emissions: investments in technologies are incentivized by fuel savings accruing sooner. This effect could be potentially large in the US as trucking firms often discount the future heavily.     

An application of logit analysis to prediction of merger targets

Logit estimation is applied to predicting the probability that a given firm will be a merger target. Care is taken to account for variation in industry characteristics. The statistical performance of the model and its predictive power in a holdout sample support the approach used.     

Corporate governance in mutual insurance companies

The key corporate governance issues facing mutual insurance company managements are examined. Results of a comprehensive survey of the state of corporate governance in mutual property-liability insurance companies are presented. Recommendations for changes in governance practices by mutual companies are presented and their implications are discussed.