太湖蓝藻事件影响无锡市城市居民垃圾分类意识的计量分析

从2007年太湖蓝藻事件社会影响的货币损益计量角度出发,运用费用评价法、后果阻止法和市场价值法就蓝藻事件对无锡市城市居民垃圾分类意识的影响进行了计量研究。结果表明,太湖蓝藻事件发生后的3年内因为居民垃圾分类意识的提高给无锡市带来的经济效益为4 276.49万元。     

制造企业如何从事件中提升创新质量——基于事件系统理论的企业成长案例研究

基于事件系统理论,应用探索性案例研究方法,以两家本土知名制造企业为纵向研究案例,揭示创新氛围、创新能力、创新开放度在创新质量提升中的作用,可为其它制造企业提供指导。研究发现：事件空间、事件强度影响制造企业创新能力,企业在被动性事件中通过利用性创新能力识别创新机会,在主动性事件中通过探索性创新能力获取创新机会和资源;创新氛围有助于促进利用性创新能力向探索性创新能力转变,创新开放度有助于提升主动性事件对创新质量的促进效果;在制造企业成长历程中,被动性事件和主动性事件的交互作用形成创新质量提升的正反馈,被动事件变少、主动事件变多,创新质量得以提升。研究结论对中国本土制造企业如何在复杂动态的事件环境中进行创新管理、促进创新质量提升具有一定实践启示。     

中国上市公司并购绩效实证研究述评

经过5次并购浪潮之后,关于企业并购的效果以及如何来评价企业的绩效,国内外学者做了大量的实证研究。国内目前采用较多的是事件研究法、会计指标法和EVA法。通过对国内上市公司并购绩效的实证文献梳理,分析现有评价方法存在的局限性,为正确评价并购绩效指明方向。     

节庆旅游对目的地经济影响的测算与管理

首先描述了节庆和节庆旅游的定义，给出了节庆旅游对目的地经济影响的测算一系列方法，同时指出了该方法的缺陷，之后，将经济影响的管理细化为若干目标，找出各自的影响因素，并提出了管理策略。     

Trading frequency and event study test specification

We examine the effects of thin trading on the specification of event study tests. Simulations of upper and lower tail tests are reported with and without variance increases on the event date across levels of trading volume. The traditional standardized test is misspecified for thinly traded samples. If return variance is unlikely to increase, then Corrado's rank test provides the best specification and power. With variance increases, the rank test is misspecified. The Boehmer et al. standardized cross-sectional test (Event-study methodology under conditions of event-induced variance, Journal of Financial Economics 30, pp. 253–272) is properly specified, but not powerful, for upper-tailed tests. Lower-tailed alternative hypotheses can best be evaluated using the generalized sign test.     

Environmental scanning the future of event design

This paper used multiple sources of information in order to identify the forces likely to impact event design. Content analysis of key informant interviews and selected trade publication articles identified key forces impacting event design. Technology, the environment and green issues, security and safety, and globalization were forces identified by both the key informants and the trade literature. Neither of the sources gave much attention to political forces. This article contributes to our understanding of the forces impacting event design and suggests some environmental scanning methodologies that can be used with both key informants and the trade publication literature.     

The negative spillover effect of food crises on restaurant firms: Did Jack in the Box really recover from an E. coli scare?

Despite the enormous impact of food crises on restaurants, limited understanding of their long-term impacts and associated factors has undermined crisis managers’ ability to handle crisis situations effectively. This article investigated the long-term impact of food crises on the financial performance of restaurant firms and identified the factors that influenced this impact. This explanatory study examined the case of Jack in the Box, whose 1993 Escherichia coli scare was the first and largest restaurant-associated food crisis in modern times. An event study method was used to uncover stock price movements of Jack in the Box, in conjunction with 73 unrelated food crises that occurred from 1994 to 2010. Stock prices of Jack in the Box exhibited significantly negative responses to other firms’ food crises, moreover, the negative spillover effect was stronger if the crisis occurred closer in time, was similar in nature, and was accompanied with no recall execution. These findings shed light on the long-term financial impact of food crises and offer insights for crisis managers to develop more effective crisis management strategies.     

Who is more visionary in mergers: Commercial vs. investment banks

Early papers concerning bankers on board usually focus on the rationale of bank entry and such effects on company performance. Recently, Güner, Malmendier, and Tate (2008) started to look at the different effects of the bankers with different expertise on the investment strategy and post-entry performance of the firms on which they have board seats. This study extends this line of research to further examine the relationship between the change of different types of financial professionals’ equity holdings of acquiring firms prior to merger completion dates and these acquirers’ post-merger performance. Using 381 U.S. listed acquirers during 2000–2005, we find that the changes of the ownership of commercial banks and insurance companies are positively related to the acquirers’ short-term performance. However, only the changes of the ownership of investment bankers are negatively related to the bidders’ long-term performance, implying that, due to conflict of interests, investment bankers probably aim at the increase of the short-run post-merger performance of the acquiring companies of which they have relatively larger equity holdings.     

An empirical investigation of mergers and acquisitions by Chinese listed companies, 1997–2007

We examine 136 M&A deals from 1997 to 2007 initiated by Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges, where the acquirer gains complete control of the target. Our data shows that the Chinese M&A market is dominated by domestic deals with unlisted targets that are either stand-alone private firms or wholly owned subsidiaries. Acquirers experience significant positive abnormal stock returns around the announcement date and over the three years after the acquisition. These results are largely driven by state-owned firms, cash acquirers and firms that acquire related targets. Cross-sectional tests show that announcement period returns are related to the acquirer's ownership status, industry relatedness of the acquirer and target, capital structure changes of the acquirer and the nature of the unlisted target. We find no change in operating performance from the pre to the post acquisition period for the acquirers.     

Hotel roomrates under the influence of a large event: The Oktoberfest in Munich 2012

Surprisingly few studies deal with the implications of large events for hotel prices. We address this issue by modeling hotel prices in Munich under the influence of the Oktoberfest. By utilizing internet data from a metasearch provider for check-in dates prior to and during the Oktoberfest 2012, it is analyzed how the event affected the daily price level as well as price differentials between hotels. In general, average hotel prices are very volatile over time. Apparently, Munich hotels tend to set prices according to expected demand and vary those depending on the day of the week during the event. Ceteris paribus, roomrates are highest on Oktoberfest Friday and Saturday nights, followed by Oktoberfest weekdays and Oktoberfest Sunday nights, but there is a general and strong price-raising impact. Prices differ across hotels mainly due to the star category attributed to a hotel and the proximity to the event. Both price premia are time-dependent.