Multibank holding company activity and local market structure: Some implications for intra- and interstate banking

This paper presents new evidence on the effects of multibank holding companies on the structure of local commercial bank markets for deposits. A distinguishing feature of this study is the use of pooled cross-section and time-series data. It is concluded that multibank holding company activity has had a procompetitive effect on the local banking markets in the sample. This finding, which is quite robust under alternative model specifications, has important implications for state and federal policy toward this organizational form and toward intra- and interstate banking.     

Market power and systematic risk

This paper examines the relationship between market power variables and the systematic risk, beta, of a firm. The study controls for the effects of dividend policy, liquidity, and earnings growth. Market power is measured by firm size (both sales and assets), proportion of industry sales, and the industry's four-firm concentration ratio. The study finds only a weak relationship between individual firm market power and firm risk, but there is evidence of a strong negative relationship between industry concentration and the market risk of the firms in an industry. This indicates that firms in concentrated industries experience lower capital costs than firms in less-concentrated industries. The existence of limit pricing is suggested as an explanation for this finding.     

Intraindustry marketing strategy effects on the analysis of firm performance

Data aggregation across industries has been shown to be inappropriate in describing correlates of business firm performance. This study examines firms performing a similar function within one industry and suggests a further qualification to this analysis; it may be necessary to account for dominant and varying marketing strategies when estimating performance equations in some industries.     

大学英语教学中培养学生的自主学习能力

自主学习就是学习者自己成为学习“主人”的学习。在培养自主学习能力的过程中 ,教师应从引导学生确立自主学习的观念、培养自主性入手 ,通过大学英语教材为载体 ,给学生以“自由表述”等方式 ,并认识自身在培养自主学习能力过程中的作用。     

在高校学生管理工作中引入激励机制

激励是企业管理者提高员工积极性的有效手段。高校学生管理者也应该掌握一些激励理论并将其应用 于学生管理的实践中,提高学生管理工作的水平。     

Bankruptcy filings before and after implementation of the bankruptcy reform law

After the effective date of the Bankruptcy Reform Act (1979), bankruptcy filings rose sharply in most states. The increase can be ascribed partially to the fact that unemployment rose and working hours declined from 1978 to 1980. In addition, state laws on garnishment had a greater effect on bankruptcy filings in 1980 than in 1978. Nonetheless, a significant increase in filing rates from 1978 to 1980 could not be accounted for by changes in state laws or employment conditions. The evidence is consistent with the hypothesis that the Act, per se, contributed to the increase in bankruptcy filings.     

The investment tax credit in capital replacement: A simulation

Congressional intent in passing various versions of the investment tax credit has been to stimulate increased investment in capital goods. This paper examines the impact of ITC on the replacement component of investment from the standpoint of the individual firm. The simulations run assume that the firm incorporates correctly all tax effects, to arrive at the optimal replacement decision. The results imply that from the micro standpoint, the law does not necessarily generate the intended behavior. As implications for policy, further research in this area should focus on individual firm action rather than on macro models.     

Entry inclinations under uncertainty

This paper considers the market entry decision of a potential entrant that behaves as if it knew the future market demand and its own cost schedules, and formulates a set of probability judgements as to the unknown output rates that its future rivals will maintain. The special case where entry is free and each in-market seller, as well as the potential entrant, assumes that the others will not alter their production provokes the classic Cournot-Stackelberg situation. Although one might suspect that uncertainty would tend to inhibit entry as compared with an equivalent, in the expected-value sense, certainty situation, this is not at all the case. The suspucion is not necessarily true even when management is risk averse.     

Tactical product decisions

The focus of this article is a discussion of both how and when to make tactical product decisions for existing products. Although the literature refers to these decisions in the context of strategic planning, the author considers that it is inadequate in explaining how and when these decisions should be arrived at relative to tactical planning. A range of criteria for tactical decisions is proposed.