Does the merger paradox exist even without any regulations? Evidence from Germany in the pre-1914 period

This paper measures the market response triggered by merger announcements in an environment without regulations and without a strong separation of ownership and control in Germany. Based on event study methods applied to daily data and regression analyses, I evaluate whether the merger paradox existed, and how firm size, the way of financing a merger, and industry factors influenced the success of acquirers. Hence, my study can shed some light on commonly believed explanations for the bad performance of mergers. The whole portfolio of acquirers exhibited positive cumulated abnormal returns, which indicates a rejection of the merger paradox—but market values of some companies declined. Particularly, acquiring banks lost shareholder value, although the majority of mergers occurred in the banking industry. Caused by the new exchange law, banks were in a merger wave. Therefore, alternative explanations like the minimax-regret principle might explain why banks merged in spite of lacking success.     

The paradox of a marketing planning capability

Strategy scholars have long debated the value of formal planning, and research has offered inconsistent support for planning to enhance firm performance. Given these mixed empirical effects, we draw from the resource-based view of the firm to illustrate a paradox firms may face. In particular, a strong marketing planning capability may not only reduce the incidence of postplan improvisation but also contain inherent process rigidity. Since both of these can also increase performance, results illustrate a performance paradox in marketing planning. Rebecca J. Slotegraaf (rslotegr@indiana.edu) is an assistant professor of marketing in the Kelley School of Business at Indiana University. Her research focuses on the nature and effect of organizational resources, marketing capabilities, and deployment actions on competitive advantage. She received her Ph.D. from the University of Wisconsin-Madison. In addition to this publication in theJournal of the Academy of Marketing Science, she has also published several articles in theJournal of Marketing Research. Peter R. Dickson (dicksonp@fiu.edu) is the Knight-Ridder Eminent Scholar in Global Marketing at Florida International University. He was previously the Arthur C. Nielsen Jr., Chair of Marketing Research at the University of Wisconsin-Madison and before that the Crane Professor of Strategic Marketing and a professor of industrial design at the Ohio State University. He received his Ph.D. from the University of Florida. Thirty of his articles on buyer and seller behavior have been published in leading marketing journals.     

上市公司盈利预测信息自愿披露悖论:提出与解读

本文提出了一个关于上市公司盈利预测信息自愿性披露的悖论。该悖论的发现和解读表明,上市公司自愿披露盈利预测信息对减少信息不对称、增加财务信息的有用性具有重要意义。同时,自愿披露盈利预测信息对改善与投资者关系、降低上市公司的融资成本有着正面效应。然而,披露成本的存在使得公司管理层不得不在自愿披露的收益与成本之间反复斟酌,并且盈利预测信息的供求结构、资本市场的竞争强度以及经理人市场发展水平等对上市公司披露盈利预测信息的意愿程度也会产生重要影响。     

信息产品营销的几个问题及解决方案

网络技术的发展给信息产品提供了一个新的销售平台 ,然而 ,销售信息产品的企业必须面对由信息产品特性带来的问题 ,本文拟对这些问题进行讨论 ,并给出解决方案。     

国际经济秩序演变与百年未有之大变局

当前世界正经历"百年未有之大变局",保护主义、单边主义政策日趋成为西方国家的主要选项,加之新冠肺炎疫情的冲击,给未来世界经济带来诸多不稳定与不确定性。在世界格局发展的重要历史拐点,延续中国经济发展的良好势头,成功应对"百年变局"的挑战意味着我们仍然处于历史发展的机遇期。回归经济基础层面,从国际经济秩序演变的视角来把握"百年变局"是根本。"战争悖论"使得过去的"百年变局"由资本主义殖民体系转向新的国际经济秩序,未来的百年之变一定意味着对现有国际经济秩序的调整和完善。因此,对现行国际经济秩序运行、变化、走势及矛盾的判断是关于世界经济未来的最根本问题。     

生态经济视角下的发展悖论探析

发展是一个不断前进、上升的运动过程,正是在这个过程中实现了人本身、社会财富与福利、制度和文化的进步,但由于各种不确定性、认识与手段(技术)的缺陷、决策或行为的失误等原因造成发展结果对目的的偏离,出现了发展的悖论。它充斥于认识、目的、手段、过程和结果等发展的各个环节。生态问题是人类发展悖论的一个表现,传统的发展观和技术手段导致生态破坏和环境污染的加剧;生态保护本身也是一个悖论,特别是在落后的边缘地更是具有明显的悖论色彩。     

交易费用、科斯定理与产权改革

科斯定理的多种解读都表明交易费用概念表面上具有合作的形式,但缺少分配的属性。从而导致在使用交易费用概念分析产权改革具有了片面性和内在矛盾冲突：如果交易成本太高,包括既得利益集团的阻碍、集体行动的搭便车问题等,则新的更有效的制度创新难以出现。如果交易成本太低,则承诺的不可置信会激励更多的利益集团将生产性资源投入到重新变革分配性制度的活动中,从而减少社会生产,降低经济效率。所以,国有企业的产权改革既要解决利益冲突,也要避免国家机会主义。     

创业板与中小企业融资问题再探——基于卢卡斯悖论的思考

本文借助卢卡斯悖论(Lucas Paradox)对中小企业融资问题进行了思考,认为创业板的设立有利于资本市场在资源配置中对中小企业的支持并发挥其灯塔效应。本文提出中小企业融资细分,中国不同地区、不同行业、不同科技含量和不同成长阶段的中小企业是不一样的,它寻求资金的方式可能也不一样;且政府、银行等金融机构、债券市场和资本市场都应该定位自己支持哪些中小企业。最后,本文认为金融体系自身无法完全解决中小企业融资的难题,政府的介入是必须的,并应起主导作用。     

Understanding the barriers and factors associated with consumer adoption of wearable technology devices in managing personal health

This research seeks to identify the barriers and factors associated with adopting wearable technology devices (WTDs) for managing personal health. Based on a partial least square (PLS) analysis of 277 US-based residents, the findings demonstrate that performance expectancy, social influence, facilitating conditions, hedonic motivation, habit, and personalization are significant predictors of consumers' intention to use WTDs. Interestingly, price value, privacy concerns, and health consciousness are not significant. This study will inform future research on WTDs in personal health management. Theoretical and practical implications of the study are also presented.