The stalemate of cable digital switchover: A study of competition effects and deregulation

This paper addresses the phenomenon of delayed cable digitization in Taiwan and reports the results of a longitudinal analysis, determining that (1) inter-platform competition, primarily from internet protocol television (IPTV), generates a strong and positive impact on the digitization of cable service after it acquires numerous customers; (2) the installed cable base induces economies of scale that increase its digital penetration; (3) the overbuild of the equivalent-size rivalry can increase digital adoption, whereas unequal-sized competition might reversely decrease it; and (4) the monthly flat fee charged to customers does not influence digital adoption. In addition, this paper presents a discussion on the policy instruments derived from econometric results. Although repealing the horizontal integration cap in the cable TV industry could generate economies of scale, doing so may encourage monopolization over several franchises. The efficacy of intra-platform competition is reserved only for certain cases. Combining the results of these analyses reveals that inter-platform competition most effectively stimulates cable operators’ digital conversion. Hence, regulators should create a level playing field among various TV platforms, such as equal programming access and open standards, to ensure a high degree of cable digitization     

试论中国的特许经营行业

为了促进我国特许经营行业的发展,简要地介绍和评述了我国特许经营的发展现状,列举了目前我国特许经营中新出现的一些问题,如投资陷阱、故意违约及实力不强等,并提出了相应的对策。     

Intellectual Property Securitization and Growth Capital in Retail Franchising

A retail franchisor needs growth capital so that the brand continues to grow and franchisor–franchisee relations remain strong. However, access to corporate liquidity to fund such franchise growth options is not unlimited. A method of raising finance particularly suited to retail franchisors is intellectual property (IP) securitization that allows companies to account for intangible assets such as intellectual property, royalty and brands and realize their full value. In recent years, a number of large restaurant franchisors have securitized their brands to raise funds, including Dunkin Brands and Domino's Pizza (Domino's). We use property rights approach to show that IP securitization provides mechanisms that explicitly define ownership of intangible assets within the securitization structure and thus enables a company to raise funds against these assets. Using a case study example of a retail franchise IP securitization transaction, we also provide evidence that these mechanisms are not overly restrictive and can be used more widely to help fund retail franchise growth and expansion.     

The political economy of industrialisation

This paper analyses how incentives under different sets of political institutions map into policies that promote industrialisation. I set out an endogenous growth model with non-overlapping generations, where agents are heterogeneous with respect to wealth, skills and political power. The skills of the political elite play a crucial role for industrialisation to occur. It is shown that a flat wealth distribution and a skilled political elite enhance development the most in elitist regimes, while democracies perform as well as elitist regimes in terms of industrialisation. The theoretical results regarding elitist regimes are in line with evidence on the Industrial Revolution.     

银行特许权价值的内生风险约束效应——基于中国上市银行的实证研究

本文采用托宾Q值来衡量上市银行的特许权价值,基于分阶段动态回归模型,对银行特许权价值的影响因素及其风险约束效应进行研究。实证结果显示,外生性和内生性的银行特许权价值都有显著的风险约束效应;回归结果可以通过稳健性检验。     

对我国商业银行特许权价值形成要素的实证分析

特许权价值是银行具有的从受保护市场获取未来租金的牌照价值,由市场相关因素和银行相关因素决定.本文在5家上市银行1999-2006年的面板数据基础上,利用托宾Q的方法度量特许权价值,并构建多元线性回归模型,得知随着市场优势因素的弱化,特许权价值整体呈现下降的趋势,而银行内在效率是其稳定的关键,对于银行业的稳健经营具有重要意义.     

Sorting,Franchising and Real Estate Brokerage Firms

Real estate markets remain localized and reflect differences by region. With a large number of brokerage firms and a smaller number of franchisors, a testable hypothesis is whether in equilibrium fees and royalties are equal to the additional return to the franchisee. If fees are set uniformly across the country, economic rents may be earned in specific local markets. Some franchisees may earn excess profits from the franchise arrangement. Empirical results for 1,143 United States residential brokerage firms in 2001 show standardized uniform franchising costs cover any added returns to franchises in the Midwest and South. Excess returns are present for franchisees in the Northeast. The probability of being a franchisee increases with size and scale.     

特许连锁企业知识转移的影响因素。

促进特许连锁体系内的知识转移,提高特许连锁体系的知识管理水平是特许连锁企业成功的关键。文章根据组织间知识转移的一般过程,结合社会网络分析观点,分析了影响特许连锁体系内知识转移效果的主要因素。     

An Analysis of Advertising Payments in Franchise Contracts

ABSTRACT

National advertising is an important ongoing marketing activity in a franchise arrangement. A majority of franchisors require franchisees to pay an advertising royalty as a percentage of gross revenues while some require franchisees to pay a fixed advertising fee. These payments are earmarked for national advertising. We investigate the relationship between the franchisor's profits and the different types of advertising payments in franchise contracts. Our model incorporates the idea that the franchisor and franchisee are in an ongoing relationship where there is demand uncertainty. We show that specification of an advertising payment in the form of a fixed fee or a royalty is better than no specification since it commits the franchisor to invest the payments in advertising. We demonstrate that the advertising royalty specification is more flexible since it permits the advertising expenditure to be adjusted based on information that is not available at the time the contract is written.