Long-Term Performance Following Rights Issues and Open Offers in the UK

Abstract:  This study finds evidence of significant long-term underperformance following rights issues made during 1986-95 in the UK. The findings are resilient to a number of methodological controls. In contrast, our results for a smaller sample of open offers made during 1991-95 show strong positive performance over a 5-year post-issue period, implying that firms making open offers had better growth prospects than firms making rights issues. During 1986-90, a period when open offers were rarely used, firms appeared to be making rights issues to exploit overvaluation. However, this was not evident for rights issues made during 1991-95, a period when open offers were more commonly used.     

Purchase‐role structure in Korean families: Revisited

This opportunistic research has been made possible by the financial crisis that struck much of Asia in 1998, and was followed by a rapid recovery in 1999. Previous research has been conducted to study the structure of family decisions in Korea during the 1997–98 period. By adding one more set of data points, for 1999, it is possible to conduct a 3‐year, longitudinal study to revisit the structure of family decision making under the impact of the economic crisis experienced during this period. The major finding is that more joint decision making occurs under economic stress, although the effect is mitigated by the economic circumstances of the respondent and involvement level of the product category. © 2003 Wiley Periodicals, Inc.     

Tactical Opportunities,Risk Attitude and Choice of Farming Strategy: an Application of the Distribution Method

When assessing farming strategies, it is important to account for the opportunities provided for tactically adjusting to outcomes of risk. The hypothesis that accounting for tactical adjustment is more important than accounting for risk attitude was supported in this study with regard to identifying the optimal drainage recirculation strategy for an irrigated dairy farm. Failing to account for tactical adjustment would lead to a sub-optimal choice, costing the farmer about A$3 100 in present value terms. In contrast, failing to account for risk aversion would not affect the strategy chosen. The distribution method was found to be well suited to modelling tactical adjustment.     

Environmental uncertainty, supply chain relationship quality and performance

Environmental uncertainty is a fact of life in today's supply chains. In this paper we develop a model of environmental uncertainty, supply chain (SC) relationship quality and SC performance. We use data from the electronics sector in Ireland to test our model. Our results provide mixed support for the model, with the moderating role of both demand and supply uncertainty being supported, but technological uncertainty not supported. We reflect on these findings and suggest a research agenda based on our results.     

The evolution of the seven steps of selling

The traditional seven steps of selling is perhaps the oldest paradigm in the sales discipline. The seven steps model has served as a basic framework in sales training, personal selling textbooks, and teaching personal selling classes. Very little has changed in this framework since the turn of the 20th century. This article reviews the traditional seven steps of selling, examines transformative factors that have led to changes in each step, and presents an evolved seven steps process. While the traditional seven steps reflected a selling orientation on the part of a firm, the evolved selling process reflects more of a customer orientation in that the focus is on relationship selling—that is, securing, building, and maintaining long-term relationships with profitable customers.     

Environmental practices in the wine industry: An empirical application of the theory of reasoned action and stakeholder theory in the United States and New Zealand

Industry transformation related to environmental stewardship has received significant scholarly attention over the past decade. However, limited theoretical and empirical work examines the motivations for improving environmental performance in an industry in different countries. In this paper, we develop a set of hypotheses, based in the theory of reasoned action and stakeholder theory, regarding drivers of the adoption of environmental practices in the wine industries of New Zealand and the United States. We test our hypotheses using data from survey questionnaires collected in each country. Our findings suggest that subjective norms and internal stakeholder pressures are common drivers of the adoption of environmental practices in these two countries. However, managerial attitudes and external stakeholder pressures are not significant drivers. We also find that managerial attitudes and export dependence are stronger determinants of environmental practice adoption in New Zealand compared to the U.S.     

The Structure of the American Economy

We explore the relationship between input–output accounts and the national revenue function. The generalized inverse of an economy's technology matrix carries information relating changes in endowments with changes in outputs; its transpose relates output prices and factor prices. Our primary theoretical contribution is to derive an economy's revenue function for an arbitrary Leontief technology. Our main empirical contribution is to compute the national revenue function for the American economy in 2003 and to describe its properties. We implement our ideas using two different models: one where all factors are mobile and another with sector‐specific capital.