Index

This paper provides empirical estimates of the stock market reaction to tender offers, both successful and unsuccessful. The impact of the tender offer on the returns to stockholders of both bidding and target firms is examined. The evidence indicates that for the twelve months prior to the tender offer stockholders of bidding firms earn significant positive abnormal returns. In the month of the offer, only successful bidders earn significant positive abnormal returns. Stockholders of both successful and unsuccessful targe firms earn large positive abnormal returns from tender offers, and most of these returns occur in the month of the offer. For all classes of firms, there is no significant post-offer market reaction. The market reaction to ‘clean-up’ tender offers is also estimated and target stockholders again earn significant positive abnormal returns.     

英国市场的品牌术——一个专业公关人士的视角

我不打算借本文分析品牌及其价值，因为业界已经有许多权威人士就此论题发表了成千上万的文章。我希望能从另一角度透视品牌化——从我自身出发。这，源于我把职业生涯的每一天都投入了品牌的建立和推广。     

Do interest rate controls work? Evidence from Kenya

This paper reviews the impact of interest rate controls in Kenya, introduced in September 2016. The intent of the controls was to reduce the cost of borrowing, expand access to credit, and increase the return on savings. However, we find that the law on interest rate controls has had the opposite effect of what was intended. Specifically, it has led to a collapse of credit to micro‐, small‐, and medium‐sized enterprises; shrinking of the loan book of the small banks; and reduced financial intermediation. Because of their adverse effects on bank lending, we estimate that the interest rate controls have reduced economic growth by ¼–¾ percentage points on an annual basis. We also show that interest rate caps reduced the signaling effects of monetary policy. These suggest that (1) the adverse effects could largely be avoided if the ceiling was high enough to facilitate lending to higher‐risk borrowers and (2) alternative policies could be preferable to address concerns about the high cost of credit.     

News Media and Corporate Representation of CSR in India

Applying stakeholder theory in an international context, this study examined how Indian news media and corporations communicatively define corporate social responsibility (CSR) and the relationship between their narratives. Content analysis of 242 news articles and 200 corporate websites shows that although there are signs of a progressive CSR attitude, the news media and corporate discourse are still ignoring current issues and challenges relevant to Indian society. However, there were also indicators of tensions between moral and strategic intent, as well as intrinsic and extrinsic motivations that previous studies have argued should define CSR in the Indian context. Implications for international CSR research and practice in the context of sociocultural and media environment are discussed.     

Changing views of organization

This paper identifies and compares four views of organizations: traditional, bureaucratic, human organization, and the organizational system. These are described as having differing strengths and weaknesses in terms of their scientific bases, technological sophistication, ideological acceptance, and degree of institutionalization. Their futures as social technologies are projected in terms of specialization and complementarity. No view is seen as excelling in all features and, thereby, dominating the future. New views are viewed as exhibiting continuity as well as conflict with those of the past.     

Bill-and-keep and the economics of interconnection in next-generation networks

As telecommunications networks are being transformed into all-IP, next-generation networks (NGNs), interconnection is attracting renewed regulatory debate. Next-generation features suggest that interconnection regimes developed for the internet or for traditional telephony networks are unlikely to be suitable in most NGN contexts. Efficient NGN interconnection will take advantage of NGNs’ technical possibilities (e.g., session control), facilitate their operational requirements (e.g., quality-of-service differentiation) and accommodate their service versatility. We discuss the application of alternative interconnection charging models (with a particular focus on bill-and-keep) by applying the main lessons from the interconnection literature in a framework designed for the practical needs of regulators. We show that in NGNs – as well as in other networks – there is no single interconnection charging model that maximizes economic efficiency in all circumstances. Finally, we discuss the implications for regulatory policy towards NGN interconnection.     

Qualified audit opinions and stock prices: Information content,announcement dates,and concurrent disclosures

We investigate whether announcements of ‘subject to’ audit opinions and disclaimers of opinions affect stock prices. The results indicate that many firms experience negative abnormal performance prior to the release of qualified opinions, and that the magnitude of prior abnormal performance differs across types of qualifications. However, there is little evidence of a stock price effect when qualifications are disclosed publicly. It is difficult to construct powerful tests of the announcement effect of a qualified opinion for three reasons. First, the announcement date of the qualification is not easily identified. Second, measuring the unanticipated component of the announcement requires a model of market expectations. Third, controls must be employed for concurrent disclosures. The problems concerning event date identification have ramifications for other accounting event studies, particularly studies of disclosures typically contained in the annual report or 10-K.