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This paper examines the market reaction to three different events related to allegations of price-fixing: the initial charges, the firm's plea, and the resolution of the case. Negative, risk-adjusted shareholder returns are associated with the initial charge of price-fixing, while mixed results are observed during the two days immediately after the plea. The ultimate resolution of the case appears to be anticipated by the market. The overall decline in shareholder wealth from all three events combined is about 5 percent. These results suggest that shareholders are at least partial beneficiaries of price-fixing and that the presumption of an agency problem may be incorrect. 相似文献
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This paper presents an analysis of the shareholder wealth effect of voluntary corporate liquidation, the extreme form of corporate divestiture classified as a “selloff.” For a sample of 37 firms that liquidated during the 1970–1982 period, the liquidation announcement is associated with statistically and economically significant stock price increases. 相似文献
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Do native and invasive labels affect consumer willingness to pay for plants? Evidence from experimental auctions 总被引:1,自引:0,他引:1
Ornamental plant sales have been identified as an important vector for the introduction of invasive plants. Increased concerns about the economic and ecological costs of invasive plants have spawned interest in identifying strategies to curtail introductions. One possible strategy is labeling plants based on whether they are invasive or native. The primary purpose of this paper was to explore how labeling plants based on invasive and native attributes might affect consumer demand. To accomplish this objective, a second price auction was used to elicit the willingness to pay (WTP) for plants with and without labels. On average, we found a $0.35 premium for plants labeled as noninvasive and native and a $1.01 to $1.66 discount for plants labeled as invasive. The size of these premiums and discounts differed in relation to various demographic, attitudinal, and preference‐related factors. Overall, our results suggest that labeling plants as invasive or native could be a viable strategy for reducing the introduction of invasive plants. 相似文献
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Over the period from 1981 through 1999, we investigate the relationship between bankcard delinquencies and key macroeconomic
variables. Changes in the proportion of accounts in default are statistically related to the consumer debt ratio. When the
delinquency rate is calculated based on the number of dollars outstanding, it is related to the total amount of revolving
debt. We also find evidence consistent with a pattern of selective default behavior, in which consumers will default on bankcard
debt before defaulting on other types of installment loans. 相似文献
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Terrance G. Weatherbee 《Human Resource Management Review》2010,20(1):35-44
The misuse of information and communications technology (ICTs) in the workplace is a growing problem that is expected to continue to trend upward. The consequences of this form of behaviour range from minor outcomes with little impact, to more serious outcomes with significant negative impacts to individuals, groups, and even for entire organizations. Research into technologically mediated counterproductive behaviour has lagged behind the phenomena, remains limited in scope, and is conducted in disciplinary and theoretical isolation. Conceptual clarity and theoretical synthesis are viewed as critical steps for enabling a strong program of research into this new counterproductive domain. This article proposes a potential approach for fostering conceptual clarity and identifies the necessity for a theoretical model to facilitate future investigation. 相似文献
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The learning process between supply chain entities is explored from the perspective of senior third‐party executives. Through grounded theory, a theoretical framework emerged that extends our understanding of learning within a supply chain by identifying the major constructs and learning stages comprising the basic social process of inter‐organizational learning. This framework provides significant insights into the complex process employed in a supply chain to share, disseminate, and store information; co‐create knowledge; and to derive a competitive advantage. 相似文献
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Abstract: Overvalued equity provides a strong incentive for managers to report earnings that do not disappoint the market ( Jensen, 2005 ). We find that this can be extended to highly valued equity more generally. In the year following the classification as highly valued and compared to firms with less extreme valuations, highly valued firms have significantly higher discretionary accruals and exhibit a more pronounced positive association between discretionary accruals and proxies for the likelihood of failing to meet earnings targets. These findings are consistent with the use of discretionary accruals to manage earnings in support of extreme valuation. Because highly valued equity will likely result in CEOs with valuable stock and stock option portfolios, we test whether and show that the overvalued equity incentive is incremental to a CEO's equity portfolio incentive. One implication is that directors and audit committees should be especially on guard for possible earnings management when a firm has extremely high valuation multiples and when the CEO has a lot of equity at risk. 相似文献