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1.
We study how the impact of capabilities for performance is contingent upon the environment. Using a novel dataset of information security start‐ups, we study how markets for technology change the relative impact of technology and marketing capabilities on performance. Since internal technical effort enables firms to generate technology inputs instead of acquiring them from the market (substitute), a greater supply of technology diminishes the importance of technical ability as a source of competitive advantage. Moreover, since marketing capability complements technology inputs, a greater supply of technology enhances the impact of marketing capability on performance. Copyright © 2011 John Wiley & Sons, Ltd. 相似文献
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Clifford Smith David Ikenberry Arun Nayar Jon Anda Henry McVey Bennett Stewart 《实用企业财务杂志》2020,32(1):92-107
A group of distinguished finance academics and practitioners discuss a number of topical issues in corporate financial management: Is there such a thing as an optimal, or value‐maximizing, capital structure for a given company? What proportion of a firm's current earnings should be distributed to the firm's shareholders? And under what circumstances should such distributions take the form of stock repurchases rather than dividends? The consensus that emerges is that a company's financing and payout policies should be designed to support its business strategy. For growth companies, the emphasis is on preserving financial flexibility to carry out the business plan, which means heavy reliance on equity financing and limited payouts. But for companies in mature industries with few major investment opportunities, more aggressive use of debt and higher payouts can add value both by reducing taxes and controlling the corporate free cash flow problem. In such cases, both leveraged financing and cash distributions through dividends and stock buybacks signal management's commitment to its shareholders that the firm's excess cash will not be wasted on projects that produce low‐return growth that comes at the expense of profitability. As for the choice between dividends and stock repurchases, dividends provide a stronger commitment to pay out excess cash than open market repurchase programs. Stock buybacks, at least of the open market variety, preserve more flexibility for companies that want to be able to capitalize on unpredictable investment opportunities. But, as with the debt‐equity decision, there is an optimal level of financial flexibility: too little can mean lost investment opportunities, but too much can lead to overinvestment. 相似文献
3.
Open-market repurchase programs do not allow for precise estimates of share buy-back intensity to measure liquidity effects. To circumvent the uncertainty surrounding the quantity and timing of shares truly acquired in repurchase programs and to measure their long-term impact, we examine Dutch auctions and fixed-price tender offers. We investigate both the temporary and permanent liquidity effects of share repurchase programs and find that the improvement in liquidity is transitory and limited to the tender period when the firm's offer to repurchase shares is outstanding. Improvements in liquidity over longer intervals appear to be the result of an overall price improvement and a reduction in volatility rather than the result of structural change in market dynamics. 相似文献
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Prior research shows that short-sale restrictions during an IPO lead to higher aftermarket prices. Using this and heterogeneous expectations on the factor pricing coefficient, our model sheds additional light on the impact of the short-selling constraint. Like prior research, short-sale restrictions in the IPO market lead to higher aftermarket prices. Importantly, our model predicts that this constraint leads to a different factor pricing coefficient than the analog under complete markets. Our empirical tests over an extended period of time support the model's predictions. 相似文献
5.
Right person in the right place: How the host country IPR influences the distribution of inventors in offshore R&D projects of multinational enterprises
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Research summary : Prior work has shown that the strength of the intellectual property regime (IPR) in a host country influences offshore R&D to that country. Building on this work we propose that the strength of the IPR in a host country differentially influences the threat of knowledge leakage on projects that are produced for the location where the multinational firm is headquartered (home) versus the offshore location to which the R&D project is sent (host). We argue and show that when the host location has a weak IPR, fewer host inventors are involved in host R&D projects when compared to home R&D projects. We test our hypotheses using a dataset of patents held by US assignees, but coinvented in 43 host locations with differing IPR strength. Managerial summary : Multinational enterprises often cite the weak IPRs at emerging economy host destinations as a significant impediment to offshore R&D activities in those countries, despite the abundant supply of inexpensive scientific talent there. We find that the weak IPR at the host destination is a greater impediment to offshore R&D that is aimed for end use at the host market than for R&D that is aimed for end use globally or in the home market. Since IPRs are local, a weaker IPR at the host location does not protect IP that is relevant to the host market. Since the IPR at the home country is more relevant for technologies aimed at the home market, the IPR at the host country is irrelevant for such R&D projects. Copyright © 2015 John Wiley & Sons, Ltd. 相似文献
6.
Vineet Nayar 《中国人力资源开发》2013,(18):11-11
也许你已经读过很多经典的管理著作,研究过领导力方面的理论,而且可以较为出色地管理现在的团队。但你是否确知自己究竟只是一个优秀的“管理者”(manager)还是一位更高层次的“领导者”(leader)呢?下面三个差异也许可以帮你做这个判断。 相似文献
7.
Nandkumar??Nayar Ajai?K.?Singh Wen?Yu 《Financial Markets and Portfolio Management》2011,25(4):379-409
We examine a sample of Value Line’s timeliness rank upgrades that occur immediately following earnings announcements and find
that pre-event price momentum has significant incremental explanatory power for post-event drift, after controlling for the
level of earnings surprise. Therefore, the stock price drift following Value Line’s timeliness upgrades cannot be viewed as
driven only by the post-earnings announcement drift phenomenon. Instead, these findings indicate that, among other factors,
Value Line has been exploiting the price momentum effect for decades. Black (Financ. Anal. J. 29:10–14, 1973) clearly stated that it does indeed do this, but his assertion has not yet been verified as an explanation of the puzzling
drift that follows Value Line rank upgrades. 相似文献
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We examine the market impact of issuances of public and private debt by firms with sizeable tax loss carryforwards (TLCFs). Public issuances are met with a significantly negative stock price reaction, while private placements are associated with a positive marginally significant stock price reaction. After controlling for asymmetric information proxies, the stock price reaction to the debt issuance is more negative, the larger the TLCF. The evidence suggests that debt financing is suboptimal when issuers have large TLCFs, which in turn, supports the relevance of taxes for debt usage. 相似文献
10.
We examine whether the banking sector within a nation is related to sovereign risk. We hypothesize that more competitive and sophisticated financial systems are less prone to panics or bank runs, and consequently will be associated with superior sovereign credit ratings. Using Ordered Probit with Aggregate Time Effects methodology, our results show that banking sector characteristics such as concentration in the banking system, liquidity of bank assets, and size of financial system are significantly related to sovereign credit ratings. Since the use of these sovereign ratings is ubiquitous in international finance in varied applications such as determination of the cost of international borrowing by governments, international cost of capital for FDI, and others, the relationships identified in this paper have important public policy implications. 相似文献