E-Business Transformation via Alliance Clusters

The number of firms using alliances as part of their corporate venturing or market entry strategies has surged over the past decade. Three common reasons cited for pursuing alliances are technology convergence, market access and alliance partners' complementary resources. This paper contrasts the alliance strategies of HP and IBM, two major competitors in electronic services (i.e. Internet-based 'e- service') businesses, using the Familiarity Matrix as a display tool to portray the strategies. Whereas the HP strategy is to attempt to establish its technology infrastructure as the standard e-services infrastructure on the Internet, IBM aims to position its IBM Global Services, rather than its technology, at the center of this ecosystem.     

Renegotiation Design and Contract Solutions to the Hold-Up Problem

Abstract.  This paper surveys the literature on contractual solutions to the hold-up problem which has addressed the issue of how to design the optimal contractual arrangement to achieve efficient investments in the presence of contract incompleteness. Although scholars have argued that renegotiation design is a necessary condition to avoid the hold-up problem, some recent papers have seriously questioned this condition. We mainly show that renegotiation design remains a necessary condition to implement efficient investments.     

A new approach to bad news effects on volatility: the multiple-sign-volume sensitive regime EGARCH model (MSV-EGARCH)

In this paper, using daily data for six major international stock market indexes and a modified EGARCH specification, the links between stock market returns, volatility and trading volume are investigated in a new nonlinear conditional variance framework with multiple regimes and volume effects. Volatility forecast comparisons, using the Harvey-Newbold test for multiple forecasts encompassing, seem to demonstrate that the MSV-EGARCH complex threshold structure is able to correctly fit GARCH-type dynamics of the series under study and dominates competing standard asymmetric models in several of the considered stock indexes.

The implementation mechanisms of voluntary food safety systems

The recent food scares have been the motivation for voluntary programmes on food safety being promoted by public authorities and voluntarily implemented by food operators. In this article, we take into account the nature of the contamination risk to investigate the complementarities between private and public mechanisms for those voluntary systems to be implemented by a firm. We show two main results. First, when the firm directly markets its products to consumers a strong mandatory threat is a sufficient condition to implement voluntary systems whatever the risk of contamination. In contrast, when the mandatory threat is weak voluntary systems should be more implemented in industries where the risk of food contamination is low (pesticide residue) than in industries where the risk of contamination is high (pathogenic contamination). Second, when the risk of food contamination is low and the firm is embedded in a supply chain where the retailer can impose its own safety system, a well-designed penalty contract will induce a voluntary implementation whatever the mandatory threat.     

A consumer-based model of authenticity: An oxymoron or the foundation of cultural heritage marketing?

This study examines the relevance and conceptualizations of the authenticity concept in cultural tourism from the managerial standpoint. We propose a consumer-based model in which authenticity is a key mediating construct between cultural motivation and loyalty. The model is empirically examined by means of a survey conducted on 25 Romanesque heritage sites in four European countries. A confirmatory factor analysis and structural equation modeling were performed using LISREL 8.72. The results indicate that cultural motivation is an important antecedent of both object-based and existential authenticity, which in turn influence tourist loyalty. Theoretical, managerial and marketing implications of authenticity are discussed, showing that the consumer-based perspective can transcend some 'irreconcilable tensions' related to this concept.     

E-Business Transformation via Alliance Clusters

The number of firms using alliances as part of their corporate venturing or market entry strategies has surged over the past decade. Three common reasons cited for pursuing alliances are technology convergence, market access and alliance partners' complementary resources. This paper contrasts the alliance strategies of HP and IBM, two major competitors in electronic services (i.e. Internet-based 'e- service') businesses, using the Familiarity Matrix as a display tool to portray the strategies. Whereas the HP strategy is to attempt to establish its technology infrastructure as the standard e-services infrastructure on the Internet, IBM aims to position its IBM Global Services, rather than its technology, at the center of this ecosystem.     

Factors of broadband development and the design of a strategic policy framework

The paper analyses the household use of broadband technology and services in EU countries in an attempt to find the main reasons which explain the differences seen among countries. With the use of factor analysis, the underlying factors are identified as: (1) enablers and means; (2) the use of services; and (3) the ICT sector's development. Based on these findings, a two-dimensional framework that enables the classification of policy actions depending on the influencing factor and type of influence is developed. The framework can be used to analyse what is the appropriate set of policies at the national and regional governmental levels leading towards the better diffusion of new broadband (BB) technologies and services.     

BUY‐LOW AND SELL‐HIGH INVESTMENT STRATEGIES

Buy‐low and sell‐high investment strategies are a recurrent theme in the considerations of many investors. In this paper, we consider an investor who aims at maximizing the expected discounted cash‐flow that can be generated by sequentially buying and selling one share of a given asset at fixed transaction costs. We model the underlying asset price by means of a general one‐dimensional Itô diffusion X , we solve the resulting stochastic control problem in a closed analytic form, and we completely characterize the optimal strategy. In particular, we show that, if 0 is a natural boundary point of X , e.g., if X is a geometric Brownian motion, then it is never optimal to sequentially buy and sell. On the other hand, we prove that, if 0 is an entrance point of X , e.g., if X is a mean‐reverting constant elasticity of variance (CEV) process, then it may be optimal to sequentially buy and sell, depending on the problem data.     

China's financialized soybeans: The fault lines of neomercantilism narratives in international food regime analyses

Neomercantilism is commonly portrayed as a central mechanism of China's global agribusiness engagement. It implies reordering the international food regime by moving away from financial and trade liberalization and securing stable import supplies and price controls under state support. However, this article raises an alternative interpretation through an empirical-rich investigation of the prominence of the state-owned China Oil and Foodstuffs Corporation (COFCO) in the soybean commodity chain. The article draws upon analyses of the Chinese state and international food regime to demonstrate that recent changes in state-capital relations during the Xi Jinping administration propelled forms of capital accumulation based on financial speculation and shareholder values. I conclude that state-driven internationalization has placed Chinese agribusiness in an advantageous position within global finance rather than challenging it through agrarian neomercantilist strategies.