Managerial and Decision Economics最新文献_第4页

Decision-Making in M&A Under Market Mispricing: The Role of Deep Learning Models 市场错误定价下的并购决策：深度学习模型的作用

IF 2.7 3区经济学

Managerial and Decision Economics Pub Date : 2025-04-04 DOI: 10.1002/mde.4533

Yuxuan Tang

{"title":"Decision-Making in M&A Under Market Mispricing: The Role of Deep Learning Models","authors":"Yuxuan Tang","doi":"10.1002/mde.4533","DOIUrl":"https://doi.org/10.1002/mde.4533","url":null,"abstract":"<p>In the ever-evolving landscape of financial markets, mergers and acquisitions (M&A) play a pivotal role in shaping the corporate ecosystem. However, the presence of market mispricing, driven by various factors such as information asymmetry, behavioral biases, and external shocks, has been a persistent challenge for investors and corporations alike. Understanding the intricate relationship between stock market mispricing and the M&A landscape is crucial for making informed investment decisions and fostering a resilient financial environment. This research explores how stock market mispricing impacts M&A within a fragmented market setting, utilizing deep learning methods to uncover complex patterns and relationships. By analyzing market inefficiencies, the study aims to provide a deeper understanding of how mispricing influences M&A strategies and outcomes. Employing a quantitative descriptive research design, the study gathered valid data through distributed questionnaires, yielding responses from 130 investors and traders, 115 market participants, and 99 regulators and policymakers. The analysis was conducted using the Statistical Package for the Social Sciences (SPSS). Firstly, it establishes the effectiveness of deep learning algorithms in detecting and quantifying stock market mispricing, providing a reliable measure of its extent. The study then explores the differential performance outcomes of companies engaging in M&A during periods of prevalent mispricing compared to those during efficient pricing. The study's novel contribution lies in the introduction of the role of sentiment analysis in deep learning models to incorporate market participants' sentiments, enhancing the accuracy of mispricing detection and its impact on M&A activity. Finally, this research contributes valuable insights into the integration of deep learning techniques in understanding and leveraging stock market mispricing for strategic decision-making in the context of M&A.</p>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 6","pages":"3352-3374"},"PeriodicalIF":2.7,"publicationDate":"2025-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/mde.4533","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144767458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Backward Growth Accounting: An Economic Tool for Strategic Planning of Business Growth 逆向增长会计：企业增长战略规划的经济工具

IF 2.7 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-31 DOI: 10.1002/mde.4519

Ali Zeytoon-Nejad

{"title":"Backward Growth Accounting: An Economic Tool for Strategic Planning of Business Growth","authors":"Ali Zeytoon-Nejad","doi":"10.1002/mde.4519","DOIUrl":"https://doi.org/10.1002/mde.4519","url":null,"abstract":"<p>Business growth is a goal of great importance for its both private and social benefits. Many firms view business growth as an imperative for their survival, stability, and long-term success. Business growth can be socially beneficial, too, as it enables businesses to expand into new territories where they can stimulate economic growth and development, creates more jobs, increase living standards, and better serve their communities by giving back more through Corporate Social Responsibility (CSR) initiatives. Business growth must be planned reasonably and optimally so that it can effectively achieve its critical ambitions in business practice. The current common practices for planning the supply side of business growth are usually ad-hoc and lack well-established mathematical and economic foundations. The present paper argues that business growth planning can be pursued more structurally, reliably, and meaningfully within the framework of Growth Accounting (GA), which was first introduced by Economics Nobel Laureate Robert Solow to study economic growth. It is shown that, although GA was initially put forth as a procedure to explain “economic growth” <i>ex-post</i>, it can similarly be used to plan “business growth” <i>ex-ante</i> when a general backward approach is taken in its procedure—called Backward Growth Accounting (BGA) in this paper. Taking this well-established economic–mathematical approach to planning business growth will enhance the current practices conceptually and structurally, as it is built on the basis of economic logic and mathematical tools. BGA can help businesses identify and plan for key drivers of output growth and assess shortcomings in the growth process, such as poor productivity, inadequate labor utilization, or insufficient capital investment. The paper outlines an eight-step procedure for planning business growth using BGA and includes appendices with real-world examples.C5, D2, L1, M11, M21, O4.</p>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 6","pages":"3296-3317"},"PeriodicalIF":2.7,"publicationDate":"2025-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/mde.4519","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144767978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Industrial Clusters and Vocational Education: Evidence From China 产业集群与职业教育：来自中国的证据

IF 2.7 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-27 DOI: 10.1002/mde.4531

Shudong Yang

引用次数: 0

Family Companionship: How Does Superstition Improve Mental Health? 家庭陪伴：迷信如何改善心理健康？

IF 2.7 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-25 DOI: 10.1002/mde.4530

Yuhao Dai, Qican Wu

{"title":"Family Companionship: How Does Superstition Improve Mental Health?","authors":"Yuhao Dai, Qican Wu","doi":"10.1002/mde.4530","DOIUrl":"https://doi.org/10.1002/mde.4530","url":null,"abstract":"<div>\u0000 \u0000 <p>A large amount of literature has proved that zodiac year superstition has a significant impact on business behaviors such as risk-taking, investment return, and insurance purchase, but the literature on the relationship between zodiac year and psychological state is still limited. This paper draws on epidemiological strategies to construct its research strategy, using data from China to explore the relationship between zodiac years and individual psychological states. Our findings suggest that their mental state improves when a person's family members enter the zodiac. Our empirical regression reveals the mediating mechanism, with collectivism and family cohesion, which belong to the same traditional Chinese culture as the zodiac year, playing an important role. When family members enter the zodiac year, individuals in the zodiac year will reduce their risk preference due to the vigilance of “misfortune” caused by zodiac year superstition. Under the action of collectivism and family cohesion, risks will also be passed through the generations, resulting in the convergence of risk preferences within the family. On the other hand, due to the essential requirements of collectivism and family cohesion, individuals in the zodiac year will reduce their risk preference. Out of concern for the “unlucky” individuals in zodiacal years, other members will choose to go out less and spend more time together and in each other's company. Interactions between family members make them feel less alone, and their mental state improves. These results suggest that cultural beliefs influence individual mental health through collectivism and family cohesion.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 6","pages":"3269-3282"},"PeriodicalIF":2.7,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144768123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Pinpoint the Golden Point: A Moderated Inverted-U Relationship Between Digital Transformation and Business Model Innovation 精确定位黄金点：数字化转型与商业模式创新之间的反向u型关系

IF 2.5 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-19 DOI: 10.1002/mde.4529

Jie Shang, Tao Guo, Xiaozhou Ding

{"title":"Pinpoint the Golden Point: A Moderated Inverted-U Relationship Between Digital Transformation and Business Model Innovation","authors":"Jie Shang, Tao Guo, Xiaozhou Ding","doi":"10.1002/mde.4529","DOIUrl":"https://doi.org/10.1002/mde.4529","url":null,"abstract":"<div>\u0000 \u0000 <p>Despite the growing consensus on the positive value of digital transformation (DT) to business model innovation, there remains a lack of a comprehensive understanding about whether this positive influence can be sustainable. Drawing on the corporate behavioral theory and prospect theory, we examine a combination of dual impact mechanisms of DT on business model innovation, emphasizing the moderating role of aspiration performance gaps (APGs). Using a sample of A-share listed firms in China from 2013 to 2022, we show the dark sides of DT and disclose that DT has an inverted U-shaped relationship with business model innovation. Notably, negative APGs exert a stronger moderating effect than positive APGs, accelerating the attainment of peak business model innovation at a lower degree of DT. We also highlight that the inverted U-shaped relationship shows a lower turning point and a larger opening in the Eastern region compared with that in the whole region; large firms tend to experience the shift from the “bright sides” to the “dark sides” earlier than SMEs. This study clarifies the intrinsic mechanisms between DT and business model innovation, offering practical guidance to avoid the pain points of DT and achieve business model innovation.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 5","pages":"3250-3265"},"PeriodicalIF":2.5,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144214210","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How Does Climate Policy Uncertainty Affect Banks Loan Loss Provisions?—Evidence From China 气候政策的不确定性如何影响银行贷款损失拨备？——来自中国的证据

IF 2.5 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-18 DOI: 10.1002/mde.4511

Yonghui Lian, Jie Li, Feng He

引用次数: 0

Personalized Pricing of an e-Tailer in the Presence of Identity Management 身份管理下的电子零售商个性化定价

IF 2.5 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-15 DOI: 10.1002/mde.4520

Peng Xu, Yibing Wang, Qin Zhang

{"title":"Personalized Pricing of an e-Tailer in the Presence of Identity Management","authors":"Peng Xu, Yibing Wang, Qin Zhang","doi":"10.1002/mde.4520","DOIUrl":"https://doi.org/10.1002/mde.4520","url":null,"abstract":"<div>\u0000 \u0000 <p>Advanced information technology allows e-tailers to impose personalized pricing based on consumer information. However, consumers generally have an aversion to price discrimination and someone even strategically bypasses the tailored price by identity management. This paper constructs a supply chain with one e-tailer and one manufacturer, in which the e-tailer decides whether to impose personalized pricing or uniform pricing. We will study the pricing strategy of the e-tailer and examine the impacts of personalized pricing on the manufacturer, supply chain, consumers, and social welfare. Our analysis reveals that (i) the e-tailer imposes personalized pricing if there is a low proportion of new consumers and imposes uniform pricing otherwise; (ii) the manufacturer has an incentive to subsidize the e-tailer to implement personalized pricing when the proportion of new consumers is medium; (iii) personalized pricing may benefit new consumers and old consumers who bypass the tailored price via identity management, while it always hurts old consumers who purchase with the tailored price. Additionally, we discuss two different cases: endogenous quality and centralized system, finding that (iv) the manufacturer strategically decreases the (product) quality level when the e-tailer imposes personalized pricing; and (v) channel decentralization diminishes the e-tailer's incentive to impose personalized pricing.</p>\u0000 </div>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 5","pages":"3226-3243"},"PeriodicalIF":2.5,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144213839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Effects of Uniform Capacity Constraints on Quantity–Quality Competition 统一产能约束对数量-质量竞争的影响

IF 2.5 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-11 DOI: 10.1002/mde.4522

Pu-yan Nie

引用次数: 0

Trapped by AI Recommendation: How Identity Concerns Reduce Variety-Seeking Behavior 被人工智能推荐所困：身份问题如何减少多样性寻求行为

IF 2.5 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-11 DOI: 10.1002/mde.4524

Zelin Tong, Huilin Liu, Jingdan Feng, Wei Wang, Huizhi Wu, Jilv Xu

引用次数: 0

Revisiting the Fiscal Policy–Income Inequality Nexus in Sub-Saharan Africa: Does Institutional Quality Matter? 重新审视撒哈拉以南非洲的财政政策-收入不平等关系：制度质量重要吗？

IF 2.5 3区经济学

Managerial and Decision Economics Pub Date : 2025-03-11 DOI: 10.1002/mde.4517

Olufemi G. Onatunji

{"title":"Revisiting the Fiscal Policy–Income Inequality Nexus in Sub-Saharan Africa: Does Institutional Quality Matter?","authors":"Olufemi G. Onatunji","doi":"10.1002/mde.4517","DOIUrl":"https://doi.org/10.1002/mde.4517","url":null,"abstract":"<p>The growing imperative to attain equitable income distribution has compelled international organizations and the academic community to make a collaborative commitment towards alleviating the escalating income inequality experienced worldwide. While there has been a notable development of interest among scholars regarding the nexus between fiscal policy and income inequality, the empirical scrutiny on the contributing role of fiscal policy and institutional quality remains scant in the literature. The present study complements the existing literature by investigating the tripartite nexus between fiscal policy, institutional quality, and income inequality in SSA, which has received no empirical attention in the literature. This study utilizes an advanced econometric technique, the cross-sectional autoregressive distributed lag (CS-ARDL) approach, which addresses cross-sectional dependency and heterogeneity issues for the panel dataset during 1990–2015. The empirical results demonstrate that economic growth, population growth, and government tax exacerbate income inequality, whereas education, government expenditure, and institutional quality metrics mitigate income inequality in SSA countries in the short and long run. The findings also indicate that the performance of institutional quality settings in SSA is significant for fostering efficient fiscal policy, thus improving equitable income distribution. These findings offer substantial, valuable insights and policy implications for policymakers in SSA, which may inform the design and formulation of sustainable development strategies to achieve equitable income distribution.</p>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"46 5","pages":"3172-3188"},"PeriodicalIF":2.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/mde.4517","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144213914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0