Organizations & Markets eJournal最新文献_第4页

Entry Deterrence and Experimentation under Demand Uncertainty 需求不确定性下的进入威慑与实验

Organizations & Markets eJournal Pub Date : 2009-05-05 DOI: 10.2139/ssrn.1151837

Neelam Jain

引用次数: 0

Hidden Action Principal-Agent Problems with Endogenous Signal Precision 具有内生信号精度的隐行为委托代理问题

Organizations & Markets eJournal Pub Date : 2009-05-01 DOI: 10.2139/ssrn.1273456

Priyodorshi Banerjee

引用次数: 0

Laying Off Credit Risk: Loan Sales versus Credit Default Swaps 消除信用风险:贷款销售与信用违约互换

Organizations & Markets eJournal Pub Date : 2009-04-23 DOI: 10.2139/ssrn.1262885

Christine A. Parlour, Andrew Winton

引用次数: 222

Piracy or Promotion? The Impact of Broadband Internet Penetration on Dvd Sales 盗版还是促销?宽带互联网的普及对Dvd销售的影响

Organizations & Markets eJournal Pub Date : 2009-04-01 DOI: 10.2139/ssrn.918240

Michael D. Smith, Rahul Telang

{"title":"Piracy or Promotion? The Impact of Broadband Internet Penetration on Dvd Sales","authors":"Michael D. Smith, Rahul Telang","doi":"10.2139/ssrn.918240","DOIUrl":"https://doi.org/10.2139/ssrn.918240","url":null,"abstract":"The Internet provides copyright holders with new sales and promotional channels for their content, while also providing consumers with new opportunities to illegally obtain free copies of this content. Unfortunately, disentangling these two effects is extremely difficult. In this paper we attempt to disentangle these two effects by applying fixed effects and first difference models to a new dataset quantifying changes in broadband Internet penetration and DVD sales at a local level from 2000 to 2003. We then compare our results to those reported in Liebowitz (2008), who uses similar models in a similar time period on a similar product category: music CDs. Unlike Liebowitz, who finds a strong negative impact of broadband penetration on music sales, our results show that increased broadband penetration leads to a significant increase in DVD sales. Using the most conservative results, 9.3% of the $14.1 billion increase in DVD sales during our study period can be attributed to increased broadband penetration. One interpretation of these results is that the difference arises from differences in the ability to pirate these two types of content: while Internet music piracy was easy and rampant from 2000 to 2003, Internet movie piracy was difficult and of generally low quality in this time period. If this interpretation is true it would suggest that, in the absence of piracy, the Internet has an overall strong positive impact on media sales.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117193560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 123

Physical Modeling of Economic Systems: Classical and Quantum Economies 经济系统的物理建模:经典和量子经济

Organizations & Markets eJournal Pub Date : 2009-03-28 DOI: 10.2139/ssrn.1304630

A. Kondratenko

引用次数: 6

Corporate Governance and Executive Perquisites: Evidence from the New SEC Disclosure Rules 公司治理与高管特权:来自SEC新披露规则的证据

Organizations & Markets eJournal Pub Date : 2009-03-17 DOI: 10.2139/ssrn.1268087

Angela Andrews, S. Linn, Han Yi

{"title":"Corporate Governance and Executive Perquisites: Evidence from the New SEC Disclosure Rules","authors":"Angela Andrews, S. Linn, Han Yi","doi":"10.2139/ssrn.1268087","DOIUrl":"https://doi.org/10.2139/ssrn.1268087","url":null,"abstract":"The Securities and Exchange Commission (SEC) amended its rules on executive compensation disclosure in 2006 to provide more transparent disclosures to investors regarding stealth compensation items (e.g., executive perks and pensions). In order to shed additional light on the mixed results from prior research, we re-examine 608 S&P 1500 firms' 2007 proxy statements to determine if executive perquisites reflect agency problems (Yermack 2006) or whether they serve a legitimate purpose (Rajan and Wulf 2006). Consistent with the agency cost argument, we find that firms with weak corporate governance are more likely to award perquisites to executives. In additional tests, we document that weakly governed firms that hid large amounts of CEO perquisites prior to the new rules experienced a negative market reaction after their proxy statements were released, and that a small number of firms with abnormally high CEO compensation prior to the new rules reduced or eliminated perquisite programs following the new rules. These results suggest that the SEC's expanded disclosure requirements are informative and useful to capital market investors in their attempts to detect the misappropriation of firm resources by weakly governed firms, but that the expanded SEC requirements have been politically costly for some firms.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123845451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 25

Accounting in Networks: The Transaction Cost Economics Perspective 网络中的会计:交易成本经济学视角

Organizations & Markets eJournal Pub Date : 2009-03-16 DOI: 10.4324/9780203854310-20

S. Anderson, H. Dekker

引用次数: 25

Trust Me, it is High Trust: A Note on Trust Measurement 相信我，这是高信任:关于信任测量的笔记

Organizations & Markets eJournal Pub Date : 2009-03-13 DOI: 10.2139/ssrn.1113044

Christian Lukas

引用次数: 1

Returns Post Catastrophe Induced Seasoned Equity Offerings of Property and Casualty Insurance Companies 巨灾后财产和意外伤害保险公司的经验丰富的股票发行回报

Organizations & Markets eJournal Pub Date : 2009-03-01 DOI: 10.2139/ssrn.1138026

Qingyi (Freda) Song Drechsler

{"title":"Returns Post Catastrophe Induced Seasoned Equity Offerings of Property and Casualty Insurance Companies","authors":"Qingyi (Freda) Song Drechsler","doi":"10.2139/ssrn.1138026","DOIUrl":"https://doi.org/10.2139/ssrn.1138026","url":null,"abstract":"This paper examines returns post seasoned equity offerings (SEO) of property and casualty (PC) insurance companies traded in U.S. between 1981 and 2006. In addition to the return analysis post regular SEO, the unique feature of catastrophe-induced SEO are studied in detail. Modified event study approach is applied to examine the short term return performance, while matching-firm (or industry index) methodology is used to study the long term performance. We do not observe significant long term underperformance compared to the matching firms benchmarks, as is recorded in the finance literature studying SEO across industries. Probit analysis reveals that PC insurers who choose to conduct SEO post major catastrophes display different characteristics than the firms who choose not to. Insurers with CAT induced SEO tend to display either higher leverage level or higher profitability, as the capital raised through SEO is used either to restore capital to survive the financial distress, or on the other end of the spectrum, to expand market share in the profitable hard market following catastrophes. Investors are found to be capable of distinguishing the motivations behind the decision of catastrophe induced SEO, by analyzing firm characteristics as well as stock return performances between the hit of catastrophe events and the SEO date, and use it to assess the value of stocks post SEO accordingly.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"197 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116502501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Systemic Risk and Liquidity in Payment Systems 支付系统中的系统性风险和流动性

Organizations & Markets eJournal Pub Date : 2009-03-01 DOI: 10.2139/ssrn.1297363

Gara M. Afonso, H. Shin

引用次数: 19