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Uncovering the Hidden Transaction Costs of Market Power: A Property Rights Approach to Strategic Positioning 揭示市场支配力的隐性交易成本:从产权视角看战略定位
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-09-28 DOI: 10.2139/ssrn.3044609
Kirsten Foss, N. Foss, Peter G. Klein
{"title":"Uncovering the Hidden Transaction Costs of Market Power: A Property Rights Approach to Strategic Positioning","authors":"Kirsten Foss, N. Foss, Peter G. Klein","doi":"10.2139/ssrn.3044609","DOIUrl":"https://doi.org/10.2139/ssrn.3044609","url":null,"abstract":"A central construct in competitive strategy research is market power, the ability to raise price above marginal cost. Positioning research focuses on attempts to build, protect, and exercise market power. However, this approach contains hidden assumptions about transaction costs. Parties made worse off by the exercise of market power can negotiate, bargain, form coalitions, and otherwise contract around the focal firm's attempts to appropriate monopoly profits—depending on transaction costs. We build on property rights economics to explain how transaction costs affect positioning and offer propositions about successful positioning in an environment with transaction costs.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120843975","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: 5
Modeling Ideal Customer Profile for Maximum Return on Investment 建立理想客户档案以获得最大的投资回报
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-08-10 DOI: 10.2139/ssrn.3670461
Bhushan Ekbote
{"title":"Modeling Ideal Customer Profile for Maximum Return on Investment","authors":"Bhushan Ekbote","doi":"10.2139/ssrn.3670461","DOIUrl":"https://doi.org/10.2139/ssrn.3670461","url":null,"abstract":"Thought leaders with marketing and sales acuity who have witnessed the positive evolution of sales systems readily agree that B2B Companies where appropriate use of Ideal Customer Profile (ICP) techniques is enshrined in company policy perform better in difficult and highly competitive markets. However, an accurate implementation of standard ICP methods is enhanced by sound application of simple Mathematical Models. In this paper, I explain ICP best practices and present my exposition of marketing models for Total Addressable Market Database as it relates to crucial territory segmentation and sales coverage.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131727439","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: 0
Cream Skimming: Innovations in Insurance Risk Classification and Adverse Selection 奶油脱脂:保险风险分类与逆向选择的创新
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-08-04 DOI: 10.1111/RMIR.12102
David A. Cather
{"title":"Cream Skimming: Innovations in Insurance Risk Classification and Adverse Selection","authors":"David A. Cather","doi":"10.1111/RMIR.12102","DOIUrl":"https://doi.org/10.1111/RMIR.12102","url":null,"abstract":"We demonstrate how innovations in insurance risk classification can lead to adverse selection, or cream skimming, against insurers that are slow to adopt such pricing innovations. Using a model in which insurers with insufficient pricing data cannot differentiate between low‐ and high‐risk policyholders and therefore charge both the same premium, we show how innovative insurers develop new risk classification data to identify overcharged low‐risk policyholders and attract them from rival insurers with reduced prices. Less innovative insurers thus insure a growing percentage of high‐risk customers, resulting in adverse selection attributable to their informational disadvantage. Next, we examine two cases in which “Big Data” innovations in risk classification led to concerns about cream skimming among U.S. auto insurers. First, we track the rapid adoption of credit‐based insurance scores as pricing variables in personal auto insurance markets. Second, we examine the growing popularity of usage‐based insurance programs like telematics, plans in which insurers use data on policyholders’ actual driving behavior to set prices that attract low‐risk customers. Issues associated with the execution of such pricing strategies are discussed. In both cases, we document how rival insurers quickly adopt successful innovations to reduce their exposure to adverse selection.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117324520","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: 15
Земля Для Людей (Land for the People) Земля Для Людей(人民的土地)
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-07-01 DOI: 10.2139/SSRN.3090400
Natalia Shagaida, V. Alakoz
{"title":"Земля Для Людей (Land for the People)","authors":"Natalia Shagaida, V. Alakoz","doi":"10.2139/SSRN.3090400","DOIUrl":"https://doi.org/10.2139/SSRN.3090400","url":null,"abstract":"<b>Russian Abstract:</b> Земля — основа территориально-экономического, пространственного развития страны. Доступ к ней, гарантии прав собственности, устанавливаемые ограничения и обременения, существенно влияют на развитие экономики и удовлетворение общественных интересов. Она, являясь одним из важнейших источников и инструментов развития, до сих пор остается в России ресурсом, который используется с недостаточной отдачей, более того — часто превращается в барьер на пути устойчивого роста и повышения благосостояния страны, регионов и ее граждан. Земля так и не стала экономическим активом, в сфере земельных отношений не обеспечены гарантии прав добросовестных собственников и пользователей. При обширных неиспользуемых земельных ресурсах сохраняются неоправданные барьеры доступа к земле (дефицит участков при изобилии земли); государство и общество не владеют достаточной и адекватной информацией о состоянии земельного фонда. Без формирования продуманной земельной политики и изменений в сфере земельных отношений невозможно рассчитывать на то, чтобы земля стала драйвером экономического развития страны. <b>English Abstract:</b> Russian land is one of the sources and instruments of Russian development, but it remains a resource which is still used insufficiently, moreover — it often turns into a barrier for sustainable growth. The land didn't become an economic asset, the property rights of owners and users are not provided; the state and society don't possess sufficient and relevant information about the land fund.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116957438","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: 6
More and Better: Resources Defined Through Property and Exchange 更多更好:通过财产和交换来定义资源
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-05-05 DOI: 10.2139/ssrn.2974145
Art Carden
{"title":"More and Better: Resources Defined Through Property and Exchange","authors":"Art Carden","doi":"10.2139/ssrn.2974145","DOIUrl":"https://doi.org/10.2139/ssrn.2974145","url":null,"abstract":"Whether something is a “resource” emerges from its ability to satisfy wants, which in turn emerges from appropriation and exchange. Without taking an object out of the commons, assuming a right over it, and experimenting, we can’t know how much is “enough, and as good.” Appropriation brings objects into a knowledge-generating process that helps us know what “enough, and as good” means. Egalitarian objections to appropriation are also overstated in that the latecomers rather than the original appropriators are the ones who get to enjoy the cornucopia that a society based on private property and exchange has produced. \u0000I am grateful to my colleague William Collins and our students in a Jan Term 2016 special topics course at Samford University for conversations and discussions that motivated this paper and to Michael Munger, James Otteson, David Schmidtz, and participants in the “Future of Classical Liberalism” conference at the University of Chicago Law School in May 2016 for comments and suggestions. Seminar participants at Hampden-Sydney College, Geoffrey Lea in particular, also provided useful comments, and students in the 2017 version of the aforementioned Jan Term course provided useful comments as the final version of the paper neared completion. All errors are mine.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"133 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134297184","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: 1
Corporate Governance and the Probability of Default 公司治理与违约概率
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-04-01 DOI: 10.1111/acfi.12147
Emma Schultz, Ck Tan, Kathleen Walsh
{"title":"Corporate Governance and the Probability of Default","authors":"Emma Schultz, Ck Tan, Kathleen Walsh","doi":"10.1111/acfi.12147","DOIUrl":"https://doi.org/10.1111/acfi.12147","url":null,"abstract":"We employ Merton's probability of default as a continuous ex-ante measure of the likelihood of firm failure and dynamic panel generalised method of moments to better characterise the relationship between corporate governance and the chance of default. In doing so, we overcome limitations of discrete proxies widely used in previous studies and more completely account for endogeneity issues permeating this area of research. While initial testing designed to facilitate comparison with previous studies suggests a significant relationship between the probability of default and executive pay, board structure and ownership structure, once endogeneity concerns are accounted for, no such relationship remains.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"288 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122301587","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: 29
A Review of the Impact of ICT on Business Firms 信息通信技术对企业的影响综述
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-01-27 DOI: 10.2139/ssrn.2906774
Alaa S Jameel, Mohammed Abdul-Karem, Nooraie Mahmood
{"title":"A Review of the Impact of ICT on Business Firms","authors":"Alaa S Jameel, Mohammed Abdul-Karem, Nooraie Mahmood","doi":"10.2139/ssrn.2906774","DOIUrl":"https://doi.org/10.2139/ssrn.2906774","url":null,"abstract":"The importance of using Information Communication Technology (ICT) such as enterprise resource planning (ERP) and electronic commerce (e-commerce) by business firms cannot be overstated. ICT applications have been the major interest of researchers and practitioners due to the benefits that can be generated from these applications. The purposes of this study are to find the impact of ICT technologies and application on business firms. An intensive literature review has been conducted to identify the trends and patterns of academic researches. Suggestions based on the review have been made. There are gaps in the literature pertaining to the role of ecommerce and ERP. More studies needed to fill the gaps. The finding shows that most of the studies have focused on adoption factors, benefits and barriers of ecommerce rather than using e-commerce in area such as productivity and cost. The relationship between ERP and productivity was found to be significant.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130495840","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: 24
A BIT of Investor Protection: How Bilateral Investment Treaties Impact the Terms of Syndicated Loans 投资者保护:双边投资协定如何影响银团贷款条款
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-01-11 DOI: 10.2139/ssrn.2565136
Veljko Fotak, Haekwon Lee, W. Megginson
{"title":"A BIT of Investor Protection: How Bilateral Investment Treaties Impact the Terms of Syndicated Loans","authors":"Veljko Fotak, Haekwon Lee, W. Megginson","doi":"10.2139/ssrn.2565136","DOIUrl":"https://doi.org/10.2139/ssrn.2565136","url":null,"abstract":"We study the impact of government expropriation risk on the terms of cross-border syndicated loans. By comparing loans by foreign lenders from countries covered by Bilateral Investment Treaties (BITs) to loans from non-covered countries, we isolate and quantify the impact of strengthening property rights against government expropriation on loans. We find that stronger property rights lead to a lower cost of debt, larger loans, larger syndicates, less collateral, and fewer covenants. Results are stronger in countries with a history of government expropriations and robust to methodologies accounting for the endogenous nature of BITs and for the simultaneous determination of loan terms. Our findings persist after the inclusion of other metrics of institutional quality, such as legal origin identifiers and an index of creditor rights.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116227187","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: 6
Legal Pluralism, Property Rights and the Paradigm of Islamic Economics 法律多元主义、产权与伊斯兰经济学范式
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-01-10 DOI: 10.4197/ISLEC.30-1.2
V. Cattelan
{"title":"Legal Pluralism, Property Rights and the Paradigm of Islamic Economics","authors":"V. Cattelan","doi":"10.4197/ISLEC.30-1.2","DOIUrl":"https://doi.org/10.4197/ISLEC.30-1.2","url":null,"abstract":"This article discusses Islamic economics by applying a legal plural approach to property rights: more precisely, it argues that Islamic economics embodies a property theory that is alternative to the conventional one and that this property theory gives rise to a paradigm of economic justice that is unique to Islam. The reasoning proceeds as follows. (§ 1) After introducing its subject-matter, (§ 2) the article reviews the moral approach to Islamic economics, and (§ 3) challenges through legal pluralism the neutrality and universality of conventional property rights, as commonly assumed by law and economics literature. (§ 4) Subsequently, it identifies the uniqueness of Islamic property rights in the light of the distinctive conceptualization of legal, commutative and distributive justice that belongs to Islam. (§ 5) To conclude, the study highlights how the unique paradigm of Islamic economics can contribute to the promotion of a “plural market” in the global economy.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124177849","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: 1
Integration versus Outsourcing with Vertical Linkages 垂直联系下的集成与外包
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2017-01-01 DOI: 10.2139/ssrn.2980869
G. A. Minerva
{"title":"Integration versus Outsourcing with Vertical Linkages","authors":"G. A. Minerva","doi":"10.2139/ssrn.2980869","DOIUrl":"https://doi.org/10.2139/ssrn.2980869","url":null,"abstract":"In the model by Grossman and Helpman (2002) no industry has both vertically integrated and specialized producers in equilibrium. I generalize their model by assuming that final goods producers (irrespective of whether they are vertically integrated with the upstream stage or specialized in the downstream stage only) need a basket of differentiated commodities, in addition to labor, as a fixed requirement for production. I then show the existence of an equilibrium populated simultaneously by vertically integrated and disintegrated firms.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125075319","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: 1
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