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ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)最新文献

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Feature Overload 功能超载
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-06-01 DOI: 10.2139/ssrn.1856439
Kaifu Zhang, Paddy Padmanabhan
{"title":"Feature Overload","authors":"Kaifu Zhang, Paddy Padmanabhan","doi":"10.2139/ssrn.1856439","DOIUrl":"https://doi.org/10.2139/ssrn.1856439","url":null,"abstract":"Feature overload refers to the phenomenon wherein consumers purchase feature rich products but subsequently don’t use all the features. We try to understand why this occurs as an equilibrium outcome. We focus on two aspects of consumer preference: the uncertainty about feature need and the complexity disutility from too many features. We show that consumer uncertainty creates an option value even if the feature is unused ex-post. In a monopoly setting, the firm offers the feature rich product both to enhance valuation and for pricing reasons. In the later case, feature rich product may be offered even if the overall complexity cost outweighs the option values of additional features. In the competitive case, feature rich product may be offered in two types of equilibria: firms may compete with each other on the number of features, leading to a prisoner’s dilemma situation where both firms offer the feature rich product. Firms may also differentiate on the number-of-feature dimension, therefore engaging in ‘uncertainty based segmentation’. In the later case, competing products use ‘functionality’ and ‘simplicity’ as their respective value propositions, and joint profit is maximized. Interestingly, higher complexity disutility lowers profit in the monopoly case but may raise equilibrium profits in the duopoly case. To provide support on our utility function assumptions, we develop a preference measurement methodology and empirically assess feature need uncertainty in a field study. The empirical results point to both the existence of and the heterogeneity in feature need uncertainty.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128984542","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
Advertisement Cause Sales or Sales Cause Advertisement: A Case of Manufacturing Companies from Fortune 500 广告引起销售还是销售引起广告:以世界500强制造业企业为例
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-05-04 DOI: 10.2139/ssrn.1831108
Sanjeet Singh, G. Sharma, Navdeep Singh Brar
{"title":"Advertisement Cause Sales or Sales Cause Advertisement: A Case of Manufacturing Companies from Fortune 500","authors":"Sanjeet Singh, G. Sharma, Navdeep Singh Brar","doi":"10.2139/ssrn.1831108","DOIUrl":"https://doi.org/10.2139/ssrn.1831108","url":null,"abstract":"Advertising is an important tool of marketing as it helps the business in achieving the competitive advantage by selling its products and overcoming the rivals. Companies spend money on the advertisements in order to make sure that the masses are aware of their products, features and advantages over those of the competitors. The present study builds on the literature already available by studying the linkages between advertisement spending and sales in the case of thirty nine manufacturing companies from the Fortune 500. The data used in the study is the secondary data taken from the annual reports of the companies. The study uses statistical tools including mean, median, std. deviation, regression, kurtosis, skewness and various econometric models. Taking six years data of thirty nine manufacturing companies, we present their descriptive statistics, regression, unit root test, Vector Auto Regressive, and Variance decomposition. Except for Vector Auto Regressive model, rest of the tools used clearly show that there is a significant relationship between advertisement expenditure and sales.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130503160","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
The Law and Finance of Broker-Dealer Mark-Ups 经纪自营商加价的法律与金融
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-04-07 DOI: 10.2139/ssrn.1805131
Allen Ferrell
{"title":"The Law and Finance of Broker-Dealer Mark-Ups","authors":"Allen Ferrell","doi":"10.2139/ssrn.1805131","DOIUrl":"https://doi.org/10.2139/ssrn.1805131","url":null,"abstract":"The prices charged retail customers by broker-dealers for less-liquid, lower-priced securities have been of long-standing regulatory concern. In particular, the National Association of Securities Dealers (succeeded now by the Financial Industry Regulatory Authority) has long had regulations prohibiting broker-dealers from charging excessive “mark-ups” and “mark-downs.” This paper, using a unique dataset generously provided by the National Association of Securities Dealers tracking some 161,635 equity transactions involving fourteen broker-dealers and retail customers in largely less liquid, lower-priced securities over the course of the 2003-2005 period, provides the first comprehensive analysis of the determinants of the mark-ups and mark-downs charged by broker-dealers. In particular, the effect of broker-dealer solicitation, broker-dealer participation in the trade as a principal, stock price volatility, stock price level, trade volume and the bid-ask spread are examined on the size of mark-ups and mark-downs charged. This analysis is placed in the context of the law on mark-ups and mark-downs.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"258 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131955908","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
Intertemporal Price Discrimination in Storable Goods Markets 仓储商品市场的跨期价格歧视
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-04-01 DOI: 10.1257/AER.103.7.2722
Igal Hendel, Aviv Nevo
{"title":"Intertemporal Price Discrimination in Storable Goods Markets","authors":"Igal Hendel, Aviv Nevo","doi":"10.1257/AER.103.7.2722","DOIUrl":"https://doi.org/10.1257/AER.103.7.2722","url":null,"abstract":"We study intertemporal price discrimination when consumers can store for future consumption needs. To make the problem tractable we offer a simple model of demand dynamics, which we estimate using market level data. Optimal pricing involves temporary price reductions that enable sellers to discriminate between price sensitive consumers, who anticipate future needs, and less price-sensitive consumers. We empirically quantify the impact of intertemporal price discrimination on profits and welfare. We find that sales: (1) capture 25-30% of the profit gap between non-discriminatory and third degree price discrimination profits, and (2) increase total welfare.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123400089","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: 176
In Search for Yield? New Survey-Based Evidence on Bank Risk Taking 在寻找收益?基于调查的银行风险承担新证据
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-03-17 DOI: 10.2139/ssrn.1788806
C. Buch, Sandra Eickmeier, Esteban Prieto
{"title":"In Search for Yield? New Survey-Based Evidence on Bank Risk Taking","authors":"C. Buch, Sandra Eickmeier, Esteban Prieto","doi":"10.2139/ssrn.1788806","DOIUrl":"https://doi.org/10.2139/ssrn.1788806","url":null,"abstract":"There is growing consensus that the conduct of monetary policy can have an impact on financial and economic stability through the risk-taking incentives of banks. Falling interest rates might induce a “search for yield” and generate incentives to invest into risky activities. This paper provides evidence on the link between monetary policy and commercial property prices and the risk-taking incentives of banks. We use a factor-augmented vector autoregressive model (FAVAR) for the U.S. for the years 1997-2008. We include standard macroeconomic indicators and factors summarizing information provided in the Federal Reserve’s Survey of Terms of Business Lending. These data allow modeling the reactions of banks’ new lending volumes and the riskiness of new loans. We do not find evidence for a risk-taking channel for the entire banking system after a monetary policy loosening or an unexpected increase in property prices. This masks, however, important differences across banking groups. Small domestic banks increase their exposure to risk, foreign banks lower risk, and large domestic banks do not change their risk exposure.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122352598","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
Pure Exporter: Theory and Evidence 纯粹出口商:理论与证据
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-03-01 DOI: 10.2139/ssrn.1824935
Jiangyong Lu, Yi Lu, Z. Tao
{"title":"Pure Exporter: Theory and Evidence","authors":"Jiangyong Lu, Yi Lu, Z. Tao","doi":"10.2139/ssrn.1824935","DOIUrl":"https://doi.org/10.2139/ssrn.1824935","url":null,"abstract":"This paper provides the first evidence about pure exporters (i.e., firms exporting all of their output to the foreign market) -- a phenomenon overlooked and cannot be explained in the existing literature. It then offers a generalized model of Melitz (2003) for examining the existence and behavior of pure exporters. In particular, pure exporters arise when the export market is sufficiently large -- a situation more likely to hold in developing countries as opposed to large developed countries; and their productivity levels are above those of non-exporters, but below those of firms having both domestic sales and export. These theoretical predictions are borne out in a data of Chinese manufacturing firms for the period of 1998-2005.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129049069","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
Patent Races with Dynamic Complementarity 动态互补的专利竞争
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-02-23 DOI: 10.2139/ssrn.1781000
A. Blasco
{"title":"Patent Races with Dynamic Complementarity","authors":"A. Blasco","doi":"10.2139/ssrn.1781000","DOIUrl":"https://doi.org/10.2139/ssrn.1781000","url":null,"abstract":"Recent models of multi-stage R&D have shown that a system of weak intellectual property rights may lead to faster innovation by inducing firms to share intermediate technological knowledge. In this article I introduce a distinction between plain and sophisticated technological knowledge, which has not been noticed so far but plays a crucial role in determining how different appropriability rules affect the incentives to innovate. I argue that the positive effect of weak intellectual property regimes on the sharing of intermediate technological knowledge vanishes when technological knowledge is sophisticated, as is likely to be the case in many high tech industries.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115158180","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
Syndicated Loans: The Role of Covenants in Mitigating Lender Disagreements 银团贷款:契约在减轻贷方分歧中的作用
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2011-02-15 DOI: 10.2139/ssrn.1786141
N. Dass, Vikram Nanda, Qinghai Wang
{"title":"Syndicated Loans: The Role of Covenants in Mitigating Lender Disagreements","authors":"N. Dass, Vikram Nanda, Qinghai Wang","doi":"10.2139/ssrn.1786141","DOIUrl":"https://doi.org/10.2139/ssrn.1786141","url":null,"abstract":"We study the role of covenants in syndicated bank loans. We argue that, in addition to being a device for monitoring the borrower, covenants can help mitigate conflicts of interest between the lead-arranger and participating banks in the syndicate. Such disagreements can arise when, for instance, a lead-arranger has the incentive to support a poorly performing borrower and offer loan modification – while other syndicate lenders do not. We develop a simple model and find empirical support for its predictions that covenants are less likely to be present: (i) in non-syndicated versus syndicated loans; (ii) when the lead's loan allocation is greater and (iii) when participating bank affiliates hold substantial equity in the borrower. Consistent with this evidence, we find that lead arrangers are more likely to syndicate with banks that hold borrower equity through affiliated entities.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127054614","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: 4
Supplier-Customer Relationships and the Interactions Between Inventories and Trade Credit 供应商-客户关系和库存与贸易信用之间的相互作用
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2010-10-21 DOI: 10.2139/ssrn.1695321
Ydriss Ziane, Simona Mateut, P. Mizen
{"title":"Supplier-Customer Relationships and the Interactions Between Inventories and Trade Credit","authors":"Ydriss Ziane, Simona Mateut, P. Mizen","doi":"10.2139/ssrn.1695321","DOIUrl":"https://doi.org/10.2139/ssrn.1695321","url":null,"abstract":"Our paper focuses on testing the advantages in controlling the buyer and salvaging goods supplied where we have information on the nature of the transacted good and information on the inventory of buyers and sellers. We find transactions in specialized goods tend to be conducted more often using trade credit, but willingness to extend trade credit also depends on the ability of the firm to resell goods when demand is uncertain and on inventory costs. The advantages in salvage of goods is also limited by the extent to which goods have been processed by the receiving firm. These findings are derived from 82,000 French firms in four sectors over the period 1999-2007. Our results confirm the findings of the existing literature based on US and UK data, while also giving more support to the inventory transactions cost motive for firms with specialized goods.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"82 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124455390","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: 8
Performance Implications of the Corporate Downsizing Strategy 企业裁员策略对绩效的影响
ERN: Firm Behavior; Transaction Costs; Property Rights (Topic) Pub Date : 2010-10-21 DOI: 10.2139/ssrn.1695416
M. Mangaliso, J. Culhane
{"title":"Performance Implications of the Corporate Downsizing Strategy","authors":"M. Mangaliso, J. Culhane","doi":"10.2139/ssrn.1695416","DOIUrl":"https://doi.org/10.2139/ssrn.1695416","url":null,"abstract":"As U.S. corporations have sought remedies to the ills of the 1980s era of diversification through conglomeration, “restructuring” or “reengineering” has become a management buzzword. Equally significant has been the exponential growth of the extant literature on the subject. The objective of this paper is to explore the antecedents to the restructuring phenomenon, review current thought and interpretation of the process, and propose often-unanticipated organizational consequences profoundly impacting the productivity of the firm. A set of five propositions is suggested and the implications for management are discussed.","PeriodicalId":224966,"journal":{"name":"ERN: Firm Behavior; Transaction Costs; Property Rights (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124063673","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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