发布求助
文献互助 智能选刊 最新文献

Strategy & Microeconomic Policy eJournal最新文献

筛选
英文 中文
Anxiety in the Face of Risk 面对风险时的焦虑
Strategy & Microeconomic Policy eJournal Pub Date : 2015-10-27 DOI: 10.2139/ssrn.2243656
T. Eisenbach, Martin C. Schmalz
{"title":"Anxiety in the Face of Risk","authors":"T. Eisenbach, Martin C. Schmalz","doi":"10.2139/ssrn.2243656","DOIUrl":"https://doi.org/10.2139/ssrn.2243656","url":null,"abstract":"We model an anxious agent as one who is more risk averse with respect to imminent risks than with respect to distant risks. Based on a utility function that captures individual subjects’ behavior in experiments, we provide a tractable theory relaxing the restriction of constant risk aversion across horizons and show that it generates rich implications. We first apply the model to insurance markets and explain the high premia for short-horizon insurance. Then, we show that costly delegated portfolio management, investment advice, and withdrawal fees emerge as endogenous features and strategies to cope with dynamic inconsistency in intratemporal risk-return trade-offs.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115246438","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: 47
Managing the Balance Sheet with Leases 管理租赁资产负债表
Strategy & Microeconomic Policy eJournal Pub Date : 2015-10-25 DOI: 10.2139/ssrn.2114454
K. Cornaggia, Laurel Franzen, Timothy T. Simin
{"title":"Managing the Balance Sheet with Leases","authors":"K. Cornaggia, Laurel Franzen, Timothy T. Simin","doi":"10.2139/ssrn.2114454","DOIUrl":"https://doi.org/10.2139/ssrn.2114454","url":null,"abstract":"We document significantly increased reliance on off-balance-sheet (OBS) lease financing that is inconsistent with economic theory. Specifically, the increase is greatest among non-distressed firms characterized by growth options and high R&D but without obvious tax incentives. We explore alternative incentives and find that (1) OBS leasing enables firms to manage debt covenants limiting debt or capital expenditures, (2) excess OBS leasing is diminished by scrutiny of institutional investors, and (3) firms investigated by the SEC or DOJ for financial misrepresentation exhibit high levels of excess OBS leasing. Overall, we conclude that firms use OBS leases to expand their debt capacity while preserving conservative balance sheets.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116565177","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: 9
Managerial Practices Driving Knowledge Creation, Learning and Transfer in Translational Research: An Exploratory Case Study 管理实践推动转化研究中的知识创造、学习和转移:一个探索性案例研究
Strategy & Microeconomic Policy eJournal Pub Date : 2015-09-01 DOI: 10.1111/radm.12081
E. Cremades, Francisco Balbastre-Benavent, Elena Sanandrés Domínguez
{"title":"Managerial Practices Driving Knowledge Creation, Learning and Transfer in Translational Research: An Exploratory Case Study","authors":"E. Cremades, Francisco Balbastre-Benavent, Elena Sanandrés Domínguez","doi":"10.1111/radm.12081","DOIUrl":"https://doi.org/10.1111/radm.12081","url":null,"abstract":"Despite its growing popularity in the biomedical literature, the particular phenomenon of translational research management has not been addressed from an organizational and strategic perspective yet. Our study aims to fill this gap by identifying a set of managerial practices that could influence how knowledge is created, amplified and transferred from biomedical research both to clinical practice and the productive sector. As a result of the theoretical review, we have proposed a preliminary model to guide our empirical work. We have developed an exploratory case study to gather organisational information from an outstanding translational research center. The results obtained from the analysis have allowed us to build an induced model of managerial practices that both affect the creation, integration and transfer of knowledge in the translational research organization studied, as well as derives a set of research propositions. Finally, we present the main academic and managerial implications of the work, together with its limitations and related future research lines.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129673619","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: 9
Sufficient Decisions in Multi-Sided and Multi-Product Markets 多边和多产品市场中的充分决策
Strategy & Microeconomic Policy eJournal Pub Date : 2015-08-20 DOI: 10.2139/ssrn.2469623
A. Alexandrov, Daniel F. Spulber
{"title":"Sufficient Decisions in Multi-Sided and Multi-Product Markets","authors":"A. Alexandrov, Daniel F. Spulber","doi":"10.2139/ssrn.2469623","DOIUrl":"https://doi.org/10.2139/ssrn.2469623","url":null,"abstract":"We show that in many applied economic models, it is possible to reduce the dimensionality of the space of actions to what we call sufficient decisions. We find that for monopoly and oligopoly in multi-sided markets and multi-product markets, the market equilibrium can be transformed into an equivalent market equilibrium in which each firm makes a single decision -- the volume of transactions. The transformation works because profit maximization connects a firm's decisions to each other, and it is often possible to introduce a constraint linking the firm's decisions. For example, the number of facilitated transactions is a sufficient decision for a monopolist in a two-sided market. We also analyze a related distortion, akin to the quality choice distortion by a profit maximizing firm. Our approach is useful for addressing economic questions in multi-sided and multi-product markets using standard intuition, comparative statics, and empirical tools developed for one-dimensional economic models.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128766742","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
Financial Reports Based Proxies for Bargaining Power of Buyers and Sellers 基于财务报告的买方和卖方议价能力代理
Strategy & Microeconomic Policy eJournal Pub Date : 2015-08-09 DOI: 10.2139/ssrn.2650793
C. Hampton, Theophanis C. Stratopoulos
{"title":"Financial Reports Based Proxies for Bargaining Power of Buyers and Sellers","authors":"C. Hampton, Theophanis C. Stratopoulos","doi":"10.2139/ssrn.2650793","DOIUrl":"https://doi.org/10.2139/ssrn.2650793","url":null,"abstract":"The objective of this exploratory analysis is to introduce proxies for the bargaining power of buyers (suppliers) and provide some initial evidence regarding their ability to account for cross sectional variations in profitably measures. We leverage information that is readily available to modern analysts and managers, i.e., SEC filed statements, in order to generate a count of buyers (suppliers) of a focal firm. We argue that as this number is rising the bargaining power of the focal firm’s buyers (suppliers) is declining. Preliminary results based on univariate non-parametric tests indicate that firms ranked high in terms of the suggested proxies, i.e., their buyers (suppliers) have low bargaining power, perform better than their peers which are ranked low on the same proxies.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134319759","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
Moderating Effects of Transformational Leadership between External Team Learning and Research Team Performance Outcomes 变革型领导对外部团队学习与科研团队绩效的调节作用
Strategy & Microeconomic Policy eJournal Pub Date : 2015-06-01 DOI: 10.1111/radm.12091
Vesa Peltokorpi, Mervi Hasu
{"title":"Moderating Effects of Transformational Leadership between External Team Learning and Research Team Performance Outcomes","authors":"Vesa Peltokorpi, Mervi Hasu","doi":"10.1111/radm.12091","DOIUrl":"https://doi.org/10.1111/radm.12091","url":null,"abstract":"A growing body of empirical research examines the effects of external team learning on team performance. While previous studies suggest that external learning activities enhance team performance, the contingencies of such activities have received less research attention. This study examines the moderating effects of transformational team leadership between external team learning and two team performance outcomes: (1) accepted and published articles in peer‐reviewed scientific journals, and (2) project occupancy rate. The study was conducted with 124 research teams. Supporting the hypotheses, the findings show that transformational leadership has a positive moderating effect between external team learning and both team performance outcomes.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124302142","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: 13
On the Interface between Optimal Periodic and Continuous Dividend Strategies in the Presence of Transaction Costs 考虑交易成本的最优周期股利与连续股利策略的界面研究
Strategy & Microeconomic Policy eJournal Pub Date : 2015-04-03 DOI: 10.2139/ssrn.2588037
Benjamin Avanzi, Vincent Tu, Bernard Wong
{"title":"On the Interface between Optimal Periodic and Continuous Dividend Strategies in the Presence of Transaction Costs","authors":"Benjamin Avanzi, Vincent Tu, Bernard Wong","doi":"10.2139/ssrn.2588037","DOIUrl":"https://doi.org/10.2139/ssrn.2588037","url":null,"abstract":"In the classical optimal dividends problem, dividend decisions are allowed to be made at any point in time - according to a continuous strategy. Depending on the surplus process that is considered and whether dividend payouts are bounded or not, optimal strategies are generally of a band, barrier, or threshold type. In reality, while surpluses change continuously, dividends are generally paid on a periodic basis. Because of this, the actuarial literature has recently considered strategies where dividends are only allowed to be distributed at (random) discrete times - according to a periodic strategy.In this paper, we focus on the Brownian risk model. In this context, the optimal continuous and periodic strategies have previously been shown (independently of one another) to be of barrier type. We analyse the interface between continuous and periodic strategies when transaction costs are introduced. In some cases, a hybrid strategy proves optimal. In such a strategy, decisions are allowed to be made either at any time (continuously), or periodically at a lower cost. We show under which combination of parameters a pure continuous, pure periodic or hybrid (including both continuous and periodic dividend payments) barrier strategy is optimal. Results are illustrated.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114811232","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: 11
The Benefits of Adjusting - Estimating the Speed of Adjustment toward a Target Capital Structure on a Cost Basis 调整的好处——在成本基础上估计向目标资本结构调整的速度
Strategy & Microeconomic Policy eJournal Pub Date : 2015-03-01 DOI: 10.2139/ssrn.2235264
Brian Clark
{"title":"The Benefits of Adjusting - Estimating the Speed of Adjustment toward a Target Capital Structure on a Cost Basis","authors":"Brian Clark","doi":"10.2139/ssrn.2235264","DOIUrl":"https://doi.org/10.2139/ssrn.2235264","url":null,"abstract":"I estimate the speed of adjustment toward a target capital structure on a cost basis. Whereas other papers test for mean reversion of leverage ratios, I test for mean reversion in the opportunity cost of being away from a target capital structure. The primary benefit of this approach is that the opportunity cost provides a direct link between changes in capital structure and changes in firm value and allows me to quantify the economic benefit of a given speed of adjustment policy as a percent of firm value. The mean firm saves about 3.3% of total assets by following the estimated speed of adjustment policy of 47.3% vis-a-vis a random financing policy. However, firms would not realize any significant gain (less than 0.40% to total assets) by changing their policy from the observed to a policy of complete adjustment. As such, firms appear to be not only adjusting toward optimal capital structures in a meaningful way but also optimizing the speed at which they adjust.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134101826","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
Localization and Overseas R&D Activity: The Case of Taiwanese Multinational Enterprises in China 本土化与海外研发活动:以在华台资跨国企业为例
Strategy & Microeconomic Policy eJournal Pub Date : 2015-03-01 DOI: 10.1111/radm.12059
Chih‐hai Yang, Kazunobu Hayakawa
{"title":"Localization and Overseas R&D Activity: The Case of Taiwanese Multinational Enterprises in China","authors":"Chih‐hai Yang, Kazunobu Hayakawa","doi":"10.1111/radm.12059","DOIUrl":"https://doi.org/10.1111/radm.12059","url":null,"abstract":"This study investigates the determinants of overseas research and development (R&D) and the influences of various aspects of localization on affiliates' R&D intensity. Using a dataset of Taiwanese multinational enterprises (MNEs) in China, the empirical estimations find that MNEs with a larger firm size, more R&D expenditure, and a higher outward foreign direct investments intensity tend to undertake R&D. Host regions' characteristics, particularly market size and R&D resources, do matter for attracting MNEs to conduct R&D locally. Crucially, affiliates' R&D intensity is related to the degree of localization. The degree of market localization and localization of the R&D network has a positive association with affiliates' R&D intensity. From the perspective of R&D policy, a country with healthy R&D infrastructures helps attract the establishment of R&D labs of MNEs.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127180805","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: 22
Accounting for Business Combinations: Do Purchase Price Allocations Matter? 企业合并会计:购买价格分配重要吗?
Strategy & Microeconomic Policy eJournal Pub Date : 2014-12-24 DOI: 10.2139/ssrn.1984001
Luc Paugam, Pierre Astolfi, Olivier J. Ramond
{"title":"Accounting for Business Combinations: Do Purchase Price Allocations Matter?","authors":"Luc Paugam, Pierre Astolfi, Olivier J. Ramond","doi":"10.2139/ssrn.1984001","DOIUrl":"https://doi.org/10.2139/ssrn.1984001","url":null,"abstract":"This study investigates the informativeness of purchase price allocations (PPAs) that involve fair value estimation of acquired assets and liabilities after a business combination. Using a model capturing the amount of goodwill expected after the initial announcement of an acquisition, we examine how allocation of abnormal levels of purchase price to goodwill (Abnormal Goodwill) affects stock price reaction surrounding the first disclosure of the PPA in SEC filings, and the acquirer’s future performance. From a sample of 308 economically significant U.S. business combinations completed between 2002 and 2011, we document the following results: (1) Abnormal Goodwill is negatively associated with cumulative abnormal returns surrounding the first disclosure of the PPA, (2) there is a stronger negative reaction to Abnormal Goodwill for acquisitions that were already negatively received by market participants when initially announced than for acquisitions that were initially received positively, (3) the frequency and magnitude of goodwill impairment during the three years following completion of the acquisition increases as Abnormal Goodwill increases, and (4) future performance decreases as Abnormal Goodwill increases. Overall, our findings indicate that Abnormal Goodwill is informative regarding the quality of acquisitions. This study contributes to the debate on the usefulness of PPA.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116149731","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: 32
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信