Strategy & Microeconomic Policy eJournal最新文献

{"title":"Effects of Experience, Task Specific Information, and Risk on Tax Professionals’ Judgments","authors":"Michael L. Roberts, George F. Klersey","doi":"10.2139/ssrn.1905127","DOIUrl":"https://doi.org/10.2139/ssrn.1905127","url":null,"abstract":"This research examines whether (1) less experienced tax accountants exhibit a pro-client bias (a tendency to conclude a client-favorable [unfavorable] outcome is more [less] likely as compared to more experienced tax accountants’ judgments), (2) whether task-specific declarative information (a summary of relevant IRC and Congressional intent) can reduce this bias, and (3) whether tax seniors and managers can make judgments similar to partner experts in a closed-cue judgment situation as suggested by prior research in medical decision making. The results show tax seniors judge taxability significantly less likely when the facts are against the client or neutral than both tax managers and partners. This pro-client bias is significantly reduced when the seniors are provided with relevant declarative information. In contrast, tax managers are able to make taxability judgments similar to the partner experts across all three risk conditions. I discuss implications for training, practice management, and future research.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121580431","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}

{"title":"Understanding Bank Supervisors’ Risk Assessments: The Influences of Market Conditions and Supervisory Standards","authors":"J. O'Keefe, J. Wilcox","doi":"10.2139/ssrn.1966101","DOIUrl":"https://doi.org/10.2139/ssrn.1966101","url":null,"abstract":"A recurring criticism of U.S. bank supervisors is that their standards vary procyclicly with banking and economic conditions. Academic studies of the causes of U.S. banking crises report lapses in bank oversight caused by a pre-crisis period of greater risk tolerance by supervisors. Conversely, post-crisis periods are marked by bankers’ claims of overzealous supervision and tightening of supervisory standards. The 2010 reforms of supervisory standards for bank capital adequacy and liquidity (Basel III) directly address procyclicality in supervision and its effects on credit cycles. We revisit the question of procyclicality in bank supervisors’ standards and find mixed support for the Basel III reforms. Using data on bank supervisors’ safety and soundness assessments of all U.S. FDIC-insured banks between March 1985 and December 2010, as well as information on banks’ financial and macroeconomic conditions, we develop a model of supervisors’ risk assessments of banks — Ratings Rule Model. We use the Model to examine the relationships between changing risk assessments of banks by their supervisors, bank conditions and economic conditions. Specifically, we estimate the marginal effects of changes in explanatory variables of the Ratings Rule Model on banks’ likelihood of receiving high (low) supervisory ratings. We next analyze the marginal effects and test for significant changes in effects between stressful and non-stressful periods for banking markets. Our analysis of the Ratings Rule Model suggests that bank supervisors’ risk assessments have been procyclical in some respects. We find evidence that supervisors’ standards for capital adequacy under pillar II of the Basel Accord have been procyclical in the past — becoming more stringent during periods of banking market stress and less stringent during non-stressful periods. In addition, these changes in supervisory risk tolerances for equity capitalization appear to have had a greater impact on risk assessments of sound, well-managed banks than on weak, poorly managed banks. We find, however, that supervisory standards for capital adequacy did not become more stringent during the current financial crisis (2007–2010). Finally, supervisors’ attitude toward other categories of risk — asset quality, earnings strength, and liquidity — appear to be somewhat countercyclical. In addition to presenting new information on supervisory standards during the current financial crisis, we believe this is the first paper to analyze cyclicality in supervisory standards using the marginal effects of risk factors on banks’ likelihood receiving high (low) supervisory ratings. Hence, we believe this is the first paper to present evidence on the treatment of different risk factors — capital adequacy, asset quality, earnings strength, liquidity and sensitivity to market risk — by supervisors across different types of banks and over banking market cycles.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129123947","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}

{"title":"Typology of the Patent Troll Business","authors":"T. Pohlmann, Marieke Opitz","doi":"10.1111/radm.12003","DOIUrl":"https://doi.org/10.1111/radm.12003","url":null,"abstract":"Patent trolls have many faces, since the media uses this expression in various ways. The patent troll phenomenon thus seems to be an ambiguous term that is discussed in several directions. This paper reveals that a patent troll as such has no distinct shape or appearance. Our analysis redeems a troll classification solely from firms’ market position, such as being non-practicing, and shows that a patent troll business can only be defined by the respective practice to enforce IPR. Using 10 case studies, of which five are treated in detail, the analysis reveals a distinct typology of IPR enforcement mechanisms and suggests a framework to assess the troll business. This paper is furthermore able to identify the nature of troll behavior to be: a) a best practice to enforce IP rights and b) a strategy that may create costs for affected industries. The differentiated troll analysis further reveals negative but also positive effects of the troll business on incentives to innovate.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"136 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":"124254830","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}

{"title":"Factors Affecting Successful Implementation of Lean Manufacturing Tools and Techniques in the Apparel Industry in Sri Lanka","authors":"Niranga Silva, H. Perera, Dinesh Samarasinghe","doi":"10.2139/ssrn.1824419","DOIUrl":"https://doi.org/10.2139/ssrn.1824419","url":null,"abstract":"Lean Manufacturing is a business strategy which was originated and developed in Toyota Motor Company, Japan. It is useful in identifying waste associated with processes. As a result companies can improve their productivity and quality and can achieve a competitive advantage over others. Lean Manufacturing was originated in automotive industry and then later on spread to many other industries in both developed and developing countries. In implementing this concept Toyota has introduced and developed many tools and techniques which can be used effectively.In Sri Lanka, apparel sector is the leader in implementing Lean Manufacturing. However a little research work is carried out in regarding its suitability. Therefore in order to fill this empirical gap, this research is an attempt to identify factors such as suitable methods of implementation, order of implementation, challenges, how to overcome those challenges and benefits of implementing Lean Manufacturing concepts in the apparel sector of Sri Lanka.The study first undertook literature review in the field of Lean Manufacturing. Then it developed broader research questions and administered them to fifteen apparel manufacturers in Sri Lanka using personal interviews and observations methods. The sample firms were selected judgmentally. In analyzing the data descriptive statistics and qualitative techniques were used. The result of the study revealed factors such as implementation strategies, order of implementation, challenges, how to overcome those challenges and benefits have influenced the successful implementation of Lean Manufacturing in mass production apparel industry. Since Lean is new to most of the Sri Lankan apparel manufacturers, the full benefit is not yet achieved. But current situation suggests that the industry can go forward with Lean.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121431899","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}

{"title":"Receivables Management in a Public Limited Company - A Case Study","authors":"M. Kannadhasan","doi":"10.2139/ssrn.1819024","DOIUrl":"https://doi.org/10.2139/ssrn.1819024","url":null,"abstract":"No business can be successfully run without adequate amount of working capital which is concerned with two factors namely, current assets to be held and the type of assets and the methods by which these assets are financed. This occupies much of the finance managers’ time in taking decisions. Investment in current assets represents a very significant portion of the total investment in assets. The finance managers have to be very careful, while making any investment decisions especially short term i.e. working capital. Empirical results show that ineffective management of working capital is one of the important factors causing industrial sickness. There is a direct relationship between a firm’s growth and its working capital needs. As sales grow, the firm needs to invest more in inventories and debtors. The finance manager should determine levels and composition of current assets, which will help to run the business smoothly. Account receivables are one of the major components of working capital. Receivables are a direct result of credit sales. The sale of goods on credit is an essential part of the modern competitive economic system. The objective of credit sales is to promote sales and thereby achieving more profits. At the same time, credit sales result in blockage of funds in accounts receivable. Moreover, increase in receivables will increase the investments and also increases chances of bad debts. Hence, if the receivables is managed effectively, monitored efficiently, planned properly and reviewed periodically at regular intervals to remove bottle necks if any, the company cannot earn maximum profits and increase its turnover. With this as the primary objective of the study, the study made an effort to assess the receivables management. This study concludes that the efficiency of the receivables management of this company was satisfactory.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116062486","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}

{"title":"Monopoly versus Competitive Leveraging of Reputation through Umbrella Pricing","authors":"E. Rasmusen","doi":"10.2139/ssrn.1907227","DOIUrl":"https://doi.org/10.2139/ssrn.1907227","url":null,"abstract":"The Klein-Leffler model explains how the benefit of future reputation can induce firms to produce high quality experience goods, either in a monopoly or an industry with competing firms. We show that reputation can be leveraged across products, but only by a firm with a monopoly on at least one product. Such a firm, however, may be able to capture the market for a competitive product by using umbrella pricing to make higher quality more credible than for firms without a monopoly base. Such monopoly extension increases social welfare, and can even benefit consumers, despite the increase in price. The expanding monopolist does not need to use bundling, and consumers are left better off, but otherwise this looks like classic monopoly leverage.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126268393","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}

{"title":"The Global Production Frontier of Universities","authors":"Thomas Bolli","doi":"10.2139/ssrn.1762775","DOIUrl":"https://doi.org/10.2139/ssrn.1762775","url":null,"abstract":"This paper provides first micro-level evidence of the global university production frontier, allowing to estimate technical efficiencies of 273 top research universities across 29 countries between 2007 and 2009. Exploiting comparable international data improves the estimation of the production technology, allows to assess the distance of individual countries to the global frontier and enables comparison of university efficiencies between and across countries. The estimated input distance function uses undergraduate students, graduate students and citations to capture university outputs and staff to measure inputs. Contrasting two alternative econometric strategies to identify technical efficiency yields relatively stable results. Furthermore, the paper addresses the problem of unobserved heterogeneity by relating the obtained efficiency rankings to quality rankings and by exploiting the panel structure of the data to account for unobserved heterogeneity explicitly. The results suggest that technical efficiency rankings can be obtained in a relatively simple econometric setting.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"58 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":"124501216","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}

{"title":"On the Value of Restrictive Covenants: Empirical Investigation of Public Bond Issues","authors":"Natalia Reisel","doi":"10.2139/ssrn.644522","DOIUrl":"https://doi.org/10.2139/ssrn.644522","url":null,"abstract":"Are restrictive covenants effective mechanisms in mitigating agency problems? Is the magnitude of the increase in the cost of debt due to agency problems non-trivial? We tackle these questions using a large dataset of public bonds. Contrary to the view that restrictive covenants in public bond contracts are standard boilerplates that serve little purpose, we find significant benefits in terms of reduction in the cost of debt associated with covenants. Restrictions on investment activities or issuance of higher priority claims reduce the cost of debt by about 35–75 basis points. These findings suggest that investors view bond covenants as important instruments in mitigating agency problems, and an increase in the cost of debt due to agency problems could be substantial. Additionally, we find that high growth firms and firms with low probability of default are less likely to include covenants suggesting that the costs of covenants outweigh benefits for these types of firms.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114647879","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}

{"title":"A Critique of the Cold War Definition of Labour Values","authors":"Klaus Hagendorf","doi":"10.2139/ssrn.1650646","DOIUrl":"https://doi.org/10.2139/ssrn.1650646","url":null,"abstract":"This paper criticises the generally accepted definition of labour value as first put forward by Nobuo Okishio as seriously faulty and in contradiction with the theory of cost. The shortcomings of this Cold War Definition of Labour Value are so obvious that it is difficult to understand how an error of such importance could survive for half a century and has indeed survived the Soviet Union. We present the correct definition of labour value which is shown to be the only ultimate source of cost. Marginal and average cost are obtained by multiplication of the marginal and average labour values with the wage rate. As prices under perfect competition are equal to marginal cost they are also proportional to marginal labour values. It follows that there is no transformation problem under perfect competition, but under capitalism there is no perfect competition and so capitalistic prices cannot serve as signals for the efficient use of labour.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"123 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123573190","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}

{"title":"G-Branding: Lessons for Value Based Management from Key Figures of Archaism","authors":"Sandip Anand","doi":"10.2139/ssrn.1649433","DOIUrl":"https://doi.org/10.2139/ssrn.1649433","url":null,"abstract":"Customers expect organizations to deal with cultural alienation. Cultural alienation emerges as the most important psycho-social factor. The other important factors are trust and transparency, quality of products and services, comparative evaluation by customers, appeal of Gandhian semiotics, and ability to create synergy with evolution in demands. The present study tries to explain the above through the model of G-Branding. This study is based on the discourse analysis of key figures of archaism - popular figures, traditional communities, and cities.","PeriodicalId":239750,"journal":{"name":"Strategy & Microeconomic Policy eJournal","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126870999","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}