Business History eJournal最新文献

{"title":"Modern Transport Since 1700: A Momentous Achievement","authors":"D. Bogart","doi":"10.2139/ssrn.2082161","DOIUrl":"https://doi.org/10.2139/ssrn.2082161","url":null,"abstract":"The transportation sector experienced dramatic changes during the last 300 years. This essay reviews the major technological and infrastructural developments including the transition from roads to railways to automobiles, the rise of steamships, and the emergence of air-travel. Changes in the transport market are also examined, including trends in prices, consumption, and regulation. The role of government policy is given special attention as market power, network design, and operational inefficiency have been important historically. Lastly the essay discusses how transport improvements have played a crucial role in economic growth. Various approaches to quantifying the contribution of transport innovations are reviewed.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116854479","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 Troubled Path of the Lock-In Movement","authors":"S. Liebowitz, Stephen E. Margolis","doi":"10.2139/ssrn.1698486","DOIUrl":"https://doi.org/10.2139/ssrn.1698486","url":null,"abstract":"Paul David (1985), Brian Arthur (1989) and others introduced a 'new economics' of increasing returns, alleging problems of path dependence and lock-in. These conditions were claimed to constitute market failure and were soon featured in antitrust actions, most famously in Microsoft. We (1990, 1994) challenged the empirical support for these theories and their real-world applicability. Subsequently, David and others have responded, arguing that lock-in theories require no empirical support, market failures were never an important feature of their writings, and the empirical evidence that had been forward was never meant to be taken literally. Nevertheless, David and others claim that their theories have policy significance. Indeed, lock-in claims continue to appear as a basis for antitrust action. We now respond to the response of David and others, review new developments in this literature, and consider antitrust implications in light of the deficiencies in lock-in theories and related empirical work.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132243529","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 SAS No. 99","authors":"Rebecca B. Martin","doi":"10.2139/SSRN.2051459","DOIUrl":"https://doi.org/10.2139/SSRN.2051459","url":null,"abstract":"Auditors have a responsibility to their clients, as well as to their profession, to detect fraud during audit engagements. The AICPA’s Auditing Standards Board has taken steps to clarify the auditing process that will most effectively and efficiently detect fraud. Originally Statement on Auditing Standards (SAS) No. 82 was issued to create regulations and provide information regarding fraud detection. However, in 2002, the AICPA felt as though a revision of that standard was needed, and thus SAS No. 99 was adopted.The basic intention of the new standard was to “establish standards and provide guidance to auditors in fulfilling their responsibility as it relates to fraud in an audit of financial statements conducted in accordance with generally accepted auditing standards” (Bukics 2003). As a result of this standard, an increased importance on recognizing financial statement fraud became mandatory (Bukics 2003). The increased emphasis on discovering fraud meant that new policies and procedures were necessary in order to achieve the goals set by the new standard.The new standard increased the requirements from SAS No. 82, thus increasing the amount of work for auditors, the amount of time spent on each audit, the amount of documentation necessary, and the overall cost of the audit. Though it increased work and cost, SAS No. 99 provided greater detail in order to enable financial statement fraud to better be detected.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121853758","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 Note on Foreign Bank Entry and Bank Corporate Governance in China","authors":"I. Hasan, Ru Xie","doi":"10.2139/ssrn.2049777","DOIUrl":"https://doi.org/10.2139/ssrn.2049777","url":null,"abstract":"China employs a unique foreign bank entry model. Instead of allowing full foreign control of domestic banks, foreign investors are only permitted to be involved in the local banks as minority shareholders. At the same time, foreign strategic investors are expected to commit to bank corporate governance improvement and new technology support. In this context, the paper examines the effect of foreign strategic investors on Chinese bank performance. Based on a unique data set of bank ownership, performance, corporate governance and stock returns from 2003 to 2007, our regression and event study analysis results suggest that active involvement of foreign strategic investors in bank management have improved the corporate governance model of Chinese banks from a control based model to a market oriented model, and accordingly have promoted bank performance.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126270223","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":"Commercial Real Estate: Underwriting, Mortgages, and Prices","authors":"J. Wilcox","doi":"10.2139/ssrn.2024176","DOIUrl":"https://doi.org/10.2139/ssrn.2024176","url":null,"abstract":"Commercial real estate (CRE) has undergone enormous changes over the past two decades, even apart from the financial crisis. At the end of 2010, commercial mortgage balances totaled over $2 trillion. That was about twice as many at the end of 2000. At its peak in 2008, the ratio of balances to the size of the U.S. economy was one and a half times as large as it was in 2000. Historically, more than half of commercial mortgages were held by commercial banks and other depositories. Life insurers historically were the other major holders. Over the past dozen years, however, “nontraditional investors” have held increasingly important shares of total commercial mortgages. Thus, the relative size of the commercial mortgage market has fluctuated considerably and the percentages of total commercial mortgages that different groups of investors held have also shifted considerably over time. In addition, (inflation-adjusted) CRE prices dipped by more than 20 percent in the early 1990s, before rising about 50 percent during the 2000s and then dropping by about 50 percent since 2007. Since 2007, various indicators signaled that commercial mortgage underwriting, after apparently being lax, had tightened rapidly and severely.We combined information from several indicators of commercial mortgage underwriting to construct a single underwriting index (UW) for 1990-2011. We used information about commercial mortgage underwriting from banks and from government-employed bank examiners. We also used information about the commercial mortgages that were acquired by life insurance companies. These data series each directly measured an important aspect of underwriting. To construct UW, we then combined those data series with an indirect indicator of underwriting, the net flow of commercial mortgages acquired by “nontraditional” investors. We also explain why some well-known indicators were unlikely to accurately reflect underwriting during 1990-2011.We then used the UW in a vector auto-regression to estimate how CRE prices and commercial mortgages responded to changes in underwriting, and, in turn, how prices and mortgages affected underwriting itself. We found that underwriting had important, independent effects on the CRE market. The estimates suggested that both price and non-price components of underwriting affected commercial real estate.We also found that underwriting itself responded to developments in commercial real estate. In particular, we found that underwriting loosened when (the growth rates of) CRE prices were predicted to rise. One implication is that underwriting amplified movements in CRE markets: Predictions of faster price growth loosened underwriting, which raised CRE lending and prices, which in turn loosened underwriting further.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114595679","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":"School, Firm, and Family: Emergence of the Japanese Internal Labor Market","authors":"Masaki Nakabayashi","doi":"10.2139/ssrn.2009109","DOIUrl":"https://doi.org/10.2139/ssrn.2009109","url":null,"abstract":"Contemporary Japanese firms recruit new graduates and promote from within, providing a rare example of the 'ports of entry' policy. This microanalysis of the steel industry in the 1930-60s shows that the internal labor market had been continuously enhanced after the 1930s, but mid-career recruiting was active, previous experience served as signal of ability, and employees’ fertility decision largely depended on previous experience as well as tenure until the 1960s, while the return on education sharply increased after the 1950s. These facts indicate that extended schooling replaced mid-career experience after the 1970s alongside technology-education complementary development.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114525310","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":"Is the Sun Setting on the Telecom Sector in India?","authors":"John Thomas","doi":"10.2139/SSRN.2029420","DOIUrl":"https://doi.org/10.2139/SSRN.2029420","url":null,"abstract":"Not a single day passed during the late nineties, when some newspaper or other did not carry an exciting story about the Telecom sector. These were justifiably among the most exciting times in the India’s growth story. The decade from 2000 to 2010 perhaps witnessed the most dramatic impact of policy and regulatory measures in the Indian Economy. This not only surprised the general public but the regulators themselves. Combined with the dramatic growth and explosion of the IT sector, even skeptics started to believe that ‘the elephant can indeed dance'.The Mobile Phone Industry supports a vast ecosystem of other industries like tower infrastructure, excavation and cable laying, Network equipment manufacturing, Signal and coverage Testing Equipments, Captive power plants, Logistics , Sales and Distribution systems. IT/ITES services etc. The share of Telecom sector in India’s GDP has also risen significantly during this decade. The Government has been a direct beneficiary of this growth, as its share of revenues has not only increased from taxation of the sector, but from non-tax revenues like license fees, spectrum charges and sales/auction of additional spectrum.The momentum that the opening up of the economy had on the telecom sector seems to have run out of steam. It is hard to find anyone talk about telecom revolution other than for the wrong reasons. The 2G scam is but the icing on the cake. Big Telecom operators have been wrestling with falling ARPUs and profit margins. Market valuations of these companies have hurt the investors badly. The heavy consequence of the policy of unrestricted entry was the twin failures: to bridge the digital divide by increasing rural penetration and to make the industry self sustainable propelling for future growth.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127101663","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":"Cost Reduction in Co-Operative Sugar Mills: A Case Study on Chengalrayan Co-Operative Sugar Mills - Tamil Nadu, India","authors":"R. Karuppannan","doi":"10.2139/ssrn.1998133","DOIUrl":"https://doi.org/10.2139/ssrn.1998133","url":null,"abstract":"India is the second largest producer of sugar. The development of the cooperative sector of the Sugar Industry in India had started in the early fifties, when the planning process for the industrial and economic development of India was taken up by the Central Government. Cooperative sector contributes 50% of sugar produced in India. This paper analyses the cost reduction measures to increase the profitability of the Coop Sugar Mills in the country.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"73 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124932163","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":"New Research Methods of Business History","authors":"A. Lepore","doi":"10.2139/ssrn.1979904","DOIUrl":"https://doi.org/10.2139/ssrn.1979904","url":null,"abstract":"Business history, while not clearly established or widely recognized, is an open framework that can include in addition to issues related to the evolving economy, business, market and business, other areas of institutional, cultural and social, related to contemporary events resulting from the long process of industrialization. The first industrial revolution began in the late eighteenth century, the next highest industrial processing of the second half of the nineteenth century, the mass industrialization of the twentieth century and the new post-Fordist landscape of the twenty-first century are the historical landmarks that anchor the activities of a phenomenon that has accompanied the various stages of development of the world economy and, over time characterized by the primacy of capitalist production Buoyancy. Not to deny that in earlier times there have been significant events or structures and there were also areas of significant value to the business history, but want to say that the central focus for the growth of this area is the spread of the capitalist system within industry, agriculture, services, accounting and finance. In summary, business history is an essential element, in terms of quality, for understanding the economic fabric of a country, consistently dynamic and comparative.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128428823","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":"Comparative Advantage, Multi-Product Firms and Trade Liberalisation: An Empirical Test","authors":"C. Fuss, Linke Zhu","doi":"10.2139/ssrn.1990313","DOIUrl":"https://doi.org/10.2139/ssrn.1990313","url":null,"abstract":"This paper investigates how economies of scope in multi-product firms interact with comparative advantage in determining the effect of trade liberalisation on resource reallocation, using Belgian manufacturing firm- and firm-product-level data over the period 1997-2007. We first provide evidence on industry integration induced by multi-product firms producing simultaneously in multiple industries and on the extent to which industry integration occurs between industries that have different degrees of comparative advantage. We then examine the impact of opening up trade with low-wage countries on both inter- and intra-industry resource reallocation, taking into account heterogeneity in the integration rate across sectors and industries. Our results indicate that, within more closely integrated sectors, trade liberalisation with low-wage countries leads to less reallocation from low-skill-intensity (comparative-disadvantage) industries to high-skill-intensity (comparative-advantage) industries, both in terms of employment and output. We also find that more integrated industries experience less skill upgrading after trade liberalisation with low-wage countries. Furthermore, we find that within sectors with a low integration rate, trade liberalisation with low-wage countries induces relatively more aggregate TFP and average firm output growth in comparative-advantage industries than in comparative-disadvantage industries, in line with the prediction of Bernard, Redding and Schott (2007), while the opposite is true in highly integrated sectors. Decomposition of the industry-level aggregate TFP changes reveals that the result is mainly driven by reallocation between incumbent firms within industries. Overall, the results are highly consistent with the predictions of the Song and Zhu (2010) model.","PeriodicalId":245549,"journal":{"name":"Business History eJournal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124327450","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}