towards an attention based view of the firm the central argument is that firm behavior is the result of how firms channel and distribute the attention of their decision makers what decision makers do depends on what issues and answers they focus their attention on what issues and answers they focus on depends on the specific situation and on how the firm s rules resources and relationships distribute various issues answers and decision makers into specific communications and procedures the paper develops these theoretical principles into a model of firm behavior and presents its implications for explaining firm behavior and adaptation 1997 by john wiley sons ltd

the determinants of migrant remittances this article explores the factors that account for variation in remittance flows why do some immigrants send much more money to their country of origin than others this is a question that in the aggregate has implications for national economies and migration related policy the analysis departs from the classic studies of remittances and considers how the context of contemporary migration in europe is likely to affect remittance patterns possible influences on remittance sending are disaggregated into nine domains and each is discussed with reference to theoretical arguments and empirical findings the temporal aspects of remittance sending are discussed separately the final section of the article considers implications of the micro level analysis for aggregate remittance flows and policy it is argued that the focus on altruism versus self interest in the literature has partly diverted attention from explaining the actual variation that is important in a policy perspective

the role of market forces in assuring contractual performance the conditions under which transactors can use the market repeat purchase mechanism of contract enforcement are examined increased price is shown to be a means of assuring contractual performance a necessary and sufficient condition for performance is the existence of price sufficiently above salvageable production costs so that the nonperforming firm loses a discounted steam of rents on future sales which is greater than the wealth increase from nonperformance this will generally imply a market price greater than the perfectly competitive price and rationalize investments in firm specific assets advertising investments thereby become a positive indicator of likely performance

how important is selection experimental vs non experimental measures of the income gains from migration measuring the gain in income from migration is complicated by non random selection of migrants from the general population making it difficult to obtain an appropriate comparison group of non migrants this paper uses a migrant lottery to overcome this problem providing an experimental measure of the income gains from migration new zealand allows a quota of tongans to immigrate each year with a lottery to choose among the excess number of applicants a unique survey conducted by the authors in these two countries allows experimental estimates of the income gains from migration by comparing the incomes of migrants to those who applied to migrate but whose names were not drawn in the lottery after allowing for the effect of non compliance among some of those whose names were drawn the authors also conducted a survey of individuals who did not apply for the lottery comparing this non applicant group with the migrants enables assessment of the degree to which non experimental methods can provide an unbiased estimate of the income gains from migration they find evidence of migrants being positively selected in terms of both observed and unobserved skills as a result non experimental methods are found to overstate the gains from migration by 9 to 82 percent a good instrumental variable works best while difference in differences and bias adjusted propensity score matching also perform comparatively well

remittances household expenditure and investment in guatemala the author uses a large household data set from guatemala to analyze how the receipt of internal remittances from guatemala and international remittances from the united states affects the marginal spending behavior of households on various consumption and investment goods contrary to other studies the author finds that households receiving remittances actually spend less at the margin on consumption food and consumer goods and durables than do households receiving no remittances instead of spending on consumption households receiving remittances tend to spend more on investment goods like education health and housing the analysis shows that a large amount of remittance money goes into education at the margin households receiving internal and international remittances spend 45 and 58 percent more respectively on education than do households with no remittances these increased expenditures on education represent investment in human capital like other studies the author finds that remittance receiving households spend more at the margin on housing these increased expenditures on housing represent a type of investment for the migrant as well as a means for boosting local economic development by creating new income and employment opportunities for skilled and unskilled workers

brain drain and human capital formation in developing countries winners and losers using new data on emigration rates by education level we examine the impact of brain drain migration on human capital formation in developing countries we find evidence of a positive effect of skilled migration prospects on gross human capital formation in a cross section of 127 countries for each country of the sample we then estimate the net effect of the brain drain using counterfactual simulations countries combining relatively low levels of human capital and low emigration rates are shown to experience a beneficial brain drain and conversely there are more losers than winners and the former tend to lose relatively more than what the latter gain

media legitimation effects in the market for initial public offerings in this study we argue that media provided information affects investors impressions of newly public firms in 225 initial public offerings ipos the volume of mediaprovided information had a negative diminishing relationship with underpricing and a positive diminishing relationship with stock turnover on the first day of trading the relationship between the tenor of media provided information and underpricing increases at a nonlinear rate and decreases similarly for turnover findings provide important evidence that publicly available information not only reflects ipos legitimacy but also adds to their legitimacy and influences investor behavior in the last 20 years an increasing amount of research on markets has been conducted from a social constructionist perspective emphasizing how social structures enhance the flow of useful and credible information that market participants use to reduce the uncertainty of market exchanges e g aldrich fiol 1994 zuckerman 1999 further recent organizational research has begun to stress the influence of information intermediaries such as financial analysts and the media on mar

motivations to remit evidence from botswana in this article a theory of motivations to send remittances is described and tested with data from botswana altruism is one of the motivations tested and found to be an insufficient explanation for remittances among migrants in botswana a refinement of the model stipulates a modified altruism or enlightened self interest in this model the relationship between the migrant and family is tempered by an implicit understanding of mutual benefit the household strategy may be to encourage some members to migrate as a means of spreading risk and sharing gains the household strategy is similar to an insurance policy where migration is to places where market potential is high the risks incurred might be high the example is given of migration during a drought in botswana migrant remittances were greater in households with more cattle or households with more to lose drought alone was not statistically related to remittances increases in remittances were related to increased levels of education it is suggested that repayment was the motive for parents investment in migrants education migrants gains are identified as the potential for an inheritance the security of channeling investments through a trusted family member and security in having a home to return to it is pointed out that the altruism and family remittances from urban migration were strategies that bridged the simple dynamic of either urban development or rural development impacting on family welfare it is suggested that household models of economy adopt some measure to express the relationship of household wealth to remittances from urban migrants

the check in the mail household characteristics and migrant remittance from the us to mexico we develop a household model of migrant remittance that supports testable hypotheses about the effect of migrant income family composition and distribution transaction costs associated with remittance mode income and residence security and other household characteristics on remittance levels and frequency we test these hypotheses using survey data on individual mexican migrants in the united states the results are broadly consistent with our hypotheses

remittance receipts and allocation a study of three african countries remittances may influence household expenditures poverty rates development and investments in the receiving country using world bank survey data from ethiopia uganda and kenya the influence of remitters and recipients characteristics on remittance amounts and allocation is examined effects of the remitter receiver characteristics on remittance amounts are generally similar between countries such similarities imply a potential similar effect of policies in these countries age household income frequency of communication family relations with remitter and country the recipient resided in influence remittance allocation recipients in ethiopia and uganda are more likely to allocate remittance towards savings than those in kenya

ceo duality as a double edged sword how boards of directors balance entrenchment avoidance and unity of command when a firm s chief executive officer is also the chairperson of its board directors have opposing objectives according to organization theory such ceo duality establishes strong unambiguous le

where did all the remittances go understanding the impact of remittances on consumption patterns in rural china we focus on the impact of migrants remittances on consumption patterns in china using a large homogenous sample of rural households surveyed in 2001 and 2004 we find that remittances are spent on nonhousing consumption expenditures at the margin virtually dollar for dollar when we instrument remittances and local employed earnings using proxies of social networks our findings are robust to intra household division of labour and to fixed effect for the county in which the respondents are registered these results imply that rural households largely take remittances as permanent income and are consistent with the prevalence of circular and repeat migration in china

the roles of destination gender and household composition in explaining remittances an analysis for the dominican sierra two non exclusive hypotheses about what motivates remittances sent by dominican migrants to their rural parents in the sierra are tested a an insurance contract taken by parents with their migrant children and b an investment by migrants in potential bequests results show that the relative importance of these two motives to remit is affected by destination us vs cities in the dominican republic gender and household composition the insurance function is mainly fulfilled by female migrants to the us only when a male is the sole migrant in his household does he play the role of insurer investment by contrast is pursued by both males and females but only among those migrating to the us d 2002 elsevier science b v all rights reserved

the effect of poison pill securities on shareholder wealth abstract this paper examines empirical evidence about the effect of poison pill takeover defenses on shareholder wealth i find evidence that announcements of the most restrictive forms of the pill defense are associated with stock price declines also the most restrictive forms of the pill defense are associated with abnormally high rates of defeat of unsolicited tender offers although this evidence is consistent with managerial entrenchment the evidence implies that on average poison pill defenses have seemingly had only a modest effect on firm valuation

revisiting the threshold effect of remittances on total factor productivity growth in south asia a study of bangladesh and india abstractboth bangladesh and india are among the top recipient of remittances in absolute terms however in relative terms remittances as a per cent of gdp the two countries stand at 6 1 and 2

paying the price the impact of controversial governance practices on managerial reputation this study directly examines the reputational penalties that managers pay when they engage in controversial governance practices that raise questions about managerial self interest these penalties

overshooting the savings target temporary migration investment in housing and development summary there are two seemingly competing branches of the literature on saving and duration of stay decisions of temporary migrants one relies on the target saving explanation and the other on utility maximization over a life cycle we attempt to reconcile the two approaches within a framework where a migrant has a well defined savings target in planning to purchase a new home at origin but also chooses the time of return and the consumption path to maximize lifetime utility our analysis highlights the role of property investment and savings repatriation in the relationship between temporary migration and development

on the causal nexus of remittances and poverty reduction in bangladesh the aim of this article is to investigate the causal relationship between remittances and poverty reduction in bangladesh over the period 1976 to 2010 this issue is of fundamental importance for the developing economy of bangladesh we apply newly developed methods by hacker and hatemi j 2006 2012 that are based on simulations and are robust to the violation of statistical assumptions especially when the sample size is small as is the case in this article our estimation results reveal that causality nexus of poverty and remittances is bi directional we also find that the causal impact of poverty reduction on remittance is stronger than the reverse impact this finding implies that bangladeshi policy makers can influence remittances through poverty reduction in the long run

remittances and financial development empirical evidence from heterogeneous panel of countries remittances are the second largest source of external finance after foreign direct investment in the developing economies in this study we analyse the role of incoming remittances on financial de

swinging for the fences the effects of ceo stock options on company risk taking and performance we unpack the concept of managerial risk taking distinguishing among three of its major elements the size of an outlay the variance of potential outcomes and the likelihood of extreme loss we

does shariah compliance make interest rate sensitivity of islamic equities lower an industry level analysis under different market states abstractthis paper examines the sensitivity of the dow jones islamic market index and its corresponding industry equity indices to changes in the level slope and curvature of the u s term structu

endogeneity and sample selection in a model for remittances abstract we estimate a remittance model in which we address endogeneity and reverse causality relationships between immigrants remittances pre transfer income and consumption in order to take into account the fact that a large share of individuals do not remit instrumental variable variants of the double hurdle and heckit selection models are proposed and estimated by limited information ml semiparametric extensions are considered as robustness checks our results for a sample of recent immigrants to australia show that endogeneity is substantial and that estimates obtained by the methods previously employed in the literature may be misleading if given a behavioral interpretation

remittances and the brain drain revisited the microdata show that more educated migrants remit more two of the most salient trends in migration and development over the last two decades are the large rise in remittances and in the flow of skilled migrants however recent literature based on cross country regressions has claimed that more educated migrants remit less leading to concerns that further increases in skilled migration will impede remittance growth micro data from surveys of immigrants in 11 major destination countries are used to revisit the relationship between education and remitting behavior the data show a mixed pattern between education and the likelihood of remitting and a strong positive relationship between education and amount remitted intensive margin conditional on remitting at all extensive margin combining these intensive and extensive margins yields an overall positive effect of education on the amount remitted for the pooled sample with heterogeneous results across destinations the micro data allow investigation of why the more educated remit more showing that the higher income earned by migrants rather than family characteristics explains much of the higher remittances migration brain drain and education

remittances and the brain drain do more skilled migrants remit more in most destination countries immigration policies are tilted more and more in favor of skilled individuals whether this shift hurts economic prospects in sending countries as argued by the traditional brain drain literature is somewhat controversial the most recent literature focuses on the link between skilled outmigration and educational achievements in the home country this article emphasizes a different channel it considers the argument that skilled migrants raise economic welfare at home by sending a relatively larger flow of remittances while skilled migrants typically earn more and so might be expected to remit more they are also likely to spend more time abroad and to reunite with their close family in the host country these second two factors should be associated with a smaller propensity to remit thus the sign of the impact of the brain drain on total remittances is an empirical question a simple model has been developed showing that skilled migrants may indeed have a lower propensity to remit from a given flow of earnings an empirical equation of remittances is estimated as a measure of the brain drain in developing countries using the docquier and marfouk 2004 data set evidence is found that the brain drain is associated with a smaller propensity to remit

effect of remittances on poverty and financial development in sub saharan africa summary this paper assesses the effect of the steadily growing remittance flows to sub saharan africa though the region receives only a small portion of the total recorded remittances to developing countries and the volume of aid flows to sub saharan africa swamps remittances this paper finds that remittances which are a stable private transfer have a direct poverty mitigating effect and promote financial development these findings hold even after factoring in the reverse causality between remittances poverty and financial development the paper posits that formalizing such flows can serve as an effective access point for unbanked individuals and households