bluuebunny/crossref_metadata_2025 huggingface dataset:
Development of fire‐retarded materials—Interpretation of cone calorimeter data
Authors: Schartel B. , Hull T. R.
Published: May 2007

There is little consensus within the fire science community on interpretation of cone calorimeter data, but there is a significant need to screen new flammability modified materials using the cone calorimeter. This article is the result of several discussions aiming to provide guidance in the use and interpretation of cone calorimetry for those directly involved with such measurements. This guidance is essentially empirical, and is not intended to replace the comprehensive scientific studies that already exist. The guidance discusses the fire scenario with respect to applied heat flux, length scale, temperature, ventilation, anaerobic pyrolysis and set‐up represented by the cone calorimeter. The fire properties measured in the cone calorimeter are discussed, including heat release rate and its peak, the mass loss and char yield, effective heat of combustion and combustion efficiency, time to ignition and CO and smoke production together with deduced quantities such as FIGRA and MARHE. Special comments are made on the use of the cone calorimeter
relating to sample thickness, textiles, foams and intumescent materials, and the distance of the cone heater from the sample surface. Finally, the relationship between cone calorimetry data and other tests is discussed. Copyright © 2007 John Wiley & Sons, Ltd.
Holzfossilien der Morphogattung Spiroplatanoxylon gen. nov. aus dem Tertiär von Europa und Vorderasien
Authors: Süss H.
Published: May 2007

Für fossile Hölzer mit einer platanenähnlichen Holzstruktur und spiralverdickten Gefäßen wird die Morphogattung Spiroplatanoxylon gen. nov. aufgestellt. Plataninium porosum Felix (1887) wird neu beschrieben und zu Spiroplatanoxylon porosum (Felix) comb. nova umkombiniert. Zwei neue Arten von Spiroplatanoxylon werden als S. gregussii sp. nova und S. mueller‐stollii sp. nova beschrieben. Mehrere fälschlicherweise zu Icacinoxylon, Platanoxylon und Plataninium gestellte Arten werden zu Spiroplatanoxylon ‐Arten umkombiniert. Die bisher bekannten Spiroplatanoxylon ‐Arten sind in einer Übersicht zusammengestellt. Über Vorkommen und Verbreitung fossiler Hölzer mit Spiroplatanoxylon ‐Strukur im Tertiär von Europa und Vorderasien wird diskutiert.

Zur Liste der neuen Arten und der Neucombinationen s. S. 12. (© 2007 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)
Dacrydium × suprinii, sp. nova – a natural hybrid of Dacrydium araucarioides × D. guillauminii
Authors: Knopf P. , Nimsch H. , Stützel Th.
Published: May 2007

During excursions in New Caledonia in 1994, a hitherto undescribed natural hybrid between Dacrydium araucarioides Brongn. et Gris. and Dacrydium guillauminii J. Buchholz was found, for which the name Dacrydium × suprinii Nimsch sp. nova in honor of Bernard Suprin, Noumea, New Caledonia, is proposed. Morphological and site characteristics are presented. (© 2007 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)
Self‐propulsion of oscillating wings in incompressible flow
Authors: Carabineanu A.
Published: May 2007

In this paper, we show that the oscillatory motion of an airfoil (wing) in an ideal fluid can determine the apparition of thrust. In the framework of the linearized perturbation theory, the pressure jump over the oscillating wing is the solution of a two‐dimensional hypersingular integral equation. Using appropriate quadrature formulas, we discretize the oscillatory lifting surface integral equation in order to obtain the jump of the pressure across the surface. Integrating numerically, we obtain the drag coefficient. For some oscillatory motions, if the frequency of the oscillations surpasses a certain value, the drag coefficient becomes negative, i.e. there appears a propulsive force. Copyright © 2007 John Wiley & Sons, Ltd.
Social capital and its relationship with measures of health status: evidence from the Health Survey for England 2003
Authors: Petrou Stavros , Kupek Emil
Published: May 2007

Social capital is a concept that attempts to describe the quantity and quality of social interactions in a community. This study explores the relationship between individual measures of social capital and alternative measures of health status within the context of a large national survey of population health. Using data for 13 753 adult participants in the 2003 Health Survey for England, linear regression with weighted least‐squares estimation and Tobit regression with upper censoring were used to model the relationship between individual measures of social capital and EQ‐5D utility scores. In addition, logistic regression was used to model the relationship between individual measures of social capital and a dichotomous self‐reported health status variable. The study demonstrated that low stocks of social capital across the domains of trust and reciprocity, perceived social support and civic participation are significantly associated with poor measures of health status. The implications for health economists and, potentially, for policymakers are discussed. Copyright © 2007 John Wiley & Sons, Ltd.
Phase II study of CLAD (cyclophosphamide, liposomal doxorubicin and dexamethasone) in patients with advanced multiple myeloma and historical comparison to CAD (cyclophosphamide, doxorubicin and dexamethasone)
Authors: Hütter G. , Szélenyi H. , Schmittel A. , Siehl J. M. , Thiel E. , Keilholz U.
Published: May 2007

The purpose of this study was to assess the efficacy and safety of pegylated liposomal doxorubicin in combination with cyclophosphamide and dexamethasone (CLAD). In this prospective open‐label phase II study, 60 patients with advanced multiple myeloma (MM) received three weekly cycles of CLAD, consisting of cyclophosphamide 200mg/m2 i.v. d1‐4, pegylated liposomal doxorubicin 20 mg/m2 i.v. d1 and dexamethasone 40 mg p.o. d1‐4 for a maximum of six cycles in absence of disease progression. Efficacy and toxicity was compared to our immediate historical cohort of 46 patients treated with cyclophosphamide, dexamethasone and conventional doxorubicin (CAD). A total of 239 cycles of CLAD and 209 cycles of CAD, respectively, were given. The objective response rate was 71% (CLAD) and 74% (CAD). Non‐cumulative hematological toxicity was predominant in both regimens. It was found that CLAD is an active and well‐tolerated treatment regimen for MM. Response rate is comparable to other anthracycline containing regimens like CAD with an advantage in hematological toxicity and lower infectious complications, and a presumed advantage of lower cardiotoxicity. Copyright © 2007 John Wiley & Sons, Ltd.
Managing cross‐national and intra‐national diversity
Authors: Tung Rosalie L.
Published: May 2007

Organizations have to contend with growing diversity in their managerial and professional ranks, both cross‐nationally and intranationally. This article examines the similarities and differences in processes and dynamics of managing diversity in cross‐national and intranational contexts. Similarities include the acculturation process and the styles and patterns of communication. Differences revolve around legislation, magnitude, and time horizon. Training programs designed to raise consciousness/awareness and to improve communication competency are presented. The implications for human resource management practices are then discussed. © 1993 by John Wiley & Sons, Inc.
Strategic management of worker health, safety, and environmental issues in Mexico's Maquiladora industry
Authors: Butler Mark C. , Teagarden Mary B.
Published: May 2007

Conflict arising from differences in business practices, standards, values, and norms guiding behavior are inherent in international business. These conflicts are evident in Mexico's maquiladora industry, particularly relating to issues of worker health, safety, and environment. This article extends a model of conflict management; illustrates the model's dimensions with case study examples; discusses strategic human resource management implications of the model's various outcomes; offers recommendations for managing worker health, safety, and environment issues; and identifies directions for future research. © 1993 by John Wiley & Sons, Inc.
A clean process for the production of oxygenated limonene derivatives starting from orange oil
Authors: Arizaga Beatriz , de Leon Andrea , Burgueño Natalia , López Alejandro , Paz Daniel , Martínez Natalia , Lorenzo Daniel , Dellacassa Eduardo , Bussi Juan
Published: May 2007

The production of several oxygenated derivatives of limonene was carried out by using orange oil and molecular oxygen as the sole initial reactants under solvent‐free conditions. Palladium–copper supported on carbon and hydrotalcite‐like compounds displayed good catalytic properties to accelerate autoxidation reactions of limonene yielding a mixture of the different oxygenated derivatives, mainly 1,2‐ and 8,9‐epoxylimonene, 1,2,8,9‐diepoxylimonene, carveol and carvone. Palladium supported on copper–magnesium–aluminium hydrotalcite displayed the best properties due to its higher catalytic activity and lifetime. The pelletized form of these catalysts can be easily recovered and reused. A reactor design combining recirculation and oxygen bubbling through a catalytic bed of the pelletized catalyst produced the highest reaction rate. Vacuum distillation of the final product mixture allowed easy separation of the 1,2/8,9‐limonene epoxides. The other required compounds, mainly carveol and carvone, were not completely separated and remained together with the other oxygenated products, such as the di‐epoxylimonene isomers. Copyright © 2007 Society of Chemical Industry
Enhanced neuronal differentiation in a three‐dimensional collagen‐hyaluronan matrix
Authors: Brännvall K. , Bergman K. , Wallenquist U. , Svahn S. , Bowden T. , Hilborn J. , Forsberg‐Nilsson K.
Published: May 2007

Efficient 3D cell systems for neuronal induction are needed for future use in tissue regeneration. In this study, we have characterized the ability of neural stem/progenitor cells (NS/PC) to survive, proliferate, and differentiate in a collagen type I‐hyaluronan scaffold. Embryonic, postnatal, and adult NS/PC were seeded in the present 3D scaffold and cultured in medium containing epidermal growth factor and fibroblast growth factor‐2, a condition that stimulates NS/PC proliferation. Progenitor cells from the embryonic brain had the highest proliferation rate, and adult cells the lowest, indicating a difference in mitogenic responsiveness. NS/PC from postnatal stages down‐regulated nestin expression more rapidly than both embryonic and adult NS/PC, indicating a faster differentiation process. After 6 days of differentiation in the 3D scaffold, NS/PC from the postnatal brain had generated up to 70% neurons, compared with 14% in 2D. NS/PC from other ages gave rise to approximately the same proportion of neurons in 3D as in 2D (9–26% depending on the source for NS/PC). In the postnatal NS/PC cultures, the majority of βIII‐tubulin‐positive cells expressed glutamate, γ‐aminobutyric acid, and synapsin I after 11 days of differentiation, indicating differentiation to mature neurons. Here we report that postnatal NS/PC survive, proliferate, and efficiently form synapsin I‐positive neurons in a biocompatible hydrogel. © 2007 Wiley‐Liss, Inc.
Relationship between the tropical Pacific and Indian Ocean sea‐surface temperature and monthly precipitation over the central highlands, Vietnam
Authors: Nguyen Tinh Dang , Uvo Cintia , Rosbjerg Dan
Published: May 2007

The relationship between monthly sea‐surface temperature (SST) in the tropical Pacific and the Indian Ocean and monthly precipitation over the Vietnamese central highlands (VCH) has been investigated by means of singular value decomposition. The seasonal variation of SST plays a critical role in the onset of the monsoon season and convective rain band movement in the inter‐tropical convergence zone.

The relationships between precipitation and SST in both oceans vary significantly through the rainy season. In April, ENSO is strongly correlated with precipitation over the VCH, while the Indian Ocean SST only shows a significant correlation with precipitation in the northern VCH. In May, there is no significant relationship between precipitation and SST in either of the oceans. In June, precipitation over the VCH is negatively correlated with the northern Indian Ocean and the southern Pacific SST. Through July to September, no significant relationships were found between the Indian Ocean SST and precipitation patterns. The equatorial central to the eastern Pacific SST, in turn, is positively correlated with precipitation in a small area from the north to the south of the VCH. In October, precipitation over the VCH is strongly related to ENSO and positively correlated with the equatorial eastern Indian Ocean SST. For November, the north‐western Pacific as well as the equatorial eastern Indian Ocean SST is positively and strongly correlated with precipitation over the VCH.

Lag‐time analyses demonstrate a potential link between the Pacific SST and monthly precipitation patterns through the rainy season from one to three months in advance, and between the Indian Ocean SST and monthly precipitation patterns in October and November from one to two months in advance. The analysed results provide a strong basis for a predictive scheme, but further analysis of skill levels needs to be developed. Copyright © 2007 Royal Meteorological Society
Wheat quality in organic and conventional farming: results of a 21 year field experiment
Authors: Mäder Paul , Hahn Diana , Dubois David , Gunst Lucie , Alföldi Thomas , Bergmann Hans , Oehme Michael , Amadò Renato , Schneider Hanna , Graf Ursula , Velimirov Alberta , Fließbach Andreas , Niggli Urs
Published: May 2007

Consumers have become more aware of healthy and safe food produced with low environmental impact. Organic agriculture is of particular interest in this respect, as manifested by 5.768 million hectares managed pursuant to Council Regulation (EEC) 2092/91 in Europe. However, there can be a considerable risk that the avoidance of chemical inputs in organic farming will result in poor food quality. Here the results of a study on the quality of wheat (Triticum aestivum L.) grown in a 21 year agrosystem comparison between organic and conventional farming in central Europe are reported. Wheat was grown in a ley (grass/clover) rotation. The 71% lower addition of plant‐available nitrogen and the reduced input of other means of production to the organic field plots led to 14% lower wheat yields. However, nutritional value (protein content, amino acid composition and mineral and trace element contents) and baking quality were not affected by the farming systems. Despite exclusion of fungicides from the organic production systems, the quantities of mycotoxins detected in wheat grains were low in all systems and did not differ. In food preference tests, as an integrative method, rats significantly preferred organically over conventionally produced wheat. The findings indicate that high wheat quality in organic farming is achievable by lower inputs, thereby safeguarding natural resources. Copyright © 2007 Society of Chemical Industry
Evaluation on synergistic antioxidation of methylene dibutyldithiocarbamate with tolutriazole derivative
Authors: Hu Jian‐Qiang , Hu Yi‐Qin , Du Zhan‐He , Ma Yu‐Hong , Yao Jun‐Bing
Published: May 2007

The antioxidation properties of methylene bis(di‐n‐butyldithiocarbamate) (V 7723)‐ and tolutriazole derivative (V 887)‐containing poly‐α‐olefin (PAO)‐derived lubricants were evaluated by differential scanning calorimetry (DSC) and modified penn state micro‐oxidation test (PMOT). The DSC test measured the onset temperature (OT) and induction time (IT) of the lubricant at high temperatures, and oxidation stability of oil by weight loss was measured by the PMOT. The DSC test showed that the OT and IT of V 7723‐containing PAO were improved significantly by the addition of V 887. The PMOT indicated that when combined with V 7723 antioxidants, V 887 could also effectively reduce the increase in the weight loss of PAO. These results suggested that the V 887 showed a good oxidative synergism with the V 7723 antioxidant. In addition, Fourier Transform Infrared (FTIR) results from the PMOT confirmed that the addition of V 887 could significantly enhance the oxidation IT of oils and inhibit the formation of oxidation products containing carbonyl bonds or hydroxyl group. Copyright © 2007 John Wiley and Sons, Ltd.
Isoviscous flow past a rigid sphere partially immersed in a thin oil film
Authors: Chan R. T. P. , Martinez‐Botas R. F. , Gohar R.
Published: May 2007

Numerical solutions to steady state circular contact elastohydrodynamic lubrication problems normally employ Reynolds equation, forcing the assumption that the flow through the conjunction is two‐dimensional and single‐phase. In this paper, the full Navier–Stokes equations are used on a simpler rigid isoviscous sliding point contact.

The aim of the study was to compute the lubricant flow patterns through and around the conjunction of a point contact when the oil inlet is a free surface that has a similar wavy shape to the wake. This model is like some seen experimentally in a ball and plate machine or industrially in a radial ball bearing with insufficient lubricant supply.

There is first a discussion on the alteration with time of the oil wake geometry after it has left the conjunction.

Then, the computed results mapped the areas of varying concentration between oil and air. They showed an accumulation of oil and vapour forming a reservoir at the inlet to the conjunction. Within it was a vortex attached to the stationary surface, just downstream of which, the main pressure distribution commences.

The computed flow patterns were compared with experimental pictures wherever possible. Copyright © 2007 John Wiley & Sons, Ltd.
Problems in the development and use of managerial financial models
Authors: Holland J. B.
Published: May 2007

In this paper the author identifies two related problems in financial modelling. First, the problem of implementing financial decision theory in practical decision situations and, second, the need to develop existing managerial financial models. A discussion of organization decision processes indicates possible reasons for the relative failure of management science and financial theory based models in practice and the predominance of accounting based models. This analysis of strategic decision processes suggests key design features for the implementation of financial models. Finally, research orientated models designed using these guidelines are seen as appropriate media for the transfer of knowledge between financial decision theory and financial practice. This is seen as providing a tentative basis for the development of managerial financial models. Throughout the paper the author uses examples from his own experience in model building in instalment credit, and leasing financial intermediaries, i.e. “Finance Houses”.
Advertising and the profitability of leading and following firms
Authors: Hirschey Mark
Published: May 2007

This study finds a significant positive effect of advertising on profit rates for both leading, large following and small following firms in US industry. This finding is consistent with an intangible capital view of advertising, but is clearly inconsistent with the “competing” barrier to entry or barrier to mobility hypothesis. Thus, further support is gained for the view that few, if any, harmful consequences for competition arise due to high advertising intensity in industry.
The comparative profitability of Canadian‐ and foreign‐controlled firms
Authors: Shapiro Daniel M.
Published: May 2007

This study analyzes factors determining the profitabilty of 750 of Canada's largest manufacturing firms, both domestic‐ and foreign‐controlled, over the period 1968‐1972. It is found that US‐controlled firms were more profitable than either Canadian‐ or other foreign‐controlled firms, when various firm‐ and industry‐specific factors are held constant. In addition, the higher was the degree of non‐resident (presumably American) ownership, the more profitable were US‐controlled firms. The reverse was true of other foreign firms. These results for US firms are consistent with the Hymer–Caves and internalization approaches to the multinational corporation. However, the results for other firms are not, thus suggesting that a ‘general’ theory of the multinational corporation has yet to be forwarded.
CAPM as a strategic planning tool
Authors: Tapon Francis
Published: May 2007

In this paper, the use of the capital asset pricing model (CAPM) as a strategic planning tool is reviewed. The links between the CAPM and other approaches to strategic planning are noted and discussed. We conclude that the CAPM complements other types of analysis very effectively and offers management an extremely powerful analytical tool for strategic planning.
Monopolies and mergers commission reports: A note
Authors: Lofthouse Stephen
Published: May 2007

It is shown that the UK Monopolies and Mergers Commission has typically neither produced, nor correctly processed, the information necessary for making rational decisions. The case for an explicit quantitative approach using the expected value criterion is outlined.
A subjectivist essay on modern labor economics
Authors: Bellante Don
Published: May 2007

Subjectivist methodology has attracted an increasing number of adherents as a result of the recent reemergence of the Austrian school. The new Austrian school has challenged the methodological approach of neoclassical economics in many areas. This essay seeks to extend that challenge into the area of labor economics. Modern labor economics, viewed from a subjectivist perspective, is argued to merit a mixed review. However, it is also argued that neoclassical labor economists (as compared with neoclassicists in other specialized areas) seem quite amenable to incorporation of subjective elements into their analysis.
Managerial quality, financial structure and signalling: A test of pricing efficiency in the UK equity securities market
Authors: Forker J. J.
Published: May 2007

This paper seeks to ascertain if stock market pricing procedures are operationally efficient in setting prices so as to discriminate against poor‐quality management. Signalling theory suggests management's leverage decision as the means by which managerial quality can be identified. Departures from average leverage, given firm characteristics, are interpreted as indicating managerial quality. Ordinary least‐squares regression analysis is used to identify these departures, and to test if shareholders' yields are responsive to them. The results are not always statistically significant, but do provide some support for the signalling hypothesis and for the efficiency of UK security pricing.
Reconstructing british rail: In search of a profitable railway
Authors: Lapsley Irvine
Published: May 2007

The objective of a profitable British Rail might be achieved by a segregation of its operating services and its permanent way (infrastructure). In the absence of a system of road pricing, only the operating services have the potential to be profitable. A segregation of railway operating services and infrastructure is also supported by an examination of fundamental characteristics of all modes of transport. While operating services exhibit the characteristics of competitive markets, infrastructure tends to monopoly. The reconstruction of British Rail in this way would improve the provision of transport services, by allowing competitive market pressures to be exerted more fully.
A note on put‐call parity and the market efficiency of the London traded options market
Authors: Goh Leng Y. , Allen David
Published: May 2007

Put‐call parity and the efficiency of the London traded options market are tested via the construction of long and short hedges which incorporate the effects of ‘known’ dividend payments. Examination of the resulting returns and their subsequent analysis via regression models yield findings which support the put‐call parity theorem and market efficiency.
Sophisticated capital budgeting systems and their association with corporate performance
Authors: Pike R. H.
Published: May 2007

Prior empirical studies have been unable to establish any clear relationship existing between the capital budgeting practices adoted and corporate performance. This may partly be explained by the restrictive definition of capital budgeting employed in these studies. The present study, based on data gathered from 144 major companies, examines the relationship between the degree of sophistication identified in capital budgeting systems and corporate performance levels achieved over a number of years, when controlling for the interactive corporate characteristics of size, risk, capital intensity and industry class. The results are surprising. They reveal a consistent, significant negative association between the level of capital budgeting sophistication and corporate performance.
Factors affecting industrial relations in the electronics industry of Hong Kong ‐ an empirical research analysis
Authors: Chien‐Min Chang , Peter Chen Kar‐Nin
Published: May 2007

This paper attempts to study the factors affecting industrial relations in the electronics industry in Hong Kong. Comparative surveys were carried out, in selected companies and a major union, with management and workers. Results showed that basic financial, physical and physiological factors are still important for affecting workers' attitude towards industrial relations. However, socio‐psychological satisfactions are increasing as a result of demands by younger and better educated workers, the major workforce of the industry. The ‘pendulum’ attitude of workers towards the management and the unions leads to a delicate situation in the industrial relations of the industry.
Estimating regional construction cost differences: Theory and evidence
Authors: Johannes James M. , Koch Paul D. , Rasche Robert H.
Published: May 2007

The economic theory of cost functions is employed to derive geographic cost differentials for construction projects located across the United States. Assuming a Cobb‐Douglas production technology, cost function estimates are obtained and used to calculate the regional cost differentials for major US cities relative to Washington, DC. Explanations are provided for adjusting these regional cost differentials according to additional information available on input prices or expected future inflation rates specific to particular locations.
The role of public intervention in R & D
Authors: Finger Nachum , Mehrez Abraham
Published: May 2007

The purpose of this paper is threefold: (1) we emphasize the rule of uncertainty in achieving an efficient allocation of resources to R & D activities; (2) we identify and discuss optional mechanisms that are directed at minimizing the role of uncertainty in determining R & D decisions; and (3) we analyze the role of public intervention in R & D via a formal structure. More specifically, we explain why and under what conditions a risk‐averse decision‐maker will invest less than a government in research and inventive activities. Sufficient conditions that lead to private underinvestment in these activities are established. Furthermore, if the option of buying information exists, then we identify a set of private governmental contracts that may lead to the acceptance of a research project that a priori is unfeasible.
Political events and the foreign direct investment decision: An empirical examination
Authors: Nigh Douglas
Published: May 2007

This study investigates the impact of political events on US manufacturing direct investment in Latin America. The relationship between foreign direct investment and political events (and economic factors) is examined through regression analysis of pooled time‐series (21 years) and cross‐sectional (8 countries) data. In contrast to previous studies using an econometric approach, this study finds that political events do affect direct investment decisions. Specifically, both intra‐nation and inter‐nation conflict and co‐operation have an impact on US direct investment decisions concerning Latin American countries. In addition, the host country's market size and market growth affect these decisions by US multinational firms.
Static profitability as a measure of deviations from the competitive norm
Authors: Slade Margaret E.
Published: May 2007

Recently, several industrial‐organization economists have claimed that the rate of return on sales (II/S) is superior to the rate or return on assets (II/K) as a measure of monopoly power. This paper argues that there is no reason to prefer one index over the other. To make the point, an oligopoly model of optimizing agents is derived that yields II/K as a performance measure. The derivation leads to natural interpretations of the two indices and therefore to clarification of the circumstances under which each might be preferred.
Economies of scale and organization efficiency in banking
Authors: Todhanakasem Warapatr , Lynge Morgan J. , Primeaux Walter J. , Newbold Paul
Published: May 2007

Previous studies attempting to assess economies of scale in banking firms have largely relied upon cost functions. The profit‐function approach enjoys several important advantages over the cost‐function method, consequently that is the approach used in this study. A risk‐adjusted profit function estimates economies of scale of unit and branch banks; and the effects of bank holding‐company affiliation on the level of bank profits is also examined. The results indicate larger economies of scale for branch banks than for unit banks; and bank holding‐company affiliates were found to be more efficient than independent banks.
Political opinion polls and the stock market
Authors: Ioannidis C. , Thompson R. S.
Published: May 2007

It is a part of the received wisdom of the American and British stock exchanges that the market prefers a Conservative administration. However, attempts to test this proposition by examining market returns about the time of elections have produced contrasting and sometimes indecisive results. The present paper assumes that election outcomes will be largely anticipated by the market on the basis of published opinion forecasts. The paper examines the impact of opinion poll information on share prices over the period 1960–79—one largely characterized by two‐party competition. It is found that opinion movements towards the Conservative Party do exert a significant positive impact on the market, but only where the two main parties are relatively evenly balanced.
Misperceptions, moral hazard and incentives in groups
Authors: Gaynor Martin
Published: May 2007

Recent work has shown that, in the presence of moral hazard, balanced‐budget Nash equilibria in groups are not Pareto‐optimal. This work shows that when agents misperceive the effects of their actions on the joint outcome there exist a set of sharing rules which balance the budget and lead to a Pareto‐optimal Nash equilibrium.
Methodology in International acquisitions: An exploratory study
Authors: Harris R. J. , Nicholis J. R.
Published: May 2007

There has been relatively little empirical research into international acquisition methodology; this article examines several strategy and methodology issues through an exploratory approach based mainly on seven detailed case studies of UK‐based companies. The research suggests, inter alia, that there has been greater concentration not only in terms of product categories but also in geographic markets, that the companies had well‐established acquisition and country screening criteria and that for important acquisitions there is concern to achieve a detailed ‘strategic fit’. The article concludes by making tentative recommendations for company management regarding acquisition analysis.
The economics of retail firms
Authors: Betancourt Roger , Gautschi David
Published: May 2007

This paper identifies retail firms as an economic institution which delivers explicit products or services to consumer together with a variety of distribution services that determine the levels of distribution costs experienced by consumers in their purchase activities. The demand for the retailer's product is derived from a household production model in which the levels of distribution services provided by the retailer play the role of fixed inputs in the household's production functions. The supply of the retailer's product is derived from a joint cost function which is non‐decreasing in the levels of distribution services provided. Profit‐maximizing behavior in monopolistically competive markets shows that retail firms have special economic incentives to become complex organizations by integrating backwards, offering multiple explicit products and operating in more than one market. In addition, monopolistically competitive retail firms in long‐run equilibrium will exhibit excess capacity, price dispersion and product choice in distribution services.
What can regulators regulate? The case of electric utility rates of return
Authors: Primeaux Walter J.
Published: May 2007

The efficacy of electric utility regulation has not been finally determined. This study assesses the impact of commission regulation on the level of earnings realized by electric power utility firms. Time series data for the individual electric firms operating in Florida, Iowa and Mississippi were used in this analysis. These are the only three states regulated since World War II and it was possible to compare profit rates for the individual firms before and after commission regulation was instituted. The results show that regulation has lowered profits in some cases. However, there appears to be significant randomness in the process.
Pharmaceutical innovation and R&D investment in the UK
Authors: Prentis Roger A. , Walker Stuart R. , Heard David D. , Tucker A. Martin
Published: May 2007

Expenditure on research and development by the pharmaceutical industry in the UK has increased five‐fold in real terms since 1964, whilst the rate of introduction of novel medicines and their sales, allowing for inflation, have remained approximately constant. One of the reasons the industry has been able to afford the higher investment in R&D is because its marketing has become far more international. In the UK the average effective patent life of new products has decreased to less than 5 years at launch, making it difficult to see how development expenditure for most products can be recouped before patent expiry without significant international sales.
The ‘winner's curse’ hypothesis and corporate takeovers
Authors: Varaiya Nikhil P.
Published: May 2007

The winner's curse hypothesis states that, in any bidding situation, a party which unknowingly overestimates the value of a given object tends to bid higher than its competitors and is, therefore, more likely to win it. In a takeover the magnitude of the winner's curse is defined as the difference between the bid premium of the winning bidder and the maximum offerable premium conditional on the capital market's estimate of expected takeover gains. The magnitude of the winner's curse is predicted to increase with (1) increase in the divergence of opinion amongst acquirers with respect to the size of takeover gains, (2) increase in the degree of competition for control of the target firm and (3) increase in the pre‐acquisition profitability of the winning bidder. The empirical results provide support for the winner's course hypothesis.
Marketing new technology: Markets, hierarchies, and user‐initiated innovation
Authors: Foxall Gordon R.
Published: May 2007

This paper is concerned to further understanding of ‘user‐initiated innovation’ which occurs when a firm exploits economically a novel device which it has invented, either by investing in its internal application as a process innovation, benefiting from the consequent enhancement of its output, or by its general marketing and diffusion, gaining from additional income in the form of fees, royalties or profits. On the basis of empirical research, the paper discusses the factors which determine the functional locus of innovation as between users and manufacturers and the appropriate forms of governance structure for each observed mode of user‐initiated product innovation, drawing appropriate conclusions for the marketing of technology.
Using data envelopment analysis to measure the efficiency of not‐for‐profit organizations: A critical evaluation—comment
Authors: Ahn T. , Charnes A. , Cooper W. W.
Published: May 2007

This note responds to Nunamaker (1985) who supposedly deals with deficiencies in Data Envelopment Analysis (DEA) as an approach for (1) measuring efficiencies of not‐for‐profit entities identified as Decision Making Units (DMUs) and (2) locating sources and amounts of inefficiencies in each of the inputs used and in each of the outputs produced by each DMU. Corrections and comments are offered with references supplied for interested readers who wish to examine more detailed treatments of the topics covered.
Auditor changes, information quality and bankruptcy prediction
Authors: Kluger Brian D. , Shields David
Published: May 2007

In periods of financial distress management may attempt to suppress unfavorable information from creditors and investors through the use of undisclosed changes in accounting methods, estimates and procedures, thus reducing the quality of the information contained in the firm's financial statements. The auditor's role in this context is to ensure that such compromise does not take place. If the auditor does not permit such accounting treatments, the company may choose to switch to another auditor who will. Empirical evidence relating auditor‐change behavior to the quality of comparative bankruptcy prediction models provides support for the notion that auditor changes before bankruptcy may be at least partially due to lack of success at suppressing unfavorable information with the current auditor. Conversely, non‐auditor switching companies appear to enjoy greater success at suppressing negative income and leverage information.
Valuation effects of rollout publicly traded partnerships in the oil and gas industry
Authors: Martin John D. , Kensinger John W.
Published: May 2007

In trying to explain the often painful process of corporate restructuring, fingers are frequently pointed at inefficient management. This gives short shrift, however, to an important result of breaking up large, integrated corporations and selling them in smaller pieces: it makes the capital market more nearly complete, and there are strong theoretical arguments that this enhances value. We report the results of a natural experiment that occurred in the oil and gas industry, in which eleven integrated corporations formed publicly traded partnerships to hold their domestic production properties, yet (with few exceptions) retained most of the partnership units under corporate ownership. This behavior avoids any significant change in corporate governance, and is inconsistent with the tax motive popularly attributed as the reason for forming these partnerships; yet we find that significant positive abnormal returns accrued to stockholders when the formations were announced. The results we observe, therefore, support the theory that additional value can be realized by expanding the set of opportunities available to the investment community.
Corporate hedging under personal and corporate taxation
Authors: Kale Jayant R. , Noe Thomas H.
Published: May 2007

Researchers have argued that financial distress costs and corporate tax shields can induce value‐maximizing corporations to hedge their operating cash flows. We demonstrate that, for a fixed level of debt in the capital structure, the presence of personal income taxation and corporate non‐debt tax shields may cause hedging to lower the value of the firm. When the hedging decision is evaluated at the optimal capital structure, hedging increases firm value.
Considerations for mathematical programming models in discriminant analysis
Authors: Koehler Gary J.
Published: May 2007

This paper surveys problems that may appear in mathematical programming formulations for linear discriminant analysis. For some, there are known solutions. Other problems have not been adequately addressed. Specific problems and considerations include the choice of objective, unacceptable or improper solutions, side constraints, data translation and transformations, unbounded solutions, inconsistencies, gaps, and the balancing of misclassifications. Subject areas: Linear discriminant analysis, statistical methods, linear programming.
Classification performance of mathematical programming techniques in discriminant analysis: Results for small and medium sample sizes
Authors: Stam Antonie , Jones Dennis G.
Published: May 2007

The performance on small and medium‐size samples of several techniques to solve the classification problem in discriminant analysis is investigated. The techniques considered are two widely used parametric statistical techniques (Fisher's linear discriminant function and Smith's quadratic function), and a class of recently proposed nonparametric estimation techniques based on mathematical programming (linear and mixed‐integer programming). A simulation study is performed, analyzing the relative performance of the above techniques in the two‐group case, for various small sample sizes, moderate group overlap and across six different data conditions. Training samples as well as validation samples are used to assess the classificatory performance of the techniques. The degree of group overlap and sample sizes selected for analysis in this paper are of interest in practice because they closely reflect conditions of many real data sets. The results of the experiment show that Smith's nonlinear quadratic function tends to be superior on the training samples and validation samples when the variances–covariances across groups are heterogeneous, while the mixed‐integer technique performs best on the training samples when the variances–covariances are equal, and on validation samples with equal variances and discrete uniform independent variables. The mixed‐integer technique and the quadratic discriminant function are also found to be more sensitive than the other techniques to the sample size, giving disproportionally inaccurate results on small samples.
Heuristic solution procedures for a mixed‐integer programming discriminant model
Authors: Rubin Paul A.
Published: May 2007

Mixed‐integer programming models for the two‐group discriminant problem appear to be more promising, in terms of accuracy, than are linear programming models, but at a substantial computational cost. This paper poses a particular mixed‐integer model and suggests heuristics, based on linear programming, for obtaining suboptimal but “good” solutions to it. The heuristics are compared to the mixed‐integer model using Monte Carlo simulation with Gaussian data.
Modeling the performance of US direct investment in Japan: Some empirical estimates
Authors: Nakamura Masao
Published: May 2007

Foreign firms' direct investments in Japan increased from about $930 million in 1984 to $2.2 billion in 1987, and are still increasing at a rapid rate. Most of these investments come from the United States and Europe. In this paper a short‐run model for the performance of a foreign parent firm's subsidiary in Japan is presented. The model is based on theories presented by Hymer, Caves, Buckley and Casson, among others, and consists of two equations: one for profitability and the other for growth. Duality is used to relate a parent firm's activities to its subsidiary firm's profitability. The model is estimated using data for US firms' subsidiaries in the Japanese chemical industry. We find that for jointly owned subsidiaries (joint ventures), imports from US parent firms and the R&D spending by both US and Japanese parent firms are major determinants of profitability and growth. US firms' fully owned subsidiaries, however, exhibit considerably different profit and growth behavior than their jointly owned counterparts. Because of the small sample sizes used, it is not possible to ascertain the sources of the observed differences.
Do norms of decision‐making styles, organizational design and management affect performance of Japanese firms? an exploratory study of medium and large firms
Authors: Shibata G. , Tse D. , Vertinsky I. , Wehrung D.
Published: May 2007

The success and resilience of Japanese firms have led many scholars and practitioners to theorize and speculate about the impact of what they have termed the 'Japanese management style' upon performance. There have been few studies that have attempted to explore empirically the links between the way Japanese firms organize, manage and decide, and their performance. This paper investigates the association between norms of decision‐making style, organizational design and management, and some measures of firm performance. The empirical pattern of norms was assessed on the basis of responses of a random sample (N= 349) of Japanese managers. The study demonstrates that while there appears to be no support for the proposition that certain norms universally affect performance, in some sectors the impacts of norms on decision‐making style, organizational design and management may be significant. The study concludes with the implications for theory building of this empirical exploration.
The theory of contracts and labor practices in Japan and the United States
Authors: Kanemoto Yoshitsugu , MacLeod W. Bentley
Published: May 2007

Labor management practices in Japan are quite different from those in the United States. We begin with the assumption that markets are incomplete, and use recent developments in contract theory to develop a conceptual framework to understand why the differences have been maintained. Our basic message will be that the American and Japanese systems are examples of two different equilibria. The distinguishing feature of these two equilibria will be the extent to which exit is used as a method of contract enforcement. In the United States there is a greater tendency for the use of exit because active markets exist for senior workers. In contrast, there is virtually no market for mid‐career workers in Japan. We also discuss the implications of this fundamental difference for the structure of the internal and external labor markets.
Top executive pay and performance
Authors: Main Brian G. M.
Published: May 2007

Using data on 241 of Britain's largest industrial companies, the pay received by top executives in 1985 is studied as a function of corporate performance. An attempt is made to estimate the extent to which executive pay and shareholder wealth are linked. Rival explanations, relating pay to the assets, employment level and turnover of the company, are also examined. No support is found for the managerialist view that remuneration tends to be correlated with size attributes. The results do, however, suggest that, while much of the variation in executive pay remains unexplained, there is evidence of executive remuneration policy serving to effect incentive alignment between the executive's and shareholders' interests.
Abandoned mergers and the market for corporate control
Authors: Taffler Richard J. , Holl Peter
Published: May 2007

This paper investigates the financial performance cf a sample of UK firms involved in abandoned mergers during the period 1977–81. Predictions derived from a broadly neoclassical theory of merger activity are tested empirically and implications for the theory of the firm are discussed. Using an extension of discriminant analysis for firms in our samples we cannot find any evidence to suggest that the market for corporate control exercises discipline in completed mergers or in abandoned ones. In the latter case we suggest that the motives for takeovers tend to reflect managerial rather than shareholder interests.