bluuebunny/crossref_metadata_2025_split huggingface dataset:
The use of risk analysis within British rail
Authors: Harris D. John , Williams D. Glyn 
Published: June 2007

AbstractThis article explores the use of risk analysis as a major feature of the corporate planning process operated by the British Railways Board (BRB). The risk‐analysis procedures involve the use of fractile analysis and Monte Carlo simulation. They were first used in connection with the forecasts produced in the BRR's 1983 Corporate Plan and, more particularly, its Railways business clement which is known as the Rail Plan. This was the first time that the BRB had used risk analysis of this kind but, because of its success, the procedures discussed in this article arc now incorporated as a permanent feature of its corporate planning process.
Internal organization and enterprise performance: Some UK evidence
Authors: Hill Charles W. L. 
Published: June 2007

AbstractThe research reported in this paper is based upon the theoretical work of O. E. Williamson (1970, 1975) concerning the impact of internal organizational form upon business behaviour and enterprise financial performance. A sample of 144 large UK firms are classified according to the organizational classification scheme developed by Williamson and Bhargava (1972). An empirical investigation is then undertaken which lests for the impact of organisational form upon financial performance. The results are broadly consistent with both theoretical predictions and the findings of other researchers in so far as the pure M‐form (multidivisional) structure is found to be associated with superior profitability. However, the evidence also suggests that the frequency of occurrence of pure M‐form firms as a subset of all multidivisions may be rather lower than previously thought, and the closeness of the multidivisional/pure M‐form link is questioned.
Appropriate pharmaceutical policies in developing countries
Authors: Lall Sanjaya 
Published: June 2007

AbstractThere are several peculiar features of the pharmaceutical industry which invite government intervention in developed as well as developing countries. In poor countries in particular, the pressure to economise on drug purchases leads to policies to bypass the system of innovation and marketing which has grown in the rich countries: thus, the large drug multinationals are subjected to a large battery of controls. The main factors which lead poor countries to permit MNCs are their superior operational efficiency and their transfer of technology. A more liberal set of policies is advocated to promote growth and innovation.
The effects of foreign‐currency translation accounting on security analysts' forecasts
Authors: Castanias Richard P. , Griffin Paul A. 
Published: June 2007

AbstractThis paper examines certain initial effects on security analysts' forecasts of earnings per share that resulted from the December 1981 change in the Financial Accounting Standards Board rules for foreign‐currency accounting and reporting from Statement 8 to Statement 52. The results show that, relative to a non‐Statement 52 control sample, analysts were more uncertain about future earnings when Statement 52 was initially adopted by the FASB or implemented by companies, and that analysis revised their forecasts more frequently during those periods. The revisions of analysts were positively correlated with the magnitude of the impact of the new standard on company earnings.
Time, space and competition. Formulations for the development of marketing strategy
Authors: Savitt Ronald 
Published: June 2007

AbstractMarketing strategy has been based on principles of general equilibrium which has not served decision‐makers well. The present discussion argues that are more dynamic and unique elements which must be considered in the development of strategy. The thesis is that competition should be examined in temporal and spatial elements, both of which are highly subjective. It goes on to link these concepts with the entrepreneurial perspective that the environment is a variable which can be shaped. This reinforces a central theme, namely, management's need to recognize and exploit the vast heterogeneity found in markets. Unlike much present theory, the present argument stresses the importance of heterogeneity.
The demand for computer services: A disaggregate decision model
Authors: Cameron T. A. , White K. J. 
Published: June 2007

AbstractPricing schedules for computer resources have traditionally been based on ‘cost‐recovery’ principles. While economists have begun to address pricing based on marginal congestion costs, most models take demand to be exogenous and given. Discrete alternatives are inadequately treated, and aggregation of data precludes any assessment of the impact of transaction size on consumers' decisions. Using disaggregated data, this paper derives empirical results confirming that consumers are strongly influenced by transaction sizes. Simulation experiments demonstrate that price incentives designed to modify the use of computer resources are considerably more effective if the distribution of demand is weighted towards large transactions.
Consumption and price effects of state‐run liquor monopolies
Authors: Swidler Steve 
Published: June 2007

AbstractUniform pricing policies practiced by state monopoly liquor systems are not consistent with a stated objective of revenue‐maximization from liquor sales. If some residents in a monopoly state buy alcoholic beverages in neighboring, lower‐priced states, the monopoly state could increase revenues by lowering prices in the appropriate border counties. The empirical analysis looks at Ohio and finds that residents tend to purchase fewer and less expensive bottles of liquor in state‐run stores which border states with lower liquor prices. The result is several million dollars a year of lost revenue to Ohio.
Mergers and synergism—some chance‐constraint perspectives
Authors: Bulmash Samuel , Mehrez Abraham 
Published: June 2007

AbstractThis paper presents a single‐period model in which profit‐maximizing firms, subjected to externally imposed risk‐constraints, can generate synergistic benefits through merger. It is shown that those effects depend upon several conditions and assumptions, whose reflection of the real world can vary from one case to another. The model provides some important theoretical insights to understanding the conflicting empirical results of several recent studies concerning synergistic benefits.
Image differentiation and locational proximity among retail firms
Authors: Anderson Evan E. 
Published: June 2007

AbstractHotelling's (1929) classic paper gave rise to a voluminous literature and founded a controversy concerning the validity of the Principle of Minimum Differentiation (PMD). This research has produced conflicting theoretical results and inconsistencies between theory and empirical observations of retail competition. This paper develops a theory of market behavior that encompasses the extent and direction of customer loyalties, the multiplicity of chains and stores, and three forms of competitive expectations. Under conditions of shared competitive expectations, competitive pessimism, and competitive optimism, it provides a theoretical test of PMD and an explanation for the prevalence of spatial proximity and the differentiation of images in retail competition.
Volatility of stock prices and market efficiency
Authors: Kumar Raman , Makhija Anil K. 
Published: June 2007

AbstractRecently, historical price series along with the dividend series have been used to severely question the Efficient Markets Hypothesis. The literature suggests that the stock prices vary too much to be explained by subsequent changes in dividends. It is argued in this paper that these results require the assumption of stationarity of the price process and that this assumption is not compatible with the random walk model of Efficient Markets. A non‐stationary dividend process, which is compatible with the random walk model of Efficient Markets, results in a reversal of earlier results. The new results are shown to be consistent with the empirical findings. Simulations are run to verify the results.
Growth versus profit‐maximization: A simultaneous‐equations approach to testing the marris model
Authors: Cubbin John , Leech Dennis 
Published: June 2007

AbstractThis paper adopts a new approach to the empirical testing of the Marris managerial theory of the firm and applies it to a cross‐section sample of British companies in the early 1970s. It introduces three important innovations in the direct testing of the model: (i) a new exposition of the Marris theory if presented leading to a specification of the model as a simultaneous system; (ii) ownership control is measured as a continuous variable; (iii) the location of control is identified as an important dimension in the analysis. Preliminary estimates cast doubt on some important assumptions of the Marris theory.
Vertical disintegration and the life‐cycle of firms and industries
Authors: Wright Mike , Thompson Steve 
Published: June 2007

AbstractT0he degree of vertical integration experienced by a firm is an important managerial decision variable. It is an issue where there is a distinct lack of unanimity in studies on the economics of organizations. Moreover, studies have tended to ignore the complementary feature of vertical disintegration. This study examines the basic Stigler hypothesis that vertical disintegration is the typical development in growing industries. Using UK data on divestments, the results initially indicated some positive relationship between industry growth and vertical divestment activity; however, when different categories of asset transfer were examined, the Stigler view was rejected in favour of a null hypothesis.
Some observations on greater competition in the West German health‐insurance system from a US perspective
Authors: Finsinger Jörg , Kraft Kornelius , Pauly Mark 
Published: June 2007

AbstractThis article argues that greater competition could result in improved performance and greater efficiency in the West German health‐care system, much as more extensive competition has reduced the growth rate in the United States. Two special impediments to greater competition are discussed: (1) geographical limits in size of sickness funds which limit economies of scale, and (2) the tax‐like financing of individual sickness funds which may actually offer incentives to increase health‐care costs and which violates the most generally accepted principle of tax equity, that of horizontal equity.
Inter‐industry technology flows in the US food‐processing industries
Authors: Mueller Willard F. , Culbertson John D. 
Published: June 2007

AbstractThe study examines the origins of technology important to improving productivity in the food‐processing industries. Technology flows were measured both by patents in patent classes closely identified with six food industries, and by a sample of significant food‐processing innovations. These data are consistent with the hypothesis that interindustry technology flows are the most significant determinant of productivity improvements in the food industries. These findings solve the enigma that the food‐processing industries have enjoyed rapid improvements in productivity despite making very modest investments in research and development.
Technological change and vertical integration
Authors: Gold Bela 
Published: June 2007

AbstractAttention is given first to recent modifications in traditional patterns of vertical integration which suggest broadening the basic concept in several directions. The steel industry is then used to illustrate the variety of pressures tending to alter traditional patterns of vertical integration. After outlining a basic approach to exploring the potential effects of technological innovations on vertical integration in a variety of industries, the analysis considers the prospective effects on such integration of nine major categories of current and emerging technological developments.
Assessing the importance of measurement error in capital investment models
Authors: Connolly Robert A. 
Published: June 2007

AbstractNew developments in the economics of capital investment emphasize the role of financial variables. Econometric evidence on these hypotheses is potentially compromised by measurement error due to accounting conventions. The paper reviews new capital investment models and considers ways in which accounting procedures might lead to measurement error biases. Advances in errors‐in‐variables econometric models are employed to gauge the impact of measurement error on estimates of financial influences on capital investment. Cash‐flow models appear to be especially susceptible to measurement error but q models seem fairly insensitive to measurement problems.
Market structure implications of export‐price uncertainty
Authors: Horowitz Ira 
Published: June 2007

AbstractThis paper considers the profit‐seeking firm that has the opportunity to export, as a price taker, to an uncertain rest‐of‐the‐world market. When that firm competes domestically as an oligopolist the competitive export option can impact on both the firm and its domestic competitiors. The latter conjecture is explored and the resulting inferences are offered as a possible explanation for the market structures that tend to evolve in international markets.
The concept of stable strategic time periods in strategic group research
Authors: Fiegenbaum Avi , Sudharshan D. , Thomas Howard 
Published: June 2007

AbstractThis paper briefly reviews previous research on strategic groups and concludes that the concept needs further refinement. In particular, strategic grouping studies have typically ignored the influence of time on competitive strategy and have assumed homogeneity in strategic behavior over the time period researched. Therefore, a general analytical method is proposed in order to identify time periods of similarity in strategic behavior—so‐called stable strategic time periods. It is argued that following the identification of stable strategic time periods meaningful strategic groupings of companies within industries can be derived and further analysis of the dynamics of strategic group shifts can be performed.
The UK corporate tax reform and business investment decisions
Authors: Morgan Eleanor J. 
Published: June 2007

AbstractThe 1984 Finance Act made fundamental changes to the UK corporate tax system. Evidence from a detailed study of sixty past investment decisions is used to assess the likely effects of the shift from a high‐tax, high‐allowance system to a system of low taxes and allowances. This suggests that 100% allowances have had little impact on the scale of investment since 1979, reflecting limited taxable capacity and the importance of market considerations in investment decisions. Timing effects were more common, especially among small firms sampled. The post‐tax cost of capital will fall for some firms but few appeared to use strict cost of capital criteria in assessing investments.
Pricing behaviour in UK manufacturing and service industries
Authors: Jobber David , Hooley Graham 
Published: June 2007

AbstractThis paper reports the findings related to pricing behaviour of 1775 manufacturing and service firms. Its objectives were to examine the nature of pricing objectives at differing stages of market evolution and for companies of differing size and to examine the association between pricing objectives and performance. Princing objectives were found to vary with stages of market evolution and firm size. Both positive and negative relationships between pricing objectives and performance were revealed.
Determinants of premiums in acquisition transactions
Authors: Varaiya Nikhil P. 
Published: June 2007

AbstractThis paper presents a framework to identify the determinants of acquisition premiums so as to explain their cross‐section variability. Observed premiums are predicted to be positively related to (1) the magnitude of the acquiring firm's estimate of acquisition gains and (2) the acquired firm's relative bargaining strength. Increased acquisition gains are argued to result from two sources—underpricing and undermanagement. The variables representing these sources are constructed from pre‐acquisition data. A gains variable based on the post‐acquisition stock‐price reactions of the acquiring and acquired firm is also constructed. It is argued that acquired‐firm bargaining strength is enhanced by an increase in the degree of competition in the acquisitions market and by the inclusion of anti‐takeover amendments in the acquired firm's corporate charter. The predictions are tested on a sample of 77 completed cash‐for‐stock and stock‐for‐stock acquisitions over the time period 1975–80. The empirical results provide strong support for the predicted effects of the determinants of (2) and mixed support for the determinants of (1). This is the first study to document the predicted effects of anti‐takeover amendments on observed premiums.
Vertical quasi‐integration revisited: The role of power
Authors: Diamantopoulos Adamantios 
Published: June 2007

AbstractVertical quasi‐integration is differentiated from other forms of interfirm organization and the issue of power is examined drawing from the theoretical and empirical literature on interorganizational relations. The firm's power is described in terms of its dimensions and the various types of power which may be manifested under conditions of vertical quasi‐integration are discussed. The nature of the link between power and dependence is considered and a number of influences are identified which may inhibit the effectiveness of power attempts in interfirm relationships.
Learning curves—an axiomatic approach
Authors: Lowenthal F. 
Published: June 2007

AbstractA systematic mathematical analysis of learning curves is presented. It is shown that while a learning curve with learning factor k does necessarily satisfy the functional equation f(2x) = kf(x), this equation admits numerous other analytic, convex solutions as well so that it cannot be used to uniquely characterize learning curves. Rather, it is shown that a pair of functional equations f(rx) = kf(x) and f(sx) = jf(x) where rn ≠ sm for any positive integers n and m suffice to uniquely determine the learning curve; compatibility of the two equations requires that logrk = logsj or there will be no learning curve satisfying the pair of equations. Two classes of almost learning curves are generated and studied by means of suitable perturbation terms in the differential equation y = by/x of the true or standard learning curve and these curves are applied to describe data not exhibiting exact learning‐curve behavior. Finally the concept of average marginal hours or cost is introduced and its behavior is found to also exhibit the learning‐curve phenomenon except for an initial deviation.
The role of property rights in the positive theory of monopoly
Authors: Hazlett Thomas W. 
Published: June 2007

AbstractThe traditional approach to monopoly posits a dead‐weight loss, a classic inefficiency, wherever market power is discovered. Critics such as Joseph Schumpeter argue that such dead‐weight losses are inconsequential in a dynamic setting, where long‐run trade‐offs are said to dominate them with postive sum gains, which are also claimed to flow from market power. Yet further examination reveals that even the static monopoly argument showing Pareto inefficiency is not due to a positive analysis but is an outcome determined by the normative interpretation of the monopolist's property rights. The costs which a firm possessing market power has in expanding its output are not considered as legitimate for inclusion in our analysis. (In other markets, traders are sometimes allowed to collect such rents without being labeled as inefficient—for instance, in the labor market.) The interesting questions become: Why have economists adopted this particular normative view of property rights? Is public policy thereby well served?
An empirical investigation of owner–manager labor‐supply behavior
Authors: Feinberg Robert M. 
Published: June 2007

AbstractThis paper uses data from the University of Michigan's Panel Study of Income Dynamics to examine an owner–manager's labor‐supply decision. Graphical analysis is used to motivate the central hypothesis tested, which is that the hourly wage paid to comparable hired managers is the marginal price of leisure to the owner–manager and will help determine his hours worked. The results suggest that this is an appropriate interpretation, with the average elasticity of hours‐worked with respect to cost of comparable hired managerial services equal to + 0.23.
Valuing unlisted shares: A dual approach to the major information determinants
Authors: Kantor Jeffrey , Pike Richard 
Published: June 2007

AbstractLittle is known about how professional valuation experts actually form judgements on the value of unlisted shares. This study examines the valuation process among Canadian valuators and the relative importance of each of the main information variables used in that process. A dual approach to the problem is adopted: (1) a major survey of 231 valuation experts and (2) a conjoint analysis experiment on 82 valuators using fabricated cases representative of realistic relationships. Both approaches conclude that while earnings prospects is the single most important factor in determining unlisted share values, the determination of value in the absence of a capital market is a highly complex process involving a host of information variables, many of which do not easily lend themselves to objective judgement.
Optimal bond refunding strategies
Authors: Lewellen Wilbur G. , Rosenfeld Ahron 
Published: June 2007

AbstractAn extension of the conceptual framework for assessing the desirability of a bond refunding operation is presented. The analysis indicates an expanded set of opportunities for enhancing shareholder wealth that may involve actions other than an immediate call of existing debt, even though the latter appears worthwhile. Conditions that specify the optimal timing of a call are derived.
Consumers' sovereignty revisited
Authors: Reekie W. Duncan 
Published: June 2007

AbstractIt is not widely known that “consumers' sovereignty” was first coined by Hutt in 1936. Writing against a background of restrictive practices in labour and capital markets Hutt wished to weaken underlying sectional interests who could plead no economic rationale. But the sovereign consumer shifts resources from less to more socially valued uses. Vested interests are hurt (and should be bought out). Popular justification for the market's operations rests ultimately, Hutt argues, on the impersonality and impartiality with which it guarantees freedom of the individual.
Professor Hutt on monopoly policy (1934‐43)
Authors: Yamey Basil S. 
Published: June 2007

AbstractThis paper outlines and discusses Professor Hutt's Plan for Reconstruction published in 1943. His detailed proposals for removing constraints on competition marked the culmination of his work, over a decade, on the analysis of impediments obstructing the exercise of consumers' sovereignty, and of the reasons why the relevant teachings of economists had been so ineffectual in terms of public policy. This paper concentrates on Hutt's proposals for dealing with restrictive practices, cartels and mergers in product markets, whilst noting that his reforms included labour markets as well as income guarentees in the transitional period to those persons hurt by the release of the economy's productive powers.