摘要:

AbstractThis article explores how changes in industry structure are reflected in changes in performance and strategy. A set of interrelated hypotheses is proposed and examined in one industry (the Norwegian telecommunications industry). Increasing competition was found to be positively related to increasing industry concentration but negatively related to new entries and performance as measured by value added. Large and small firms were found to vary in performance, and they are seemingly applying different strategies in coping with stagnating market opportunities.

ISSN:0143-6570    

DOI:10.1002/mde.4090090401

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThe risk‐adjusted discount rate method for evaluating capital investment projects applies the risk‐adjusted rate to equilibrium as well as disequilibrium expected returns, leading to biased NPV calculations. This paper uses the CAPM framework, and suggests a procedure for applying the risk‐adjusted rate without causing a bias. The procedure is shown to result in NPVs identical to those obtained by the certainty equivalent approach. A comparison with a previously suggested procedure is also pro

ISSN:0143-6570    

DOI:10.1002/mde.4090090402

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper derives a general version of Baumol's production theory, where the main behavioral assumption is ‘revenue maximization subject to a profit constraint’ instead of ‘profit maximization’. This theory turns out to be analogous to the neoclassical (competitive) production and consumption theories. Employing the fruitful duality approach it is presented here in a unified and very economical form that provides a complete and general analysis of the comparative static behavior of Baumol

ISSN:0143-6570    

DOI:10.1002/mde.4090090403

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper examines the behavior of a labor‐managed co‐operative firm which can sell its output in both spot and forward markets, where the random spot price varies between a price floor and a price ceiling but the forward price is a known parameter. We demonstrate that a risk‐averse labor‐managed firm will base its production decision on the forward market price, and that risk aversion is sufficient to give the direct relationship between a change in uncertainty and the amount hedged in the forward

ISSN:0143-6570    

DOI:10.1002/mde.4090090404

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractA profit‐maximizing multiproduct firm's optimum production and pricing decision rules are different if the firm's fixed resources are fully employed than if they are underutilized. If they are fully employed, the opportunity cost of using a fixed input affects the firm's pricing decisions. The way for a multiproduct firm to maximize profit is to lose money on a product if large volume and low price of that product increases sales or reduces cost for other products sufficiently. Decision rules are different for a revenue‐maximizing firm than for a profit‐maximizin

ISSN:0143-6570    

DOI:10.1002/mde.4090090405

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper considers the ability of a non‐linear tax to correct misallocation of resources in a monopolized market with a range of product qualities. If the monopolist pools several classes of consumers together then the quality tax will not achieve a first‐best allocat

ISSN:0143-6570    

DOI:10.1002/mde.4090090406

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper proposes a flexible technique for selecting portfolios in an environment which includes thinly traded shares. The proposal uses the Capital Asset Pricing Model with a thinly traded beta estimator to generate the expected return input. This technique has the advantage of being applicable when the opportunity set includes well‐traded securities, as the beta estimator converges to the ordinary least squares beta for well traded shares. In addition, it allows portfolio estimation to be carried out under a range of expected market performance scenarios. An empirical study on the Johannesburg Stock Exchange over the period 1974–85 indicates that the proposed method is superior to traditional techniq

ISSN:0143-6570    

DOI:10.1002/mde.4090090407

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper investigates why some companies export a larger percentage of their total sales than others, although they operate in the same industry. A variety of interesting but fragmented findings on specific determinants of export intensity is integrated into a coherent model. This is tested empirically, using a sample of British mechanical engineering companies.

ISSN:0143-6570    

DOI:10.1002/mde.4090090408

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090090409

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThe objective of the paper is to compare the informational efficiency of five macroeconometric and one statistical quarterly forecasting models. The results suggest that the forecasters inefficiently utilize readily available economic information. The qualitative effect for a particular information variable is the same across all forecasters exhibiting inefficiency. Further, the magnitude on coefficients of significant information variables are quite close. In particular, real GNP forecasts appear to not fully incorporate information about laggedM1 growth and lagged changes in housing starts. Deflator forecasts can be improved by more fully specifying the degree of slackness in the economy as captured by capacity utilization and changes in the labor market.

ISSN:0143-6570    

DOI:10.1002/mde.4090090410

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY