摘要:

AbstractThis paper investigates the shareholder wealth consequences of the public announcements of the proposed issuance of multiple classes of common stock with disparate voting rights. The evidence suggests that, for our sample of 70 firms which proposed dual‐class recapitalizations over the period 1962–86, the creafion of dual classes of common stock, on average, leads to abnormal stock price increases. The data do not lend support to the hypothesis that the concentration of voting power with incumbent management is detrimental to shareholder intere

ISSN:0143-6570    

DOI:10.1002/mde.4090100302

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractThe structure of British industry's foreign sales is analysed by its principal components: exports, sales arising from licenses issued abroad and the output from facilities financed by British foreign direct investment. Total foreign sales are analysed by industry and by foreign market and differences in structure on both these dimensions are considerable. The literature is analysed in order to determine a preliminary set of variables which explain the structure at this highly aggregated level. Examination of the data allows us to focus on the most important explanatory variables, which include exchange rates, government policies and supply and demand factors.

ISSN:0143-6570    

DOI:10.1002/mde.4090100303

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractPrevious researchers have explicitly extended the definition of corporate failure to include distressed acquired firms when they are (mis) classified by statistical models as failing. We argue that this approach is erroneous, since the acquisition of a financially distressed firm is an entirely separate economic outcome from corporate failure. This paper reports some new evidence for the UK corporate sector where the acquisition of a distressed firm is modelled as a distinct alternative to corporate failure. Our empirical results suggest that it is feasible to develop statistical models which are able to discriminate, with a reasonably high degree of accuracy, between those distressed firms which fail and those where a timely merger appears to serve as a viable alternative to corporate bankruptcy.

ISSN:0143-6570    

DOI:10.1002/mde.4090100304

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractThe total volume of wagering at a racetrack is important since it affects both racetrack and state revenues. This paper studies the factors that determine the volume of wagering. One of these factors is the sire stakes, a major form of government subsidy. We conclude that this subsidy has little or no economic impact on the volume of wagers. Unless the state recoups nearly all of the subsidy in other ways, such as sales taxes on racehorses, the sire stakes amount to a direct transfer from taxpayers to the breeding industry. We also develop information useful to racetrack managers.

ISSN:0143-6570    

DOI:10.1002/mde.4090100305

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractFirm profitability is measured in most cases by an accounting rather than by the theoretically superior economic (or internal) rate of return. This paper explores the relationship between accounting and internal rates of return using COMPUSTAT data for 1013 large industrial firms over a 20‐year period. The research was motivated by the controversy ongoing between scholars concerning the validity of the accounting rate of return as a proxy for economic profit. The method used in this paper is different from previous research in that cash flow profiles are estimated instead of being assumed. The results, while generally supporting the contention that accounting rates of return are poor proxies for underlying economic rates of return, also provide evidence that the distortions are not so great as to render them useless for performance measurement and managerial decision‐making purpo

ISSN:0143-6570    

DOI:10.1002/mde.4090100306

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractA model of an individually regulated trucking firm is extended to reflect collective regulation by the operating‐ratio method as conducted for many years by the ICC. The game‐theoretic extension predicts that managers will not respond to a required operating ratio, in cartel‐like manner, by increasing expenses in pursuit of higher profit. This result undermines the Commission's stated belief that an operating‐ratio standard, even when applied collectively, imparted such an incentive. An empirical test supports the conclusion that tighter regulation, measured by higher achieved operating ratios, did not invite increased employment of the variable factors. On the contrary, tighter regulation is found inversely related to the employment of all factors and, implicitly, to industry output. Deregulation of entry and rates was thus a more likely source of improved managerial efficiency than merely switching from an operating ratio to a return‐on‐equity standard, as tbe Commission

ISSN:0143-6570    

DOI:10.1002/mde.4090100307

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractUse of transfer prices is regarded by many writers as an efficient means of management of multidivisional firms. Its use in effect creates an internal market for the firm. However, its value as a management technique isknown to be subject to a number of limitations of the type discussed in the general economic theory of market failure. Nevertheless, two important limitations of transfer pricing have been neglected in the literature: (1) imputed profit/loss based on optimal transfer prices can be a poor guide to the economic value of a division to a firm when market transaction costs are important (for instance, even if a division shows an imputed loss, it may not be optimal to dispose of it), and (2) transfer pricing can retard technical change, innovation and productivity enhancement within a division to the detriment of the firm as a whole. Both aspects are examined here.

ISSN:0143-6570    

DOI:10.1002/mde.4090100308

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090100309

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090100301

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY