ISSN:0143-6570    

DOI:10.1002/mde.4090050202

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractThis research analyzes the performance of large corporations during the business cycles of the 1970s. The analysis identifies the level of diversification preferred by a risk‐averse investor at different stages of the business cycle. The data base is a group of 222 large industrial corporations for which the number of four‐digit SIC production areas has been determined for each firm. The analytical method used is that of second‐degree stochastic dominance, a method that is sensitive not only to mean differences in corporate performance but also to the skewness of profitability distributions. The findings indicate that risk‐averters would prefer the ten‐year performance of moderately diversified firms to the performance of firms with low levels of diversification. In addition, moderately diversified firms were preferred to highly diversified firms. Finally, the experience of the 1970s suggest that there are serious managerial diseconomies of diversification in r

ISSN:0143-6570    

DOI:10.1002/mde.4090050203

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractThis paper examines product policy in relation to the experience curve and product life cycle concepts in the context of the experience of the thirteen major firms in the Western European synthetic fibers industry. It examines the hypothesis based on Boston Consulting Group and the Profit Impact of Market Share (PIMS) evidence that late entrants to a market will be at a competitive disadvantage because they lack the accumulated experience of the pioneering firms. For each of the three main synthetic fibres, acrylic, nylon and polyester, it was found that the early entrants who established major market shares early in the growth phase of the product life cycle were able to maintain that leadership nearly twenty years later. In contrast not only did almost all the late entrants fail to achieve significant market shares but in the difficult market conditions between 1974 and 1981 they provided seven out of nine market withdrawals.

ISSN:0143-6570    

DOI:10.1002/mde.4090050204

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractThis study is designed to examine the relationship between drug innovation and price competition. The empirical results presented here support the hypothesis that new drugs‐as measured by new chemical entities‐exert downward pressure on the prices of existing competitors within the same therapeutic class. The implication of this finding for public policy is that drug innovation not only provides new therapy but also stimulates price competit

ISSN:0143-6570    

DOI:10.1002/mde.4090050205

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractPut‐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 eff

ISSN:0143-6570    

DOI:10.1002/mde.4090050206

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractPrior 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.

ISSN:0143-6570    

DOI:10.1002/mde.4090050207

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractThis paper presents some empirical tests of the impact of strategic diversification on a market‐based measure of firm risk. Instead of considering merely the consequences of isolated diversifying mergers, as most previous work in this area has done, the study examines the impact of all quoted acquisitions over a five year period using a sample of 100 large companies and a period of intense merger activity. The results cast further doubt on risk reduction as a general motive for diversifying merger, although they do not support the positive association between systematic risk and conglomerate status found in many US studie

ISSN:0143-6570    

DOI:10.1002/mde.4090050208

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractThis 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 ind

ISSN:0143-6570    

DOI:10.1002/mde.4090050209

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractThis paper presents a cash flow formulation of the capital structure problem in the presence of corporate taxes. In contrast to the classic result of Modigliani and Miller, it is shown that an optimal capital structure does not involve exclusive reliance on debt financing.

ISSN:0143-6570    

DOI:10.1002/mde.4090050210

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY

摘要:

AbstractThis paper presents in terms of price changes the theoretical conditions for optimal pricing when products are demand‐related. It then suggests an approach which could be used by companies to provide guidance in the pricing of such products over tim

ISSN:0143-6570    

DOI:10.1002/mde.4090050211

出版商:John Wiley&Sons, Ltd.    

年代:1984

数据来源: WILEY