摘要:

AbstractComparison of the diversification of R&D in the mid‐1970s with the mid‐1980s co‐operative R&D that is protected by the National Co‐operative Research Act of 1984 (NCRA) shows that multi‐industry research coalitions seem to substitute for multi‐industry firms exploiting R&D spillovers. Diversification by individual firms and co‐operation among them can both increase appropriability, but the co‐operative R&D sacrifices competition that is present with diversification alone. The evidence suggests that diversification in the absence of the NCRA may have carried innovative investment toward the social optimum, while the effect of the law may well be to reduce investment and take us away from the

ISSN:0143-6570    

DOI:10.1002/mde.4090090302

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractSlowly moving fundamental time series can be mistaken for time trends. Use of this series can increase credibility of medium‐term and long‐term forecasts. This paper introduces a new slowly moving fundamental time series—the age distribution of the US population—to explain trends in real US interest rates over the past 35 years. We argue that lifecycle consumption patterns at the individual level can influence aggregate saving and real interest rates. Empirical evidence is presented that supports the relationship between age distribution and expected real interest rates. Simulations of future interest rates are de

ISSN:0143-6570    

DOI:10.1002/mde.4090090303

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractExpenditure 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 sale

ISSN:0143-6570    

DOI:10.1002/mde.4090090304

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis note analyses the behaviour of a profit‐constrained sales‐maximizing firm under price discrimination. It is shown that tightening the price discriminatory constraint will cause a decrease in output regardless of the shape of the relevant demand cur

ISSN:0143-6570    

DOI:10.1002/mde.4090090305

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThe 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 hypothesi

ISSN:0143-6570    

DOI:10.1002/mde.4090090306

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper takes a further step towards the integration of the theories of production and finance under uncertainty. It sets up a continuous time‐diffusion process model of production by firms and portfolio investment by individuals and provides a simultaneous solution to these two decisions. The derived equilibrium conditions, being in the stockholders' interest, are specific in form, and are determined by two factors: attitudes of investors towards risk and the systematic risks of the fir

ISSN:0143-6570    

DOI:10.1002/mde.4090090307

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090090308

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis 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 tec

ISSN:0143-6570    

DOI:10.1002/mde.4090090309

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis 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 cove

ISSN:0143-6570    

DOI:10.1002/mde.4090090310

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090090311

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY