摘要:

AbstractThis paper examines the manager–investor relationship in the case of exponential utility when the manager of investments in real or financial assets has an endowment which can be invested in the risky assets for which he has private information. We obtain a relationship showing trade‐offs or hedging behavior among the investments the manager can choose for himself and the principal. Even with the hedging ability of the manager, the well‐known first‐best solution with ‘no moral hazard’ risk‐sharing is obtained among these possible solutions to the manager's problem by specifying a ‘no conflict of interest’, zero investment by the manager of his own endowment in those risky assets for which he has private information. Thus, the agent imputes no disutility to the assignment of the principal's investments and the investor is assured of an investment strategy that he would make if he had access to the manager's pr

ISSN:0143-6570    

DOI:10.1002/mde.4090080202

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThe ranking and measurement of efficiency of decision‐making units by two methods—data envelopment analysis and frontier production function—may not always lead to identical results. In this framework we attempt here a critical evaluation of the frontier production function theory in terms of theoretical and empirical implications. It is shown that under certain conditions the two approaches to effciency measurement may lead to identical re

ISSN:0143-6570    

DOI:10.1002/mde.4090080203

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThe particular characteristics of the UK mutual funds industry provide ideal ground for examining the pertinence of the ‘Small‐size effect’ and the ‘tax‐loss‐selling’ hypothesis. The evidence indicates the presence of a modest‐size premium for smaller investment trusts, but, rather surprisingly, size in general does not appear to be a determining factor of market performance. Moreover, in spite of some variation in the rates of return around the turn of the tax year, the evidence as a whole does not unambiguously support the tax‐loss‐selling hypothesis. However, there is ground to believe that the overall poor performance of the UK investment trust industry could be due to the tax regimen governing the industry's operations during

ISSN:0143-6570    

DOI:10.1002/mde.4090080204

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractA model of aggregate merger activity is developed by integrating the literature on aggregate investment in fixed capital into a microfinance framework. Mergers are viewed as the result of firms capital budgeting processes, and two major categories of explanatory variables emerge: (1) cost of capital and related financial effects, and (2) output effects. Regressions, estimated to explain the number of large mining and manufacturing mergers over the sample period 1956–1978, provide evidence consistent with this view. In addition, the model explains the high level of merger activity during the conglomerate boom of 1967

ISSN:0143-6570    

DOI:10.1002/mde.4090080205

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractIn this paper an attempt is made to integrate the twin concepts of synergy and environmental uncertainty in a unifying framework for the analysis of corporate strategy in the large corporation. Environmental uncertainty and synergy considerations are considered to be the fundamental determinants in strategy formulation, the firm's strategy reflecting a choice between potential synergistic gains and increased vulnerability to environmental threats. A formal model of corporate strategy is developed explaining strategic behaviour as a function of opportunities for synergistic gains and level of environmental uncertainty. The empirical relevance of the model is demonstrated by utilizing data from four major studies of corporate strategy in the USA, the UK, France and West Germany.

ISSN:0143-6570    

DOI:10.1002/mde.4090080206

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

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

ISSN:0143-6570    

DOI:10.1002/mde.4090080207

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

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 perfor

ISSN:0143-6570    

DOI:10.1002/mde.4090080208

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

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 willfallfor some firms but few appeared to use strict cost of capital criteria in assessing invest

ISSN:0143-6570    

DOI:10.1002/mde.4090080209

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThe objective of this paper is to assess the value of free foreign‐exchange forecasts. Taking the exchange‐rate projections published by Lloyds Bank as an example, it is shown that there is no reason to assume that these projections consistently outperform the most easily available benchmark, the current spot exchange rate. Moreover, the returns to speculative investment based on these projections seem to be, at best, insignificant. The value of such forecasts must, therefore, be regarded as negligi

ISSN:0143-6570    

DOI:10.1002/mde.4090080210

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

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.

ISSN:0143-6570    

DOI:10.1002/mde.4090080211

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY