摘要:

AbstractThe literature on industrial organization contains very little direct evidence on the effects of actual mergers. This study estimates the effects of two recent airline mergers approved by the Department of Transportation over the objection of the Department of Justice. The merger of TWA and Ozark appears to have caused a slight increase in fares and a far greater reduction in service on city pairs out of St Louis. The merger of Northwest and Republic appears to have caused a significant increase in fares and a significant reduction in overall service on city pairs out of Minneapolis‐St Pau

ISSN:0143-6570    

DOI:10.1002/mde.4090120502

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractFocusing on monitoring costs, the agency framework is used to extend and test the positive theory of accounting choice. To reduce monitoring cost, a firm is predicted to adopt those accounting methods employed by other firms facing the most similar economic environment. This allows the firm's shareholders (typically acting through the Board of Directors) to use the performance of these other firms to better impute and reward its own manager's performance. This hypothesis is tested and supported by examining, for a sample of industrial firms, the choice of depreciation method.

ISSN:0143-6570    

DOI:10.1002/mde.4090120503

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractA centralized structure will set higher prices and locate products closer together than a decentralized one. A decentralized organizational structure is chosen because the entry‐deterring effect of such a structure outweighs the monopoly effects of a centralized one for sufficiently low entry fee level

ISSN:0143-6570    

DOI:10.1002/mde.4090120504

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractA pricing model for default‐free bonds under differentia! taxation of coupon income and capital gains is presented which explicitly considers coupon‐induced tax clienteles. Subsequent analysis provides indirect evidence in support of the existence of the coupon‐induced tax clientele effect, while direct evidence is provided by analyzing differences in marginal tax rates estimated across different coupon levels for sets of US Treasury bonds with the same maturity date. The results are also generally consistent with the traditional notion that marginal tax rates are inversely related to coupon l

ISSN:0143-6570    

DOI:10.1002/mde.4090120505

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractPrevious work has shown how Laplace Transform Theory andz‐Transform Theory may be used in Net Present Value Analysis. A closed‐form expression is easily derived for a continuous cash flowtk, wheretdenotes time andkis a positive integer. In the corresponding discrete case, explicit expressions have only been provided fork10. In this article we derive a closed‐form formula for the missing general case whenkis an arbitrary non‐negative integer. As a byproduct, we also obtain a closed‐form expression for thez‐transform of such a p

ISSN:0143-6570    

DOI:10.1002/mde.4090120506

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractThis study examines whether security analysts (in)efficiently utilize the information contained in past series of annual and quarterly earnings in producing earnings forecasts. To do so, it investigates whether equal‐weighted combinations of security analysts' forecasts with forecasts from statistical models based on historical earnings are superior, both in terms of being a better surrogate for the market's expectations of earnings and of accuracy, to forecasts from either one of these two sources. The empirical findings indicate that, although analysts' forecasts are superior to forecasts from statistical models, performance can be improved—both in terms of accuracy and also of being a better surrogate for market earnings expectations—by combining analysts' forecasts with forecasts from statistical models based on past quarterly earnings. Improvements in proxying for market earnings expectations were obtained even when analysts' forecasts made in June of the forecast year were used in the combinations. An implication of these findings is that investors can improve their investment decisions by using an average of the mean analysts' forecasts and the forecast produced by a time‐series model of quarterly earnings in their investment de

ISSN:0143-6570    

DOI:10.1002/mde.4090120507

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractFirms frequently bill customers on a fixed‐period basis (such as once a month), or on a fixed‐amount basis (whenever the outstanding credit balance reaches a particular amount). We examine here a more flexible procedure, the bill‐or‐carry policy, which uses a simple decision rule and results in lower costs than either the fixed‐period or fixed‐amount procedures. The logic and properties of the bill‐or‐carry policy are compared with those of the fixed‐period and fixed

ISSN:0143-6570    

DOI:10.1002/mde.4090120508

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractThis paper is concerned with the economic performance of factor markets in an oligopsony/ oligopoly setting. Firm arid industry indexes are developed to measure factor market price distortions caused by exerted oligopsony/oligopoly power. These measures indicate that the elasticity of output demand, the elasticity of input supply, and the input and output conjectural elasticities determine the degree of non‐competitive performance in factor markets. It is also shown that under special conditions the firm index equals the Lerner index and the industry index equals the Herfindahl‐Hirschman in

ISSN:0143-6570    

DOI:10.1002/mde.4090120509

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090120510

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090120511

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY