摘要:

AbstractBribery of government officials is commonly used to obtain contracts in many foreign countries. The Foreign Corrupt Practices Act of 1977 (FCPA) made it illegal for US firms to pay bribes, even in the absence of regulation on the bribe‐taking side of the transaction. Opponents of the law claimed it would put US firms at a competitive disadvantage relative to foreign suppliers who were not subject to the same regulation. This paper models the effects of two types of anti‐bribery regulation. In general, regulation of bribe takers reduces the disciplinary effect of competition and is ineffective in deterring bribery unless the penalties exceed the gains. The impact of regulation of bribe payers (i.e. suppliers) depends on whether the law is applicable to all bribe payers, firms' costs and the existence of contract price constraints on the purchasing side of the transaction. The results lead to empirically testable hypotheses about US exports to bribery‐prone coun

ISSN:0143-6570    

DOI:10.1002/mde.4090100102

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractThis paper utilizes the conventional statistical tests associated with the rational expectations hypothesis so as to compare the relative accuracy of individual versus group forecasting within the organization. In order to maintain comparability between forecasting regimens the study employs like information sets for the two prediction methods. Using the rational expectations tests as criteria, the statistical results show group forecasts inferior to individually produced predictions These findings imply that group‐produced forecasting accuracy may be hampered by the psychological interaction associated with consensus behavior. Conversely, we find forecasting accuracy improves when predictions are elicited from individuals in an isolated laboratory‐like sett

ISSN:0143-6570    

DOI:10.1002/mde.4090100103

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractThis paper focuses on shareholder reaction to growth‐motivated dividend cuts and omissions. The results reveal that although growth announcements mitigate the capital loss induced by dividend decreases, the stockmarket response to growth‐oriented dividend cuts is still strongly negative. However, the capital loss suffered by investors is significantly reduced when dividend cuts are accompanied with stock dividends. Two potential explanations of the results are explored: (1) shareholders find the immediate benefits of stock dividends more attractive than the potentially higher future rewards of investment opportunities; and (2) shareholders overreact to dividend announcements. Analysis of the performance of the firms for two years following the dividend cut indicates weak support for the overreaction hypothe

ISSN:0143-6570    

DOI:10.1002/mde.4090100104

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractAn econometric model of the demand and supply of color televisions, black and white televisions and video cassette recorders in the United States from 1964 to 1985 is developed and estimated. Supply and demand parameter estimates are obtained using a simultaneous equation system estimated by three‐stage least squares. The model employed integrates theories of product diffusion from the marketing literature with those of the economic literature on discrete choice. Particular attention is paid to the relationship between product saturation and demand, as well as to supply decisions pertaining to product differentiation and the timing of new product introduction. The central hypothesis that product differentiation and new product introduction are more likely to occur as demands for established products slow at critical saturation levels is supported by the empirical results and actual market occurrence

ISSN:0143-6570    

DOI:10.1002/mde.4090100105

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractRecent empirical results have indicated that sales forecasts obtained from a quantitative model can be improved through subjective revision undertaken by management. This study seeks to determine the extent to which the improvement in forecast performance is dependent upon the individual revising the forecast rather than the specific product under consideration. As any improvement in the forecast is a direct consequence of the adjustment effected, differences in the nature of revision among the individuals concerned and between different types of product are also examined. The results reveal no statistically significant differences between the managers involved in revision activity in terms of their ability to improve the forecast; on the other hand, significant differences in the number of forecasts improved were found between different types of product. As far as the nature of subjective revision is concerned, the results show a significant variation both between different types of product and between managers. Further, the improvement in forecast performance obtained through revision was found to be positively related to the relative size of the adjustment applied.

ISSN:0143-6570    

DOI:10.1002/mde.4090100106

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractAn important concern of regulatory agencies is the quality and variety of products offered for sale. This paper considers the effects of introducing quality standards in a monopolized market where the monopoly sells a range of qualities of a product to consumers with varying taste for quality. The introduction of a minimum acceptable quality can alter the entire price and quality schedule offered by the monopolist. Both a uniform and a more general distribution of consumers are studied to examine these changes and their implications for general welfare.

ISSN:0143-6570    

DOI:10.1002/mde.4090100107

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractThis study investigates the scope of an audit conducted during the first part of the annual auditing cycle. It measures empirically the probability of auditing various balance sheet and income statement accounts. The results indicate that current assets and liabilities have a higher probability for an interim audit than fixed assets, long‐term debt and equity accounts. Furthermore, the likelihood of including each account in an interim audit increases with client size, so the larger an auditee, the wider the audit scope during the beginning of the audit cycle. Also, the empirical results indicate that the lower the familiarity of the auditor with the auditee, the wider the scope of an interim audit. These results seem to be consistent with auditing theory and intuitio

ISSN:0143-6570    

DOI:10.1002/mde.4090100108

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractA number of influential authors have argued that the long‐run average cost curve has only a limited role in the theory of the firm. This note examines this claim in more detail. It argues that the curve has an important role in determining long‐run equilibrium as it provides an important ‘signal’ to agents in the capital and product market about the extent to which an industry is in disequilibrium. The effect of removing the certainty assumption is then examined and it is argued that the average cost curve is an important input in the assessment of operati

ISSN:0143-6570    

DOI:10.1002/mde.4090100109

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractThis paper uses the principal‐agent model to show that a manager's optimal compensation should generally include non‐controllable factors of production such as the firm's investment in capital. This implies that the managerial accounting distinction between profit and investment centres is artificial. Examples are shown in which the ROI or RI criteria could be optimal for compensating managers implying that the optimal compensation criterion is very much specific to the firm's production and risk parameters. Thus, the debate about which criterion is more appropriate is vacu

ISSN:0143-6570    

DOI:10.1002/mde.4090100110

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY

摘要:

AbstractDorfman and Steiner's theorem is trivial with respect to advertising because it deals with only one period. It simply says that a firm should stop with that volume of advertising at which an additional dollar of advertising just produces an additional dollar of net revenue. This note generalizes the theorem to the meaningful multi‐period situation in which the effect of advertising is lagged. The optimizing decision rule is to advertise up to the point at whichf′(At) = 1 ‐bd, whereAstands for advertising,bfor the customer‐rentention factor, anddfor the cost‐of capital discou

ISSN:0143-6570    

DOI:10.1002/mde.4090100111

出版商:John Wiley&Sons, Ltd.    

年代:1989

数据来源: WILEY