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A Theory Of Strategic Mergers, Gennaro BERNILE, Evgeny Lyandres, Alexei Zhdanov 2012 University of Miami

A Theory Of Strategic Mergers, Gennaro Bernile, Evgeny Lyandres, Alexei Zhdanov

Research Collection Lee Kong Chian School Of Business

We examine firms’ strategic incentives to engage in horizontal mergers. In a real options framework, we show that strategic considerations may explain abnormally high takeover activity during periods of positive and negative demand shocks. Importantly, this pattern emerges solely as a result of firms’ strategic interaction in output markets. We show that the U-shaped relation between the state of demand and the propensity of firms to merge, documented in past studies, is driven by horizontal mergers in industries that are: (1) relatively more concentrated, (2) characterized by relatively strong competitive interaction among firms, and (3) characterized by relatively low merger-related ...


Strategic Revenue Management And The Role Of Competitive Price Shifting, Cathy A. Enz Ph.D., Linda Canina Ph.D., Breffni Noone Ph.D 2012 Cornell University

Strategic Revenue Management And The Role Of Competitive Price Shifting, Cathy A. Enz Ph.D., Linda Canina Ph.D., Breffni Noone Ph.D

Center for Hospitality Research Publications

This paper examines whether stable competitive pricing positions yield better average annual RevPAR growth than do price shifts either upward or downward, as compared to competitors’ positions. Using property level data on average daily rate (ADR) and average annual RevPAR growth, this study found two contrasting price-shifting strategies. For hotels that were lower priced relative to their competitors in 2007, the most popular strategy was to make price shifts to higher price categories in both 2008 and 2009. In contrast, the most popular strategy for hotels that originally positioned themselves above the competition was to move to lower price categories ...


2012 March, Office of Communications & Marketing, Morehead State University. 2012 Morehead State University

2012 March, Office Of Communications & Marketing, Morehead State University.

Morehead State Press Release Archives, 1961 to the Present

Press releases for March of 2012.


Assessing Aviation E-Marketplaces: A Mmulti-Criteria Approach., Emilio Esposito, Pietro Evangelista, Michele Mastroianni, Renato Passaro, Edward Sweeney, Claudia-Maria Wagner 2012 University of Naples Federico II

Assessing Aviation E-Marketplaces: A Mmulti-Criteria Approach., Emilio Esposito, Pietro Evangelista, Michele Mastroianni, Renato Passaro, Edward Sweeney, Claudia-Maria Wagner

Books/Book chapters

After a proliferation of logistics e-Marketplaces during the dot.com boom of 1998-2000, there has been a high rate of failure and survivals are developing much more slowly than expected. This is the case in the aviation industry where a large number of B2B e-Marketplaces emerged according to the focus of aviation companies’ strategies on electronic B2B in the late 1990s. However, the current use of e-Marketplaces in the industry is low and many of them have ceased trading. The traditional e-Marketplaces model has been characterised by poor quality portals and a lack of technical standards. Such an approach is ...


A Utility Based Approach To Energy Hedging, Jim Hanly, John Cotter 2012 Dublin Institute of Technology

A Utility Based Approach To Energy Hedging, Jim Hanly, John Cotter

Articles

A key issue in the estimation of energy hedges is the hedgers’ attitude towards risk which is encapsulated in the form of the hedgers’ utility function. However, the literature typically uses only one form of utility function such as the quadratic when estimating hedges. This paper addresses this issue by estimating and applying energy market based risk aversion to commonly applied utility functions including log, exponential and quadratic, and we incorporate these in our hedging frameworks. We find significant differences in the optimal hedge strategies based on the utility function chosen.


Accounting Restatements And External Financing Choices, Qiang CHENG, Xia CHEN, Alvis Lo 2012 SMU

Accounting Restatements And External Financing Choices, Qiang Cheng, Xia Chen, Alvis Lo

Research Collection School Of Accountancy

There is little research on how accounting information quality affects a firm’s external financing choices. In this paper, we use the occurrence of accounting restatements as a proxy for the reduced credibility of accounting information and investigate how restatements affect a firm’s external financing choices. We find that for firms that obtain external financing after restatements, they rely more on debt financing, especially private debt financing, and less on equity financing. The increase in debt financing is more pronounced for firms with more severe information problems and less pronounced for firms with prompt CEO/CFO turnover and auditor ...


Grant Document For Epiphany Prep P/I Work Plan, The Nonprofit Institute, University of San Diego 2012 University of San Diego

Grant Document For Epiphany Prep P/I Work Plan, The Nonprofit Institute, University Of San Diego

Governance

Grant Document for Epiphany Prep P/I Work Plan


San Diego Center For Children Finance Manual, San Diego Center for Children 2012 University of San Diego

San Diego Center For Children Finance Manual, San Diego Center For Children

Finance

2012 edition of the San Diego Center for Children's Finance Committee handbook.


On-Market Share Buy-Backs: Asx Disclsoure, Jason David MITCHELL, Holub M. 2012 Singapore Management University

On-Market Share Buy-Backs: Asx Disclsoure, Jason David Mitchell, Holub M.

Research Collection School Of Accountancy

Our paper investigates the compliance of Australian listed firms with the ASX disclosure rules for on‐market share buy‐backs. We find that firm compliance is reasonable for initial buy‐back announcements, but poor for final buy‐back notices. In the latter instance, the disclosure in the appropriate ASX notice is provided in only 53% of cases. Of significant concern is the even lower degree of final notice compliance (42%) for buy‐backs tagged as having ‘unlimited’ duration. Across our total sample of 807 buy‐backs, an alternative form of disclosure of buy‐back completion is provided in 25% of ...


Cash Is King, Themin SUWARDY 2012 Singapore Management University

Cash Is King, Themin Suwardy

Research Collection School Of Accountancy

What can SMEs do to monitor, manage and improve their cash flow


Transparency In The Fashion Industry: Social Media Use In Public Relations Strategies, Teri Akahoshi 2012 California Polytechnic State University - San Luis Obispo

Transparency In The Fashion Industry: Social Media Use In Public Relations Strategies, Teri Akahoshi

Journalism

No abstract provided.


Are Auditors' Going-Concern Evaluations More Useful After Sox?, Benjamin P. Foster, Terry J. Ward 2012 University of Louisville

Are Auditors' Going-Concern Evaluations More Useful After Sox?, Benjamin P. Foster, Terry J. Ward

Faculty Scholarship

Bankruptcy risk is a crucial factor in auditors’ decisions whether or not to modify their audit opinion based on the going-concern assumption. SOX required more extensive audit procedures than those required before its passage. More extensive audit procedures should result in more meaningful audit reports. This study examines whether the auditors’ going-concern opinion provides more useful incremental information after SOX than before SOX in distinguishing between distressed companies that become bankrupt in the next year and those that do not. We find that an audit opinion variable adds more useful information to bankruptcy prediction models after SOX than before SOX ...


The Relationship Between Live Music And Enjoyment Of Wine, Janey Helene Cowan 2012 California Polytechnic State University - San Luis Obispo

The Relationship Between Live Music And Enjoyment Of Wine, Janey Helene Cowan

Agribusiness

This study was performed in order to determine the relationship between enjoyment of music in a live setting and enjoyment of wine consumed while at the concert. Surveys were collected from 113 respondents throughout the summer of 2011 at San Luis Obispo’s “Concerts in the Plaza.” J. Lohr Vineyards and Wines was the wine sponsor throughout the summer concert series, which represented a wide variety of musical genres. Overall, 80% of the sample was women, 69% drank white wine, and 93% had tried J. Lohr wines before the event. With regard to wine opinion, 57% of the sample maintained ...


Redesigned Wine Labels And Consumer Preferences, Alison (Ali) Maddox 2012 California Polytechnic State University - San Luis Obispo

Redesigned Wine Labels And Consumer Preferences, Alison (Ali) Maddox

Agribusiness

When purchasing a bottle of wine, the first impression the consumer gets is from the wine label. In today’s competitive market, it is important that wineries understand consumer preferences and purchasing decisions when evaluating a wine bottle. This study was undertaken to determine the relationship between redesigned wine labels and consumer preferences. A survey was distributed to residents of San Luis Obispo and 194 people responded. It was found that consumers preferred the original label to the redesigned label. Respondents listed quality, good value, and varietal and the most important wine feature and unique, eye-catching, and colorful as the ...


Paired Price Comparisons Of Farmers’ Market And Supermarket Produce In San Luis Obispo County, Paulina Janda Swenson 2012 California Polytechnic State University - San Luis Obispo

Paired Price Comparisons Of Farmers’ Market And Supermarket Produce In San Luis Obispo County, Paulina Janda Swenson

Agribusiness

This study was undertaken to determine whether farmers’ markets or supermarkets in San Luis Obispo County are a better outlet for purchasing fresh produce based on paired price comparisons. Prices of fifteen produce items were chosen but later reduced to six because of seasonality, were observed and recorded at three farmers’ markets and three paired supermarkets over a period of five weeks.

Once all price data was collected, each farmers’ market was matched against their paired supermarket to find which market offered a lower average price. ANOVA tests were then performed to test the mean prices of the two market ...


The Sustainability Movement And Its Effects On The Trends Of Beauty Product Packaging, Sarah Danley 2012 California Polytechnic State University - San Luis Obispo

The Sustainability Movement And Its Effects On The Trends Of Beauty Product Packaging, Sarah Danley

Graphic Communication

The purpose of this study is to examine industry professionals’ standpoints along with consumer demands and expectations pertaining to sustainable packaging, materials currently used in beauty product packaging, and advances in emerging trends within this sector. Using the information derived from these examinations, this study will predict the industry’s future direction and identify how the industry leaders should change in order to adapt their business practices to remain competitive and profitable within the industry.

This study made use of several research methods to gain insight on the impacts that the sustainability movement has had on the beauty and health ...


Exporting United States' Whey Products To The Chinese Market, Rebecca Mellema 2012 California Polytechnic State University - San Luis Obispo

Exporting United States' Whey Products To The Chinese Market, Rebecca Mellema

Dairy Science

The objective of this research project was to determine the potential for the increase of U.S. whey exports to the Chinese market. The research was gathered from various locations including the United States Dairy Export Council as well as Euromonitor International. From this research the amount of whey that the US produces was compared with the amount of whey that China imports, then analyzed to determine the increased amount that can be exported by the US to China. An analysis of the current and historical situation for dairy products in China was also included to help determine the market ...


Simulations, Filip LIEVENS, Britt DE COETE 2012 Singapore Management University

Simulations, Filip Lievens, Britt De Coete

Research Collection Lee Kong Chian School Of Business

Simulations represent more or less exact replicas of tasks, knowledge, skills, and abilities required in actual work behavior. This chapter reviews research on the more traditional high-fidelity simulations (i.e., assessment centers and work samples) and contrasts it with the growing body of research on low-fidelity simulations (i.e., situational judgment tests). Both types of simulations are compared in terms of the following five statements: “The use of simulations enables organizations to make predictions about a broader array of KSAOs,” “We don't know what simulations exactly measure,” “When organizations use simulations, the adverse impact of their selection system will ...


Us Government Efforts To Repair Its Image After The 2008 Financial Crisis, Andrea A. CHUA, A. PANG 2012 Singapore Management University

Us Government Efforts To Repair Its Image After The 2008 Financial Crisis, Andrea A. Chua, A. Pang

Research Collection Lee Kong Chian School Of Business

Globalization has intensified the interaction and interdependency among countries. The need to maintain good reputation and establish good relationships should dominate public diplomacy efforts (Hiebert, 2005). Using the US financial crisis 2008 as a case study, this study examines how the world's only superpower repaired its image when it was accused of triggering the financial meltdown that impacted the world economy. Few studies have examined repair strategies by nations. The need to undertake more empirical research to understand how the image-rebuilding rhetoric can aid diplomatic efforts remains relevant today.


Lifecycle Pricing For Installed Base Management With Constrained Capacity And Remanufacturing, Andreas ROBOTIS, Shantanu BHATTACHARYA, Luk N. Van WASSENHOVE 2012 Singapore Management University

Lifecycle Pricing For Installed Base Management With Constrained Capacity And Remanufacturing, Andreas Robotis, Shantanu Bhattacharya, Luk N. Van Wassenhove

Research Collection Lee Kong Chian School Of Business

Installed base management is the policy in which the manufacturer leases the product to consumers, and bundles repair and maintenance services along with the product. In this article, we investigate for the optimal leasing price and leasing duration decisions by a monopolist when the production and servicing capacity are constrained. The effect of diffusion of consumers in the installed base is considered, with the ownership of the product resting with the monopolist during the product lifecycle. The monopolist operating the installed base jointly optimizes the profits from leasing the product/service bundle along with maintenance revenues and remanufacturing savings. We ...


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