John B. Guerard and Andrew Mark
In this study, we produce mean-variance efficient portfolios for various universes in the U.S. equity market, and show that the use of a composite of analyst earnings forecast…
Abstract
In this study, we produce mean-variance efficient portfolios for various universes in the U.S. equity market, and show that the use of a composite of analyst earnings forecast, revisions, and breadth variable as a portfolio tilt variable and an R&D quadratic term enhances stockholder wealth. The use of the R&D screen creates portfolios in which total active return generally rise relative to the use of the analyst variable. Stock selection may not necessarily rise as risk index and sector index returns are affected by the use of the R&D quadratic term. R&D expenditures of corporations may be integrated into a mean-variance efficient portfolio creation system to enhance stockholder returns and wealth. The use of an R&D variable enhances stockholder wealth relative to the use of capital expenditures or dividends as the quadratic term. The stockholder return implications of the R&D quadratic variable are particularly interesting given that most corporations allocate more of their resources to capital expenditures than R&D.
Taining Wang and Daniel J. Henderson
A semiparametric stochastic frontier model is proposed for panel data, incorporating several flexible features. First, a constant elasticity of substitution (CES) production…
Abstract
A semiparametric stochastic frontier model is proposed for panel data, incorporating several flexible features. First, a constant elasticity of substitution (CES) production frontier is considered without log-transformation to prevent induced non-negligible estimation bias. Second, the model flexibility is improved via semiparameterization, where the technology is an unknown function of a set of environment variables. The technology function accounts for latent heterogeneity across individual units, which can be freely correlated with inputs, environment variables, and/or inefficiency determinants. Furthermore, the technology function incorporates a single-index structure to circumvent the curse of dimensionality. Third, distributional assumptions are eschewed on both stochastic noise and inefficiency for model identification. Instead, only the conditional mean of the inefficiency is assumed, which depends on related determinants with a wide range of choice, via a positive parametric function. As a result, technical efficiency is constructed without relying on an assumed distribution on composite error. The model provides flexible structures on both the production frontier and inefficiency, thereby alleviating the risk of model misspecification in production and efficiency analysis. The estimator involves a series based nonlinear least squares estimation for the unknown parameters and a kernel based local estimation for the technology function. Promising finite-sample performance is demonstrated through simulations, and the model is applied to investigate productive efficiency among OECD countries from 1970–2019.
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Deborah V. Brazeal, Mark T. Schenkel and Jay A. Azriel
While efforts at understanding how the entrepreneurial spirit is awakened (e.g., unwrapping the cognitive “black box”) have been productive in the new venture context, it remains…
Abstract
While efforts at understanding how the entrepreneurial spirit is awakened (e.g., unwrapping the cognitive “black box”) have been productive in the new venture context, it remains largely unexplored in a corporate setting.This study extends previous research by investigating the relationship between organizational antecedents and perceptions of entrepreneurial self-efficacy and desirability of entrepreneurial activity. In a field study of organizations consistent with a corporate entrepreneurial archetype typology, we found that (1) individual work discretion and time availability impacted entrepreneurial self-efficacy, and (2) individual interest in work innovation influenced perceived desirability of innovative behaviors.
To innovatively address challenges faced by corporate entrepreneurship (CE) in this modern age of globalization and digitalization, this chapter takes a fresh look at questions of…
Abstract
To innovatively address challenges faced by corporate entrepreneurship (CE) in this modern age of globalization and digitalization, this chapter takes a fresh look at questions of learning and leadership from the perspective of organization development (OD), a field that has long studied questions of planned and emergent change. This alternate perspective adds to our knowledge and understanding of the role of individuals and teams in CE and presents opportunities to integrate learning and leadership. In particular, the OD literature provides us with multilevel measurement methods and tools to better analyze the employee and team level-of-analysis. As a result, these insights should enable us to better explain the interaction between CE strategic orientation and the performance of corporate venturing employees and teams, as well as the progress of organizational strategic renewal and market (re)creation efforts.
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1. Preservatives should be prohibited in all articles of food and drink offered or exposed for sale whether manufactured in this country or imported, except that—(a) Sulphur…
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1. Preservatives should be prohibited in all articles of food and drink offered or exposed for sale whether manufactured in this country or imported, except that—(a) Sulphur dioxide only should be permitted, (1) in sausages in amounts not exceeding three grains per pound, (2) in jam in amounts not exceeding 0·3 grains per pound, (3) in dried fruit in amounts not exceeding seven grains per pound, (4) in preserved (but not dried) whole fruit or fruit pulp in amounts not exceeding five grains per pound, (5) in beer and cider whether in bottle or in cask in amounts not exceeding five grains per gallon, (6) in alcoholic wines, non‐alcoholic wines, and cordials and fruit juices sweetened and unsweetened in amounts not exceeding three grains per pint; (b) Benzoic acid only should be permitted (1) in coffee extract in amounts not exceeding three grains per pound, (2) in non‐alcoholic wines and cordials and sweetened and unsweetened fruit juices (as an alternative to sulphur dioxide) in amounts not exceeding five grains per pint, (3) in sweetened mineral waters and in brewed ginger beer in amounts not exceeding one grain per pint. The methods of estimating the foregoing preservatives should be prescribed by the Minister of Health.
With the rise of alternate discovery services, such as Google Scholar, in conjunction with the increase in open access content, researchers have the option to bypass academic…
Abstract
With the rise of alternate discovery services, such as Google Scholar, in conjunction with the increase in open access content, researchers have the option to bypass academic libraries when they search for and retrieve scholarly information. This state of affairs implies that academic libraries exist in competition with these alternate services and with the patrons who use them, and as a result, may be disintermediated from the scholarly information seeking and retrieval process. Drawing from decision and game theory, bounded rationality, information seeking theory, citation theory, and social computing theory, this study investigates how academic librarians are responding as competitors to changing scholarly information seeking and collecting practices. Bibliographic data was collected in 2010 from a systematic random sample of references on CiteULike.org and analyzed with three years of bibliometric data collected from Google Scholar. Findings suggest that although scholars may choose to bypass libraries when they seek scholarly information, academic libraries continue to provide a majority of scholarly documentation needs through open access and institutional repositories. Overall, the results indicate that academic librarians are playing the scholarly communication game competitively.
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The enormous danger of enemy influence in regard to the control and management of the food supply of the country and the great evils attributable to this cause justify us in…
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The enormous danger of enemy influence in regard to the control and management of the food supply of the country and the great evils attributable to this cause justify us in reproducing the following able article by MR. RONALD MCNEILL, M.P., from the Evening Standard of October 26th:—