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Article
Publication date: 1 April 1989

Ike Mathur, Indudeep Chhachhi and Sridhar Sundaram

The number of mergers in the U.S.A. increased from 2,339 in 1983 to 3,701 in 1987—an increase of 58.23 per cent. Over the same time period the value of mergers increased from…

73

Abstract

The number of mergers in the U.S.A. increased from 2,339 in 1983 to 3,701 in 1987—an increase of 58.23 per cent. Over the same time period the value of mergers increased from $51.89 billion to $167.48 billion—an increase of 323 per cent. Merger activities of this magnitude can be expected to attract a great deal of attention, and they have.

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Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 0307-4358

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Publication date: 30 March 2001

Sridhar Sundaram, Indudeep Chhachhi and Stuart Rosenstein

This paper examines the association between board composition, ownership structure, and the shareholder wealth of bidding U.S. firms in international acquisitions. Foreign…

Abstract

This paper examines the association between board composition, ownership structure, and the shareholder wealth of bidding U.S. firms in international acquisitions. Foreign acquisitions represent major investment proposals that demand the involvement of the board in the decision-making process. Hence, the international acquisition process provides a good vehicle to examine the efficacy of the board of directors. Consistent with other studies, our results indicate that U.S. bidders experience significant negative wealth effects at the announcement of the acquisition. In addition, we find that wealth effects are significantly and positively related to board size and to share ownership by independent outside directors and inside directors. Sub-samples based on board size reveal that for small boards, share ownership by directors is significantly related to abnormal returns only for insider dominated boards. For large boards, ownership by independent outside directors is significantly related to abnormal returns only for outsider dominated boards.

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Advances in Financial Economics
Type: Book
ISBN: 978-0-76230-713-5

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Publication date: 15 August 2007

Vijay Gondhalekar, C.R. Narayanaswamy and Sridhar Sundaram

We examine whether systematic risk of the financial services industry (banks, finance, insurance, and real-estate sectors) declined after the passage of GLBA. This study differs…

Abstract

We examine whether systematic risk of the financial services industry (banks, finance, insurance, and real-estate sectors) declined after the passage of GLBA. This study differs from prior work in that we examine changes over a long period of time (5 years before and 5 years after the Act) and we use the Carhart (1997) four-factor model for assessing changes in risks. The study finds that banks, insurance, finance, and real-estate segments load on the market, size, and value factors before as well as after GLBA (the real-estate segment loads on the value factor only after GLBA). Except for finance companies, betas decline significantly for all the other segments after the GLBA. In the case of banks even their loadings on the size and value factors decline after the GLBA, while in the case of finance and real-estate companies the loadings on the momentum factor exhibits reduction in risk after the Act. Overall, the GLBA had a risk reducing impact on the financial services industry.

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Issues in Corporate Governance and Finance
Type: Book
ISBN: 978-1-84950-461-4

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Book part
Publication date: 30 March 2001

Abstract

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Advances in Financial Economics
Type: Book
ISBN: 978-0-76230-713-5

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Book part
Publication date: 15 August 2007

Abstract

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Issues in Corporate Governance and Finance
Type: Book
ISBN: 978-1-84950-461-4

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Article
Publication date: 16 October 2009

Wai Cheong Shum and Karen H.Y. Wong

Using Japan REITs stock data, this paper examines the risk‐return relations conditional on up and down markets periods. The results show that beta is significantly and positively…

447

Abstract

Using Japan REITs stock data, this paper examines the risk‐return relations conditional on up and down markets periods. The results show that beta is significantly and positively (negatively) related to realized returns in up (down) markets before and after controlling for extra risk factors. The same conditional results are found for unsystematic risk and total risk, providing evidence that investors do not hold well‐diversified portfolios. Though skewness is significantly priced, the coefficients are unexpectedly positive (negative) in up (down) markets, indicating that investors dislike positively skewed portfolios and would ask for compensation if they are required to hold them during up markets. One possible reason is that the investors have a poor concept of skewness and/or they are too aggressive during bullish markets and so they ignore the benefit of positive skewness. Subsidiary results highlight that there is no seasonal effect in the conditional relation between beta/unsystematic risk/total risk/skewness and returns. This study is the first comprehensive study of the risk‐return relations in Japan REITs market, which provides out‐of‐sample evidence relative to earlier tests on Asian and international stock markets. The findings give important insights and provide useful guidance on investing in Japan REITs market.

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Journal of Asia Business Studies, vol. 4 no. 1
Type: Research Article
ISSN: 1558-7894

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Publication date: 13 January 2025

Nicholas Piaquadio, N. Eva Wu, Morteza Sarailoo and Qiu Qin

A time-varying parametric epidemiological model with 5-population groups (susceptible, mildly infected, severely infected, recovered, and deceased) is fitted to a set of COVID-19…

Abstract

A time-varying parametric epidemiological model with 5-population groups (susceptible, mildly infected, severely infected, recovered, and deceased) is fitted to a set of COVID-19 pandemic data. The underlying dynamic process of the model is associated with a population-centric Markov chain (PCMC) rather than a node-centric Markov chain (NCMC) to reduce the state space dimension. This allows simulation in the form of a closed queueing network, achieving linear complexity with respect to the total population without necessitating a mean-field approximation. A Markov decision problem (MDP) is formulated and solved for a simplified 5-population model with a linear set of transition rates. Together with the queueing network for the simulation of epidemics, this illustrates the potential to simultaneously design pharmaceutical and non-pharmaceutical intervention policies with both public health and economic considerations.

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Article
Publication date: 21 July 2021

Jisu Yi and Yun Kyung Oh

This research aims to investigate the role of brand types (value brand vs premium brand) in determining review content. Specifically, this research focuses on attribute-based…

975

Abstract

Purpose

This research aims to investigate the role of brand types (value brand vs premium brand) in determining review content. Specifically, this research focuses on attribute-based reviews for an innovative product and suggests that consumers of value brands tend to discuss more attributes in their product reviews than those of premium brands. Also, this research suggests that review valence and time have moderating effects on the relationship between brand types and the number of attributes discussed in a review.

Design/methodology/approach

This research employed a data set of online consumer reviews (N = 106,980) for wireless earbuds from Amazon.com. It extracted products' attributes from review text using Bigram analysis and measured the number of attributes discussed in a review. It then analyzed the effect of brand types (value brand vs premium brand) on the number of attributes and the moderating effect of review valence and time.

Findings

The estimation results of Poisson models reveal that reviews for value brands tend to contain more product attributes than reviews for premium brands. Interestingly, the tendency is stronger among positive (vs negative) reviews, and it decreases over time as more reviews are accumulated.

Originality/value

While existing studies focused on the outcomes of the review content, there was not enough investigation into the determinants of the review content. This study focuses on the number of attributes discussed in a review, a key content characteristic, and provides the first empirical evidence that review content differs by brand types of an innovative product.

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Internet Research, vol. 32 no. 2
Type: Research Article
ISSN: 1066-2243

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Article
Publication date: 4 March 2014

Tara Shankar Shaw and Sridhar Telidevara

Indian households having the below poverty line (BPL) ration card receive rice, wheat, sugar and kerosene from the Indian Targeted Public Distribution System (TPDS) at subsidized…

925

Abstract

Purpose

Indian households having the below poverty line (BPL) ration card receive rice, wheat, sugar and kerosene from the Indian Targeted Public Distribution System (TPDS) at subsidized rates. The paper uses the National Sample Survey Organization's consumption expenditure survey for the 61st round to study the causal effect of the BPL ration card on BPL households' calorie consumption. The paper aims to discuss these issues.

Design/methodology/approach

This causal effect is estimated by comparing per-capita-per-day calorie consumption of the BPL households having BPL card with that of a matched counterfactual BPL household from the same state not having BPL card, using stratified propensity score matching.

Findings

The BPL ration card was found to increase calorie consumption from cereals and decrease calorie consumption from non-cereal food items without affecting the overall calorie consumption of household. Thus, TPDS induces households to consume more cereals and less non-cereal without significantly changing the overall calorie consumption.

Research limitations/implications

The research methodology controls for selection bias due to observable variables. Further, research needed to devise experimental set up to control for the selection bias due to unobserved variables.

Originality/value

The paper uses the targeting error in identifying BPL households in TPDS as a quasi-experiment set up to study the causal effect of the BPL ration card.

Details

International Journal of Sociology and Social Policy, vol. 34 no. 1/2
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 5 October 2015

Stéphanie Looser and Walter Wehrmeyer

This paper aims to investigate, using stakeholder map methodology, showing power, urgency, legitimacy and concerns of different actors, the current state of corporate social…

3241

Abstract

Purpose

This paper aims to investigate, using stakeholder map methodology, showing power, urgency, legitimacy and concerns of different actors, the current state of corporate social responsibility (CSR) in Switzerland. Previous research on CSR in Europe has made few attempts to identify stakeholders and their contribution to this topic.

Design/methodology/approach

To derive this map, publicly available documents were explored, augmented by 27 interviews with key stakeholders (consumers, media, government, trade unions, non-profit organisations [NPOs], banks, certifiers and consultants) and management of different companies (multinational enterprises [MNEs], small- and medium-sized enterprises [SMEs] and large national companies). Using MAXQDA, the quantified codes given for power, legitimacy and urgency were triangulated between self-reporting, external assessments and statements from publicly available documents and subsequently transferred into stakeholder priorities or, in other words, into positions in the map. Further, the codes given in the interviews for different CSR interests and the results from the document analysis were linked between stakeholders. The identified concerns and priorities were quantitatively analysed in regard to centrality and salience using VennMaker.

Findings

The paper identified SMEs, MNEs and cooperating NPOs as being the most significant stakeholders, in that order. CSR is, therefore, not driven primarily by regulators, market pressure or customers. Further network parameters substantiated the importance of SMEs while following an unconventionally informal and idiosyncratic CSR approach. Hence, insights into these ethics-driven, unformalised business models that pursue broader responsibility based on trust, traditional values, regional anchors and the willingness to “give something back” were formed. Examples of this strong CSR habit include democratic decisions and abolished hierarchies, handshake instead of formal contracts and transparency in all respects (e.g. performance indicators, salaries and bonuses).

Research limitations/implications

In total, 27 interviews as primary data that supplements publicly available documents are clearly only indicative.

Practical implications

The research found an innovative, vibrant and practical CSR model that is emerging for reasons other than conventional CSR agendas that are supposed to evolve. In fact, the stakeholder map and the CSR practices may point at a very different role businesses have adopted in Switzerland. Such models offer a useful, heuristic evaluation of the contribution of formal management systems (e.g. as could be found in MNEs) in comparison to the unformalised SME business conduct.

Originality/value

A rarely reported and astonishing feature of many of the very radical SME practices found in this study is that their link to commercial strategies was, in most cases, not seen. However, SMEs are neither the “poor relative” nor the abridged version of CSR, but are manifesting CSR as a Swiss set of values that fits the societal culture and the visionary goals of SME owners/managers and governs how a sustainably responsible company should behave. Hence, as a new stance and argument within CSR-related research, this paper concludes that “informal” does not mean “weak”. This paper covers a myriad of management fields, e.g. CSR as strategic tool in business ethics; stakeholder and network management; decision-making; and further theoretical frameworks, such as transaction cost and social capital theory. In other words, this research closes scientific gaps by at once applying quantitative as well as qualitative methods and by merging, for the first time, network methodology with CSR and stakeholder research.

Details

Social Responsibility Journal, vol. 11 no. 4
Type: Research Article
ISSN: 1747-1117

Keywords

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