This paper examines the relation between ownership, corporate form, and innovation for a cross-section of private and publicly traded innovating firms in the US and 15 European countries. A striking novel observation emerges from our analysis: while most innovating firms in the US are publicly traded conglomerates, a substantial fraction of innovation is concentrated in private firms and in business groups in continental European countries.
Donald E. Sexton, PhD, a professor of marketing at Columbia University and president of The Arrow Group, Ltd., discusses one key way to link marketing activity to financial performance.
This chapter discusses Markov Chain Monte Carlo (MCMC) based methods for estimating continuous-time asset pricing models. We describe the Bayesian approach to empirical asset pricing, the mechanics of MCMC algorithms and the strong theoretical underpinnings of MCMC algorithms. We provide a tutorial on building MCMC algorithms and show how to estimate equity price models with factors such as stochastic expected returns, stochastic volatility and jumps, multi-factor term structure models with stochastic volatility, time-varying central tendancy or jumps and regime switching models.
We develop a model for the competitive interactions in service industries where firms cater to multiple customer classes or market segments with the help of shared service facilities or processes so as to exploit pooling benefits. Different customer classes typically have distinct sensitivities to the price of service as well as the delays encountered.
This chapter considers several important areas of response (or nonresponse) of banking regulation to the crisis. I begin with an overview of the causes of the crisis and the ways in which the crisis has highlighted the need for regulatory reform. I review the prospects for the reform of regulatory content. I also consider and evaluate the potential changes in the structure of regulation and supervision coming out of the crisis.
Do consumers in different cultures evoke different mental structures and processes when they process commercial information? How can we describe these differences? Do these differences affect behavior? These questions, which form the core of research on consumer cognition across cultures, have been barely addressed. Rather than being cross-cultural or comparative in its approach, most research on consumer cognition has been culture-bound.
We develop a competitive pricing model which combines the complexity of time-varying demand and cost functions and that of scale economies arising from dynamic lot sizing costs. Each firm can replenish inventory in each of the T periods into which the planing horizon is partitioned. Fixed as well as variable procurement costs are incurred for each procurement order, along with inventory carrying costs. Each firm adopts, at the beginning of the planning horizon, a (single) price to be employed throughout the horizon.
Recent empirical evidence supports the view that the income process has an individual-specific growth rate component [Baker (1997), Guvenen (2007b), and Huggett, Ventura, and Yaron (2007)]. Moreover, the individual-specific growth component may be stochastic. Motivated by these empirical observations, I study an individual's optimal consumption-saving and portfolio choice problem when he does not observe his income growth. As in standard income fluctuation problems, the individual cannot fully insure himself against income shocks.
This important handbook explores new and emerging directions in both brand management research and practice and encompasses a diverse set of approaches. These include the latest academic research to offer new frameworks for understanding brand management. Contributors offer the researcher's perspective on current tools in practice by brand managers today and new research and conceptual frameworks for understanding and managing customer experiences.