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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.

Real Options in Sequential Stock Acquisitions

Iriyama, Akie 29 January 2009 (has links)
My dissertation seeks to address ambiguities in the common usage of real options as the counterpart of financial options in management, focusing on a specific management context: sequential acquisitions of equity stock. Despite its popularity, the metaphoric use of real options on sequential acquisitions brings up critical ambiguities, which might not be congruent with assumptions in the finance options literature. I seek to examine such ambiguities and align them with the theory and practice of strategic management. The dissertation is structured as follows: In Essay 1, I first identify key ambiguities in the metaphoric use of real options as a reflection of finance options in several management contexts, and then focus on addressing two key ambiguities in equity partnerships. Further, I provide the baseline framework to address the ambiguities, leading to the view of dual latent options - dual partner roles. Finally, I propose three future research questions worth examining. In Essay 2, I address one of the three questions suggested in Essay 1: what conditions enable a particular equity partner in an international equity partnership, to exercise its call by acquisition (exercise its put option by divestment) upon favorable (unfavorable) market shock? Suggesting that the organizational capability to perceive external environments serves as an important contingency, I argue that the partner who can more significantly reduce its perceptual uncertainty will exercise an option aligned with the direction of the market shock. By extending this logic to international equity partnerships, I hypothesize about how a foreign partners equity purchase (which coincides with local partners equity divestment) is influenced by environment shocks. I conduct a regression analysis with a longitudinal dataset of international equity partnerships in the automotive component industry, and obtain results supportive of the hypotheses. In conclusion, my dissertation contributes to nudging the real options view from its current form, which is the largely metaphoric use of finance options, toward a management theory that is more consistent with the realities of strategic management.

Essays on Nonfinancial Performance Measurement, Relative Bargaining Power and Supply Chain Performance

Schloetzer, Jason Daniel 29 January 2009 (has links)
This dissertation examines two research questions that contribute to our understanding of the role of accounting information in supply chain relationships. The first research question examines whether nonfinancial performance measures are leading indicators of supply chain financial performance and whether the information contained in these measures have a role in the performance evaluation and rewards processes between firms. Chapter 2 analyzes proprietary performance measurement data from a leading international manufacturer regarding its contractual arrangements with 156 independent distributors. Consistent with predictions, I find that measures of process alignment and, to a lesser extent, measures of detailed information exchange are nonfinancial performance measures that are leading indicators of supply chain sales growth, productivity and profitability. In addition, I find that nonfinancial measures are associated with the manufacturers decision to renew supply chain contracts. Supplemental analysis examines whether the role of nonfinancial measures in performance evaluations is associated with the evaluations apparent economic importance or the exclusivity of the supply chain relationship. The second research question investigates whether buyer bargaining power influences supplier performance. Chapter 3 uses the suppliers FAS 131 disclosure to proxy for the presence of a relatively more powerful buyer (strong buyer) and analyzes the financial and operational performance of apparel suppliers. Consistent with prior literature, I find that strong buyers adversely affect supplier gross margins. However, I find that strong buyers are also associated with efficiency gains for suppliers through lower SG&A expenses and enhanced inventory management. These efficiencies yield higher supplier financial and operational performance despite lower gross margins. Interestingly, I find that suppliers to multiple strong buyers are unable to offset lower gross margins through SG&A expense or inventory management efficiencies. One interpretation of these results is that such suppliers are unable to manage effectively the demands of multiple strong buyers because these demands are not synchronized. Collectively, this dissertation provides important evidence of the apparent productivity and efficiency gains that are available to supply chain partners from engaging in process alignment and exchanging detailed customer demand and inventory information, and how these gains appear to enhance the performance of each firm.

Corporate Strategic Action Portfolios and Firm Performance in the US Telecom Industry (1984-2004)

Lee, Jai Joon 29 January 2009 (has links)
In this study I investigate how a firm's corporate strategic action portfolios, defined as bundles of key corporate strategic actions, relate to deregulatory and technological changes, and to firm performance. I hypothesize that frequency and variety of a firm's corporate strategic action portfolios increase when environmental changes take place in the marketplace. I also hypothesize that the nature of a firm's corporate strategic action portfolios will be different depending on whether the changes are due to deregulation or technology. After establishing the relationship between environmental changes and a firm's corporate strategic action portfolios, this study measures the relationship between a firm's corporate strategic action portfolios and firm performance. All else being equal, it is hypothesized that a firm with higher levels of frequency and variety on corporate strategic action portfolios will perform better. The US telecommunications service industry provides the empirical background for testing these hypotheses.


Luchs, Ryan John 29 January 2009 (has links)
My dissertation examines the effect of several changes occurring in the retail environment. In the first essay, I study competition among retail formats. I examine the phenomenon retailers call channel blurring: consumers moving their purchases from channels traditionally associated with that category to alternative channels. At one time, different retail formats served different purposes, but they are slowly becoming indistinguishable. For example, mass merchandisers are now carrying sizeable assortments of groceries and pharmaceuticals, while drug chains such are stocking their shelves with toys and household items. I examine how consumers are responding to these changes. My results show that consumers view retail formats as substitutable, that households who are more brand loyal are also more retail format loyal, and that households who purchase private labels are also format loyal. In the second essay, I examine retail chain choice behavior at the basket level. I develop a model of retail chain choice behavior to understand what factors underlie this decision. The results show that the retailers food price image has a bigger impact than non-food price image, and that different retailers have customers who use assortment differently. Implications of this are discussed with respect to marketing mix decisions. In the third essay, I examine retail competition from a legal perspective by performing an empirical analysis of the case history of the Robinson-Patman Act. While the stated goal of the Act is to prevent price discrimination and level the playing field for small buyers, in reality the marketplace may not be not aligned with this goal. Anecdotal evidence suggests that Wal-Mart and others obtain better prices for the same goods when compared with small competitors. I find evidence that the Brooke Group Supreme Court ruling significantly decreased the probability of a plaintiff winning a Robinson-Patman case. The finding is particularly evident in primary-line cases and cases where the issue of competitive harm is addressed. Additionally, I find the importance of plaintiff resources changes after the Brooke Group ruling such that small plaintiffs are significantly more successful than large plaintiffs before Brooke Group but are significantly less successful after the ruling.

Project leader's dual socialization and its impact on team learning and performance: A diagnostic study

Gautam, Tanvi 18 May 2009 (has links)
One of the important challenges for leadership in project teams is the ability to manage the knowledge, communication and coordination related activities of team. In cross-team collaboration, different boundaries contribute to the situated nature of knowledge and hamper the flow of knowledge and prevent shared understanding with those on the other side of the boundary. While existing research on the issue has focused on 'what' is needed to overcome these boundaries, there is very little research on 'how' leaders can be equipped to deal with the challenges of cross-boundary work. We propose a new construct: 'dual socialization' of the project leader, as an important means of surmounting challenges of knowledge sharing and collaboration across boundaries. We argue that dual socialization enables a leader to gain a deep contextual understanding of collaborating teams in a manner that is not easily available through other means of learning. This understanding then is invaluable for the knowledge transfer process as well as for achieving project goals. A model of dual socialization, knowledge transfer and project team outcomes (team performance & inter-team coordination) is proposed and tested using data from project teams in a leading global IT consulting firm. We focus on the inter-organizational boundary encountered by the consultants when dealing with the client. The thesis is based on the consulting team's point of view. The data is collected from client-consultant dyads in an engaged in an outsourcing relationship. The results support the importance of dual socialization as a construct for understanding and enhancing leadership capabilities needed in inter-organizational project teams. An important finding of this dissertation is that socialization to home and socialization to client don't always influence outcomes in a similar manner. They act in competing or complementary ways depending on the dependent variable and moderators under consideration. Also socialization to home/client may enhance or detract team performance based on project contingencies. Additionally, we found that prior knowledge of the team enhances the acquisition of knowledge, but detracts from the performance capability of the team. This finding has important implications for issues of team composition and design, as well as utilization of expertise.

Analogical Reasoning from Source to Target Acquisitions

Minutolo, Marcel Charles 30 September 2009 (has links)
This study draws upon organizational learning in the management domain and analogical reasoning in the psychology arena to examine the antecedents of acquisition success in a study of 655 firms from 54 industries that conducted 2622 acquisitions from 1991 through 2005. Where previous work in this domain focused on cumulative abnormal returns (CAR) as the measure of performance and ordinary least squares as the method of analysis, this work extends the literature by introducing Tobins Q-ratio as the measure of performance and autoregressive, integrated, moving average (ARIMA) model with transfer functions as the methodological approach. Earlier research on the influence of prior experience on focal acquisition performance has yielded interesting insights despite variation in findings. However, CAR is a short-term measure that is dependent upon stockholder reaction and does not fully anticipate the long-term fitness of the acquisition event. Ex ante, this study expected to result in a meta-narrative applicable to all merger and acquisition activity that could guide management of an acquisition program through the identification of the antecedent conditions of success. Prior research suggests that the Q measure is more relevant to managerial understanding and strategic orientation than insights gained from investor opinion as measured from cumulative abnormal returns. This studys findings suggest that acquisition experience, timing, antecedent performance, and, interaction between experience, timing and performance are all related to focal acquisition results. Further, when ARIMA is used to analyze the data and Q is the dependent variable, additional details and richer insights about the influence of the independent measures are gained. These findings justify the additional effort and time necessary for managers to use Tobins Q. Additionally, while CAR does provide a particular set of actionable information, Tobins Q-ratio provides a more robust long-term indicator of acquisition performance especially where analogical reasoning is the process through which learning is demonstrated.


Uner, Sabri Guray 30 September 2009 (has links)
This dissertation studies foreign firms shareholder value and earnings-related information measures in relation with the implications of the Sarbanes-Oxley Act of 2002. Chapter One addresses the value implications and empirically tests the changes in market values of foreign firms around SOX related announcements, and how it varies across home country legislative characteristics. My findings on market reactions provide mixed evidence. SOX related announcements exhibit the expected sign, but statistical significant is limited. Results from cross-sectional analysis are partially aligned with the bonding hypothesis implications. My findings suggest that the market reaction for cross-listed firms from countries with common-law origin and, consequently, better investor protection is not statistically different than firms from civil law originated jurisdictions and, consequently, weaker investor protection. Chapter Two studies the earnings-related information environment for foreign firms following the enactment of SOX Act in comparison with earlier periods. In particular, I empirically analyze the change in forecast accuracy, dispersion among the analysts forecasts, and the informativeness of earnings announcements. My analysis suggests there was no significant improvement or deterioration in forecast accuracy and informativeness of earnings announcement in the post-SOX period relative to pre-SOX period. However, my findings suggest some improvement in forecast dispersion of foreign firms for the post-SOX period.

The Antecedents and Market Impact of Changes in Segment Disclosure: Two Essays

Hardin, Lorna Eileen 30 September 2009 (has links)
This set of two essays addresses questions about the impact of SFAS No. 131, which provides the current GAAP for segment reporting. Many firms enhanced their segment reports in compliance with SFAS No. 131, while some did not. The first essay documents the impact of the new standard on the market for stocks of firms that began reporting disclosure for multiple segments (Change firms) compared to that of firms that did not report multiple business segments (Control firms). Share volume and price increased abruptly following release of the new disclosure while volatility and the adverse selection component of the bid-ask spread decreased. These changes were significant for subsets of Change firms identified as being more likely to face information asymmetry problems (i.e., low capitalization and high bid-ask spread firms). The second essay compares firms segment disclosures from pre- to post-implementation of the standard. Newly-reported segments tend to be smaller than previously-disclosed segments, and they are often combined with larger segments in a related industry prior to implementation of the standard. Firms providing relatively aggregated segment reports tend to be large, to have international operations, and complex operating structures compared to firms providing more detailed disclosures in the pre-SFAS No. 131 period.


Tjader, Youxu Cai 30 September 2009 (has links)
In this research, we provide a comprehensive examination regarding outsourcing policies and decisions by conducting a systematic analysis from macro to micro level. At the macro level, we utilize a BOCR-based (Benefit, Opportunity, Cost, Risk) Analytical Network Process (ANP) model to find the best government policy regarding outsourcing. At the micro level, we carry out a case study to demonstrate how firm level outsourcing decisions can be made. For such, we employ a comprehensive model that consists of the the BSC-based (Balanced Scorecard) ANP model to assess the case firms strategic alternatives and to identify the best option for the studied firm. After recommending the best outsourcing strategy, i.e. selective outsourcing, to the case firm, we then proposed an AHP ratings model for the firm to prioritize the various activities and identify the activities to outsource. Understanding the economic impact of outsourcing can help firms facing outsourcing options to make a better decision. To provide firms with this guidance and the decision-support tool, in chapter 5 of this dissertation we empirically examine the relationship between outsourcing contract size, as reported in news and trade journals, and the firms financial performance. Using the data from Compustat for those firms that conducted outsourcing, we are able to predict firms post-outsourcing financial performance, as measured by Tobins q and the changes in Tobins q. Besides predicting financial performance, our empirical models also reveal a number of important managerial implications. In the modeling process, we make use of both traditional Least Squares Regression and advanced Machine Learning techniques, such as Regression Tree and Neural Networks. In the research front, our empirical study offers three significant findings: (1) there is a non-linear relationship between outsourcing contract value and the change in Tobins q; (2) firms other accounting variables do interact with the outsourcing contract size in affecting the firms Tobins q; and (3) outsourcing affects firms differently. In summary, the body of this dissertation consists of the three key areas: macro- and micro-level outsourcing decision making, and financial performance evaluation and prediction.


Stanciu, Alia 30 September 2009 (has links)
Most profit oriented organizations are constantly striving to improve their revenues while keeping costs under control, in a continuous effort to meet customers‟ demand. After its proven success in the airline industry, the revenue management approach is implemented today in many industries and organizations that face the challenge of satisfying customers‟ uncertain demand with a relatively fixed amount of resources (Talluri and Van Ryzin 2004). Revenue management has the potential to complement existing scheduling and pricing policies, and help organizations reach important improvements in profitability through a better management of capacity and demand. The work presented in this thesis investigates the use of revenue management techniques in the service sector, when demand for service arrives from several competing customer classes and the amount of resource required to provide service for each customer is stochastic. We look into efficiently allocating a limited resource (i.e., time) among requests for service when facing variable resource usage per request, by deciding on the amount of resource to be protected for each customer and surgery class. The capacity allocation policies we develop lead to maximizing the organization‟s expected revenue over the planning horizon, while making no assumption about the order of customers‟ arrival. After the development of the theory in Chapter 3, we show how the mathematical model works by implementing it in the healthcare industry, more specifically in the operating room area, towards protecting time for elective procedures and patient classes. By doing this, we develop advance patient scheduling and capacity allocation policies and apply them to scheduling situations faced by operating rooms to determine optimal time allocations for various types of surgical procedures. The main contribution is the development of the methodology to handle random resource utilization in the context of revenue management, with focus in healthcare. We also develop a heuristics which could be used for larger size problems. We show how the optimal and heuristic-based solutions apply to real-life situations. Both the model and the heuristic find applications in healthcare where demand for service arrives randomly over time from various customer segments, and requires uncertain resource usage per request.

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