本論文以國內1997-2006年之上市櫃集團為研究對象，探討集團企業內相互轉投資所造成的市值高估現象及其對公司價值的影響，並深入各集團分子企業探討不同轉投資標的對公司價值之影響。實證結果顯示集團企業內各分子企業相互轉投資的確造成集團市值高估之現象，而投資人對於該現象，給予集團企業整體負向評價。此外，就集團內各分子企業而言，轉投資於上市櫃公司由於資訊透明度相較於轉投資於非上市櫃公司為佳，故對於公司價值負面影響較不嚴重；而轉投資於集團內其他分子企業相較於投資集團外企業，由於關係企業間之交易揭露仍不透明，操縱可能性較高，故對於公司價值呈負面影響，後兩者實證研究都再次證明資訊透明度與公司價值間之正向關係。 / This study explores the double counting effect and the relationship between that effect and the corporate value resulting from cross-holding among firms in a conglomerate, and also explores the relationship between different type of investing objects and the corporate value by using a sample of companies listed in Taiwan Stock Exchange and Over the Counter during 1997-2006. Our empirical analysis indicates that cross-holdings among firms in a conglomerate resulted in overvaluation of the group, and investors responded to them negatively. In addition, member companies in the conglomerate investing in companies listed in Taiwan Stock Exchange or Over the Counter did not so negatively influence the corporate value as compared to investing in companies not listed in Taiwan Stock Exchange and Over the Counter mainly because of the information transparency. Furthermore, the information among conglomerate trading is still opaque and the possibility of manipulation is higher, so investment within the conglomerate as compared to outside companies has negative impact on corporate value. The above findings both proved a positive relationship between information transparency and corporate value.

In the northern part of Swedish Caledonides, north of Lake Torneträsk is a 7 km long exposure of a breccia layer. The layer thins westwards and eastwards from the central part where it is up to 27 m thick. It is called the Vakkejokk Breccia after the type section. The breccia has been described in literature since about a century, but its origin is enigmatic. The breccia layer is since the summer of 2012 investigated by three geologists specialized in impact craters, Paleozoic sediments, and the Caledonian orogeny. They put forward evidence for the breccia being formed by a hypervelocity impact during the Lower Cambrian at approximately 520 Ma (Ormö et al. 2017). At that time the target area was a shallow epicontinental sea that surrounded the mainly peneplanized continent Baltica. An impact into the sea is known to generate tsunami waves as well as resurge deposits when the water brings ejected and rip-up material back into the crater. Ormö et al. (2017) suggest the top part of the Vakkejokk Breccia to include such resurge deposits. The depositional marine environment is also known to rapidly protect an impact crater from further erosion. It is possible that only the topographic rim of the Vakkejokk crater was eroded during the millions of years it may have taken before the crater was covered by younger sediments. About 100 m.y. after the formation, it was completely covered by overthrust nappes during the Caledonian orogeny, when Baltica and Laurentia collided. The crater itself is not exposed today, merely parts of what is thought to be the ejecta layer and resurge deposits. This Bachelor of Science project aimed to investigate the putative resurge deposits to learn more about the process of formation and the provenance in the target of the clasts in the deposits. This was carried out by three short drillcores through the resurge deposit part of the Vakkejokk Breccia layer. The place to drill the boreholes was chosen at an outcrop which is proximal to the putative hidden crater. The retrieved drillcores were cut longitudinally, then polished and photographed in high resolution. Each core was then analyzed in an image analysis software with respect to clast granulometry and lithology. To the results are presented as graphs showing clast size, size sorting, clast shape, of the relative amounts of different lithologies and the matrix content. The results are discussed with respect to well-documented analogue marine-target craters

The postwar transformation of the international environment has caused economic issues to become a main source of contention among industrial states. The trade imbalance between Japan and its trading partners became a major source of conflict. Reciprocity of access and opening the market of Japan became the main point of debate and the major issue affecting relations between Japan and the United States. While the distinction between the domain of domestic and international politics increasingly is blurred, different domestic political economies create bilateral political and economic conflict. The structure and politics of intercorporate groups or vertical keiretsu are a major feature of Japan's industrial structure and political economy. This case study examines how vertical keiretsu in the automobile and home electric appliance industries affect the Japanese political economy and international trade. A political economy approach focuses on the political context of economic phenomena by analyzing both political and economic variables. Case studies of keiretsu were used in order to gain an understanding of Japan's political economy. A number of propositions or assumptions about the political economy and the dynamics of keiretsu were examined in these studies. It was found that vertical keiretsu influences the industrial sector, trade, and foreign policies in Japan. Japan's industrial policies cannot fully be understood without taking keiretsu into consideration. Scholars have not yet fully considered vertical keiretsu as major actors in the Japanese political process. Their political influence on industrial policies has largely been overlooked. Vertical keiretsu in the automobile and home electric appliance industries were found in the case studies to have been shaping industrial policies since the early post war years. Findings about the nature of Japan's political economy help to explain the conflictive bilateral relationships between Japan and the United States. The findings also show that understanding political economies of nations is increasingly important as the world economy grows and greater trade interaction is imminent.

The purpose of this study is to examine the work life balance negotiations of three distinct culture groups employed by South Korean conglomerates located within the southeastern United States. These three cultural groups are: Korean nationals, Korean Americans, and non-Korean Americans. It is proposed that each culture will negotiate work life balances in their own manner based upon their specific inherent cultural understandings. This study is a cross-cultural examination through thirty-two open-ended interviews of employees working for large multinational Korean companies with facilities in the southern United States. Korean nationals, Korean Americans, and Americans implement different work-life balance negotiation tactics in the workplace based upon each one’s cultural association. While all three cultural groups experience difficulty in obtaining a work-life balance working for a Korean company, the Korean Americans seem to suffer the most.

A global epidemic of metamorphosed, conglomerated health care systems changed the face of public health care organizations. The problem is, public health care organizations merge into new systems, but the culture for each merged organization has not been formed under the new system. Public administrators, health care workers and the Department of Health and Human Services are affected when there are issues in health care behavioral practices and performance outcomes. Research found that employee motivation is hard to achieve when there are issues within the internal structure of a new system. Using Herzberg's motivation-hygiene and Tajfel and Turner's social identity theories as the foundation, the purpose of this correlational study was to examine the statistical relationship between growth opportunities, organizational culture, monetary compensation and employee motivation. Secondary data were used from a sample of 3,033 health care workers from 2 English hospitals in the United Kingdom. The data were examined using Point-Biserial Correlation Coefficient model statistical t test. The study's results concluded that growth opportunities, organizational culture, and monetary compensation significantly correlate with employee motivation. Recommendations included implementing systematic changes to the internal organizational structure by identifying and developing effective strategies to improve internal organizational practices and performance outcomes. Further research is needed for demographic comparisons. The study affects social change by informing the Department of Health and Human Services, health care organizations and public health administrators of various strategies that can be used to improve internal organizational practices performance outcomes.

This dissertation consists of four self-contained essays primarily concerned with incorporating the objectives of real world top managers, as revealed by the available empirical evidence, in supergame-theoretic analyses of long-term competition between oligopolistic firms. The first essay, "Ownership, Control, and Collusion", considers how the separation between ownership and control affects firms' competitive attitudes when top managers have the preference for smooth profit streams revealed by the evidence on "income smoothing" and when managerial compensation has the low pay-performance sensitivity found in many empirical studies. In a similar fashion, the second essay, "Stock-Related Compensation and Product-Market Competition", deals with the effects of the apparently more aggressive managerial incentives linked to stock price (e.g. stock options), which have become increasingly common in the U.S., on long-term oligopolistic competition. In the third paper, "Debt as a (Credible) Collusive Device", shareholders’ commitments to reduce conflicts with debtholders by choosing a top manager with a highly valuable reputation or with "conservative" incentives are considered. These forms of commitment have been shown to reduce the (agency) cost of debt finance; this paper characterizes their effects on the relation between firms' capital structure and product market competition. The fourth paper, "Multimarket Contact, Concavity, and Collusion", addresses the relation between multimarket contact and firms’ ability to sustain collusive behavior in repeated oligopolies. It explores how this relation is affected by the strict concavity of firms’ objective function induced by managerial objectives and by other features of reality, discusses the effects of conglomeration and horizontal mergers, and extends the results to non-oligopolistic supergames. / <p>Diss. Stockholm : Handelshögskolan, 1999</p>

Many studies on Korean economic development exist, but few scholarly works specifically address the relationship between the state and big business groups called the chaebol. The state-chaebol relationship is an important aspect of Korean economic development, but conventional analyses fail to capture the subtleties of the dynamic and tend to moralize rather than elucidate. This study argues that predominantly negative perceptions of close government-business relations tend to obscure the significant positive effects of close co-ordination and collaboration between the state and private capital. It is not the closeness per se that matters as much as the nature and dynamic of the relationship. Moreover, a more careful look at the state-chaebol nexus reveals a relationship in flux, in contrast to the rather static image provided in the media. Assuming that close government-business collaboration poses serious challenges to the economy, effective prescriptions must then be based on accurate diagnoses. Failing to understand the complexities of the state-business nexus prevents one from accurately diagnosing the roots of the current economic problems currently facing Korea. This thesis examines the political factors that influenced state-chaebol relations in South Korea. The causes and the importance of those factors are analyzed in terms of particular economic strategies adopted by the government, aspects of domestic politics, the economic and political influence of the chaebol and the international environment.

Many studies on Korean economic development exist, but few scholarly works specifically address the relationship between the state and big business groups called the chaebol. The state-chaebol relationship is an important aspect of Korean economic development, but conventional analyses fail to capture the subtleties of the dynamic and tend to moralize rather than elucidate. This study argues that predominantly negative perceptions of close government-business relations tend to obscure the significant positive effects of close co-ordination and collaboration between the state and private capital. It is not the closeness per se that matters as much as the nature and dynamic of the relationship. Moreover, a more careful look at the state-chaebol nexus reveals a relationship in flux, in contrast to the rather static image provided in the media. Assuming that close government-business collaboration poses serious challenges to the economy, effective prescriptions must then be based on accurate diagnoses. Failing to understand the complexities of the state-business nexus prevents one from accurately diagnosing the roots of the current economic problems currently facing Korea. This thesis examines the political factors that influenced state-chaebol relations in South Korea. The causes and the importance of those factors are analyzed in terms of particular economic strategies adopted by the government, aspects of domestic politics, the economic and political influence of the chaebol and the international environment. / Arts, Faculty of / Political Science, Department of / Graduate

Le secteur des TIC est caractérisé par des arrangements stratégiques de transferts de technologies tels que les licences et les regroupements de brevets. Par ailleurs, les produits et services ont souvent de fortes relations de complémentarité dans ce secteur. Afin de garantir un niveau satisfaisant d'interopérabilité aux utilisateurs, les producteurs de biens complémentaires doivent échanger des informations techniques. Cette thèse cherche à prendre en compte ces deux dimensions et à produire de nouveaux éclairages sur les cas de politique de concurrence impliquant des marchés complémentaires (e.g Intel/McAfee, Google/Motorola). Nous étendons la littérature sur les licences de brevets en modélisant des marchés avals différenciés et complémentaires. En utilisant les méthodes de l'économie industrielle, nous caractérisons les stratégies de licences profitables pour un innovateur en situation de monopole concernant le nombre de licences, les instruments tarifaires ainsi que l'intégration verticale et conglomérale. Nous montrons que le nombre de licences attribuées diffère généralement de celui observé lorsque la technologie est utilisée dans un marché aval isolé. En particulier, nous obtenons que le nombre de licences distribuées est plus élevé dans les marchés de niche lorsque le nombre de firmes intéressées par la technologie est limité. Dans ce cadre d'analyse, l'intégration verticale n'est pas profitable à l'exception des cas où, une seule firme est susceptible d'acquérir une licence sur le marché homogène, ou lorsque la demande pour le produit final est incertaine. Par ailleurs, les royalties unitaires perçus sur le nombre de produits vendus en aval ne sont utilisés que dans la structure de l'industrie la plus concurrentielle et lorsque la valorisation pour le bien final est élevée. Enfin, nous montrons que lorsque la demande est incertaine et que les acquéreurs de la technologie sont réticents à la prise de risque, l'innovateur préfère utiliser des royalties ad valorem qui portent sur les revenus issus des ventes de produits finals. Nos résultats montrent que les relations de complémentarité entre les marchés finals influent sur la manière dont sont transférées les technologies et que les fusions verticales et conglomérales ne semblent pas générer de comportements de forclusion. / IT industries are characterized by strategic patent agreements such as patent licensing or patent pools. Products and services frequently have strong potential complementarity relations in this industry. To guarantee a satisfactory level of interoperability to users, the exchange of technical information is required between complementary producers. This dissertation aims at taking into account these two dimensions of the IT sector in order to provide new insights on competition policy cases involving high technology complementary products (e.g Intel/McAfee, Google/Motorola). We extend the literature on patent licensing by explicitly modeling downstream differentiated complementary goods. Using industrial organization methods, we characterize the profitable strategies of a monopoly innovator with respect to the number of licenses, the pricing instruments as well as vertical and conglomerate mergers. We show that the number of licenses delivered in equilibrium can differ from the standard model with a single downstream market. In particular, we consistently find, for various forms of licensing contracts that more licenses are issued in niche markets when the number of potential licensees is capped. Overall vertical integration and conglomerate mergers are found to be unprofitable except when there is only one firm likely to acquire the technology or when there is demand uncertainty. On the other hand, per unit royalty rates are only used in the most competitive structure of the industry for high valuations of the final good. Finally, sales revenue (i.e ad valorem) is found to be a more profitable royalty base than the number of sales (i.e per unit royalties) when demand is uncertain and licensees are risk averse. Our results show that complementarity influences the way in which technologies are transferred and that vertical mergers do not generate foreclosing behaviors in this framework.

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