¡@¡@Treasury stock system allows listed companies to buy back their own shares in the open market. In general, when the company announced stock repurchase event, investors are optimistic about the prospects of the company. Therefore, the company's stock price usually rises. But will investors buy more stocks, leading to increased liquidity of stocks? This study combines with stock repurchase and liquidity to investigate the impact of stock repurchase on liquidity. Further events will be studied by different factors stratified, including firm size, stock price, industry, the purpose of stock repurchase, the proportion of execution, the holding ratio of insiders and institutional investors. By using three types of liquidity measures, the study is to observe the changes of liquidity of stocks in the different situations. ¡@¡@After conducting mean difference in pair-sample test, the empirical results indicate that the sample stocks in the stock repurchase announcement, the outcome supports liquidity increase hypothesis. In terms of the stratification factors, the smaller of the company size or lower stock price will help increase the liquidity of the stock in the market. Non-electronics sector, aims to buy back equity write-off shares can improve market liquidity. Higher or lower percentage of insider ownership shares in¡@companies will lead to the increase of stock liquidity. Higher holding shares proportion of institutional investor in companies will increase liquidity. The amount of execution ratio is of no factors, but the liquidity of the stock repurchase still supports the liquidity increase hypothesis.

Project Report (M.Pub.) - Simon Fraser University, 2005. / Project Report (Master of Publishing Program) / Simon Fraser University. Also issued in digital format and available on the World Wide Web.

Thesis--Auburn University, 2009. / Abstract. Includes bibliographic references (p.142-150).

Thesis (M.A.)--Central Connecticut State University, 2003. / Thesis advisor: Robert S. Wolff. " ... in partial fulfillment of the requirements for the degree of Master of Arts." Includes bibliographical references. Also available via the World Wide Web.

This paper discusses the formation of organizational knowledge of boundedly rational Economic agents and studies the necessity of hierarchical coordination of economic agents. We consider a firm that consists of a management and N subordinated shops. The problem of the firm is to observe a signal from the environment, forecast future demands and distribute the correct amount of a good to each of the shops. There are two uncertainties involved: The aggregate demand follows a Brownian motion and the distribution of the aggregate demand to the shops varies stochastically. At the beginning of the simulation the agents are ignorant about their actions. They learn how to choose their actions by probabilistic update. We study the importance of the organizational structure as a function of the uncertainties the agents are facing. It turns out that there is no need for a management iftheenvironment is purely deterministic or if only the aggregate demand varies stochastically. However, if the disaggregate environment is stochastic, the management as a coordinator for the shops becomes important. / Series: Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

This dissertation presents research on issues of competition and market structure in economics, and in particular considers the role of asymmetric information in firm competition. This includes asymmetric information among firms, between firms and regulators and between consumers and firms. In the course of this I adapt and expand on recently developed methods for solving, estimating and simulating dynamic models of firm behavior. Finally, this dissertation focuses attention on firms' motivations for and the consequences of horizontal expansion, both in the form of horizontal mergers in a differentiated goods market and in the form of horizontal chain affiliation. This research proceeds in three steps. In Chapter 2 I explore and document consumers growing ability to use new online reputation mechanisms to both share their experiences with a wide variety of firms and gain information from other consumers' shared experiences. In Chapter 3 I present a theoretical model of horizontal mergers in a dynamic industry setting. I use this model to answer a question that increasingly interests antitrust policymakers concerned with innovation: In a concentrated industry, does allowing rival firms to merge increase or decrease total investment? This model has two important features. First, the environment is fully dynamic, and second, I allow mergers to occur endogenously. In Chapter 4, I combine many of the concepts from Chapters 2 and 3 into on piece of research to address the question: why do firms organize into chains? I use of combination of reduced form and structural dynamic methods to examine possible answers to this question in the context of the hotel industry. In particular, I take advantage of recent advances in estimating dynamic industry models to show that there is no evidence in favor of the traditional explanation for horizontal expansion, economies of scale or cost efficiencies. Instead, using a detailed examination of hotel revenue along with firm and market data, I show that chain firms have a substantial demand side advantage resulting from the fact that consumers frequently have little information on firm quality. In this industry, then, asymmetric information seems to not only matter for chain affiliation, it is the only factor that matters. / text

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The overall aim of this thesis is to uncover the key determinants of innovation in New Zealand firms and consider some of their likely effects. In order to provide a broad perspective on New Zealand’s local innovation processes, a mixed method approach combining both quantitative and qualitative analysis was adopted to allow analysis of both empirical data and case study data. The quantitative part of analysis utilises the unique dataset developed by Statistics New Zealand, namely the prototype Longitudinal Business Database (LBD), and the qualitative analysis includes four in-depth company case studies which complement the regression analyses by uncovering the key patterns of innovation behaviour at the firm level. In summary, a number of conclusions have been drawn from the research. Firstly, firms experience considerably smaller positive size effect because of New Zealand’s unique firm demographics, and the small size has limited individual firm’s innovation opportunities. Secondly, firms’ ability to develop new technologies directly influences their innovative ability, which is highly dependent on the availability of funds and skills. Lastly, innovation in New Zealand has a very strong market focus, while technology suppliers such as universities and Crown Research Institutes only have a limited role in selected industries.

No description available.

The purpose of this research is to increase understanding about the influence of the family on internationalisation of family firms in the Swedish context, in terms of family human, social and financial capital. Multiple cases of four Swedish manufacturing family firms were studied by conducting interviews with the family members working in the family firm. A perspective of family capital and its three components of human, social and financial capital, was adopted to analyse the empirical findings. The findings identify several positive and negative influences of the family on internationalisation of the firm. Positive factors include: family members’ deep knowledge about the firm, commitment, long-term perspective, family values like honesty, trust. Negative factors include: family firms are slow-to-change, family’s strong commitment to local society and family’s goal of slow and steady growth. Most factors confirm existing theory, on other theories these findings shed critical lights and some new insights were made. Based on the findings, future research suggestions are made.