京都大学 / 新制・課程博士 / 博士(経済学) / 甲第24961号 / 経博第675号 / 新制||経||304(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 黒澤 隆文, 准教授 IVINGS Steven, 教授 坂出 健, 教授 Stokes Ray / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DFAM

<p>During the evolution of the music industry, developments in the media environment have required music firms to adapt in order to survive. Changes in broadcast radio programming during the 1950s; the Compact Cassette during the 1970s; and the deregulation of media ownership during the 1990s are all examples of changes which have heavily affected the music industry. This study explores similar contemporary dynamics, examines how decision makers in the music industry perceive and make sense of the developments, and reveals how they revise their business strategies, based on their mental models of the media environment.</p><p>A qualitative system dynamics model is developed in order to support the reasoning brought forward by the study. The model is empirically grounded, but is also based on previous music industry research and a theoretical platform constituted by concepts from evolutionary economics and sociology of culture. The empirical data primarily consist of 36 personal interviews with decision makers in the American, British and Swedish music industrial ecosystems. The study argues that the model which is proposed, more effectively explains contemporary music industry dynamics than music industry models presented by previous research initiatives.</p><p>Supported by the model, the study is able to show how “new” media outlets make old music business models obsolete and challenge the industry’s traditional power structures. It is no longer possible to expose music at one outlet (usually broadcast radio) in the hope that it will lead to sales of the same music at another (e.g. a compact disc).</p><p>The study shows that many music industry decision makers still have not embraced the new logic, and have not yet challenged their traditional mental models of the media environment. Rather, they remain focused on preserving the pivotal role held by the CD and other physical distribution technologies.</p><p>Further, the study shows that while many music firms remain attached to the old models, other firms, primarily music publishers, have accepted the transformation, and have reluctantly recognised the realities of a virtualised environment.</p>

During the evolution of the music industry, developments in the media environment have required music firms to adapt in order to survive. Changes in broadcast radio programming during the 1950s; the Compact Cassette during the 1970s; and the deregulation of media ownership during the 1990s are all examples of changes which have heavily affected the music industry. This study explores similar contemporary dynamics, examines how decision makers in the music industry perceive and make sense of the developments, and reveals how they revise their business strategies, based on their mental models of the media environment. A qualitative system dynamics model is developed in order to support the reasoning brought forward by the study. The model is empirically grounded, but is also based on previous music industry research and a theoretical platform constituted by concepts from evolutionary economics and sociology of culture. The empirical data primarily consist of 36 personal interviews with decision makers in the American, British and Swedish music industrial ecosystems. The study argues that the model which is proposed, more effectively explains contemporary music industry dynamics than music industry models presented by previous research initiatives. Supported by the model, the study is able to show how “new” media outlets make old music business models obsolete and challenge the industry’s traditional power structures. It is no longer possible to expose music at one outlet (usually broadcast radio) in the hope that it will lead to sales of the same music at another (e.g. a compact disc). The study shows that many music industry decision makers still have not embraced the new logic, and have not yet challenged their traditional mental models of the media environment. Rather, they remain focused on preserving the pivotal role held by the CD and other physical distribution technologies. Further, the study shows that while many music firms remain attached to the old models, other firms, primarily music publishers, have accepted the transformation, and have reluctantly recognised the realities of a virtualised environment.

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Submitted by PAULO SÉRGIO COELHO VIEIRA (coelhovieira.paulo@gmail.com) on 2015-04-15T23:04:53Z No. of bitstreams: 1 Paulo Vieira-HFT Industry_final_v1.pdf: 1540808 bytes, checksum: 1a0ee5cd10f415e74d56beb3e4b6f6c9 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Prezado Paulo, Todas as informações da contra capa e folha de aprovação devem ser em português pois a instituição é no Brasil. falta o agradecimento em português e inglês que deve ser depois da dedicatória a dedicatória deve ser em uma única folha em português e inglês e deve ser antes do agradecimento e depois da folha de aprovação e no fim da pagina a direita. no sumário não se coloca por exemplo a pagina da dedicatória, só deve aparecer a partir da introdução. as paginas só são numeradas a partir da introdução mas conta a partir da capa, exemplo introdução e a pagina 10, só aparecerá no trabalho em introdução a pagina 10 não pode ser numeral romano, deve ser numero exemplo 10. Ana Luiza Holme 3799-7760 on 2015-04-16T13:07:33Z (GMT) / Submitted by PAULO SÉRGIO COELHO VIEIRA (coelhovieira.paulo@gmail.com) on 2015-04-17T00:12:53Z No. of bitstreams: 1 Paulo Vieira-HFT Industry_final_v2.pdf: 1539919 bytes, checksum: e6fff3edaed078ed606a551c2ea0bf50 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2015-04-17T12:19:38Z (GMT) No. of bitstreams: 1 Paulo Vieira-HFT Industry_final_v2.pdf: 1539919 bytes, checksum: e6fff3edaed078ed606a551c2ea0bf50 (MD5) / Made available in DSpace on 2015-04-17T12:37:49Z (GMT). No. of bitstreams: 1 Paulo Vieira-HFT Industry_final_v2.pdf: 1539919 bytes, checksum: e6fff3edaed078ed606a551c2ea0bf50 (MD5) Previous issue date: 2015 / U. S. Equity Trading Industry has evolved quickly over the last decade. The U.S. equity market became an open architecture in which entrants with innovative technology can compete effectively. Several regulatory changes and technological innovations have enabled profound changes in market structure. These changes, along with improving high-speed technology, have acted as a catalyst, giving rise to a new approach to trading, named High Frequency Trading, hereafter referred as HFT. HFT Firms emerged and took over in large extent the market making business in providing liquidity. Although HFT has been growing massively, over the past four years, HFT firms have been far less profitable, since more firms entered the industry eroding the margins. Within this context, therefore, this thesis sought to provide a brief review of HFT business, followed by the analysis of its industry boundaries and the characteristics of the HFT environment. To this end, the thesis conducted an extensive literature review of previous research, qualitative public documents, such as, newspapers, meeting minutes and official reports. The thesis employed a series of frameworks, Entry Barriers and Mobility Barriers (Porter, 1980); Models of Industry Evolution (McGahan, 2004); Information-Intensive Industry Structure (Sampler, 1998), to analyze the boundaries of the HFT industry. Additionally, it employed Models of Industry Evolution (McGahan, 2004) and PESTEL (JOHNSON, SCHOLES, and WHITTINGTON, 2011) frameworks to analyze the industry and the environment surrounding HFT business. The analysis concluded that the firms employing HFT to compete in the Securities Trading industry compose an independent industry. / O Mercado Acionário Americano evoluiu rapidamente na última década. Este tornou-se uma arquitetura aberta em que participantes com tecnologia inovadora podem competir de forma eficaz. Várias mudanças regulatórias e inovações tecnológicas permitiram mudanças profundas na estrutura do mercado. Essas mudanças, junto com o desenvolvimento tecnológico de redes de alta velocidade, agiu como um catalisador, dando origem a uma nova forma de negociação, denominada Negociação em Alta Frequência (HFT). As empresas de HFT surgiram e se apropriaram em larga escala do negócio de formação de mercado, no fornecimento de liquidez. Embora HFT tem crescido massivamente, ao longo dos últimos quatro anos, HFT perdeu rentabilidade significativamente, uma vez que mais empresas aderiram ao setor reduzindo as margens. Portanto, diante deste contexto, esta tese buscou apresentar uma breve revisão sobre a atividade de HFT, seguida de uma análise dos limites deste setor, bem como, das características do macroambiente do HFT. Para tanto, a tese realizou uma extensa revisão do histórico literário, documentos públicos qualitativos, tais como, jornais, atas de reunião e relatórios oficiais. A tese empregou um ferramental de análise, Barreiras de Entrada e Mobilidade (Porter, 1980); Modelos de Evolução Setorial (McGahan, 2004); Estrutura do Setor de Informação Intensiva (Sampler, 1998), para analisar os limites do setor de HFT. Adicionalmente, empregou as ferramentas de análise, Modelos de Evolução Setorial (McGahan, 2004) e PESTEL (JOHNSON, SCHOLES, and WHITTINGTON, 2011), para analisar o setor e o contexto que envolve o negócio de HFT. A análise concluiu que as empresas que empregam HFT para atuar e competir no mercado acionário, compoem um setor independente.

Die Struktur der Landwirtschaft hat sich in vielen westlichen Ländern grundlegend geändert. In Westdeutschland, zum Beispiel, hat die Anzahl der Betriebe deutlich abgenommen, während die durchschnittliche Betriebsgröße von 7,4 ha im Jahr 1950 auf 42,9 ha im Jahr 2013 stieg. Um diese Entwicklung zu verstehen, müssen insbesondere die begrenzten Produktionskapazitäten berücksichtigt werden, die hinsichtlich der verfügbaren landwirtschaftlichen Nutzfläche oder der ehemaligen Milchquote existieren. Solche Kapazitätsbeschränkungen erzeugen einen direkten Zusammenhang zwischen dem Wachsen und Schrumpfen von Betrieben, da die Expansionsmöglichkeiten eines einzelnen Betriebes von frei werdenden Kapazitäten anderer Betriebe abhängen. Aus diesem Grund wird hier zunächst ein dynamisch stochastisches Gleichgewichtsmodell entwickelt, das auf mikroökonomischen Entscheidungen basiert und Markteintritt/-austritt für den Fall ausgeschöpfter Produktionskapazitäten darstellt. Der Kapazitätspreis ist dabei markträumend in dem Sinne, dass die Anzahl neuer Produktionseinheiten mit den aufgegebenen übereinstimmen muss. Die Industrie konvergiert unter diesen Bedingungen gegen ein stationäres Gleichgewicht, in dem Ein- und Austritt vorkommen, die Größenverteilung jedoch unverändert bleibt. Die Anpassung an diesen Zustand wird u.a. beschleunigt, wenn die fixen Eintrittskosten sinken. Eine Version des Modells wird dann auf den westdeutschen Milchsektor angewendet, um den Einfluss einer Quote auf den Strukturwandel zu untersuchen. Verglichen mit dem Szenario freien Wettbewerbs hemmt eine nicht-handelbare Quote die Anpassungsprozesse, während eine handelbare Quote Marktaustritte fördern und zu einer höheren durchschnittlichen Produktivität führen kann. Die Phase nach einer Quotenabschaffung ist geprägt von enormen Kapazitätsausweitungen und stark fallenden Preisen, falls die fixen Eintrittskosten niedrig sind. Diese Entwicklung ist weniger stark ausgebildet für höhere Eintrittskosten. / The agricultural industry in Western countries has undergone a substantial structural change. In West Germany, for instance, the number of farms declined notably during the last decades while the average farm size increased from 7.4 ha in 1950 to 42.9 ha in 2013. A factor that needs to be considered when explaining this development is the limited sectoral production capacity, which exists in terms of agricultural land or the former milk quota regime. This limited capacity generates a direct interrelation between farm growth and farm shrinkage as a single farm''s investment option depends crucially on the possible release of production capacity by competitors. The contribution of this thesis is twofold: First, a dynamic stochastic equilibrium model is developed that accounts for microeconomic decision-making and represents an industry operating at an upper capacity limit. The capacity price is determined endogenously such that it offsets the mass of entering and exiting firms in an equilibrium. It is proven that the industry tends to a stationary equilibrium in the long-run, in which entry and exit still occur but the firm size distribution remains constant. Moreover, the adjustment speed to this steady state increases if either the discount factor or the fixed entry costs decrease. Second, the impact of a production quota on industry dynamics is assessed with regard to the former milk quota regime. After calibrating the model to the West German dairy sector, the quota constrained industry performance is compared to a quota free setup. While a non-tradable quota slows down the adjustment processes within the industry, a tradable production quota can stimulate firm turnover and lead to a higher average productivity level. If the entry costs are rather low, the transition phase after a quota removal is characterised by an enormous expansion of production capacity and a considerable output price drop. This development is less pronounced though for higher entry costs.

This thesis investigates the deregulation of the audit industry in Sweden, the changing competitive environment and innovativeness, a research gap that has not yet been bridged. This paper raises the question of how the innovativeness of firms within the audit industry have changed after deregulation. The ambition of this research is to have both theoretical and practical knowledge contribution. The theoretical framework constructed for this research is rooted in the literature review of three areas: strategy and competition, deregulation, and organizational innovativeness. These three streams of research are used in order to examine the expectations that the industry has on the changing strategic landscape. Four perspectives and schools of thought in strategy and competition literature are reviewed: the competitive forces, strategic conflict school, resource-based school, and dynamic school. These schools are then put into two categories that are substantial opposites of one another; market power and efficiency. The need to consider these perspectives are addressed as follows: the perspective of competitive forces allows for understanding the industry structure, the strategic conflict school – to analyze the moves and interactions between competitors, the resource-based school – to understand firms resources, and finally, the dynamic school – to understand firms processes and capabilities. Summarizing and integrating these perspectives formed a hypothesized understanding that reflected the effects of deregulation and organizational innovativeness. In order to avoid modest pattern of deregulatory effects that could emerge by observations made in the early stage of deregulation, a methodological point of departure that is socially constructed and the production of knowledge that is based on interpretations and narratives were argued for. The research is furthermore based on a mix of deductive and inductive approach. The discussion with an industry member led to an interesting research context chosen as unit of analysis, which included the emerging tension between auditors and accounting-consultants. While the auditors’ believed in negative effects from the deregulation, the accounting-consultants had the opposite perception. Case-study approach with semi-structured and open-ended interviews were conducted on representatives from six firms, half of which represented the auditors and the rest the accounting-consultants.  The presentation of results followed the structure of market power, efficiency, and organizational innovativeness. The analysis of the results shows how firms within the audit industry had changed during the transition towards post-deregulation era. It shows how the previous construction of the audit-industry, characterized by homogeneity, has been decomposed and transformed to become more heterogeneous, by the new attractions and alternatives that now exist on the market. These attractions and alternatives creates incitement for decreased interaction between competitors that causes firms to engage in conflicts, and to redistribute their resources in order to imitate each others processes, which in turn creates new organizational innovativeness. The findings of this research also shows how the resources that were possessed by the firm before the deregulation tend to determine how the firm utilize the innovativeness in relation to the market after the deregulation.