La tesi si compone di tre saggi. nel primo saggio si sviluppa un modello teorico che analizza i possibili effetti macroeconomici, controintuitivi e redistributivi, di politiche di deregolamentazione nel mercato dei prodotti in un contesto di eterogeneità tra le imprese produttrici, nel breve e nel lungo periodo. Il secondo saggio presenta la struttura, la metodologia, e alcuni fatti stilizzati relativi al nuovo indice di regulation nei mercati dei prodotti; nel terzo saggio si usa l'indice di regulation nei mercati agricoli, per esplorare econometricamente le cause sottostanti al processo di riforma in tali mercati, in un'ottica di political economy. / The dissertation includes three papers. The first paper develops a theoretical model of deregulation in product market with heterogeneous firms. The second paper presents the methodology and the construction of the new index of regulation in product market; also, some stylized facts are presented. The third paper uses the new index to econometrically explore drivers and phases of market reforms in the agricultural sector.

We model a two period game with duopoly market under either quantity or price competition. In the first period, the manufacturer decides on whether to accept the returned products. The optimal ratio of refurbishing is then determined in the second period once the manufacturer has decided to do refurbishing. We identify the optimality conditions that lead to different possible equilibrium outcomes for different scenarios in which two firms may play symmetrically or asymmetrically. Our extensive numerical analysis substantiates the analytical results and we focus on the effect on the subgame perfect equilibrium caused by various parameters. Among our results, we find that, as the return ratio increases, the profits generated from the refurbished market become harder to compensate the loss in the new product market. Besides, the increase of substitution effect in the quantity competition enhances the degree of satisfaction for the refurbished products and it hurts firm¡¦s performance in the more profitable new product market. However, the effect of substitution effect in the price competition is entirely opposite. For instance, when the substitution effect is high, only one firm enters the refurbished product market; and when the substitution effect is low, both firms enter the refurbished product market.

<p>Earnings management could be motivated by either managerial opportunism or efficient contracting. To discriminate between these motivations, I use a measure of product market competition that analytical research predicts will discipline managers and better align their interests with those of shareholders. Thus, if earnings management reflects managerial opportunism, then an increase in competition will decrease earnings management; and if it reflects efficient contracting, then an increase in competition will increase earnings management. Consistent with earnings management indicating managerial opportunism, I show that an increase in competition decreases real earnings management in the form of overproduction to avoid reporting negative earnings or a negative change in earnings.</p> / Dissertation

There can be little doubt that competition in the pharmaceutical industry has increased considerably over the past few years. Growth in the pharmaceutical industry in South Africa has been affected adversely in recent years by the increased competition from generic drug manufacturers. As soon as a drug comes off patent, competitors are ready with generic copies, resulting in price drops. Pharmaceutical companies are therefore forced to continually evaluate their existing strategies, to ensure that their financial performance remains at the desired level. This study aims to determine the importance that entities in the pharmaceutical industry attach to competition during the strategy-formulation process. The study will also attempt to provide an understanding of how entities have adapted their product-market strategies, as identified by Ansoff, over the past five years. As an ancillary objective, this research aims to determine whether the level of competition in the industry has adversely affected the financial performance of the entities competing within the industry. Entities within the pharmaceutical industry consider the level of competition in the industry to be very high, and, accordingly, it is one of the major factors that they consider when determining which product market strategy to adopt. Because of this, the product-market strategies adopted by entities in the pharmaceutical industry have changed substantially over the past five years. No strategy is, however, dominant. Over the past five years, most of the entities in the pharmaceutical industry have displayed improved profitability, risk and cash flow-ratios, as well as growth in revenue, net profit and net asset value. This improvement in financial performance is despite an increased level of competition. It can therefore be concluded that the level of competition in the pharmaceutical industry is not reflected directly in the overall financial performance of companies in the industry. / Thesis (M.Com. (Management Accounting))--North-West University, Potchefstroom Campus, 2005.

This thesis investigates, at the country level, the relationship between innovation output or generation of new technology and input factors such as stock of knowledge, research effort and institutional factors such as competition and intellectual property rights. It is shown that variations in generation of new technology reflect differences in knowledge stock, research effort, product market competition and other institutional factors of OECD countries. The available stock of knowledge and the research effort was shown to have a linear and positive effect on technology generation. It was also shown that the degree of product market competition has a nonlinear effect on technology growth, thereby confirming on a country-level an inverted-U relationship between competition and innovation. Generation of new knowledge was examined using a knowledge production function with annual and accumulated knowledge measured with a patent indicator based on a worldwide count of patent priority filings. A cross-sectional linear regression model was used with secondary data. Independent variables included were the main variables accumulated stock of patent priority filings, the number of FTE researchers in R&amp;D and the Product Market Regulation Index. Institutional bias was accounted for by including the independent variables Index of Patent Rights, administrative patenting fees and a Global Competitiveness Index. The Global Competitiveness index was found to have positive effect on patent productivity and the administrative patenting fees relationship was found to be negative. The results are consistent with theories and empirical findings. The results also highlight the importance of innovation policies that keep costs of patenting low and of adjusting the competition policy of a country to the type of economy in question.

There can be little doubt that competition in the pharmaceutical industry has increased considerably over the past few years. Growth in the pharmaceutical industry in South Africa has been affected adversely in recent years by the increased competition from generic drug manufacturers. As soon as a drug comes off patent, competitors are ready with generic copies, resulting in price drops. Pharmaceutical companies are therefore forced to continually evaluate their existing strategies, to ensure that their financial performance remains at the desired level. This study aims to determine the importance that entities in the pharmaceutical industry attach to competition during the strategy-formulation process. The study will also attempt to provide an understanding of how entities have adapted their product-market strategies, as identified by Ansoff, over the past five years. As an ancillary objective, this research aims to determine whether the level of competition in the industry has adversely affected the financial performance of the entities competing within the industry. Entities within the pharmaceutical industry consider the level of competition in the industry to be very high, and, accordingly, it is one of the major factors that they consider when determining which product market strategy to adopt. Because of this, the product-market strategies adopted by entities in the pharmaceutical industry have changed substantially over the past five years. No strategy is, however, dominant. Over the past five years, most of the entities in the pharmaceutical industry have displayed improved profitability, risk and cash flow-ratios, as well as growth in revenue, net profit and net asset value. This improvement in financial performance is despite an increased level of competition. It can therefore be concluded that the level of competition in the pharmaceutical industry is not reflected directly in the overall financial performance of companies in the industry. / Thesis (M.Com. (Management Accounting))--North-West University, Potchefstroom Campus, 2005.

Made available in DSpace on 2016-12-23T13:42:11Z (GMT). No. of bitstreams: 1 Ricardo Furieri Batianello.pdf: 1553909 bytes, checksum: 307230d5431d6833c34cb63af8c84ab9 (MD5) Previous issue date: 2012-09-11 / FAPES / This dissertation analyzes the quality of accounting information (QAI) on the interaction between corporate governance and competition, aiming to tackle questions that have not been addressed by the literature available so far, especially when it comes to comparing the four possible environments resulting of the combination between different competition and governance environments. When it comes to the relationship between competition and governance, studies such as Karuna s (2010) point out to the existence of a cause/effect relationship between the intensity of the competition and stronger governance. When discussing accounting and competition, Dhaliwal et al. (2008) evidenced a positive relation between the amount of competition and the conditional conservatism, which is considered one of the main priorities of accounting information. Thus, in what concerns the relationship between governance and accounting, findings made by Bushman et al (2000) confirm that accountancy has an influence on corporate governance. Ball et al (2000) are contrary to that opinion, claiming that it is corporate governance that impacts on accountancy, which means that the governance mechanisms present at a certain environment would play a fundamental role in the quality of accounting information. The product market competition was calculated using the Herfindahl Index and the identification of firms with strong or weak governance was based on BM&FBovespa listings, where firms listed in New Market or Level 2 were considered with strong governance, and the others were considered with weak governance. The data used was collected between 2000 and 2011, from the firms listed on the São Paulo Stock Exchange. The type of statistical analysis used to process data was the multiple regression with unbalanced panel data. In general, the results point to the same direction as previous ones, showing that both the presence of a strong governance and a highly competitive environment can enhance the accounting numbers in order to make them more qualitative. Interestingly, results suggest that in environments classified as uncompetitive and weak governance mechanisms, the quality of accounting information disclosed was relatively high, according to two of the three properties of the quality of accounting information analyzed / Esta dissertação analisa a qualidade da informação contábil (QIC) na interação entre a governança corporativa e a competição, visando responder lacunas ainda não preenchidas pela literatura, principalmente na comparação entre os quatro ambientes resultantes da interação entre competição e governança das firmas. No que tange relação competição/governança, estudos como o de Karuna (2010), por exemplo, apontaram existir uma relação entre a intensidade da competição e uma governança mais forte. Em relação à contabilidade/competição, Dhaliwal et al. (2008), descobriram haver associação positiva entre a intensidade da competição e o conservadorismo condicional, que é considerada uma das propriedades da informação contábil. Por conseguinte, no que diz respeito à relação governança/contabilidade, achados de Bushman et al. (2000), por exemplo, confirmam que a contabilidade influencia a governança corporativa. Ball et al. (2000) contradizem-nos afirmando que a governança corporativa impacta a contabilidade, ou seja, os mecanismos de governança presentes em um ambiente teriam papel fundamental na qualidade da informação contábil. A competição do mercado de produtos foi calculada mediante o Índice de Herfindahl. A divisão entre firmas com mecanismos de governança fortes e fracos foi feita com base na listagem da BM&FBovespa, onde considerou-se empresas listadas nos níveis Novo Mercado e Nível 2 como empresas com governança forte, e o restante como empresas com governança fraca. Foram utilizados dados entre os anos de 2000 e 2011, das firmas listadas da Bolsa de Valores de São Paulo. A técnica de análise estatística utilizada foi a regressão múltipla com dados em painel desbalanceado. Os resultados, no geral, corroboraram com estudos anteriores, de que tanto a presença de uma governança forte quanto um ambiente altamente competitivo podem incrementar os números contábeis de forma a torná-los mais qualitativos. Curiosamente, os resultados sugeriram que em ambientes classificados como não competitivos e com mecanismos de governança fracos, a qualidade da informação contábil divulgada mostrou-se relativamente alta, segundo duas das três propriedades da qualidade da informação contábil analisadas

L'effectuation est la première théorie originale de l'entrepreneuriat dont les problématiques entourant sa nature ont compromis le développement de ses hypothèses d'utilisation. Basées sur l'incertitude initiale du couple produit-marché, elles n'ont pas fait l'objet de suffisamment de tests empiriques. L'ambition de cette recherche est d'améliorer la capacité normative de l'effectuation, en poursuivant l'exploration de son lien avec l'incertitude du couple produit-marché. L'objectif scientifique est double :- Tester les hypothèses d'utilisation sur des couples produits-marchés à l'incertitude initiale variée.- Proposer et tester de nouvelles hypothèses d'utilisation fondées sur l'incertitude du couple produit-marché en création.Des choix théoriques ont été fait, traduisant notre volonté de dépasser les approches philosophiques successives et d'ancrer la recherche à trois nouveaux modèles : ceux d'Hogarth, de Davidson et de Bhaskar. La méthodologie quasi-qualitative retenue permet de concilier la double finalité de la recherche, avec la nécessité de recourir à la méthode des cas pour capturer l'intégralité du concept. La stratégie de recherche repose sur les préconisations de Yin et les techniques de Miles et Huberman, garantissant un bon niveau de validité et de fiabilité des résultats. La thèse s'appuie sur l'analyse et la comparaison de six cas de création d'entreprises, présentant au démarrage une incertitude variée de leur couple produit-marché. Les résultats obtenus s'articulent autour de deux points :- L'enrichissement de la thèse effectuale avec des sous-bassement théoriques nouveaux.- Le renforcement de sa capacité normative avec deux nouvelles séries d'hypothèses d'utilisation fondées sur 1) l'incertitude initiale du couple produit-marché et 2) l'incertitude du couple produit-marché mesurée durant le processus.Plus généralement, nous avons montré l'importance de l'utilisation de l'effectuation dans la création d'entreprises par des entrepreneurs novices. / Effectuation is the first original theory of entrepreneurship, but the problems surrounding its very nature have compromised the development of its hypotheses of usage. Based on the initial uncertainty of the product-market couple, it has not be the subject of sufficient empirical testing. The objective of this research is to improve the normative capacity of effectuation, by furthering the exploration of its link with the uncertainty of the product-market couple. The scientific goal is twofold:- To test the hypotheses of the usage of the product-market couples against the variable initial uncertainty.- To propose and test the new hypotheses of usage, founded on the uncertainty of the product–market couples in creation.Theoretical choices have been made, translating our wish to surpass the successive philosophical approaches and to anchor the research in three new models: those of Hogarth, Davidson and Bhaskar. The quasi-qualitative methodology retained, enables the conciliation of the double finality of the research, with the necessity to use the case study method to seize the whole concept. The research strategy relies on the recommendations stated by Yin and the techniques of Miles and Huberman, guaranteeing a high level of validity and reliability of the results. The theory relies on the analysis and the comparison of six cases of enterprise creation, presenting at the start a varied uncertainty of their product-market couple. The results obtained hinge on two points:- The enrichment of the effectual theory with new theoretical foundations.- The reinforcement of its normative capacity with two new series of usage hypotheses founded on 1) the initial uncertainty of the product-market couple and 2) the uncertainty of the product-market couple measured during the process.More generally we have shown the importance of the use of effectuation in the creation of enterprises by novice entrepreneurs.

Using a case study of the Italian spirit grappa, we examine status recategorization - the vertical extension and reclassification of an entire market category. Grappa was historically a low-status product, but in the 1970s one regional distiller took steps that led to a radical break from its traditional image, so that in just over a decade high-quality grappa became an exemplar of cultured Italian lifestyle and held a market position in the same class as cognac and whisky. We use this context to articulate "theorization by allusion", which occurs through three mechanisms: category detachment-distancing a social object from its existing category; category emulation-presenting that object so that it hints at the practices of a high-status category; and category sublimation-shifting from local, field-specific references to broader, societal-level frames. This novel theorization is particularly appropriate for explaining change from low to high status because it avoids resistance to and contestation of such change (by customers, media, and other sources) as a result of status imperatives, which may be especially strong in mature fields. Unlike prior studies that have examined the status of organizations within a category, ours foregrounds shifts in the status and social meaning of a market category itself. (authors' abstract)

This thesis presents three essays, with the first two focusing on the insider role of M&A advisors and the effectiveness of insider trading rule, while the third essay looks into the effects of product market competition on corporate cash holdings. The main hypothesis of the first and second essay is that the advisory banks that are privy to non-public deal information might have high motivation to exploit this privileged information by taking a position in a takeover target ahead of a deal and realise an excess return upon deal announcement. This motivation for and act of “insider trading” might be attenuated by the insider trading rules Rule10b5-1 and Rule10b5-2, which were released in 2000.The first essay examines the presence of acquiror advisors’ holdings in targets and their trading strategy on such holdings before deal announcement. Using an aggregate level of stake-holding in the target firm by a financial conglomerate/brands with which the advisor to the acquiror is affiliated, we find that advisory brands start to take and accumulate holdings in targets at least seven quarters before deal announcement through to announcement quarter. The stake-holding is significantly larger than that of a non-advisory brand group that is defined. We argue that these results imply the direct link between advisory holdings, advisor identity and the strong intentions of trading on private deal information. However, this tendency is markedly attenuated in the post-rule period after 2000. This change in advisory brand trading strategy on target stocks ahead of a deal with the passage of rules suggests a positive deterrence effect of the insider trading rule. In the second essay, we investigate the profitability of this trading strategy by advisory brands to acquirors taking stake in targets ahead of a deal. Results suggest that both the level and the build-up (increase) of an advisory stake between the last two quarters immediately preceding deal announcement are positively related to the target return. These results are consistent with the view that advisory brands trade on their privileged deal information by taking and increasing holdings in targets ahead of deals to profit from the increase in target share price. In our sub-period analysis, results suggest that all the coefficients become much smaller and insignificant for the post-rule period after 2000. This again indicates a strongly positive deterrent effect of regulation, which further confirms the conclusion of the first essay. The third essay is related to both the static and dynamic effect of product market competition on firm cash holdings. We find that the intensity of product market competition measured by product similarity from Hoberg and Phillips (2010, 2011) has a significant positive effect on firm cash holdings, after controlling for other measures including the Industry Herfindahl Index and industry fluidity. This suggests that firms in a more competitive industry reserve more cash as their war chest or preemptive tool against competitors. Further, Vector Autoregression (VAR) and analyses of shock show that when there is a sudden increase in product similarity/competition level (shock), firms use cash to fight off competition, leading to a decrease in cash holdings.