Search results

The purpose of this paper is to use China’s World Trade Organization accession as a quasi-natural experiment and examine whether conglomeration affects firmss’ ability to respond to a significant increase in competitive pressure. Conglomerate segments have higher sales growth and higher profitability than singlesegment firms, when they face intensified import competition. Conglomerates’ outperformance is not observed when the markets in which segments operate already have high product market competition. Overall, conglomeration encourages competitiveness, and internal resources are allocated to relatively competitive segments.

This study examines the information content of firms’ operations-related disclosures (ORDs) and the importance of these disclosures as an information source to stock markets relative to other commonly examined sources of information. I find that ORDs constitute a large portion of corporate press releases. These disclosures are associated with significant stock price reactions and trading volume. The stock price reactions to ORDs are greater than the reactions to 10-K/Q reports and are of similar magnitudes to the reactions to 8-K filings. On average, ORDs explain variation in firms’ quarterly returns to a similar degree as management earnings forecasts and 10-K/Q reports for the full sample and to a greater degree for small firms and firms with lower earnings quality.

Looks briefly at theories underlying the correlation between company performance and executive compensation, develops a mathematical model and applies it to results which show a significant positive link between the highest paid director’s compensation and total shareholder returns, but not with earnings per share. Considers consistency with other research, notes the influence of company size on executive pay and calls for further research on this important issue of corporate governance.

The purpose of this paper is to explore the non-linear relationship between income diversification and efficiency of Ghanaian banks within the universal banking era.

The stochastic frontier analysis (SFA) technique is employed on annual data of 26 Ghanaian banks from 2003 to 2011 to estimate cost and profit efficiency scores. In the second stage analysis, a tobit regression model is estimated to examine the empirical effect of diversification into non-interest generating activities on estimated cost and profit efficiency scores while controlling for other bank specific characteristics.

The findings of the SFA reveal high levels of efficiency in cost compared with profit to reflect high inefficiencies on the revenue side. An analysis of efficiency scores by two categories of bank size suggests that large banks have high cost and profit efficiency compared to small banks. A non-linear relationship is found between income diversification and efficiency while size was also found to be important in enabling banks exploit the potential benefits of income diversification.

This study focuses on one banking market in Africa. A comparative analysis in a cross-section of banking markets in Africa will be useful to bring robustness to the findings of this study.

The findings of this study provides useful insights for management on the best corporate model in ensuring that diversification activities are efficiency-enhancing.

This study presents the first empirical evidence on the non-linear relationship between efficiency and income diversification in emerging banking markets in Africa.

The purpose of this paper is to draw conclusions about China's agricultural integration (CAI) by looking back its processes stage by stage, discussing the problems related to CAI, in order to learn salutary lessons for the future of agricultural development, for the increase in rural income, and especially for the promotion of CAI.

The paper comprises three stages: analyzing the process of CAI from the household responsibility system, to agricultural industrialization, until the stage of CAI led by farmers' co‐operatives; discussing the related practice together with literature; and historically proving that there is no better way to promote CAI than letting it be led by farmers' co‐operatives.

The paper finds that, the development of China's agricultural economic organizations is owing to CAI, and can be studied stage by stage; the process of CAI proves that it needs to be promoted as a new style led by farmers' co‐operative in order to increase rural income; literature review also gives eloquent proof of the above viewpoint; agricultural integration led by farmers' co‐operative should be taken as a better way to upgrade CAI and to increase rural income, for it can decrease the benefit disputes that usually happened in the former type of agricultural industrialization.

The obvious value of the paper is to show, by a historical review, a way to promote CAI and to increase farmers' income. A literature review finds these countermeasures comprehensively, historically, and theoretically. The information about CAI will be beneficial for people who are interested in the topic.

The purpose of this paper is to synthesize lessons from the agricultural value chain models and their associated financing mechanisms in China and India as to provide policy recommendations on how best to facilitate development of efficient and inclusive value chains.

The paper builds on a review of the existing literature on agricultural value chains and their financing mechanisms, and draws lessons from it for strengthening interface between product and financial markets in order to enable smallholders capture benefits of the value addition.

From the comparative review of value chain financing mechanisms and current policy contexts the authors find dominance of internal financing of value chains (in terms of provision of inputs, technology and services) in both the countries. Value chain finance from commercial banks and other financial institutions is limited and mainly through tripartite agreements among the financing institutions, lead firms and farmers.

The lessons drawn from various value chain models and their financing mechanisms provide feedback to financial institutions and policymakers to take measures to strengthen value chain finance in smallholder agriculture.

The paper undertakes a rigorous review of the existing value chain models and their financing mechanisms in light of the most recent research on emerging innovations and development strategies, in order to glean key lessons for policy recommendations on strengthening linkages between financial and product markets.

Photographs are a kind of cultural heritage and very useful for cultural and historical studies. However, traditional or manual research methods are costly and cannot be applied on a large scale. This paper aims to present an exploratory study for understanding the cultural concerns of libraries based on the automatic analysis of large-scale image collections.

In this work, an image dataset including 85,023 images preserved and shared by 28 libraries is collected from the Flickr Commons project. Then, a method is proposed for representing the culture with a distribution of visual semantic concepts using a state-of-the-art deep learning technique and measuring the cultural concerns of image collections using two metrics. Case studies on this dataset demonstrated the great potential and promise of the method for understanding large-scale image collections from the perspective of cultural concerns.

The proposed method has the ability to discover important cultural units from large-scale image collections. The proposed two metrics are able to quantify the cultural concerns of libraries from different perspectives.

To the best of the authors’ knowledge, this is the first automatic analysis of images for the purpose of understanding cultural concerns of libraries. The significance of this study mainly consists in the proposed method of understanding the cultural concerns of libraries based on the automatic analysis of the visual semantic concepts in image collections. Moreover, this paper has examined the cultural concerns (e.g. important cultural units, cultural focus, trends and volatility of cultural concerns) of 28 libraries.

This paper provides a foundation for a practical way of improving the effectiveness of an automatic retrieval system. Its main concern is with the weighting of index terms as a device for increasing retrieval effectiveness. Previously index terms have been assumed to be independent for the good reason that then a very simple weighting scheme can be used. In reality index terms are most unlikely to be independent. This paper explores one way of removing the independence assumption. Instead the extent of the dependence between index terms is measured and used to construct a non‐linear weighting function. In a practical situation the values of some of the parameters of such a function must be estimated from small samples of documents. So a number of estimation rules are discussed and one in particular is recommended. Finally the feasibility of the computations required for a non‐linear weighting scheme is examined.

Discrete choice modeling has been discussed by both academics and practitioners as a means of analytical support for B2C relationship marketing. This paper aims to discuss applying this analytical framework in B2B marketing, with an example of cross‐selling high‐tech services to a large business customer. This example is also used to show how an algorithm of genetic binary choice (GBC) modeling, developed by the author, performs in comparison with major techniques used nowadays, and to analyze the financial impact of these different approaches on profitability of B2B relationship marketing operations.

Predictive models based on the regression analysis, the classification tree and the GBC algorithm are built and analyzed in the context of their performance in optimizing cross‐selling campaigns. An example of business case analysis is used to estimate the financial implications of the different approaches.

B2B relationship marketing, although differing from B2C in many aspects, can also benefit from analytical support with discrete choice modeling. The financial impact of such support is significant, and can be further increased by improving the predictive accuracy of the models. In this context the GBC modeling algorithm proves to be an interesting alternative to the algorithms used nowadays.

The generalizability of the findings, concerning performance characteristics of the algorithms, is limited: which method is best depends, for example, on data distributions and the particular relationships being modeled.

The paper shows how B2B marketing managers can increase the profitability of relationship marketing using discrete choice modeling, and how implementing new algorithms like the GBC model presented here can allow for further improvement.

The paper bridges the gap between research on binary choice modeling and the practice of B2B relationship marketing. It presents a new possibility of analytical support for B2B marketing operations together with financial implications. It also includes a demonstration of an algorithm newly developed by the author.

The purpose of this paper is to evaluate the current digitization levels of Korean libraries by identifying key elements of library services and measuring them for conventional vs digital approaches and use.

The study utilized previous research related to digital libraries and consultations with experts to arrive at 13 evaluation elements and components within them to analyze. For the purpose of this study specialized libraries, college and university libraries, and public libraries were surveyed, and their responses analyzed to rate their current digitization levels vs more conventional approaches.

First, after determining the elements that characterized the conventional and digital libraries by analyzing different pieces of literature and consulting with experts, 92 factors were identified for each of the conventional and digital elements based on the axis which was composed of 13 items. Second, this study indicated that the libraries obtained one of the conventional or digital characteristics independent of the situation, rather than that the digital library was more effective than the conventional library. Third, in evaluating the chosen libraries used as the examples, it was observed that the libraries had more conventional characteristics among the elements of the digital and conventional libraries. Also, based on the axis used for comparison of 13 items, elements such as the next generation service, the SNS service, and the library program service were more conventional, but elements such as classification and cataloging, acquisition, and the organization were more digitized.

This study is the first study in the world to measure the level of digitization of the library. Therefore, hereafter, each library will be able to measure and determine its digital position based on these elements. Up to now, some research was performed in pursuit of extracting the elements of a library but it had relied solely on literature review. Comprehensive research had never been performed as in this study.