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In this paper the temperature distribution in hybrid circuits will be studied in two different ways. First of all the results of numerical simulations obtained with the programs PROMETHEE and HYBRITHERM will be shown. Secondly, experimental temperature plots obtained with infra‐red thermography will be compared with the theoretical results. The influence of the substrate material (epoxy, glass, Al2O3, AlN and BeO) on the temperature distribution will be demonstrated. Various ways of cooling will also be considered. It will be shown that using high quality substrates such as AlN or BeO is not always useful from a thermal point of view.

A review is given of the several heat transfer phenomena occurring in hybrid circuits. Most attention is devoted to the non‐linear properties. Some theoretical simulations and experimental results are discussed.

Supervisor consultation is conducive to promoting employee voice. This research examines an underlying mediating mechanism and a boundary condition that strengthens the influence of supervisor consultation.

Two-wave survey data were collected from 302 full-time employees. Path analysis was adopted to test the hypotheses.

Supervisor consultation is positively related to employee voice. Employee felt obligation for constructive change (FOCC) serves as a mediating mechanism. Supervisor consultation is more positively related to employee FOCC and subsequent voice when managerial openness is higher than lower.

This study highlights the incremental mediating effect of FOCC beyond that of two alternative mediators between supervisor consultation and employee voice and the moderating role of managerial openness in affecting the influence of supervisor consultation.

Prior findings on consumer and organisational innovativeness are extended to the international setting to identify determinants of national innovativeness. The stepwise regression analysis finds that national innovativeness can be explained by four variables: GNP per capita, literacy rate, the ratio of manufacturing and service sectors to total GNP, and number of scientists and engineers per population. Based on this finding, international markets are segmented in terms of national innovativeness.

The Legends in Marketing series presents compilations of the seminal works of marketing scholars who have made significant contributions to the discipline of marketing. This review discusses the structure and contents of the volumes that comprise Legends in Marketing: Shelby D. Hunt (Sage, forthcoming).

FINANCIAL fears are only less cruel than those of war, and lead men into extravagances which they would repudiate indignantly in their cooler moments. If the doings of the Economy Committee at Manchester in relation to children's libraries, as described in the article by Mr. Lamb in our last issue, are true, we have in them an example of a kind of retrenchment at the expense of the young which we hope is without parallel and will have no imitators. Some reduc‐tion of estimates we hear of from this or that place, but in few has the stupid policy which urges that if we spend nothing we shall all become rich been carried into full effect. Libraries always have suffered in times of crisis, whatever they are; we accept that, though doubtfully; but we do know that the people need libraries.

This paper extends organizational ecology by making an attempt to disentangle the consequences of scale and scope economies for organizational survival under different product market configurations. We test our hypotheses by analyzing the mortality rates of 643 UK motorcycle producers during the 1899–1993 period. The findings obtained offer two specific contributions. First, by separating the performance impact of scale from scope economies we clarify the complex mechanisms behind the survival consequences of different organizational strategies. Second, we show how the intensity of both scale and scope forces is relative to the aggregate market-level product configuration. The implications of these findings for organizational ecology and strategic management, and their cross-fertilization, are further discussed.

In M&A markets, acquirers face a hold-up problem of losing the value of investments they make in due diligence, negotiations, and post-acquisition planning if targets would pursue the options of waiting for better offers or selling to an alternative bidder. This chapter extends information economics to the literature on M&A contracting by arguing that such contracting problems are more likely to occur for targets with better outside options created by the information available on their resources and prospects. We also argue that acquirers address these contracting problems by using termination payment provisions to safeguard their investments. While previous research in corporate strategy and finance has suggested that certain factors can facilitate an acquisition by reducing a focal acquirer’s risk of adverse selection (e.g., signals, certifications), we note that these same factors can make the target attractive to other potential bidders and can exacerbate the risk of hold-up, thereby leading acquirers to use termination payment provisions as contractual safeguards.

Despite the extensive debate on the impact of bank competition on risk-taking, there is no evidence of its role in procyclicality of loan-loss provisions (LLPs). The purpose of this study is to find out what is the role of competition in the procyclicality of LLPs.

Using over 70,000 bank-level observations in 103 countries in 2004–2015 and the LLPs model, this study interacts competition with business cycle to check what is the effect of competition on procyclicality of LLPs.

This study finds that intense competition is associated with more procyclicality of LLPs. Increased procyclicality of LLPs in a more competitive environment is binding for high-income countries. The opposite effect is shown for low-income countries.

Future research can be extended by testing the role of additional factors – such as regulations, supervision or institutional protection of shareholders' rights, in the association between procyclicality and competition.

The main message of this paper is that the competitive environment changes the procyclicality of LLPs. The results are important from the point of view of the COVID-19 pandemic because government interventions during lockdowns will affect competition in the banking industry and in other industries of the economy.

This paper contributes to the extant research in three dimensions. First, it shows that competition is an important factor behind procyclicality of LLPs. Second, it adds to the research on the links between competition and financial stability. Third, it shows that the link between competition and procyclicality of LLPs depends on the economic development of the country in which the banks are located.