The Hard Sell

2017 ◽  
Author(s):  
Peter Scott
Keyword(s):  
Price Competition ◽  
New Economy ◽  
The United States ◽  
Vacuum Cleaner ◽  
Firm Level ◽  
Direct Sales ◽  
Cost Distribution ◽  
Household Cleaning ◽  
Time Savings ◽  
Cleaning Methods

The vacuum cleaner was an archetypal new economy product of the early twentieth century. It offered both major time savings and qualitative advantages over previous household cleaning methods—the brush, broom, and manual carpet sweeper—and was sold in a novel way (by household demonstration). The direct sales techniques pioneered by vacuum manufacturers in the United States were to have a profound impact on the way vacuums were sold in Britain, and globally. Yet by 1939 their household diffusion was relatively slow compared to refrigerators or washing machines. This chapter explores why the industry evolved a structure based on high prices, high cost distribution methods (door-to-door sales), and a strong emphasis on non-price competition, based on differentiation through features. It also shows how door-to-door selling eventually came to constitute both a key firm-level competitive advantage and a substantial industry-level constraint on product diffusion.

scholarly journals ESG Disclosures and Stock Price Crash Risk

2021 ◽  
Vol 14 (2) ◽  
pp. 70 ◽  
Author(s):  
Rio Murata ◽  
Shigeyuki Hamori
Keyword(s):  
Dynamic Model ◽  
Stock Price ◽  
The United States ◽  
Crash Risk ◽  
Firm Level ◽  
Market Participants ◽  
Major Market ◽  
Market Index ◽  
Index Components ◽  
The Relationship

In this study, we investigate the relationship between environmental, social, and governance (ESG) disclosures and stock price crash risk. A stock price crash is a dreadful event for market participants. Thus, exploring stock price crash determinants is helpful for investment decisions and risk management. In this study, we use samples of major market index components in Europe, the United States, and Japan to perform regression analyses, after controlling for other potential stock price crash determinants. We estimate static two-way fixed-effect models and dynamic GMM models. We find that coefficients of firm-level ESG disclosures are not statistically significant in the static model. ESG disclosure coefficients in the dynamic model are not statistically significant in the U.S. market sample. On the other hand, coefficients of ESG disclosure scores in the dynamic model are statistically significant and negative in the European and Japanese marker sample. Our findings suggest that ESG disclosures lower future stock price crash risk; however, the effect and predictive power of ESG disclosures differ among regions.

scholarly journals Corporate Governance, Economic Entrenchment, and Growth

2005 ◽  
Vol 43 (3) ◽  
pp. 655-720 ◽  
Author(s):  
Randall Morck ◽  
Daniel Wolfenzon ◽  
Bernard Yeung
Keyword(s):  
Corporate Governance ◽  
Capital Investment ◽  
Corporate Control ◽  
Political Influence ◽  
Institutional Development ◽  
The United States ◽  
Firm Level ◽  
Control Structures ◽  
Resource Misallocation ◽  
Property Rights Protection

Outside the United States and the United Kingdom, large corporations usually have controlling owners, who are usually very wealthy families. Pyramidal control structures, cross shareholding, and super-voting rights let such families control corporations without making a commensurate capital investment. In many countries, a few such families end up controlling considerable proportions of their countries' economies. Three points emerge. First, at the firm level, these ownership structures, because they vest dominant control rights with families who often have little real capital invested, permit a range of agency problems and hence resource misallocation. If a few families control large swaths of an economy, such corporate governance problems can attain macroeconomic importance—affecting rates of innovation, economywide resource allocation, and economic growth. If political influence depends on what one controls, rather than what one owns, the controlling owners of pyramids have greatly amplified political influence relative to their actual wealth. This influence can distort public policy regarding property rights protection, capital markets, and other institutions. We denote this phenomenon economic entrenchment, and posit a relationship between the distribution of corporate control and institutional development that generates and preserves economic entrenchment as one possible equilibrium. The literature suggests key determinants of economic entrenchment, but has many gaps where further work exploring the political economy importance of the distribution of corporate control is needed.

Canada’s changing innovation landscape

2021 ◽  
Author(s):  
Md. Razib Alam ◽  
Bonwoo Koo ◽  
Brian Paul Cozzarin
Keyword(s):  
The United States ◽  
Destination Country ◽  
Firm Level ◽  
Individual Level ◽  
Patent Classification ◽  
The Usa ◽  
The Government ◽  
The Individual ◽  
The University ◽  
Over Time

Abstract Our objective is to study Canada’s patenting activity over time in aggregate terms by destination country, by assignee and destination country, and by diversification by country of destination. We collect bibliographic patent data from the Canadian Intellectual Property Office and the United States Patent and Trademark Office. We identify 19,957 matched Canada–US patents, 34,032 Canada-only patents, and 43,656 US-only patents from 1980 to 2014. Telecommunications dominates in terms of International Patent Classification technologies for US-only and Canada–US patents. At the firm level, the greatest number of matched Canada–US patents were granted in the field of telecommunications, at the university level in pharmaceuticals, at the government level in control and instrumentation technology, and at the individual level in civil engineering. We use entropy to quantify technological diversification and find that diversification indices decline over time for Canada and the USA; however, all US indices decline at a faster rate.

ENERGY IN A MODEL OF FIRM ENTRY

2018 ◽  
Vol 24 (2) ◽  
pp. 231-254
Author(s):  
Soma Patra
Keyword(s):  
Negative Impact ◽  
The United States ◽  
Energy Price ◽  
Firm Entry ◽  
Energy Prices ◽  
Dsge Model ◽  
Price Shocks ◽  
Firm Level ◽  
Dynamic Stochastic ◽  
The Impact

Nine out of the last ten recessions in the United States have been preceded by an increase in the price of oil as noted by Hamilton [Palgrave Dictionary of Economics]. Given the small share of energy in gross domestic product this phenomenon is difficult to explain using standard models. In this paper, I show that firm entry can be an important transmission and amplifying channel for energy price shocks. The results from the baseline dynamic stochastic general equilibrium (DSGE) model predict a drop in output that is two times the impact in a model without entry. The model also predicts an increase in energy prices would lead to a decline in real wages, investment, consumption, and return on investment. Additionally, using US firm level data, I demonstrate that a rise in energy prices has a negative impact on firm entry as predicted by the DSGE model. This lends further support toward endogenizing firm entry when analyzing the effects of energy price shocks.

The Market for Capital and the Origins of State Regulation of Electric Utilities in the United States

2002 ◽  
Vol 62 (4) ◽  
pp. 1050-1073 ◽  
Author(s):  
William J. Hausman ◽  
John L. Neufeld
Keyword(s):  
Electric Utilities ◽  
The United States ◽  
Electric Utility ◽  
State Regulation ◽  
Electric Utility Industry ◽  
Firm Level ◽  
Borrowing Costs ◽  
Utility Industry ◽  
State Rate ◽  
Return Regulation

We provide evidence that the problem of raising capital in the early days of the U.S. electric-utility industry motivated industry leaders to embrace state rate-of-return regulation in return for a secure territorial monopoly. Utility executives anticipated that this would lead to a reduction in borrowing costs. Using firm-level bond data for 1910–1919, we estimate a model and find that state regulation led to lower borrowing costs but that the magnitude of the reduction was small. We also find evidence that output of electric utilities in states with regulation was higher than output in states without regulation.

Restore Empathy in Modern Business Education

2021 ◽  
pp. 901-919
Author(s):  
Maria Lai-Ling Lam
Keyword(s):  
Leadership Development ◽  
Service Learning ◽  
Business Education ◽  
Ethical Decision Making ◽  
The United States ◽  
Interpersonal Process ◽  
Firm Level ◽  
Modern Business ◽  
Service Learning Projects ◽  
Developmental Characteristics

This chapter is based on the author's reflection using 27 years' experience in business education in Hong Kong and the United States and decades of research concerning empathy and character development. In this chapter, empathy is defined as a process to consider a particular perspective of another person, to feel as another person feels, and to take action for the needs of that other person. It is related to concern, perspective taking, and action through intersubjective discovery. It has developmental characteristics and includes shared experiences and insightful discoveries in the interpersonal process. She advocates these key four benefits of mature, informed, and mindful empathy: intellectual virtues, effective leadership development, ethical decision making, and social capital at firm level which ultimately enhances profitability and firm valuation. She also shares her years of practice of developing students' empathetic skills in service-learning projects and in her organization behavior course.

scholarly journals Household cleaning product-related ocular exposures reported to the United States poison control centres

Eye ◽  
2019 ◽  
Vol 34 (9) ◽  
pp. 1631-1639
Author(s):  
Alisha Kamboj ◽  
Henry A. Spiller ◽  
Marcel J. Casavant ◽  
Sandhya Kistamgari ◽  
Thitphalak Chounthirath ◽  
...  
Keyword(s):  
United States ◽  
The United States ◽  
Poison Control ◽  
Cleaning Product ◽  
Household Cleaning
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