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Killer acquisition and the rise of negative profit companies
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Disentangling the information structure in the bankruptcy liquidation auctions
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A Change of Tune: The Democratization of Market Mediation and Crossover Production in the U.S. Commercial Music Industry
In: Administrative science quarterly: ASQ, Band 68, Heft 2, S. 319-354
ISSN: 1930-3815
This article examines whether intermediaries and consumers exert similar influence on producers' boundary-spanning efforts. I propose that boundary spanning is primarily constrained by intermediaries specialized in the market, not by consumers. Consequently, producers are more likely to obscure boundaries when intermediaries' power weakens. To test these ideas, I exploit a natural experiment that shifted the hitmaking power of genre-specific radio stations to general consumers and thus partially democratized the market mediation structure of the U.S. commercial music industry. The results indicate that after democratization occurred in 2012, record labels were more likely to introduce crossover offerings that incorporated features from other popular genres. Through mechanism triangulation efforts, I found that strategic reorientation, or producers' attempt to appeal to a broader spectrum of consumers across genre lines, plausibly explains the crossover effect. This study highlights democratizing changes that dilute intermediaries' influence as a novel explanation of why constraints on producers' boundary decisions have weakened in some markets. The findings suggest that intermediaries' and consumers' expectations may diverge, acting as conflicting forces that organizations must carefully manage. Many organizations closely monitor intermediaries that are deemed influential, but their influence should not be taken for granted as marketplaces empower consumers and become more democratized.
The Boundary of Chinese Music: A Cultural and Aesthetic Comparison betweenPipaandGuqin
In: Journal of Chinese literature and culture, Band 9, Heft 2, S. 425-457
ISSN: 2329-0056
AbstractReform and innovation toward the Western standards have been a perennial theme in the modern history of Chinese music. However, reformers can be easily overwhelmed by various details, to the point that the most fundamental question, What is Chinese music?, is often obscured. In a sense, we have to define the boundary of Chinese music to determine what new elements should be integrated and what traditional features should be preserved. Chinese music is a highly diverse and complex system, yet traditional Chinese culture emphasizes the importance of homogeneity over heterogeneity due to the constant need for political unity and demand of a single market. However, cultural identity cannot be constructed by homogeneity alone since the boundary of culture can only be best identified when examining its heterogeneity. Pipa and guqin, which represent Chinese musical cultures under significant and little Western influence, respectively, provide an ideal window through which the boundary of Chinese music might be delineated. By discussing the aesthetic pursuits and evolutionary paths that are distinct between the two instruments, the article aims to initiate a small step toward a better understanding of how Chinese music is indeed a highly complex and heterogeneous system in which various musical cultures, despite their distinct origins, can come into contact, interact, fuse, and eventually achieve the state of "unity in diversity."
Are Investor Time Horizons Shortening?
The rise in quarterly capitalism in corporate America—increased pressure to meet quarterly earnings predictions and cater to shareholder preferences for short-term returns—has gained significant coverage in the business world and popular press in recent years. Increasingly, popular opinion suggests that firms bow to shareholder pressures, taking steps to smooth earnings and boost share prices in the short-term; firms do so by cutting Research and Development (R&D) investment, engaging in extensive cost-cutting, or increasing dividends and share buybacks. Recent estimates at the industry level show that investor discount rates have increased in recent years, supporting the notion that shorttermism is on the rise. However, we do not have evidence at the firm level documenting whether and how market discounting is changing over time or how such discounting differs between firms according to firm behavior and characteristics. A recent article by Sampson and Shi estimates market discounting at the firm level as a proxy for investor time horizons, which not only reveals how time horizons have changed but also how they vary between firms. Below, we discuss some observations on changing investor behavior, followed by a review of the evidence presented by Sampson and Shi. We conclude with a brief evaluation of why increased market discounting suggests that investor time horizons are shortening as well as what this means for firms.
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Working paper
Top management team incentive dispersion and audit fees
In: Journal of Corporate Accounting & Finance
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Pilot CEOs and Management Earnings Forecasts
In: Gao, Li., Shi, Yuan., Xu, Hongkang., 2022. Pilot CEOs and Management Earnings Forecasts. Journal of Corporate Accounting & Finance. https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22534
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Analysing Visual Information (Colour, Symbol) of Waste Recycling Through the Principles of Gestalt Theory: Closure, Similarity and Continuation
In: PaperASIA, Band 40, Heft 3b, S. 1-11
This study provides an insight into the visual information (colours, symbols) of waste classification based on the three principles of closure, similarity and continuation of Gestalt theory. A field survey of Xiamen University Town in China and a survey of 1,000 local and international university students in the area were used to understand the level of awareness of visual information on waste recycling and segregation. The study found that the current level of awareness of visual classification information (colours, symbols) in the Xiamen University Town urban area and among students is low. Visual messages must convey accurate and standardised information such as colours and symbols. In addition, the purpose of this study was to illustrate the need for accuracy in visual information. This study concludes the need for uniform colour and symbol standards for waste recycling and segregation under the Gestalt theory to help achieve SDG goal 12, responsible consumption and production, as this study highlights the potential ripple effect on future stakeholders, especially considering the international mobility of university students, who epitomise global diversity. As users travelled across countries, ambiguous visual messages about waste classification became a key issue in responding to UN advocacy for a sustainable future. Addressing and correcting these visual discrepancies is critical to effective waste management strategies on a global scale.
Federal funding and the rate and direction of inventive activity
In: Research Policy, Band 47, Heft 9, S. 1777-1800
Teachers' Perceptions and Concerns on the Banning of Corporal Punishment and Its Alternative Disciplines
In: Education and urban society, Band 43, Heft 2, S. 137-164
ISSN: 1552-3535
Corporal punishment (CP) has been officially banned since December 2006 in Taiwan. It would be useful to explore the perceptions and concerns of elementary school teachers on the issue of banning CP and on alternative methods of discipline in 2008, two years since the ban took effect. In this study, 323 teachers were stratified randomly and drawn from 42 schools in Keelung City for the survey and 5 teachers were interviewed. The main finding of this study is that while most teachers understand and support the policy of banning CP in schools, there remain certain concerns on the effect of such a ban in schools. These concerns and conflicting viewpoints are especially over issues related to the difficulty in disciplining students and respecting the students' human rights. An overwhelming concern is that some teachers might ignore students' misbehavior and passively discipline to cope with the new law.
Two-sided Benefits of Price Transparency in Smallholder Supply Chains
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