Suchergebnisse

The often long-lasting process of intrafamily business succession involves contracts for management and ownership transfer that unfold in a complex series of stages. The older and larger a family business, the more heterogeneous the involved family members' interactions and interests can become. These differences become obvious in the succession process. Also, in entrepreneurial families, information is not easy to obtain and is neither perfect nor unlimited, for example, with regard to expectations regarding the duration or the type of business succession. Information asymmetries can arise. This article investigates the drivers of information asymmetries and provides insight into the current research by investigating information asymmetries and their impact during different phases of intrafamily business succession. Data from 215 German firms reveal the occurrence of specific information asymmetries during different phases of intrafamily business succession. JEL CLASSIFICATION M1; M59; D82; L2

Sequential voting takes place when some voters make choices with knowledge of earlier decisions in the same election. Historically, voting in U.S. presidential primaries is sequential, but recent primaries have been "front-loaded" into the early weeks of the season. We explore sequential voting in drawn-out primaries and simultaneous voting in front-loaded ones theoretically and use laboratory elections to examine our predictions empirically. We find evidence that in sequential voting later voters can use early outcomes to infer information about candidates and make choices that better reflect their preferences. The ability of later voters to infer information increases with higher levels of risk aversion and information provided on early outcomes. We discover that when a moderate candidate is largely unknown, information aggregation in sequential voting can increase the probability s/he will win, which supports the contention of policymakers that sequential voting can lead to different electoral outcomes.

Dramatic symmetries in strategies and techniques of persuasion create challenges to the functioning of established actors in the global media ecology, including international broadcasters. This essay articulates an adaptation of the concept of asymmetric warfare to the field of propaganda, persuasion and recruitment. It examines the particular challenge of certain asymmetric entrants, including ISIS and categorizes how the more traditional entities and government
institutions react to these new entrants in markets for loyalties. (author's abstract)

Dramatic symmetries in strategies and techniques of persuasion create challenges to the functioning of established actors in the global media ecology, including international broadcasters. This essay articulates an adaptation of the concept of asymmetric warfare to the field of propaganda, persuasion and recruitment. It examines the particular challenge of certain asymmetric entrants, including ISIS and categorizes how the more traditional entities and government institutions react to these new entrants in markets for loyalties.

AbstractSpatial, cultural, and linguistic barriers create information asymmetries between buyers and sellers that impede international trade. The International Organization for Standardization's ISO 9000 program is designed to reduce these information asymmetries by providing assurance about the product quality of firms that receive its certification. Based on analyses of a panel of 140 countries from 1994 to 2004, we find that ISO 9000 certification levels are associated with increases in countries' bilateral exports, particularly for developing countries' exports, which may be due to their more severe quality assurance challenges. © 2009 by the Association for Public Policy Analysis and Management.

Informationsasymmetrien sind ein typisches Merkmal der Beziehung zwischen Investoren und dem Management eines Unternehmens. Diese Asymmetrien können zu einer ineffizienten Ressourcenallokation und Wohlfahrtsverlusten führen. Ziel dieser Thesis ist es, aktuelle Einflüsse auf diese Informationsasymmetrien besser zu verstehen. Zu diesem Zweck werden drei generische Mitigationsstrategien (Screening, Einbeziehung von Informationsintermediären und Signaling) analysiert. Anders als in einem Großteil der finanzwirtschaftlichen Literatur, die sich diesem Themengebiet häufig mit marktbasierten Ansätz...

In this paper, I conduct one of the first evaluations of a voluntary management program that features an independent verification mechanism to determine whether it is achieving its ultimate objectives. Using a sample of thousands of manufacturing facilities across the United States, I find evidence that the ISO 14001 Environmental Management System Standard has attracted companies with superior environmental performance, and that adoption leads to further performance improvement. This contrasts sharply with findings from prior evaluations of voluntary management programs that lacked verification mechanisms. This suggests that independent verification mechanisms such as certification may be necessary for voluntary management programs to mitigate information asymmetries surrounding difficult-to-observe management practices. Implications are discussed for the industry-associations, government agencies, and the non-governmental organizations that design these programs, the companies that are investing resources to adopt these programs, and those that are relying on them as a credible signal of superior management practices. The substantial variation in magnitude and significance of the results across comparison groups and performance metrics highlights the need for researchers to conduct robustness tests when evaluating voluntary management programs.