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An Analysis of Cyber Breaches and Effects on Shareholder Wealth 网络攻击及其对股东财富的影响分析
IF 1.2 Q3 BUSINESS Pub Date : 2023-01-02 DOI: 10.1080/13571516.2023.2168994
Karen M. Hogan, G. Olson, J. Mills, Peter A. Zaleski
Abstract Cyber data breaches are an evolving risk facing all firms and threatens their ability to conduct business activity. Due to a lack of available information, very little is known about the frequency and severity of data breaches and the financial markets’ responses to them. This study uses a unique proprietary data set that includes cyber data breach information for 3,992 publicly traded firms during the 1990 to 2019 period. We find cyber breaches vary with time and cyber criminals focus on particular industries, types of information, access sources, and countries. We find significant short run negative abnormal returns around the announcement of cyber events and larger negative returns in industries with higher frequencies of attacks and attacks involving personal financial information. Additionally, we find increasing negative cumulative abnormal returns up to 250 days after the announcement.
网络数据泄露是所有企业面临的不断演变的风险,威胁着企业开展业务活动的能力。由于缺乏可用信息,人们对数据泄露的频率和严重程度以及金融市场对此的反应知之甚少。本研究使用了一个独特的专有数据集,其中包括1990年至2019年期间3992家上市公司的网络数据泄露信息。我们发现,网络入侵随着时间的推移而变化,网络犯罪分子关注的是特定的行业、信息类型、访问来源和国家。我们发现,在网络事件发布前后出现显著的短期负异常收益,在攻击频率较高的行业和涉及个人金融信息的攻击中,负收益较大。此外,我们发现在公告发布后的250天内,负累计异常收益不断增加。
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引用次数: 0
International Journal of the Economics of Business Best Paper Prize Announcement 国际商业经济学杂志最佳论文奖公告
IF 1.2 Q3 BUSINESS Pub Date : 2023-01-02 DOI: 10.1080/13571516.2023.2186086
M. Agostino, L. Errico, Sandro Rondinella, F. Trivieri
The Editors have judged that the 2022 Best Paper Prize be awarded to: Mariarosaria Agostino, Lucia Errico, Sandro Rondinella and Francesco Trivieri for their paper “Lending Relationships and SMEs’ Productivity. Does Social Capital Matter?” The paper encapsulates the scholarly aims of the journal by using microeconomic analysis to examine an issue that is of scholarly interest, and pertinent to both business and policymakers. Specifically, the paper examines the association between social capital and the lending relationship between banks and small firms. Interestingly, social capital is captured as an endowment arising from the institutional context in which banks and firms operate. Therefore, the paper further enhances our understanding of the role of institutional quality in economic activity. Along with recognition from the Journal, the Best Paper Prize includes a cash award for the authors.
编辑们已经判断,2022年最佳论文奖授予:Mariarosaria Agostino, Lucia Errico, Sandro Rondinella和Francesco Trivieri,以表彰他们的论文“贷款关系和中小企业的生产力”。社会资本重要吗?”这篇论文通过使用微观经济学分析来研究一个具有学术兴趣、与企业和政策制定者都相关的问题,从而概括了该期刊的学术目标。具体而言,本文考察了社会资本与银行与小企业贷款关系之间的关系。有趣的是,社会资本被视为一种来自银行和企业运作的制度背景的禀赋。因此,本文进一步加深了我们对制度质量在经济活动中的作用的理解。除了获得《华尔街日报》的认可外,最佳论文奖还包括对作者的现金奖励。
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引用次数: 0
ICT Capital Formation, Unemployment, and the Solow Paradox 信息通信技术资本形成、失业和索洛悖论
IF 1.2 Q3 BUSINESS Pub Date : 2022-12-09 DOI: 10.1080/13571516.2022.2154490
E. Apergis, N. Apergis, James W. Saunoris
Abstract This study explores the impact of ICT on unemployment and labour productivity. Using a time-varying modelling approach, quarterly US data from 1972 to 2020 estimate the relationships between unemployment and ICT capital investments. The results highlight that ICT capital investments reduce unemployment and increase labour productivity, showing no evidence supporting the Solow Paradox. The mechanisms behind the relationship between ICT and enhanced labour productivity are identified by Data Envelopment Analysis (DEA) and include improved access to information and an improvement in the labour structure.
摘要本研究探讨了信息通信技术对失业和劳动生产率的影响。利用时变建模方法,从1972年到2020年的美国季度数据估计了失业与ICT资本投资之间的关系。结果表明,信息通信技术资本投资降低了失业率,提高了劳动生产率,没有证据支持索洛悖论。数据包络分析(DEA)确定了信息和通信技术与提高劳动生产率之间关系背后的机制,包括改善获取信息的机会和改善劳动结构。
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引用次数: 0
Output Delegation, Collusion Sustainability, and Mergers with Quantity-Setting Firms 产出委托、合谋可持续性与数量设定企业合并
IF 1.2 Q3 BUSINESS Pub Date : 2022-12-09 DOI: 10.1080/13571516.2022.2154734
Marc Escrihuela‐Villar
Abstract We develop a quantity competition model where a subset of firms belongs to a holding firm that can delegate or centralize the output decisions while the other (decentralized) firms make decisions independently. We show that output centralization may have a procompetitive effect because it reduces firms’ incentives to collude among those firms whose decision is made independently. Furthermore, we find that the merger of decentralized firms may also reduce the incentives to collude. Therefore, in our setup, one can interpret that the antitrust authorities should be wary regarding the restrictions imposed on merging firms concerning the decision-making structure because, under some circumstances, centralization might prevent the market as a whole to collude.
摘要本文建立了一个数量竞争模型,其中一部分企业属于一个控股企业,该控股企业可以委托或集中生产决策,而其他(分散的)企业独立决策。我们表明,产出集中化可能具有促进竞争的效应,因为它减少了企业在独立决策的企业之间相互勾结的动机。此外,我们发现分散企业的合并也可能降低串通的激励。因此,在我们的设置中,人们可以解释为反垄断当局应该警惕对合并公司施加的有关决策结构的限制,因为在某些情况下,集中化可能会阻止市场作为一个整体串通。
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引用次数: 0
Do Higher Deductibles Slow Health Spending Growth? 更高的免赔额会减缓医疗支出的增长吗?
IF 1.2 Q3 BUSINESS Pub Date : 2022-10-27 DOI: 10.1080/13571516.2022.2135883
Molly Frean, M. Pauly
Abstract High health care spending growth is regarded in all countries as a potential policy problem. The potential for patient cost-sharing to reduce spending levels has been studied extensively; however, there has been very little work on how cost-sharing may also influence spending growth. In this paper, we relate deductibles as a measure of cost-sharing to health care spending growth at the market level. We analyze a novel combination of US state-level panel datasets from 2002 to 2012 and find that higher deductible levels in private group insurance are associated with significantly lower spending growth, particularly for pharmaceuticals. We observe similar results in both OLS and instrumental variables models, where we use measures of employer and worker preferences as instruments for deductible levels. We theorize and conclude that cost-sharing affects spending growth by constraining the use of more costly new technology, a major driver of health care spending growth worldwide.
在所有国家,高医疗保健支出增长被视为一个潜在的政策问题。已经广泛研究了患者分担费用以降低支出水平的可能性;然而,关于成本分摊如何影响支出增长的研究却很少。在本文中,我们将免赔额作为一种衡量成本分担的措施,以市场层面的医疗保健支出增长。我们分析了2002年至2012年美国州级面板数据集的新组合,发现私人团体保险较高的免赔额水平与较低的支出增长显著相关,尤其是在药品方面。我们在OLS和工具变量模型中观察到类似的结果,其中我们使用雇主和工人偏好的措施作为免赔水平的工具。我们的理论和结论是,成本分摊通过限制使用更昂贵的新技术来影响支出增长,这是全球医疗保健支出增长的主要驱动因素。
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引用次数: 0
Realizing Gender Diversity on Corporate Boards 实现公司董事会的性别多元化
IF 1.2 Q3 BUSINESS Pub Date : 2022-10-18 DOI: 10.1080/13571516.2022.2133337
Wei Kang, J. Ashton, Ayan Orujov, Yang Wang
Abstract This study examines the effectiveness of soft law through scrutinizing national policies for enhancing the proportion of women on corporate boards. Soft laws, which have less precision and obligation dimensions than conventional laws, are widespread within financial regulation. Despite this widespread use there relative performance is unexplored. To resolve this, we undertake a comparative examination of 14,012 firms from 99 nations, using a three-stage analysis to examine the effect of different policies, their format and influence of institutional factors on female board representation. We report that soft laws are effective for promoting gender equality on corporate boards. The effectiveness of policies is strongly influenced by the enforcement, implementation and compliance dimensions of policy, and institutional factors. Policies are most potent when enforced using a moderate level of sanctions, with a longer compliance period and a diversity target less distant from a firm’s precedent gender diversity level.
摘要本研究通过考察提高公司董事会女性比例的国家政策来检验软法的有效性。与传统法律相比,软法律的精确性和义务维度较低,在金融监管中广泛存在。尽管使用广泛,但相对性能尚未得到探索。为了解决这个问题,我们对来自99个国家的14,012家公司进行了比较研究,使用三阶段分析来检查不同政策的影响,它们的形式和制度因素对女性董事会代表性的影响。我们报告说,软法律在促进公司董事会性别平等方面是有效的。政策的有效性受到政策的执行、实施和遵守维度以及制度因素的强烈影响。当政策在执行时使用适度的制裁,较长的合规期和与公司以前的性别多样性水平差距较小的多样性目标时,政策是最有效的。
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引用次数: 1
No Free Launch: At-Risk Entry by Generic Drug Firms 没有免费上市:仿制药公司的风险进入
IF 1.2 Q3 BUSINESS Pub Date : 2022-10-12 DOI: 10.1080/13571516.2022.2132808
Keith M. Drake, Robert He, Thomas G. McGuire, Alice Ndikumana

Abstract

After receiving FDA approval, a generic drug manufacturer can launch ‘at risk’ before any patent infringement litigation concludes, but it risks paying damages if it ultimately loses the litigation. A generic can eliminate the risk by waiting to launch until after the appeals process is complete but waiting has downsides too. We examine FDA approvals of generic drug applications with ‘first-filer’ status (which precludes other generics from entering beforehand) to examine empirical patterns of at-risk entry. In our data, litigants usually settled prior to a legal decision. For the remainder, drugs that received FDA approval prior to a favorable district court decision were always launched at risk. Generics without FDA approval before a favorable district court decision launched upon approval unless the approval was close in time to the appeal decision, or it had forfeited the first-filer exclusivity (indicating a low cost of waiting).

【摘要】在获得FDA批准后,仿制药制造商可以在专利侵权诉讼结束前“冒着风险”发起诉讼,但如果最终败诉,则有支付损害赔偿的风险。仿制药可以通过等到上诉程序完成后再上市来消除风险,但等待也有缺点。我们检查FDA批准的具有“第一申报者”地位的仿制药申请(这排除了其他仿制药事先进入),以检查有风险进入的经验模式。在我们的数据中,诉讼当事人通常在法律判决之前和解。对于其余的药物,在地方法院做出有利的判决之前获得FDA批准的药物总是有风险的。在获得有利的地区法院判决之前没有FDA批准的仿制药,除非批准与上诉决定及时接近,或者它已经丧失了第一申报者排他性(表明等待成本低)。
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引用次数: 0
Can Rivalry in R&D be Harmful Under Supply Function Competition? 供给函数竞争下研发竞争是否有害?
IF 1.2 Q3 BUSINESS Pub Date : 2022-09-02 DOI: 10.1080/13571516.2022.2138091
Ismail Saglam
Abstract We consider a duopoly with cost asymmetry and demand uncertainty and show that rivalry in (process) R&D can be extremely harmful to both firms even in the presence of spillovers if the firms produce under supply function competition. However, if they produce under Cournot competition, firms can earn higher profits in the presence of R&D rivalry than what they could earn when they (mutually) invested in no R&D. We also show that R&D rivalry always works to widen the efficiency gap between the firms under Cournot competition, and also under supply function competition if R&D spillovers are present. On the other hand, consumers’ welfare is affected by R&D rivalry only under supply function competition. Under this competition, consumers always prefer the presence of R&D rivalry with or without spillovers to the absence of R&D rivalry; however, they obtain their highest surplus under R&D rivalry when there are no R&D spillovers.
摘要本文研究了具有成本不对称和需求不确定性的双寡头垄断,并证明了即使在存在溢出效应的情况下,如果企业在供给函数竞争下进行生产,在(过程)研发中的竞争对两家企业都是极其有害的。然而,如果企业在古诺竞争下进行生产,那么它们在存在研发竞争的情况下获得的利润要高于(相互)不投资研发时的利润。研究还表明,在古诺竞争和供给函数竞争下,研发竞争总是会扩大企业之间的效率差距。另一方面,只有在供给函数竞争下,研发竞争才会影响消费者福利。在这种竞争下,消费者总是倾向于存在有溢出效应或没有溢出效应的研发竞争,而不是不存在研发竞争;而在没有研发溢出的竞争条件下,它们的盈余最高。
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引用次数: 1
Structure and Competition in the Uruguayan Banking Sector 乌拉圭银行业的结构和竞争
IF 1.2 Q3 BUSINESS Pub Date : 2022-08-08 DOI: 10.1080/13571516.2022.2106092
Miguel Mello, Jorge Ponce
Abstract Using quarterly data for Uruguayan banks we find that this sector is a concentrated oligopoly that exhibits global economies of scale. Specific product economies of scale are statistically significant in households and corporate loans. There are economies of scope between varieties of loans, deposits in local currency and portfolio management. The credit market to households is the least competitive, behaving like a monopoly or under implicit collusion. The credit market to firms exhibits greater competition than that suggested by the structure of the market, especially in local currency. Overall, the results suggest that there exists room for development and increasing competition in the Uruguayan banking sector.
摘要利用乌拉圭银行的季度数据,我们发现该部门是一个集中的寡头垄断,表现出全球规模经济。具体产品规模经济在家庭和企业贷款中具有统计学意义。各种贷款、本币存款和投资组合管理之间存在范围经济效应。面向家庭的信贷市场竞争最弱,表现得像垄断或暗含共谋。企业的信贷市场表现出比市场结构所显示的更大的竞争,特别是在当地货币中。总体而言,结果表明乌拉圭银行业存在发展空间和日益激烈的竞争。
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引用次数: 0
Performance and Revenues in European Football: Clubs’ Media Visibility and Brand Value 欧洲足球的表现和收入:俱乐部的媒体知名度和品牌价值
IF 1.2 Q3 BUSINESS Pub Date : 2022-07-09 DOI: 10.1080/13571516.2022.2095889
Alice Aguiar-Noury, Pedro Garcia‐del‐Barrio
Abstract This paper contributes to understanding the financial situation of European football clubs and the role of their media visibility and historical brand status. By estimating production and revenue equations, the study tests hypotheses concerning the relationships between teams’ sporting performance (current and past), historical status, media exposure, annual revenues, and annual wages. The empirical analysis is carried out on an extensive dataset, which comprises records, for seasons 1995/1996 to 2015/2016, of teams competing in the 1st division of the Premier League, La Liga, Serie A, and Ligue 1. In the study, we use two innovative variables: the Elo Rating, as a ‘proxy’ to capture clubs’ historical sporting status (brand value), and the Media Visibility Index, to measure clubs’ abilities to capture the attention of the fans and the media. These two variables have proven to be key assets in the revenue-generating capacity of European football clubs.
摘要本文有助于了解欧洲足球俱乐部的财务状况,以及它们的媒体知名度和历史品牌地位的作用。通过估算产出和收入方程,本研究检验了关于球队运动表现(当前和过去)、历史地位、媒体曝光、年收入和年薪之间关系的假设。实证分析是在一个广泛的数据集上进行的,该数据集包括1995/1996赛季至2015/2016赛季在英超、西甲、意甲和法甲一级联赛中比赛的球队的记录。在这项研究中,我们使用了两个创新的变量:Elo评级,作为捕捉俱乐部历史体育地位(品牌价值)的“代理”,以及媒体知名度指数,衡量俱乐部吸引球迷和媒体注意力的能力。这两个变量已被证明是欧洲足球俱乐部创收能力的关键资产。
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引用次数: 1
期刊
International Journal of the Economics of Business
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