Venture Capital meets Contract Theory: Risky Claims or Formal Control?

This paper develops a financial contracting model to investigate the allocation of control and cash flow rights attained through contractual covenants in Venture Capital deals. It argues that an innovative startup should seek to limit the VC's control rights when arranging a riskier claim, so as not to stifle entrepreneurial initiative. This research challenges the standard assumption that greater control rights should be assigned to such a venture.

Updated: 06/01/2015
Comments: 8
Views: 4,230

Buttressing Supply Chains against Floods in Asia for Humanitarian Relief and Economic Recovery

Author(s):

ManMohan Sodhi

 et al.
Topic:
Operations

Flood is the most frequently occuring natural disaster worldwide, with Asia suffering the highest incidence. While humanitarian efforts and initiatives to alleviate suffering caused by floods are ongoing, we believe there is a new opportunity to coordinate "last mile" humanitarian efforts in the event of a flood, using micro-retailers. Micro-retailers are the 'last mile' nodes in traditional retail supply chains in many Asian countries, and we propose the use of social enterprise to buttress these supply chains for distribution of essential goods by coordinating with micro-retailers before and after floods. In support of this we also present a stylised model to quantify the benefits of our proposal.

Updated: 01/01/2015
Comments: 10
Views: 5,834

Corporate Social Responsibility and New Job Seekers in the Greater China Region: Factors in Application Decisions

Author(s):

Chris Rowley

 et al.

Despite the post-2008 financial crisis economic fallout, demand for skilled employees outstrips supply in various locations. What might assist organisations in tight labour markets better understand how prospective employees choose the jobs they apply for? Signaling theory explains how job seekers are attracted based on the information and signals they receive (directly and indirectly) about organisations. There is evidence that Corporate Social Responsibility is one of the signals that can motivate and retain workforces. Our study examines the extent to which job choices are influenced by CSR issues (a company's legal, ethical, philanthropic responsibilities) as compared to traditional job characteristics (salary, prospects, location, company type). Our focus is on the Greater China Region.

Updated: 01/01/2015
Comments: 10
Views: 4,473

Non-parametric prediction of stock returns based on yearly data. The long term view.

Author(s):

Jens Nielsen

 et al.
Industry:
Banking

Is it possible to predict equity returns and premiums with the use of empirical models? This is one of the most frequently pondered and studied questions in finance. In this research we examine the predictability of returns, taking the actuarial long term view and basing predictions on yearly data.

Updated: 25/06/2013
Comments:
Views: 2,655

Learning From Your Investors: Shareholder support in M&A transactions

Author(s):

Maria Carapeto

 et al.
Industry:
Any Industry

With companies increasingly looking at targets abroad, the need to acquire specialised knowledge about the target, the target country's environment and the potential merits that may result from a given M&A deal is becoming ever more important. This research looks at the assistance long-term institutional shareholders could offer corporates in achieving their aims.

Updated: 06/01/2015
Comments: 12
Views: 2,286

How They Spend It: A study of corporate cash levels and spending behaviour

Author(s):

Scott Moeller

 et al.
Industry:
Any Industry

This research examines Corporate Cash Holdings, Corporates' Spending Patterns and Optimal Spending Strategies, using all non-financial and non-utility companies listed on the London Stock Exchange at any point in time between 1996 and 2010 as a study sample.

Updated: 03/01/2015
Comments: 31
Views: 2,642

Cannot Make Do Without You: Outsourcing by Knowledge-Intensive New Firms in Supplier Networks

Author(s):

Ajay Bhalla

 et al.
Topic:
Strategy
Industry:
Any Industry

Outsourcing is a strategy which involves sourcing activities that firms may not have completed in-house in the past, or the substitution of internal activities by transfer, in part or whole, to a third party supplier. This research focuses on two exploratory research questions - how do new firms use outsourcing to access valuable resources and capabilities residing in supplier networks, and secondly, what capabilities do new firms need to successfully outsource in supplier networks?

Updated: 22/01/2013
Comments:
Views: 2,078

Can a gift-exchange model explain a potential link between flexible working and organisational performance?

In the UK, the benefits of flexible working, for both employees and employers, have been widely advocated. Data suggests there has been an increase in the offering of flexible working options to employees in Britain, and that similar schemes have been introduced across Europe. A systematic review of the academic research showed that a clear link between flexible working arrangements and organisational performance is yet to be established. In fact, a large empirical study of firms in the UK, France, Germany and the USA concluded that there was no direct link between flexible working practices and firm performance. This study examines data from the Workplace and Employment Relations Survey of 2004 to facilitate further understanding.

Updated: 04/01/2015
Comments: 41
Views: 4,407

A fractional cointegration analysis of European electricity spot prices

Author(s):

Lilian M. de Menezes

 et al.
Topic:
Finance
Industry:
Any Industry

Well-functioning energy markets that secure energy supply and competitive prices are important factors for economic growth and consumer welfare. Liberalised and integrated markets are expected to benefit the public by securing supply and stimulating competition. At present the European electricity market liberalisation is the world's most extensive cross-jurisdiction reform of the electricity sector. This study extends the existing literature about European electricity market integration by adopting a fractional co-integration analysis and providing empirical evidence that the classical unit root test framework may be inadequate because of long range dependencies in electricity spot prices.

Updated: 05/01/2015
Comments: 15
Views: 2,475