Distribution by Scientific Domains
Distribution within Business, Economics, Finance and Accounting

Kinds of Profitability

  • economic profitability
  • firm profitability
  • future profitability

  • Selected Abstracts


    Cheol-Ho Park
    Abstract The purpose of this paper is to review the evidence on the profitability of technical analysis. The empirical literature is categorized into two groups, ,early' and ,modern' studies, according to the characteristics of testing procedures. Early studies indicate that technical trading strategies are profitable in foreign exchange markets and futures markets, but not in stock markets. Modern studies indicate that technical trading strategies consistently generate economic profits in a variety of speculative markets at least until the early 1990s. Among a total of 95 modern studies, 56 studies find positive results regarding technical trading strategies, 20 studies obtain negative results, and 19 studies indicate mixed results. Despite the positive evidence on the profitability of technical trading strategies, most empirical studies are subject to various problems in their testing procedures, e.g. data snooping, ex post selection of trading rules or search technologies, and difficulties in estimation of risk and transaction costs. Future research must address these deficiencies in testing in order to provide conclusive evidence on the profitability of technical trading strategies. [source]


    George Symeonidis
    L13; D43 ABSTRACT In a differentiated multiproduct Cournot duopoly with linear demand, industry profit usually falls (even though concentration rises) when the distribution of products across firms becomes more asymmetric, if the products are not very differentiated or the total number of products is large. Consumer surplus and overall welfare always fall as the degree of asymmetry increases. These results contrast with the conventional wisdom on the effects of firm heterogeneity and the links between concentration and industry profits. [source]

    Competition and Profitability in European Banking: Why Are British Banks So Profitable?

    ECONOMIC NOTES, Issue 3 2005
    David T. Llewellyn
    Substantial differences remain between the profitability of banks in different European countries. This article considers the relationship between competition and profitability in European banking focussing on the experience of the UK where two issues are considered: why British banks have been earning excess returns for more than a decade and why British banks seem to be more profitable than their Continental counterparts. A paradigm is offered to explain this. A distinction is made between shareholder value (SHV) and stakeholder value (STV) banks whose business objectives are often different. Significant differences exist between European countries in the balance of SHV and STV banks. The UK is almost unique in Europe in having almost exclusively SHV-based banks. Pressures will intensify for all European banks to adopt SHV strategies, which will imply substantial changes in bank strategies and business operations. [source]

    Stock Market Valuation, Profitability and R&D Spending of the Firm: The Effect of Technology Mergers and Acquisitions

    Juha-Pekka Kallunki
    Abstract:, In this paper, we investigate whether a firm can enhance the effect of its R&D spending on its current market value and future profitability through technology-oriented M&As. On the basis of an analysis of 1,879 M&As, we find that when a technology firm acquires another technology firm, the magnitude of the stock price response to the R&D spending of an acquirer increases by 107% in the year of the M&A. In contrast, we find no such increase in the stock price response to the R&D spending of a non-technology acquirer. We also find that technology acquirers are more successful in converting their R&D spending into positive future profitability than non-technology acquirers. Our results are robust for different alternative specifications of our model and when various firm differences are controlled for. [source]

    Implications of Components of Income Excluded from Pro Forma Earnings for Future Profitability and Equity Valuation

    Wayne R. Landsman
    Abstract:, This study addresses three research questions relating to total exclusions, special items, and other exclusions. Are each of these pro forma exclusion components forecasting irrelevant? Are each of the exclusion components value irrelevant? Are the valuation multiples on the exclusion components justified by their ability to forecast future profitability as predicted by the Ohlson (1999) model? Findings are generally consistent with the market-inefficiency results presented in Doyle et al. (2003). Total exclusions are valued negatively by the market despite the prediction that total exclusions will be valued positively. Valuation results also suggest that stocks with positive other exclusions are overpriced. [source]

    Cow-calf profitability and leptin genotyping

    Jay Mitchell
    Animal genetics; Trait valuation; Dairy profitability Abstract Profitability of cow-calf production is determined largely by market prices, calf weaning weights, and cow productive life. While producers individually have no effect on prices, weaning weights and productive life have genetic influences and hence can be altered by selection programs implemented by producers. We investigate the impact of a mutation in the leptin gene (exon 2; single nucleotide polymorphism [SNP] 305) on cow-calf profitability. Prior research shows that this mutation has effects on performance and traits of fed cattle and milk production in dairy cows. Using data from a teaching-research herd, we find that it is also associated with calf weaning weights and cow productive life. A bio-economic stochastic simulation demonstrates that the mutation has statistically positive impacts on profits, suggesting that producers can profitably make use of this information. [source]

    Catastrophic Losses and Insurer Profitability: Evidence From 9/11

    Xuanjuan Chen
    We examine the effects of 9/11 on the insurance industry, hypothesizing a short-run claim effect, resulting from insufficient premium ex ante for catastrophic losses, and a long-run growth effect, resulting from ex post insurance supply reductions and risk updating. Following Yoon and Starks (1995) we use short- and long-run abnormal forecast revisions to measure both effects, analyzing them as a function of firm-specific characteristics. We find that firm type, loss estimates, reinsurance use, and tax position are important determinants of the short-run position. Firm type, loss estimates, financial strength, underwriting risk, and reinsurance are key determinants of the firm's long-run position. [source]

    The Complementary Effects of Market Orientation and Entrepreneurial Orientation on Profitability in Small Businesses,

    William E. Baker
    Market orientation (MO) and entrepreneurial orientation (EO) are correlated, but distinct constructs. MO reflects the degree to which firms' strategic market planning is driven by customer and competitor intelligence. Entrepreneurial orientation reflects the degree to which firms' growth objectives are driven by the identification and exploitation of untapped market opportunities. When modeled separately, research has reported direct effects of both constructs on firm profitability. When modeled simultaneously, however, the direct effect of EO has disappeared. This has led some scholars to postulate that EO is an antecedent of MO. The results of this study contradict this presumption and suggest that EO and MO complement one another, at least in small businesses, to boost profitability. The major difference between this and previous studies is the inclusion of innovation success, which captures an indirect effect of EO on profitability. At least in small firms, the results suggest that EO complements MO by instilling an opportunistic culture that impacts the quality and quantity of firms' innovations. [source]

    The Role of Human and Financial Capital in the Profitability and Growth of Women-Owned Small Firms

    Susan Coleman
    This paper examines the relationship between human and financial capital and firm performance for women- and men-owned small firms in the service and retail sectors. Results indicate that human capital variables, including education and experience, had a positive impact on the profitability of women-owned firms, whereas measures of financial capital had a greater impact of the profitability of men-owned firms. The ability to secure financial capital also had a positive impact on the growth rate of men-owned firms, but did not appear to affect the growth rate of women-owned firms. These findings suggest that the growth aspirations for women-owned firms may be driven by factors other than human capital or the ability to secure external capital. [source]

    Inter-Firm Linkages and Profitability in the Automobile Industry: The Implications for Supply Chain Management

    Harri Ramcharran
    SUMMARY The current studies on supply chain management are limited in their analysis of the linkages between firms in related industries. This study estimates the degree of linkages between automotive parts suppliers and automobile manufacturers. Significant linkages are demonstrated by the high correlation coefficients of the P/E ratio of auto parts suppliers and auto manufacturers and by the results of regression analysis. Demand uncertainty in the automobile manufacturing industry, resulting from business cycles and unexpected labor disputes, is one of the major risks facing auto parts suppliers. Risk assessment, utilizing information on linkages, is important for demand management and developing profit-maximizing strategies. [source]

    Optimal foraging on the roof of the world: Himalayan langurs and the classical prey model

    Ken Sayers
    Abstract Optimal foraging theory has only been sporadically applied to nonhuman primates. The classical prey model, modified for patch choice, predicts a sliding "profitability threshold" for dropping patch types from the diet, preference for profitable foods, dietary niche breadth reduction as encounter rates increase, and that exploitation of a patch type is unrelated to its own abundance. We present results from a 1-year study testing these predictions with Himalayan langurs (Semnopithecus entellus) at Langtang National Park, Nepal. Behavioral data included continuous recording of feeding bouts and between-patch travel times. Encounter rates were estimated for 55 food types, which were analyzed for crude protein, lipid, free simple sugar, and fibers. Patch types were entered into the prey model algorithm for eight seasonal time periods and differing age-sex classes and nutritional currencies. Although the model consistently underestimated diet breadth, the majority of nonpredicted patch types represented rare foods. Profitability was positively related to annual/seasonal dietary contribution by organic matter estimates, whereas time estimates provided weaker relationships. Patch types utilized did not decrease with increasing encounter rates involving profitable foods, although low-ranking foods available year-round were taken predominantly when high-ranking foods were scarce. High-ranking foods were taken in close relation to encounter rates, while low-ranking foods were not. The utilization of an energetic currency generally resulted in closest conformation to model predictions, and it performed best when assumptions were most closely approximated. These results suggest that even simple models from foraging theory can provide a useful framework for the study of primate feeding behavior. Am J Phys Anthropol, 2010. © 2009 Wiley-Liss, Inc. [source]

    Stock Valuation and Learning about Profitability

    THE JOURNAL OF FINANCE, Issue 5 2003
    We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is predicted to decline over a firm's lifetime due to learning, with steeper decline when the firm is young. These predictions are confirmed empirically. Data also support the predictions that younger stocks and stocks that pay no dividends have more volatile returns. Firm profitability has become more volatile recently, helping explain the puzzling increase in average idiosyncratic return volatility observed over the past few decades. [source]

    Dividend Changes and Future Profitability

    THE JOURNAL OF FINANCE, Issue 6 2001
    Doron Nissim
    We investigate the relation between dividend changes and future profitability, measured in terms of either future earnings or future abnormal earnings. Supporting "the information content of dividends hypothesis," we find that dividend changes provide information about the level of profitability in subsequent years, incremental to market and accounting data. We also document that dividend changes are positively related to earnings changes in each of the two years after the dividend change. [source]

    The Impact of Product Innovativeness on the Link between Development Speed and New Product Profitability,

    Fred Langerak
    A review of the literature reveals that the relationship between development speed and new product profitability is not as strong and straightforward as conventional wisdom suggests. A number of studies show positive results, others show mixed results, and some present no evidence of a relationship. In other words, the valence of the link between development speed and new product profitability is unclear at this time. Therefore, this study investigates whether or not speeding new products to market has positive or negative effects on new product profitability. Prior research shows that product innovativeness influences both development speed and new product profitability. This raises the question of whether increasing speed is equally successful in improving profitability across new products that differ in their degree of innovativeness. Therefore, this study also investigates the moderating effect of product innovativeness on the relationship between development speed and new product profitability. The results from a survey-based study of 233 manufacturers of industrial products in the Netherlands reveal an inverted U-shaped relationship between development speed and new product profitability. The findings also show that the optimal point is different for two new product types,product improvements and line additions,that vary in their innovativeness. These results provide an onset for the development of a decision tool that helps managers to determine how much to spend on accelerating the development of individual new products and how they should allocate that spending across products in their new product portfolio. [source]

    Genetic improvement in the presence of genotype by environment interaction

    Ching Y. LIN
    ABSTRACT Although the underlying mechanisms for triggering genotype,environment (GE) interaction are poorly understood, the potential impacts of GE interaction on genetic improvement are well recognized. Genotype,environment interaction may be classified into three levels: breed, individual and gene,environment interactions. Three measures of GE interaction (genetic correlation, interaction correlation, and commonality of individuals selected between environments) are discussed. Three options are currently available to deal with GE interaction: environmental, breeding and marker-assisted approaches. Three possible selection strategies for improving global net merit were outlined: (i) selection of a specific genotype for each environment; (ii) selection in a single environment alone for overall response across environments; and (iii) global optimum index selection for high stability and average performance across environments. Global optimum index should be the method of choice from the standpoint of global marketing. Because of the complexity of GE interaction, it is impossible to develop a general strategy to deal with different types of GE interaction. Each type of interaction requires its own solution, depending upon a combination of the following six factors: (i) the intensity of GE interaction; (ii) relative economic weights among environments; (iii) the size of environments; (iv) the nature of environments; (v) the nature of GE interaction; and (vi) selection intensity. Profitability is a major concern in animal production. Extra genetic gain does not necessarily mean extra profit. Does additional genetic gain justify the associated costs of dealing with GE interaction? This is a fundamental issue that needs to be considered before a specific breeding strategy for GE interaction is developed. [source]

    Estimating Observation Unit Profitability with Options Modeling

    Christopher W. Baugh MD
    Abstract Background:, Over the past two decades, the use of observation units to treat such common conditions as chest pain, asthma, and others has greatly increased. These units allow patients to be directed out of emergency department (ED) acute care beds while potentially avoiding inpatient admission. Many studies have demonstrated the clinical effectiveness of care delivered in such a setting compared to the ED or inpatient ward. However, there are limited data published about observation unit finance. Methods:, Using the economic principles of stock options, opportunity costs, and net present value (NPV), a model that captures the value generated by admitting a patient to an observation unit was derived. In addition, an appendix is included showing how this model can be used to calculate the dollar value of an observation unit admission. Results:, A model is presented that captures more complexity of observation finance than the simple difference between payments and costs. The calculated estimate in the Appendix suggests that the average value of a single observation unit admission was about $2,908, which is about 40% higher than expected. Conclusion:, Subtraction of costs from payments may significantly underestimate the financial value of an observation unit admission. However, the positive value generated by an observation unit bed must be considered in the context of other projects available to hospital administrators. [source]

    Antecedents of Shareholder Activism in Target Firms: Evidence from a Multi-Country Study

    William Q. Judge
    ABSTRACT Manuscript Type: Empirical Research Question/Issue: This study seeks to better understand the antecedents of shareholder activism targeted at firms located in three common law countries (i.e., USA, UK, and Australia) and three civil law countries (Japan, Germany, and South Korea) during the 2003,07 time period. Research Findings/Insights: Our findings suggest that the antecedents of shareholder activism vary by the motivation of the activist. We demonstrate that activists target firms with two motives (a) to improve the financial performance, and (b) to improve the social performance of the firm. With respect to the target firm level antecedents, we find that firm size is unrelated to financial activism, but positively related to social activism; ownership concentration is negatively related to both financial and social activism; and prior profitability is negatively related to financial activism, but positively related to social activism. Further, these relationships in the case of financial activism are generally stronger in common law legal systems, whereas those in the case of social activism are generally stronger in environments with a greater level of income inequality. Theoretical/Academic Implications: Our findings suggest that future research should differentiate between the motivations of the activism event. Further, we find that while agency logic works well for financial activism, institutional theory provides stronger explanations for social activism. Overall, we demonstrate the complementary nature of these two theories in explaining shareholder activism. Practitioner/Policy Implications: We found that the "exposure" to shareholder activism varies by the motivation of the activist, and the nature of the firm and its national context. An understanding of these issues would help firms develop proper response strategies to activism events. [source]

    Capital Investment and Earnings: International Evidence

    Ahmet Can Inci
    ABSTRACT Manuscript Type: Empirical Research Question/Issue: We examine the nature of the dynamic linkage (causality) between earnings and capital investment using firm-level data from around the world to see whether the legal environment, including corporate governance and monitoring mechanisms, and financial development are important in the profitability of capital investment. Research Findings/Insights: Using firms in 40 countries over the period 1988,2004, we find that the causality from earnings to capital investment is positive and strong in almost all countries, irrespective of the type of legal system and the degree of financial development. However, the causality from capital investment to earnings is generally negative for firms in civil law and financially undeveloped countries, while the causality is generally positive in common law and financially developed countries. Therefore, our international cross-country study enables us to find that the legal system and financial development are factors in the determination of the profitability of capital investment. Theoretical/Academic Implications: Our findings imply that internal financing is a significant constraint for capital investment, which provides support for the pecking order theory even for financially developed markets and for the free cash flow theory. Common law and financially developed countries tend to provide better shareholder protection with more efficient corporate governance and better investment decisions. Practitioner/Policy Implications: To encourage managers to make capital investments in value-increasing projects, it is important to further improve a legal environment that includes corporate governance, monitoring, and incentive mechanisms. Financial development that includes effective financial regulatory agencies should be sought. [source]

    Ownership Concentration and Corporate Performance on the Budapest Stock Exchange: do too many cooks spoil the goulash?

    John S. Earle
    We examine the impact of ownership concentration on firm performance using panel data for firms listed on the Budapest Stock Exchange, where ownership tends to be highly concentrated and frequently involves multiple blocks. Fixed-effects estimates imply that the size of the largest block increases profitability and efficiency strongly and monotonically, but the effects of total blockholdings are much smaller and statistically insignificant. Controlling for the size of the largest block, point estimates of the marginal effects of additional blocks are negative. The results suggest that the marginal costs of concentration may outweigh the benefits when the increased concentration involves "too many cooks". [source]

    Does the market value corporate environmental responsibility?

    An empirical examination
    Abstract Although researchers have applied different theoretical perspectives to illustrate the relationship between corporate environmental responsibility and profitability, to date theories are contested and empirical findings are inconclusive. Therefore, the aim of this research was to present empirical evidence regarding the influence of engaging in environmental responsibility on corporate market value, as the first study to be applied in the Egyptian context. The findings demonstrate that the market compensates those firms that care for their environment, as environmental responsibility exerted a positive and significant coefficient on the firm market value measured by Tobin's q ratio. This aligns stakeholder theory as well as resource-based theory arguments, and provides supporting evidence for those studies that have concluded that it pays to be environmentally responsive. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment. [source]

    Supply Chain Conflict Due to Store Brands: The Value of Wholesale Price Commitment in a Retail Supply Chain,

    DECISION SCIENCES, Issue 2 2010
    Ana Groznik
    ABSTRACT Store brands are of increasing importance in retail supply chains, often causing channel conflict, as the retailer's product directly competes with the manufacturer's national brand. Extant research on the resulting channel interactions either assumes the national brand manufacturer can credibly commit to maintaining a wholesale price or that he lacks such ability. However, these two scenarios imply very different supply chain interactions, as only a national brand manufacturer with commitment ability can strategically adjust a national brand wholesale price to prevent a store brand introduction by the retailer. We specifically analyze the impact of this assumption on the manufacturer, the retailer, and the customers. We determine when long-term contracts that provide the manufacturer with such commitment ability can improve supply chain profitability. [source]

    Customer Behavior in an Online Ordering Application: A Decision Scoring Model,

    DECISION SCIENCES, Issue 4 2005
    Kenneth K. Boyer
    ABSTRACT This research presents the development of behavioral scoring models to predict future customer purchases in an online ordering application. Internet retailing lowers many barriers for customers switching between retailers for repeat purchases; thus, retaining existing customers is a key challenge for achieving profitability. Survey data were collected from 1,089 online customers of two companies. The subjective survey data were then used to predict purchases over the ensuing 12 months based on data from the company databases. The analysis illustrates the general applicability of predictive models of future customer purchases while also demonstrating the need to develop specific models tailored for an individual company's operating and marketing environment. The models provide insight on how companies can target marketing dollars more effectively and allocate investment across multiple operational areas for maximum return. The research answers a call for rigorous research in the area of predictive marketing, an area in which many companies are excelling but where there is a scarcity of detailed knowledge regarding application of such models. [source]

    Profitable self-superparasitism in an infanticidal parasitoid when conspecifics are present: self-superparasitism deters later attackers from probing for infanticide

    Emi Ito
    Abstract., 1.,To reveal the profitability of self-superparasitism when conspecifics are present, the total combined fitness returns from the first and second ovipositions under triple parasitism were compared with fitness returns from the first oviposition under double parasitism, using the small brown hopper Laodelphax striatellus and its semi-solitary infanticidal parasitoid Echthrodelphax fairchildii. 2.,The total combined survival rate of the first and second comers under triple parasitism with oviposition intervals of 1/24 h (where 1 and 24 h represent the first-to-second and second-to-third oviposition intervals respectively) was nearly double the survival rate of the first comer under double parasitism with a 25-h oviposition interval, although there was no difference between these triple and double parasitisms in terms of head width and developmental time. Under the conditions of other oviposition intervals, self-superparasitism produced null (1/1- and 24/24-h intervals) or negative fitness returns (24/1-h intervals). This suggests that self-superparasitism on hosts that were self-parasitised 1 h previously is profitable when conspecifics are present. 3.,When the female parasitoid laid an egg on a host harbouring the earlier comer(s) on the non-oviposition side, she often probed the non-oviposition side for infanticide, i.e. killing the first offspring. When the first and second comers were on different sides, the probing frequency at the third oviposition in triple parasitism with 1/24-h oviposition intervals was lower than that at the second oviposition in double parasitism with a 25-h oviposition interval. This difference was responsible for the above difference in survival rate between the triple and double parasitisms. [source]

    A new optimal foraging model predicts habitat use by drift-feeding stream minnows

    G. D. Grossman
    Abstract , There is substantial need for models that accurately predict habitat selection by fishes for purposes ranging from the elaboration of ecological theory to the preservation of biodiversity. We have developed a new and highly tractable optimal foraging model for drift-feeding fishes that is based on the profitability of occupying varying focal-point velocities in a stream. The basic model can be written as: Ix = (Ex * Px) = {(D * A * V) * [1/(1 + e(b + cV))]} , Sx, where: (1) Ix is the net energy intake at velocity x; (2) E is prey encounter rate; (3) P is prey capture success rate which can be modelled as 1/(1 + e(b + cV)) where b and c are fitting constants from the prey capture success curve; (4) D is the energy content of prey (J/m3) in the drift; (5) A is the visual reactive area of the fish; (6) V is velocity (cm/s); and (7) S is the cost of maintaining position (J/s). Given that D, A and S can be considered constant over the range of velocities occupied by these fishes, the model reduces to e(b + cV) = 1/(cV , 1) which we solved iteratively to yield an optimal focal-point velocity for species in each sample. We tested the model by comparing its predictions to the mean focal-point velocities (i.e. microhabitats) occupied by four species of drift-feeding minnows in two sites in a stream in North Carolina, USA. The model successfully predicted focal-point velocities occupied by these species (11 out of 14 cases) in three seasonal samples collected over 2 years at two sites. The unsuccessful predictions still were within 2 cm/s of the 95% confidence intervals of mean velocities occupied by fishes, whereas the overall mean deviation between optimal velocities and mean fish velocities was small (range = 0.9 and 3.3 cm/s for the warpaint shiner and the Tennessee shiner, respectively). Available focal-point velocities ranged from 0,76 to 0,128 cm/s depending on site and season. Our findings represent one of the more rigorous field tests of an optimal foraging/habitat selection model for aquatic organisms because they encompass multiple species and years, and for one species, multiple sites. Because of the ease of parameterization of our model, it should be readily testable in a range of lotic habitats. If validated in other systems, the model should provide critical habitat information that will aid in the management of riverine systems and improve the performance of a variety of currently used management models (e.g. instream flow incremental methodology (IFIM) and total maximum daily load calculations (TMDL)). Resumen 1. Existe una grave necesidad de modelos que predigan con precisión la selección de hábitat por parte de los peces con fines que van del desarrollo de la teoría ecológica a la conservación de la biodiversidad. Nosotros hemos desarrollado un modelo nuevo y de fácil manejo de alimentación óptima para peces que se alimentan de la deriva que se fundamenta en los diferentes beneficios energéticos derivados de ocupar velocidades focales distintas en un río. 2. El modelo básico puede formularse como: Ix = (Ex * Px) = {(D * A * V) * [1/(1 + e(b + cV))]} , Sx, donde: (1) Ix es el energía neta obtenida a la velocidad, x; (2) V es la velocidad (cm/s); (3) A es el area visual de reacción del pez; (4) D es la energía contenida en las presas (J/m3) en la deriva; (5) E es la tasa de encuentro de presas; (6) P es la probabilidad de captura de la presa, que puede representarse como 1/(1 + e(b + cV)) donde b y c son constantes; y (7) S es el coste de nadar para mantener la posición en la corriente (J/s). Puesto que D, A y S pueden considerarse constantes en el rango de velocidades que ocupan estos peces, el modelo se reduce a e(b + cV) = 1/(cV , 1) que resolvimos iterativamente para obtener una velocidad focal óptima para cada especie en cada muestreo. 3. Probamos el modelo comparando su predicciones con la velocidades focales medias (i.e. microhabitats) ocupadas por cuatro especies de ciprínidos que se alimentan de la deriva en un río de Carolina del Norte. El modelo predijo con éxito las velocidades focales ocupadas por estas especies (11/14 casos) en tres muestreos estacionales llevados a cabo a lo largo de dos años en dos estaciones. Incluso las predicciones fallidas se diferenciaron en menos de 2 cm/s del límite de confianza al 95% CIs de las velocidades medias ocupadas, y la diferencia media entre predicciones y observaciones fue pequeña (rango = 0.9 cm/s warpaint shiner, a 3.3-cm/s Tennessee shiner). El rango de las velocidades focales medias disponibles fue de 0,76 cm/s a 0,128 cm/s dependiendo de la localidad y estación del año. 4. Nuestros resultados son una de las pruebas de campo más rigurosas de un modelo de alimentación óptima/selección de hábitat para organismos acuáticos puesto que incluyen diversas especies, años y, para una de las especies, localidades. La facilidad de la estima de los parámetros del modelo hace que sea fácil probarlo en diversos hábitats lóticos. Si es validado en ellos, el modelo debería proporcionar información valiosa que ayudará a la gestión de los sistemas fluviales y mejorará los resultados obtenidos a través de varios modelos usados actualmente para la gestión (p.e. IFIM y cálculos TMDL). [source]

    Jungle Law in the Orchard: Comparing Globalization in the New Zealand and Chilean Apple Industries

    ECONOMIC GEOGRAPHY, Issue 4 2002
    Megan K. L. McKenna
    Abstract: Restructuring in the global apple market is leading to a pronounced tightening in the competitive spaces occupied by Southern Hemisphere producers. For New Zealand and Chile, the world's two most successful apple-exporting countries, significant challenges are presented by projected industry trends, such as declining profitability in the global industry, increased world production, and the continued static demand in key markets. In particular, falling prices in Europe and North America for many key varieties and concomitant lower returns to growers are threatening serious and pervasive impacts. This article explores some of these challenges in the context of the significantly different positions occupied by New Zealand and Chile within the global fresh fruit and vegetable complex. An analysis of the two countries' industries, particularly comparing issues of regulation and innovative varietal development, shows that global food complexes have highly variable spatial expressions, given their process-based nature and underlying dynamics of contestation. Focusing on the increased competition between the New Zealand and Chilean apple industries, the discussion sheds light on wider emerging competitive dynamics within the global fruit industry. The example of the recent Pacific Rose crisis, which involved Chilean "theft" of an exclusive New Zealand apple variety, is used to illustrate the emergence of "jungle law" in the Southern Hemisphere apple industries. [source]

    The grain trade in northern Europe before 1350

    Nils Hybel
    A network of interregional grain routes extended across northern Europe in the century before 1350. With an interlude from c . 1310 to 1330 English grain was shipped to western Norway and the last decades before 1350 witnessed increasing English deliveries to the Netherlands. The most important of these commercial links were the grain routes from Mecklenburg, Pomerania, and Prussia to Norway, England, and the Netherlands established on a regular basis c . 1300. In western Europe the Baltic grain deliveries were an alternative source of supply which affected prices, urbanization, and the profitability of arable farming. [source]

    ,Riches beyond the dreams of avarice?': commerical returns on British warship construction, 1889-1914

    A.J. Arnold
    The contracts for naval warships placed in private shipyards in the nineteenth century provide an early example of state procurement policy. It has been widely argued that these contracts allowed the firms concerned to earn unusually high profits, although the evidence provided has been very limited. This article analyses the effects of naval warship contracts on the profitability of the dominant suppliers during the ,naval arms race' of 1889-1914 in order to provide new and more systematic evidence on the workings of an early form of regulation and on a tangible aspect of the relationship between firms and the British government. [source]


    ECONOMIC INQUIRY, Issue 4 2008
    This paper explores the widely accepted view that Wal-Mart causes significant harm to the traditional, small "mom and pop" business sector of the U.S. economy. We present the first rigorous econometric investigation of this issue by examining the rate of self-employment and the number of small employer establishments using both time series and cross-sectional data. We also examine alternative measures and empirical techniques for robustness. Contrary to popular belief, our results suggest that the process of creative destruction unleashed by Wal-Mart has had no statistically significant long-run impact on the overall size and profitability of the small business sector in the United States. (JEL L81, D59, C21) [source]

    Investor Reaction to Inter-corporate Business Contracting: Evidence and Explanation

    ECONOMIC NOTES, Issue 3 2006
    Fayez A. Elayan
    We examine the stock market reaction to 1227 inter-corporate ordinary business contract announcements reported by Dow Jones between January 1, 1990 and December 31, 2001. Around contract announcement dates, we find statistically significant positive average abnormal returns and abnormal trading volume for contractors, but insignificant positive abnormal returns and negative abnormal volume for contractees. Cross-sectionally, contract announcement period returns are higher for contractors who are small relative to the contract size, have higher return volatility, larger market-to-book ratios and higher profitability. The announcement period returns of contract-awarding firms are not significant and are only marginally related to cross-sectional explanatory factors. The results are consistent with two explanatory stories: contractor quasi-rents induced by the winner's curse and information signalling about contractor production costs. The results are not consistent with perfect competition, with contracts having positive net present values for both parties, and with a version of incomplete contracting theory. [source]

    Competition and Profitability in European Banking: Why Are British Banks So Profitable?

    ECONOMIC NOTES, Issue 3 2005
    David T. Llewellyn
    Substantial differences remain between the profitability of banks in different European countries. This article considers the relationship between competition and profitability in European banking focussing on the experience of the UK where two issues are considered: why British banks have been earning excess returns for more than a decade and why British banks seem to be more profitable than their Continental counterparts. A paradigm is offered to explain this. A distinction is made between shareholder value (SHV) and stakeholder value (STV) banks whose business objectives are often different. Significant differences exist between European countries in the balance of SHV and STV banks. The UK is almost unique in Europe in having almost exclusively SHV-based banks. Pressures will intensify for all European banks to adopt SHV strategies, which will imply substantial changes in bank strategies and business operations. [source]