How Much am I Expected to Pay for my Parents‘ Firm? An Institutional Logics Perspective on Family Discounts

Recent evidence suggests that successors do not simply inherit their parents’ firm, but have to pay a certain price. Building on institutional logics literature, we explore successors’ family discount expectations, defined as the rebate expected from parents in comparison to nonfamily buyers when assuming control of the firm. We find that family cohesion increases discount expectations, while successors’ fear of failure and family equity stake in the firm decrease discount expectations. Higher education in business or economics weakens These effects. On average, in our study comprised of 16 countries, successors expect a 57% family discount.

The Pricing Discount for Limited Liquidity: Evidence from SWX Swiss Exchange and the Nasdaq

We investigate the pricing discount for limited liquidity. Unlike previous studies that have examined the relation between histroical returns and liquidity, ours looks directly at current stock prices. This approach requires less data and yields up-to-date information about limited liquidity discounts. We analyze data from the Swiss exchange and the Nasdaq during 1995-2001, and find a statistically and economically significant price-liquidity relation in both markets. We test the robustness of that relation with a procedure that does not rely on specific distributional assumptions. Our findings are unaffected. Accordingly, the discount suffered by the least liquid securities is about 30%.

The role of commercial actors in snowboarding

Commercial actors play an essential role in the organisational structure of snowboarding by sponsoring athletes, arranging events, contributing to product development and developing long-term partnerships with other key actors. However, the particularities of their role in the alternative sports cultures which are related to brand marketing strategies have not been extensively researched. Based on Hitzler and Niederbachers (2010) framework of social scenes, Stegbauers (2008) social network and Adjouri and Stastnys (2006) branding theories, analysis is carried out using an ethnographic approach. This includes participant observation of relevant events and semi-structured interviews with over forty key actors of the sport to examine the roles and activities of core actors within snowboarding. The findings reveal that brands have gained an important position within the scene; where they can build partnerships with other core and periphery actors in order to market particularly identities, lifestyles and products. This contributes to the development of a sport which is dependent on brands for its continuity. By using promotional strategies of sponsoring athletes, organising events and feeding media with scene-related content, the aesthetical values of the snowboarding sport are communicated and transferred, while ensuring exposure of the brand’s image and lifestyle. Social contacts as well as knowledge on particularities of the sport allow the commercial actors to gain an influential position and identity within the snowboarding core culture. Keywords: commercial actors, alternative sport cultures, social networks, brands, snowboarding References Adjouri, N. & Stastny, P. (2006). Sport-Branding: Mit Sport-Sponsoring zum Markenerfolg. Wiesbaden: Gabler. Hitzler, R. & Niederbacher, A. (2010). Leben in Szenen: Formen juveniler Vergemeinschaftung heute. Wiesbaden: VS Verlag für Sozialwissenschaften. Stegbauer, C. (2008). Netzwerkanalyse und Netzwerktheorie. Ein neues Paradigma in den Sozialwissenschaften. Wiesbaden: VS Verlag für Sozialwissenschaften.