Intergenerational Transfer of Family Firm Control: Discount Expectations of Potential Successors

Building on institutional theory and family sociology literature we explore the logics that underlie the formation of transaction price expectations related to the intergenerational transfer of corporate ownership in private family firms. By probing a sample of 3'487 students with family business background from 20 countries we show that next generation family members expect to receive a 56.58% discount in comparison to some nonfamily buyer (i.e. the family discount) when taking over the parent's firm. We also show that the logic underlying the formation of family discount expectations is characterized by parental altruism, filial reciprocity, filial decency and parental inducement. These norms embrace both the family and market logics and accommodate the duties and demands of children and parents in determining a fair transfer price. These findings are important for institutional theory as well as for family business and entrepreneurial exit literatures.

Constitution of the Senate of the Urbana-Champaign campus University of Illinois.

Includes : Bylaws of the Senate of the Urbana-Champaign Campus University of Illinois. As approved November 9, 1970 ; Senate Committee on University statutes and Senate procedures transaction report. As approved November 9, 1970 and revised March 8, and April 12, 1971.

Transactions of the Institution of Engineers and Shipbuilders in Scotland.

Mode of access: Internet.

Patterns of robbery and burglary in 9 states, 1984-88 /

"November 1992."

Kitāb jāmiʻ al-ḍarūrīyāt li-anwāʻ al-muʻāmalāt [microform] /

Microfilm.

Transactions.

An appendix, including the minutes and proceedings of the society from its organization in 1865 through the 5th session, 1869, is inserted at the end of the 12th transaction, 1876.

Transactions of the ... meeting of the American Surgical Association.

Issues for 1935?-1968 include papers read before the Association at the meeting, issued separately 1969- as scientific papers of the meeting of the American Surgical Association.

La aplicación del componente pragmático funcional en un manual sueco de español publicado tras el currículo Lgy 2011

El objetivo de esta monografía es el de analizar el modo en el que un manual didáctico para la enseñanza del español en el contexto educativo sueco de bachillerato aplica y desarrolla la competencia pragmática funcional en sus propuestas didácticas. Para la realización de dicho análisis usaremos como instrumento de medida, por una parte, las actividades de simulación, escenario y role-play que propone Sánchez Sarmiento (2005), y que se dirigen a la activación de la competencia pragmática de los estudiantes de lenguas extranjeras y, por otra, los criterios de transacciones e interacciones de colaboración para el desarrollo de la competencia pragmática funcional que se recogen en el §.5 del Marco Común Europeo de Referencia para las lenguas: aprendizaje, enseñanza, evaluación (MCER, 2002). La hipótesis de la que parte este estudio postula que el manual que analizamos (Caminando 5, Natur & Kultur, 2013), a pesar de estar compuesto de propuestas didácticas en las que se presentan el componente pragmático funcional, no enuncia de forma explícita el trabajo con ella, no conduce ni a su activación ni a su desarrollo, su frecuencia de aparición en el manual es irregular, y las actividades que forman parte de sus propuestas didácticas no proponen reflexiones metapragmáticas sobre los propios contenidos pragmáticos de la lengua. La investigación que hemos desarrollado confirma que, aunque en algunas propuestas didácticas del manual  se proponen actividades que activan y desarrollan algunos de los criterios de transacción e interacción colaborativa del MCER (2002), su tratamiento resulta poco exhaustivo y su explicitación es escasa. Sin embargo, se puede constatar que el manual representa un acercamiento a los principios metodológicos de los enfoques comunicativos y que su explotación didáctica, aunque no de forma explícita, conduce, en parte, al trabajo con algunos de los criterios pragmáticos funcionales que se proponen en el MCER (2002).

Confirmation: Increasing resource availability for transactional workflows

The notion of compensation is widely used in advanced transaction models as means of recovery from a failure. Similar concepts are adopted for providing transaction-like behaviour for long business processes supported by workflows technology. In general, it is not trivial to design compensating tasks for tasks in the context of a workflow. Actually, a task in a workflow process does not have to be compensatable in the sense that the forcibility of reverse operations of the task is not always guaranteed by the application semantics. In addition, the isolation requirement on data resources may make a task difficult to compensate. In this paper, we first look into the requirements that a compensating task has to satisfy. Then we introduce a new concept called confirmation. With the help of confirmation, we are able to modify most non-compensatable tasks so that they become compensatable. This can substantially increase the availability of shared resources and greatly improve backward recovery for workflow applications in case of failures. To effectively incorporate confirmation and compensation into a workflow management environment, a three level bottom-up workflow design method is introduced. The implementation issues of this design are also discussed. (C) 2003 Elsevier Science Inc. All rights reserved.

The influence of social communications networks on intentions to purchase on the web

Despite the increased offering of online communication channels to support web-based retail systems, there is limited marketing research that investigates how these channels act singly, or in combination with offline channels, to influence an individual's intention to purchase online. If the marketer's strategy is to encourage online transactions, this requires a focus on consumer acceptance of the web-based transaction technology, rather than the purchase of the products per se. The exploratory study reported in this paper examines normative influences from referent groups in an individual's on and offline social communication networks that might affect their intention to use online transaction facilities. The findings suggest that for non-adopters, there is no normative influence from referents in either network. For adopters, one online and one offline referent norm positively influenced this group's intentions to use online transaction facilities. The implications of these findings are discussed together with future research directions.

A note on execution costs for stock index futures: Information versus liquidity effects

This paper examines execution costs and the impact of trade size for stock index futures using price-volume transaction data from the London International Financial Futures and Options Exchange. Consistent with Subrahmanyam [Rev. Financ. Stud. 4 (1991) 11] we find that effective half spreads in the stock index futures market are small compared to stock markets, and that trades in stock index futures have only a small permanent price impact. This result is important as it helps to better understand the success of equity index products such as index futures and Exchange Traded Funds. We also find that there is no asymmetry in the post-trade price reaction between purchases and sales for stock index futures across various trade sizes. This result is consistent with the conjecture in Chan and Lakonishok [J. Financ. Econ. 33 (1993) 173] that the asymmetry surrounding block trades in stock markets is due to the high cost of short selling and the general reluctance of traders to short sell on stock markets. (C) 2004 Elsevier B.V. All rights reserved.

The determinants of the vertical boundaries of the construction firm

In the last few years, transaction cost economics has become a popular theory within the construction research community. This approach has been singularly applied as a means to explain and predict phenomena concerning the construction firm, including its vertical boundaries. However, this is at a time when the chief proponents of transaction costs are urging researchers to take a pluralistic stance in relation to the theory of the firm. The aim of this paper is to develop a pluralistic approach to the vertical boundaries of the construction firm. In order to achieve this, an integrative framework is described, based on the development of the efficient boundaries problem and the capabilities approach to vertical integration. Specifically, this framework draws on the complementary strengths of transaction cost economics and the resource-based view. It is concluded that the potential relative merits of theoretical pluralism, in terms of the vertical boundaries of the construction firm, are sufficient grounds to motivate empirical testing of the predictions associated with the integrative framework of vertical integration presented

IS/IT outsourcing practices of small- and medium-sized manufacturers

Firms began outsourcing information system functions soon after the inception of electronic computing. Extant research has concentrated on large organizations and large-valued outsourcing contracts from a variety of different industries. Smaller-sized firms are inherently different from their large counterparts. These differences between small and large firms could lead to different information technology/information system (IT/IS) items being outsourced and different outsourcing agreements governing these arrangements. This research explores and examines the outsourcing practices of very small through to medium-sized manufacturing organizations. The in-depth case studies not only explored the extent to which different firms engaged in outsourcing but also the nuances of their outsourcing arrangements. The results reveal that all six firms tended to outsource the same sorts of functions. Some definite differences existed, however, in the strategies adopted in relation to the functions they outsourced. These differences arose for a variety of reasons, including size, locality, and holding company influences. The very small and small manufacturing firms tended to make outsourcing purchases on an ad hoc basis with little reliance on legal advice. In contrast, the medium-sized firms often used a more planned initiative and sought legal advice more often. Interestingly, not one of the six firms outsourced any of their transaction processing. These findings now give very small, small-, and medium-sized manufacturing firms the opportunity to compare their practices against other firms of similar size.

Forecasting stock returns using model-selection criteria

This paper examines the economic significance of return predictability in Australian equities. In light of considerable model uncertainty, formal model-selection criteria are used to choose a specification for the predictive model. A portfolio-switching strategy is implemented according to model predictions. Relative to a buy-and-hold market investment, the returns to the portfolio-switching strategy are impressive under several model-selection criteria, even after accounting for transaction costs. However, as these findings are not robust across other model-selection criteria examined, it is difficult to conclude that the degree of return predictability is economically significant.

Positioning terrorism in management and marketing: Research propositions

Terrorism poses both direct and indirect threats to the operations of the firm. It represents a market imperfection that increases transaction costs and creates barriers to the free flow of goods, affecting potential gains that would occur in the presence of unhindered exchange. Terrorism reflects the risk or actual encounter of violent acts, whose goal is to engender fear, coercion, or intimidation. We investigate terrorism and its association with marketing strategy and operations. Key concepts on terrorism are reviewed and a collection of propositions is offered. We highlight the pivotal roles of sourcing, production, distribution, pricing, communications, and general business strategy as functions influenced by, or capable of influencing, terrorism. Lastly, we offer managerial implications, as well as directions and guidelines for future research.