Download or read book Product Market Competition and the Profitability Premium written by Yao Deng and published by . This book was released on 2019 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the impact of product market competition on the well-documented positive relation between firms' current profitability and future stock returns. I find that this relation is robust only in competitive industries. A long-short portfolio sorted on profitability earns an average monthly return of 1.1% in competitive industries and only 0.14% in concentrated industries. Firms' differential exposure to investment-specific technology shocks explains this gap. To understand this result, I build a production-based model with imperfect competition. Market power reduces a firm's investment response to these shocks and thus lowers risk exposure. Empirical tests confirm the model's predictions.
Download or read book Product Market Competition and Earnings Quality written by Ying Guo and published by . This book was released on 2015 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic literature shows that production market competition could have nonlinear effects on corporate behaviors, such as management effort and innovative activities. We extend the literature by focusing on the influence of product market competition on earnings quality. We propose and document an inverted U-shape relation between earnings quality and product market competition. Earnings quality increases with competition in the lower range of competition and declines with it when competition is intense. The results are robust to assorted measures of earnings quality and competition, and treatment of endogeneity.
Download or read book Do Managers Manipulate Gross Profits written by and published by . This book was released on 2016 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of Product Market Competition on Earnings Quality written by Ho-yin Paul Man and published by . This book was released on 2010 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Market Competition Information and Earnings Management written by Juan Santalo Mediavilla and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Competitive Advantage written by Michael E. Porter and published by Simon and Schuster. This book was released on 2008-06-30 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now beyond its eleventh printing and translated into twelve languages, Michael Porter’s The Competitive Advantage of Nations has changed completely our conception of how prosperity is created and sustained in the modern global economy. Porter’s groundbreaking study of international competitiveness has shaped national policy in countries around the world. It has also transformed thinking and action in states, cities, companies, and even entire regions such as Central America. Based on research in ten leading trading nations, The Competitive Advantage of Nations offers the first theory of competitiveness based on the causes of the productivity with which companies compete. Porter shows how traditional comparative advantages such as natural resources and pools of labor have been superseded as sources of prosperity, and how broad macroeconomic accounts of competitiveness are insufficient. The book introduces Porter’s “diamond,” a whole new way to understand the competitive position of a nation (or other locations) in global competition that is now an integral part of international business thinking. Porter's concept of “clusters,” or groups of interconnected firms, suppliers, related industries, and institutions that arise in particular locations, has become a new way for companies and governments to think about economies, assess the competitive advantage of locations, and set public policy. Even before publication of the book, Porter’s theory had guided national reassessments in New Zealand and elsewhere. His ideas and personal involvement have shaped strategy in countries as diverse as the Netherlands, Portugal, Taiwan, Costa Rica, and India, and regions such as Massachusetts, California, and the Basque country. Hundreds of cluster initiatives have flourished throughout the world. In an era of intensifying global competition, this pathbreaking book on the new wealth of nations has become the standard by which all future work must be measured.
Download or read book The Art of Profitability written by Adrian Slywotzky and published by Business Plus. This book was released on 2002-09-26 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: An extraordinarily new business slant on how companies can generate greater profits in 23 compact lessons with ongoing tutorials between two fictitious individuals. In the past, companies taught their employees about quality. In today's unstable economy, employers must stress the importance of profitability. Now with scores of examples from the global marketplace, the bestselling coauthor of The Profit Zone and Profit Patterns takes you to a higher level in the art of business. Each of the twenty-three chapters in this concise, challenging book presents a different, powerful business model...and a provocative dialogue between an extraordinary teacher called David Zhao and his young protégé. Revealed are the invisible but significant governing principles that allow businesses to survive and prosper in any economic climate. By participating in each session with the exuberant, challenging master, you too will learn how your company and your competitors generate profit...what approach best applies to your profit-making strategy...what specific actions your organization can take in the next ninety days to improve its bottom line...and more.
Download or read book Risk Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Download or read book The Rule of Three written by Jagdish Sheth and published by Simon and Schuster. This book was released on 2002-05-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Name any industry and more likely than not you will find that the three strongest, most efficient companies control 70 to 90 percent of the market. Here are just a few examples: McDonald's, Burger King, and Wendy's General Mills, Kellogg, and Post Nike, Adidas, and Reebok Bank of America, Chase Manhattan, and Banc One American, United, and Delta Merck, Johnson & Johnson, and Bristol-Myers Squibb Based on extensive studies of market forces, the distinguished business school strategists and corporate advisers Jagdish Sheth and Rajendra Sisodia show that natural competitive forces shape the vast majority of companies under "the rule of three." This stunning new concept has powerful strategic implications for businesses large and small alike. Drawing on years of research covering hundreds of industries both local and global, The Rule of Three documents the evolution of markets into two complementary sectors -- generalists, which cater to a large, mainstream group of customers; and specialists, which satisfy the needs of customers at both the high and low ends of the market. Any company caught in the middle ("the ditch") is likely to be swallowed up or destroyed. Sheth and Sisodia show how most markets resemble a shopping mall with specialty shops anchored by large stores. Drawing wisdom from these markets, The Rule of Three offers counterintuitive insights, with suggested strategies for the "Big 3" players, as well as for mid-sized companies that may want to mount a challenge and for specialists striving to flourish in the shadow of industry giants. The book explains how to recognize signs of market disruptions that can result in serious reversals and upheavals for companies caught unprepared. Such disruptions include new technologies, regulatory shifts, innovations in distribution and packaging, demographic and cultural shifts, and venture capital as well as other forms of investor funding. Years in the making and sweeping in scope, The Rule of Three provides authoritative, research-based insights into market dynamics that no business manager should be without.
Download or read book Pricing and Profitability Management written by Julie Meehan and published by John Wiley & Sons. This book was released on 2011-06-28 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The practical guide to using pricing and profitability management to build a better business A comprehensive reference for any business professional looking to understand the capabilities and competencies required for effectively managing pricing and profitability, Pricing and Profitability Management explains how to determine the right approach, tools, and techniques for each of six key categories (pricing strategy, price execution, advanced analytics and optimization, organizational alignment and governance, pricing technology and data management, and tax and regulatory effectiveness). Exploring each category in detail, the book addresses how an integrated approach to pricing improvement can give a sustainable, competitive advantage to any organization. The ultimate "how to" manual for any executive or manager interested in price management, the book presents a holistic, comprehensive framework that shows how integrating these pricing categories into a cohesive program leads to impressive gains that cannot be achieved through a single-pronged approach. Presents a comprehensive framework for more effectively managing pricing and profitability Identities the six key categories of pricing and profitability management Shows you how to gain a competitive edge by managing pricing and profitability Taking a comprehensive view of pricing, companies can position themselves to tap a vast source of shareholder value—the ability to set and enforce profitable prices, not just once, but again and again in response to marketplace changes and evolving business needs—and this book will show you how.
Download or read book The Great Reversal written by Thomas Philippon and published by Belknap Press. This book was released on 2019 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient markets, leading to higher prices and lower wages.
Download or read book Competition Demystified written by Bruce C. Greenwald and published by Penguin. This book was released on 2005-08-18 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bruce Greenwald, one of the nation's leading business professors, presents a new and simplified approach to strategy that cuts through much of the fog that has surrounded the subject. Based on his hugely popular course at Columbia Business School, Greenwald and his coauthor, Judd Kahn, offer an easy-to-follow method for understanding the competitive structure of your industry and developing an appropriate strategy for your specific position. Over the last two decades, the conventional approach to strategy has become frustratingly complex. It's easy to get lost in a sophisticated model of your competitors, suppliers, buyers, substitutes, and other players, while losing sight of the big question: Are there barriers to entry that allow you to do things that other firms cannot?
Download or read book Concentration and Price written by Leonard W. Weiss and published by MIT Press (MA). This book was released on 1989 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does seller concentration in a market raise prices? Many attempts have been made to test this classic hypothesis of oligopoly theory, none of them convincing. Leonard Weiss and his colleagues have devised and applied a systematic set of direct tests of the concentration price hypothesis. In an innovative series of empirical studies, they examine the effect of concentration on price for the same item sold in markets that vary because of space, time, or transaction. They conclude that concentration does indeed tend to raise price. Studies in the book's first part test specific aspects of the concentration price hypothesis. These include a case study of Portland cement deregulated fares, the relation between change in price and change in concentration in the US and in the EEC, the effect of the numbers of bidders in auctions, and the effects of concentration on wages. The book's second part brings together for the first time previously published and widely scattered studies of the concentration price relationship in advertising media, retailing, the railroads, livestock purchasing, and banking. Viewed together, they provide powerful support for the role of concentration in determining price. Leonard W. Weiss is Professor of Economics at the University of Wisconsin, Madison.P>
Download or read book Economics for Investment Decision Makers written by Christopher D. Piros and published by John Wiley & Sons. This book was released on 2013-03-05 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics background investors need to interpret global economic news distilled to the essential elements: A tool of choice for investment decision-makers. Written by a distinguished academics and practitioners selected and guided by CFA Institute, the world’s largest association of finance professionals, Economics for Investment Decision Makers is unique in presenting microeconomics and macroeconomics with relevance to investors and investment analysts constantly in mind. The selection of fundamental topics is comprehensive, while coverage of topics such as international trade, foreign exchange markets, and currency exchange rate forecasting reflects global perspectives of pressing investor importance. Concise, plain-English introduction useful to investors and investment analysts Relevant to security analysis, industry analysis, country analysis, portfolio management, and capital market strategy Understand economic news and what it means All concepts defined and simply explained, no prior background in economics assumed Abundant examples and illustrations Global markets perspective
Download or read book Marketing Planning for Financial Services written by Roy Stephenson and published by Gower Publishing, Ltd.. This book was released on 2005 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth and diversification of the financial services market has led to an explosion in competition for customers and of new products of all kinds. Marketing Planning for Financial Services is a sourcebook and checklist against which product managers in the financial services industry can build and validate their marketing plans. The book illustrates the whole range of marketing techniques and puts each into its context within the financial services market. Roy Stephenson's book covers the marketing process, from preliminary market study right through to product management and customer relationship building. A 'must' for practising product managers in banks, building societies, insurance companies, in fact the whole consumer and business-to-business financial services sector.
Download or read book The Rate and Direction of Inventive Activity written by National Bureau of Economic Research and published by Princeton University Press. This book was released on 2015-12-08 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
