This paper identifies three reasons for studying factor shares: to make a link between incomes at the macroeconomic level (national accounts) and incomes at the level of the household; to help ...understand inequality in the personal distribution of income; and to address the concern of social justice with the fairness of different sources of income. In each case, I explore the implications and point to ways in which the analysis could be taken forward in a twenty-first-century treatment of the classical problem of political economy.
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Market share and customer satisfaction are often used to assess marketing performance. Despite the widespread assumption of a positive relationship between these two variables, the limited extant ...empirical literature on the subject indicates either a negative or a nonsignificant relationship. The authors reexamine this relationship over a longer time period than has previously been possible in a representative sample of U.S. consumer markets and find a consistently significant negative market share—customer satisfaction relationship. This is because customer satisfaction is generally not predictive of firms' future market share, but market share is a strong negative predictor of firms' future customer satisfaction. In follow-up analyses, the authors find that a firm's customer satisfaction can predict its future market share when it is benchmarked against that of its nearest rival and customer switching costs are low. In examining why the market share—future customer satisfaction relationship is generally negative, they find strong support for preference heterogeneity as a key mediator in this relationship. They also show that marketing more brands moderates the negative effect of preference heterogeneity on future customer satisfaction. Thus, larger brand portfolios offer a strategy solution for the general market share—satisfaction trade-off.
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44.
Did FinTech Lenders Facilitate PPP Fraud? GRIFFIN, JOHN M.; KRUGER, SAMUEL; MAHAJAN, PRATEEK
The Journal of finance (New York),
June 2023, Volume:
78, Issue:
3
Journal Article
Peer reviewed
Open access
ABSTRACT
In the $793 billion Paycheck Protection Program, we examine metrics related to potential misreporting including nonregistered businesses, multiple businesses at residential addresses, ...abnormally high implied compensation per employee, and large inconsistencies with jobs reported in another government program. These measures consistently concentrate in certain FinTech lenders and are cross‐verified by seven additional measures. FinTech market share increased significantly over time, and suspicious lending by FinTechs in 2021 is four times the level at the start of the program. Suspicious loans are being overwhelmingly forgiven at rates similar to other loans.
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AbstractThis study aims to empirically test whether there is underpricing and herding behavior in companies that have just IPO on the Indonesia Stock Exchange in 2020. The selection in 2020 is ...because the stock exchange experiences high trading volatility due to the crisis impact of the Covid-19 pandemic. This study uses a market adjusted return approach in calculating underpricing, and uses the Chang, Cheng, and Khorana (CCK) method to indicate the occurrence of herding behavior in IPO shares on the Indonesia Stock Exchange. The significance level used in the study was 5%. The results show that there is an underpricing phenomenon in companies whose IPOs are on the IDX and there is no evidence of herding behavior by investors on IPO shares on the IDX. Investors are advised to invest in IPO shares, especially during the pandemic and make rational considerations in making investment decisions in the capital market. Keywords: Underpricing, Herding Behavior, IPO Shares, Pandemic, Capital Market
Purpose: The purpose of this article is to determine whether there are differences in the level of return and risk of the conventional and Islamic capital markets. Research design, data and ...methodology: This study takes data on the Jakarta Islamic Index (JII) and the Liquid-45 (LQ45) stock groups in the 2017 to 2020 period. The research approach used is quantitative research with a type of comparison. The data used secondary data sourced from the closing price of shares on the Indonesia Stock Exchange. The statistical method used to test the hypothesis is a different test or independent sample t-test. Results: There is a significant difference between the rate of return and investment risk in JII and LQ-45. The rate of return and risk of investing in LQ-45 is higher than that of JII.
Conclusions: There is a significant difference in the rate of return on investment in Jakarta Islamic Index (JII) and LQ-45, including conventional stock Liquid-45 (LQ-45) is higher than the rate of return on shares of JII shares. There is a significant difference in the level of investment risk in the Jakarta Islamic Index (JII) and the Liquid-45 (LQ-45), where the risk level for the LQ-45 is higher than that of the JII shares. KCI Citation Count: 0
This paper investigates the relationship between capital account openness and the share of labour in national income. Employing a new index of financial openness and a cross-country panel of labour ...shares available from the United Nations System of National Accounts, the author shows a robust negative correlation between the degree of openness and the labour share. Although this effect is not present for low income countries, the direct negative relationship holds for all other subsamples and in the presence of a variety of controls. A plausible explanation is that openness alters the conditions of bargaining between labour and capital. By increasing the bargaining strength of capital vis-a-vis labour, increased capital mobility raises rents accruing to capital. Thus, capital account openness may reduce labour's share of income in the firm, and thereby, at an economy-wide level, its share of national output.
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IntroductionThe premise behind the public reporting of physician events and results (PROPER) is at first glance straight forward. By periodically publicly reporting physicians’ outcomes and events, ...patients are empowered to make more informed decisions when choosing their doctor. Such a registry helps to redress the information asymmetry found at the core of the decision-making problem for patients when attempting to choose their doctor. Examples of PROPER registries include the NICOR Adult PCI Registry in the UK which reports Percutaneous Coronary Intervention (PCI) outcomes for all operators in the UK. Another example (since 1991) is the New York State Cardiac Registry which publishes risk adjusted outcome statistics for all cardiothoracic surgeons operating in the State of New York. Currently, there are no PROPER registries in Ireland. There has only been publication of institution level outcomes through the National Healthcare Quality Reporting System (NHQRS). We surveyed practicing cardiologists and trainees in Ireland, the aim was to examine their perception of the benefits and potential harms associated with PROPER registries. The potential impact such registries might have on referral patterns, market share, how patients choose their cardiologist and whether risk adjustment algorithms are sufficient to protect against adverse behaviours.MethodsData was collected by means of a 20-question survey circulated amongst attendees at the Irish Cardiac Society (ICS) Meeting 2019. An electronic copy of the survey was also distributed to cardiology practitioners and trainees known to the author but not encountered at the ICS conference. The questions (see table 1) were framed as statements, respondents were then asked to quantify their agreement or disagreement with the statement based on a 5-point Likert scale.Abstract 33 Table 1Likert Scale Questions used regarding PROPERResultsA total of 39 responses to the survey were received (estimate 26% of all possible responses). Irish cardiologists are in general optimistic regarding the potential benefits of PROPER. Most markedly at an institution level, 81% agreeing that it would improve patient care. 87% of respondents felt that referrals would be significantly affected by public reporting. 77% felt PROPER would impact market share of public versus private practice. 60% of responders considered mortality to be an appropriate quality assurance metric for cardiology (in contrast to only 15% found in similar studies). An overwhelming 97% of respondents felt that public reporting would affect doctors’ willingness to intervene on high risk patients. 87% of respondents felt that PROPER would lead to other adverse behaviours such as ‘upcoding’ or ‘gaming.’ConclusionIn conclusion we see that Irish cardiologists in general hold an optimistic view regarding the potential benefits of PROPER. However, they are also aware of its potential for adverse unintended consequences. Responses to this survey were broadly in keeping with those founds in other studies performed in jurisdictions with active PROPER registries, though there were some notable differences.
Research Summary
Scholars have noted that pronounced changes in consumer demand and technology often offer firms temporary opportunities to strengthen their performance vis‐à‐vis rivals. This article ...contributes to the literature on windows of opportunity from an organizational learning perspective. It investigates whether the depth and breadth of a firm's international experience with pronounced changes in demand conditions (demand windows) and technologies (technological windows) affect its ability to take advantage of such changes within a country to increase its market share. The results, based on a sample of 615 telecommunication companies competing in 124 countries, suggest that mainly two out of four dimensions of international experience help firms to exploit windows of opportunity in a country.
Managerial Summary
What can help multinational companies (MNCs) to navigate periods of marked changes in demand and technology? When an MNC encounters a marked change in demand or technology in a country, it may have already experienced in the past many or just a few of these events, depending on its international footprint, and this serves to assess the MNC's international experience with such changes. Using data on telecommunication companies, we show that both (a) an MNC's repeated exposure to a certain type of change over time (depth of international experience) and (b) the variety of changes an MNC has been exposed to (breadth of international experience) in international markets may help the MNC to obtain market share advantages when such changes occur in a country.
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50.
Peer influence on payout policies Adhikari, Binay K.; Agrawal, Anup
Journal of corporate finance,
02/2018, Volume:
48
Journal Article
Peer reviewed
Open access
Using a large sample of US public companies, we find robust evidence that firms' payout policies, i.e., dividends and share repurchases, are significantly influenced by the policies of their industry ...peers. To overcome endogeneity problems, we employ instrumental variable techniques based on peers' stock price shocks. Peer influence on payouts is more pronounced among firms that face greater product market competition and operate in better information environments. With regards to dividends, firms, especially smaller and younger firms, are more sensitive to industry peers that are similar to them in size and age. However, mimicking repurchases is concentrated among large and mature firms only. Peer influence on dividends, compared to repurchases, seems more stable across firm and industry conditions. Overall, peer influence on dividends, and, to a less extent, on repurchases, is consistent with a rivalry-based theory of imitation, which posits that firms imitate peers' actions to maintain their competitive parity.
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