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“It seems every other day I am reading a story about a massive insider trading scandal
Much of the current thinking about competitive strategy focuses on ways that firms can create imperfectly competitive product markets in order to obtain greater than normal economic performance. However, the economic performance of firms does not depend simply on whether or not its strategies create such markets, but also on the cost of implementing those strategies. Clearly, if the cost of strategy implementation is greater than returns obtained from creating an imperfectly competitive product market, then firms will not obtain above normal economic performance from their strategizing efforts. To help analyze the cost of implementing strategies, we introduce the concept of a strategic factor market, i.e., a market where the resources necessary to implement a strategy are acquired. If strategic factor markets are perfect, then the cost of acquiring strategic resources will approximately equal the economic value of those resources once they are used to implement product market strategies. Even if such strategies create imperfectly competitive product markets, they will not generate above normal economic performance for a firm, for their full value would have been anticipated when the resources necessary for implementation were acquired. However, strategic factor markets will be imperfectly competitive when different firms have different expectations about the future value of a strategic resource. In these settings, firms may obtain above normal economic performance from acquiring strategic resources and implementing strategies. We show that other apparent strategic factor market imperfections, including when a firm already controls all the resources needed to implement a strategy, when a firm controls unique resources, when only a small number of firms attempt to implement a strategy, and when some firms have access to lower cost capital than others, and so on, are all special cases of differences in expectations held by firms about the future value of a strategic resource. Firms can attempt to develop better expectations about the future value of strategic resources by analyzing their competitive environments or by analyzing skills and capabilities they already control. Environmental analysis cannot be expected to improve the expectations of some firms better than others, and thus cannot be a source of more accurate expectations about the future value of a strategic resource. However, analyzing a firm’s skills and capabilities can be a source of more accurate expectations. Thus, from the point of view of firms seeking greater than normal economic performance, our analysis suggests that strategic choices should flow mainly from the analysis of its unique skills and capabilities, rather than from the analysis of its competitive environment.
Do well-functioning stock markets and banks promote long-run economic growth? This paper shows that stock market liquidity and banking development both positively, predict growth, capital accumulation, and productivity improvements when entered together in regressions, even after controlling for economic and political factors. The results are consistent with the views that financial markets provide important services for growth, and that stock markets provide different services from banks. The paper also finds that stock market size, volatility, and integration with world markets are not robustly linked with growth, and that none of the financial indicators is closely associated with private saving rates. (JEL G00 O16 F36) Considerable debate exists on the relationships between the financial system and economic growth. Historically, economists have focused on banks. Walter Bagehot (1873) and Joseph Schumpeter (1912) emphasize the critical importance of the banking system in economic growth and highlight circumstances when banks can actively spur innovation and future growth by identifying and funding productive investments. In contrast, Robert E. Lucas (1988) states that economists 'badly overstress'
Journal Article Markets and Hierarchies: Analysis and Antitrust Implications Get access Markets and Hierarchies: Analysis and Antitrust Implications. By O. E. WILLIAMSON. (London: Collier-Macmillan, 1975. Pp. xvii + 286. £995.) D. P. O'Brien D. P. O'Brien University of Durham Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 86, Issue 343, 1 September 1976, Pages 619–621, https://doi.org/10.2307/2230812 Published: 01 September 1976
This book is an ambitious effort by three well-known and well-respected scholars to fill an acknowledged void in the literature—a text covering the burgeoning field of empirical finance. As the authors note in the preface, there are several excellent books covering financial theory at a level suitable for a Ph.D. class or as a reference for academics and practitioners, but there is little or nothing similar that covers econometric methods and applications. Perhaps the closest existing text is the recent addition to the Wiley Series in Financial and Quantitative Analysis. written by Cuthbertson (1996). The major difference between the books is that Cuthbertson focuses exclusively on asset pricing in the stock, bond, and foreign exchange markets, whereas Campbell, Lo, and MacKinlay (henceforth CLM) consider empirical applications throughout the field of finance, including corporate finance, derivatives markets, and market microstructure. The level of anticipation preceding publication can be partly measured by the fact that at least three reviews (including this one) have appeared since the book arrived. Moreover, in their reviews, both Harvey (1998) and Tiso (1998) comment on the need for such a text, a sentiment that has been echoed by numerous finance academics.
This article discusses the equilibrium in competitive insurance markets. Analyzes competitive markets in which the characteristics of the commodities exchange are not fully known to at least one of the parties to the transaction. It also determines the importance conclusions of economic theory are not robust to considerations of imperfect information. Describes the supply and demand functions of the participants in the market. Determining individual demand for insurance contracts is straightforward.
A new quantum physics study reveals that simply changing a magnetic field over time can unlock entirely new forms of matter that don’t exist under normal conditions。 By carefully “driving” materials with timed magnetic shifts, researchers created exotic quantum states that could be far more stable and resistant to errors—one of the biggest challeng
For decades, relaxor ferroelectrics have powered everything from medical ultrasounds to sonar systems, yet their inner atomic structure remained a mystery—until now。 Researchers have finally mapped their three-dimensional structure in unprecedented detail, uncovering hidden patterns in how electric charges are arranged at the nanoscale。 The breakth
Hubble has revealed a giant planet-forming disk unlike anything astronomers have seen before。 Nicknamed “Dracula’s Chivito,” the enormous structure appears turbulent and oddly lopsided, with towering filaments visible on only one side。 The disk contains enough material to potentially create multiple giant planets, making it a fascinating new labora
For nearly 100 years, reinforced rubber has powered everything from car tires to airplanes, yet scientists never fully understood why adding tiny particles of carbon black made rubber so incredibly strong。 Now, researchers at the University of South Florida have finally cracked the mystery using massive computer simulations that took the equivalent
Scientists are using sunlight to turn plastic waste into clean fuels like hydrogen, offering a breakthrough solution to both pollution and energy challenges。 While still in development, the approach could transform trash into a valuable resource for a low-carbon future
Astronomers using NASA’s James Webb Space Telescope have created the clearest map yet of the universe’s “cosmic web” — the enormous hidden structure that connects galaxies across space。 By analyzing more than 164,000 galaxies through the massive COSMOS-Web survey, researchers were able to trace this vast network back to when the universe was just a
A medieval monk may have beaten Edmond Halley to one of astronomy’s greatest discoveries by nearly 700 years。 Researchers say Eilmer of Malmesbury recognized that the blazing comet seen in 1066 was the same one he had witnessed in 989。 At the time, comets were viewed as terrifying omens tied to war and royal deaths, adding even more drama to the fa
“Every time I go to the dentist, I think about that guy,” researcher says
A team at the University of Hong Kong has developed a new “super steel” that can survive the harsh conditions needed to make green hydrogen from seawater。 The material uses an unexpected double-protection mechanism that resists corrosion far better than conventional stainless steel。 Even more impressive, it could replace costly titanium parts used
Scientists may have uncovered a surprising secret behind why life exists at all。 A new study suggests that the Universe’s fundamental constants — the deep physical rules that govern everything from atoms to stars — appear to sit within an incredibly narrow “sweet spot” that allows liquids to flow properly inside living cells。 Even tiny shifts in th
The Universe’s biggest black holes may not be born giants after all。 Scientists analyzing gravitational-wave signals from dozens of black hole collisions found evidence that the heaviest black holes are likely “cosmic recyclers” — formed through repeated smashups inside incredibly crowded star clusters。 These violent chain reactions appear to creat