1,721,039 research outputs found
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Corporate litigation, corporate governance restructuring, and executive compensation.
Get PDFThis thesis examines corporate governance consequences within US publicly-listed companies, following encounters with litigation. Corporate litigation can impose significant wealth losses upon the sued companies, giving rise to both agency and reputational incentives to instigate changes. The thesis addresses the issue of whether, and to what extent, public companies undergo internal changes following litigation, and examines the various penalties incurred by the executive officers of the sued corporations. A large sample of lawsuits filed against the Standard and Poor’s 1,500 companies during 2000-2007 is employed, comprising environmental violations, securities fraud, antitrust litigation, intellectual property infringements, and contractual disputes. The thesis further investigates the roles of lawsuit-specific characteristics, including the nature of allegations, their economic magnitudes, and their legal merits, in predicting the observed changes. Chapter 2 summarizes the literature documenting a decline in market valuation upon the filing of lawsuits against public companies, and briefly outlines the issues pertaining to each type of litigation examined in this thesis. Chapter 3 details the procedures for collecting litigation data, and explores the characteristics of the lawsuits included in the dataset. Chapter 4 investigates executive turnover following litigation filings. By employing probit regressions and the Heckman Selection Model, this chapter produces evidence that the filing of lawsuits is associated with an increase in CEO turnover within the defendant companies. The nature of the allegations (particularly securities, intellectual property, and antitrust lawsuits) and their legal merits (proxied by their manner of disposition) exhibit strong explanatory powers, indicating that agency concerns rather than reputational incentives appear to be driving the increased executive turnover. Chapter 5 investigates whether sued companies subsequently undergo restructurings in their boards of directors, by examining the change in board independence and size. Empirical evidence shows that board independence tends to increase, particularly following securities and contractual lawsuits. The changes are associated with the economic magnitudes of the lawsuits but not their legal merits. Chapter 6 focuses on the economic penalties imposed on the CEOs by a decrease in their remuneration. Empirical evidence shows that CEOs of sued companies tend to incur a reduction in cash and bonus compensation following litigation filings. The reduction is particularly associated with intellectual property and contractual lawsuits. Chapter 7 then examines the reputational penalties incurred by the CEOs following corporate lawsuit filings. It documents that, following securities lawsuits, CEOs are more likely to lose outside directorships held in other companies. Additionally, CEOs who depart from the sued companies during the period surrounding litigation filings tend to face an impaired prospect of finding comparative reemployment, especially following contractual lawsuits. This thesis contributes to the literature by extending the realm of the existing investigations beyond the traditional focus upon securities and fraud allegations. It examines the public companies’ responses to a diverse range of different types of corporate lawsuits. The findings shed light on corporate attitudes towards allegations of different natures. They also have implications for regulators, informing them of the non-legal penalties faced by managers of public companies for allegedly breaching the law.Thesis (Ph.D.) -- University of Adelaide, Business School, 201
Industry specialization of investment banks in M&A activities.
Get PDFIn recent years, industry specialization has been widely pursued by investment banks as a point of differentiation to attract new mergers and acquisitions (M&A) advisory business. This study is the first to examine the role of industry-specialized financial advisors in M&As. We use a comprehensive measure, the Additive Revealed Comparative Advantage (ARCA) index, to determine advisors’ respective specialization levels in the acquirer and the target industry prior to the announcement date. We find that advisor industry specialization leads to lower fees, suggesting that specialized advisors pass some cost savings achieved through economies of industry specialization onto their bidder clients in order to compete for market share. We further find that industry specialization gives advisors superior capability to complete deals. Specialization, however, does not enable advisors to create additional value for their bidder clients, nor does it help them to work faster. The findings are robust to the control for endogeneity and imply that advisors’ specialization effort is potentially distorted by the external rewarding system which encourages deal completion only. Contrary to the traditional perception on the superiority of industry specialists, this study suggests that such perception could be illusory in the M&A advisory market.Thesis (M.Phil.) -- University of Adelaide, Business School, 2012
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
Strategic Corporate Responses to External Shocks and Competitive Pressures
Get PDFThis thesis comprises three studies in corporate finance. The first study examines the impact of cyberattacks on a target firm’s decision to issue seasoned equity offerings (SEOs, hereafter) and the spillover effect on SEO decisions made by non-attacked peer firms in the same industry. Our findings show that target firms and their peer firms undertake fewer and smaller SEOs in post-attack years. Peer firms are likely to become subsequent victims after a cyber incident has occurred in their industry. Specifically, we find that the negative impact of a cyberattack on peer firms’ SEOs is more pronounced when the firms exhibit a higher potential risk of future attacks and have greater visibility. This is because of the perception that these firms present a higher transaction risk than their industry peers. Additionally, we find the negative effect of a cyberattack on peer firms’ decisions about SEOs to be more pronounced than for those firms with substantial IT expenditure and cash reserves, because these firms have less necessity to issue equity.
The second study examines the role of acquisitions in determining the adoption of relative performance evaluation (RPE, hereafter) based on CEO compensation among non-merging peers of the acquirer. Our findings show that peer firms exhibit an increased propensity to adopt RPE in their CEO compensation. This strategic move aims to counter competitive pressures induced by an acquisition and defends the company’s competitive position in the product market. Our result aligns with RPE theory that suggests that incorporating RPE into CEO compensation incentivizes firms to aggressively improve their relative competitive position.
The third study focuses on the spillover effect of major hurricanes by investigating the impact on the decisions of industry peers of hurricane-hit firms to issue management forecasts. Our findings show that industry peers tend to increase the frequency of their management forecasts after a major hurricane. This increase in forecast frequency is positively related to firm visibility and changes in market share, suggesting that a major hurricane gives peers an incentive to capitalize on the difficulties faced by hurricane-hit firms. This is achieved by attracting investor attention and enhancing market share.
Overall, the thesis contributes to existing studies on intra-industry spillover effects by providing a comprehensive understanding of how firms not directly involved in a specific event strategically respond to reputation loss, competitive pressure, and opportunities in the post-event era. The thesis offers valuable insights for both researchers and practitioners, shedding light on the complex interplay between external events, competitive pressures, and firms’ strategic responses in the ever-evolving corporate environment.Thesis (Ph.D.) -- University of Adelaide, Adelaide Business School, 202
Three Essays on Foreign CEOs
Get PDFThis thesis examines the impact of foreign CEOs on the corporate policies of publicly traded US companies. Using a sample of S&P 1500 firms from 2000 to 2017, this thesis exploits the variation in foreign CEOs’ international experience and national culture to analyse their impact on firm risk, capital structure decisions and corporate acquisitions. The first study examines the impact of foreign CEOs on the risk taking behaviour of their firms and management practices. The results show that, compared with domestic CEOs, firms managed by foreign CEOs have higher stock return volatility and idiosyncratic risk. We find that firms managed by foreign CEOs invest more in intangible assets and are more likely to do mergers and acquisitions. We document that foreign CEOs are not a homogenous group and that the legal origin of foreign CEOs matters in their risk taking behaviour. The results show that foreign CEOs who come from countries with better creditor rights take fewer risks than those from poor creditor rights countries. The results show that foreign CEOs have a significant impact on firm risk and corporate policies. The second study exploits the variation in the cultural background of foreign CEOs to analyse its impact on capital structure decisions. Using the cultural measure of individualism versus collectivism, we find that firms managed by foreign CEOs from individualistic cultures have higher leverage. We next examine the channels through which individualistic CEOs impact a firm’s capital structure and find that individualistic CEOs are more likely to issue debt than equity and adjust their target leverage at a faster speed than firms managed by foreign CEOs from a collective culture. The empirical evidence shows that firms managed by individualistic CEOs tend to have more short debt maturity. The results are robust to endogeneity checks using propensity score matching and the instrumental variable approach. The impact of individualism on capital structure decisions is also observed for firms managed by American CEOs born in individualistic states. Following the literature that international experience impacts manager’s strategic choices, the third study examines the impact of foreign CEOs on corporate acquisitions. The results show that foreign CEOs are more likely than domestic CEOs to do mergers and acquisitions (M&As). We find that firms managed by foreign CEOs are more likely to acquire targets in high-tech industries and targets operating in different 2-digit Standard Industry Classification (SIC) code industries. The results show that foreign CEOs are more likely to do cross border acquisitions. We examine the value implications of M&As undertaken by foreign CEOs and find that announcement returns for firms managed by foreign CEOs are lower. Overall, the results show that foreign CEOs have a significant impact on M&A outcomes.Thesis (Ph.D.) -- University of Adelaide, Adelaide Business School, 202
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