This paper explores the process of product replacement within management consultancies. Drawing on product marketing literature we argue that main knowledge suppliers do not simply regard their knowledge commodities as inherently perishable during an alleged downturn phase on the knowledge market. Rather, our study reveals that management consultants may follow a variety of alternative strategi...

10.2217/17460751.2.1.75 © 20 The globalization of stem cell science is increasingly being shaped by the emerging economies of the Asia/Pacific region. Undaunted and unhampered by the more established views of the commercialization of science, countries such as India are constructing models of innovation, policies and patterns of investment that challenge such orthodoxies. This report examines t...

The efficient market hypothesis has been widely tested and, with few exceptions, found consistent with the data in a wide variety of markets: the New York and American Stock Exchanges, the Australian, English, and German stock markets, various commodity futures markets, the Over-theCounter markets, the corporate and government bond markets, the option market, and the market for seats on the New...

There is a near-consensus that central bankers should focus their attention on the control of inflation, and should accordingly not pay attention to movements in stock markets. This view is reinforced by the continuing influence of the Efficient Market Hypothesis (EMH), that maintains that financial markets correctly price firms at all times. We assert that this general view is incorrect. There...

Studies on information technology outsourcing (ITO) have shown different results for the influence of prior interaction and contract type on the project performance of the ITO vendor. The ITO market maturity could provide an explanation for these differences. However, it is not clear how to separate the ITO market into different maturity phases to gain insight into any possible effect maturity ...

In this paper we introduce efficient Monte Carlo estimators for the valuation of high-dimensional derivatives and their sensitivities (”Greeks”). These estimators are based on an analytical, usually approximative representation of the underlying density. We study approximative densities obtained by the WKB method. The results are applied in the context of a Libor market model.

Environment Provider Orderbook File Orderbook Distribution Abstract Orderbook Provider Pricing FactoryOrderbook Provider Pricing Factory Pricing Outcome CPLEX Adapter Abstract Solver VCG PricingSolver VCG Pricing

Is more intense product market competition and imitation good or bad for growth? This question is addressed in the context of an endogenous growth model with “step-by-step” innovations, in which technological laggards must first catch up with the leading-edge technology before battling for technological leadership in the future. In contrast to earlier Schumpeterian models in which innovations a...

This paper tests the hypothesis that irrational market misvaluation affects firms’ takeover behavior. We employ two contemporaneous proxies for market misvaluation, pre-takeover book/price ratios and pre-takeover ratios of residual income model value to price. Misvaluation of bidders and targets influences the means of payment chosen, the mode of acquisition, the premia paid, target hostility t...

Competition is an increasingly important theme in telecommunications policy. It has been credited with expanding services, lowering prices, and stimulating innovation. (Jamison et al. 2009) But competition can raise difficult challenges for telecommunications policy makers and regulators. One of these challenges is determining the optimal mix of market and regulatory involvement in determinatio...