...Journal of International Business and Law Volume 7 | Issue 1 Article 3 1-1-2008 Management Controlled Firms v. Owner Controlled Firms: A Historical Perspective of Ownership Concentration in the US, East Asia and the EU Andrew C. Spieler Andrew S. Murray Follow this and additional works at: http://scholarlycommons.law.hofstra.edu/jibl Recommended Citation Spieler, Andrew C. and Murray, Andrew S. (2008) "Management Controlled Firms v. Owner Controlled Firms: A Historical Perspective of Ownership Concentration in the US, East Asia and the EU," Journal of International Business and Law: Vol. 7: Iss. 1, Article 3. Available at: http://scholarlycommons.law.hofstra.edu/jibl/vol7/iss1/3 This Article is brought to you for free and open access by Scholarly Commons at Hofstra Law. It has been accepted for inclusion in Journal of International Business and Law by an authorized administrator of Scholarly Commons at Hofstra Law. For more information, please contact lawcls@hofstra.edu. Spieler and Murray: Management Controlled Firms v. Owner Controlled Firms: A Historic MANAGEMENT CONTROLLED FIRMS v. OWNER CONTROLLED FIRMS: A HISTORICAL PERSPECTIVE OF OWNERSHIP CONCENTRATION IN THE US, EAST ASIA AND THE EU Andrew C. Spieler* & Andrew S. Murray" ABSTRACT This paper will present a historical perspective on the relationship between owner controlled firms and management controlled firms in the US, Europe, and East Asia, and the degree to which concentration...
Words: 10704 - Pages: 43
...Geographic: * Japan comes as a natural progression after expansion in Singapore and Hong Kong because of cultural similarities and Japan also being a developed economy * Distance is an irrelevant factor considering that there is no exports or procurement of raw materials from other locations Economic: * Figure2 :Geographic Progression The 2nd largest toy market , Japan’s retail sales grew by 94% during 1980’s and GDP is growing at an annual rate of 7% * Falling birth rate allowed parents to focus spending on fewer children * Undercutting and first mover advantage can help them gain greater sales and a competitive advantage Administrative: By sheer numbers the country’s 1.4 million store owners wielded considerable voting power which they used to extract concessions and explicit protection from Japan’s reigning political party * The 1956 Department store law required that a permit be obtained for each new department store effectively allowing department store construction to be blocked by smaller retailers * The 1973 Large Scale Retail Law...
Words: 1317 - Pages: 6
...CHAPTER 18 EXTERNALITIES AND PUBLIC GOODS TEACHING NOTES This chapter discusses the remaining types of market failure which were introduced at the end of Chapter 16, and which were not covered in Chapter 17. Section 18.1 defines the concept of externalities, both positive and negative. Section 18.2 discusses methods of correcting for the market failure that arises in the presence of externalities. These two sections give a good self-contained overview of externalities as a type of market failure. The next two sections, 18.3 and 18.4, explore the relationship between the existence of externalities and property rights. Section 18.5 discusses public goods and section 18.6 offers a brief discussion of determining the optimal level of the public good to provide. Overall the chapter provides a good solid overview of some very interesting problems. Any instructor who had the time and desire to expand upon the presentation in the chapter could find a wealth of information by consulting an environmental or resource economics textbook. There are an abundance of examples related to pollution or natural resource issues that you could choose to talk about. Check your local newspaper for ideas. The consumption of many goods involves the creation of externalities. Stress the divergence between social and private costs, and the difference between the private (industry competitive) equilibrium and the socially optimal (efficient) equilibrium. You can use the students’ knowledge...
Words: 7221 - Pages: 29
...CHAPTER 10 PERFECT COMPETITION Assumptions of Perfect Competition The most competitive market structure is pure or perfect competition, which is as competitive as possible. As previously mentioned, market structures are models that summarize how certain markets are organized and behave. For each market structure we have a set of assumptions or characteristics that tell us what kind of industries the model will explain. Only industries that meet the assumptions will behave in the way the model predicts. The assumptions of perfect competition are: Many buyers and sellers: There are so many buyers and sellers in perfect competition that no one of them has any influence whatsoever on the market. The number of consumers and producers is so great that any one of them is like a cup of water in the ocean – their presence or absence makes no difference at all to the market. Identical or homogenous product: Every producer in the market makes exactly the same product – consumers are not able to distinguish between the output of one firm and the output of another. There are no labels, brands or any other distinguishing features used to make a product look distinct. Excellent information: Both buyers and sellers in this market have good information about the product, especially the fact that there are many other producers all making the same product. Relatively free entry and exit: Firms are able to move resources in and...
Words: 15661 - Pages: 63
...Oprah, Obama, and the 2008 Democratic Primary Craig Garthwaite Department of Economics University of Maryland College Park, MD 20742 Vmail: 202-746-0990 Email: cgarthwaite@gmail.com Tim Moore Department of Economics University of Maryland College Park, MD 20742 Vmail: 301-442-1785 Email: moore@econ.umd.edu August 2008 Abstract Candidates in major political contests are commonly endorsed by other politicians, interest groups and celebrities. Prior to the 2008 Democratic Presidential Primary, Barack Obama was endorsed by Oprah Winfrey, a celebrity with a proven track record of influencing her fans’ commercial decisions. In this paper, we use geographic differences in subscriptions to O! – The Oprah Magazine and the sale of books Winfrey recommended as part of Oprah's Book Club to assess whether her endorsement affected the Primary outcomes. We find her endorsement had a positive effect on the votes Obama received, increased the overall voter participation rate, and increased the number of contributions received by Obama. No connection is found between the measures of Oprah's influence and Obama's success in previous elections, nor with underlying local political preferences. Our results suggest that Winfrey’s endorsement was responsible for approximately 1,000,000 additional votes for Obama. JEL Classification Numbers: D7; D72 We are grateful to Bill Evans for his comments and guidance. We also would like to thank Kerwin Charles, Allan Drazen...
Words: 19271 - Pages: 78
...Economics Definitions Technical Efficiency / Engineering Efficiency: Goods are produced using the minimum possible resources. Economic Efficiency: A condition where the ratio MU/MC is equal for all goods and services. Traditional Economy: Resource allocation determined by social custom and habits established over time. Command Economy: Resource allocation determined by central planning. Market Economy: Resource allocation determined by a competitive market. Opportunity Cost: The best alternative foregone in order to produce a good or service. Public Good: A good or service that, once purchased by anyone, can of necessity be enjoyed by many. Externality: A cost of goods or services that is borne by someone other than the recipient of those goods or services. Lorenz Curve: Graphs the percentage of households against the percentage of income received. Ceteris Paribus (cet. par.): When analyzing one variable, the convention that all other variables are held constant. Inferior Good: An inferior good is one for which the quantity purchased decreases when real income increases. Giffen Good: A good for which there is a range of prices for which quantity and price vary directly, not inversely. Dependent Variable: A variable whose value is determined by the model. Independent Variable: A variable whose value is fixed external to the model. Complementary Good: A good whose demand curve shifts along with that of another good. Substitute Good: A good whose demand curve...
Words: 20551 - Pages: 83
...Economics Definitions Technical Efficiency / Engineering Efficiency: Goods are produced using the minimum possible resources. Economic Efficiency: A condition where the ratio MU/MC is equal for all goods and services. Traditional Economy: Resource allocation determined by social custom and habits established over time. Command Economy: Resource allocation determined by central planning. Market Economy: Resource allocation determined by a competitive market. Opportunity Cost: The best alternative foregone in order to produce a good or service. Public Good: A good or service that, once purchased by anyone, can of necessity be enjoyed by many. Externality: A cost of goods or services that is borne by someone other than the recipient of those goods or services. Lorenz Curve: Graphs the percentage of households against the percentage of income received. Ceteris Paribus (cet. par.): When analyzing one variable, the convention that all other variables are held constant. Inferior Good: An inferior good is one for which the quantity purchased decreases when real income increases. Giffen Good: A good for which there is a range of prices for which quantity and price vary directly, not inversely. Dependent Variable: A variable whose value is determined by the model. Independent Variable: A variable whose value is fixed external to the model. Complementary Good: A good whose demand curve shifts along with that of another good. Substitute Good: A good whose demand curve...
Words: 20607 - Pages: 83
...(1)INTRODUCTION When doing business in an international scale, it is important to understand what international business really means. Therefore according to Rugman & Collinson (2012) international business can be defined as “The study of transactions taking place across national borders for the purpose of satisfying the needs of individuals and organizations. Some of the well known International businesses (MNE’s) are Wal-Mart, Toyota Motors, General Motors and Volkswagen for their performance, moreover annual revenue. Decisions with regard to movement in to global arena should be taken with care as there is certain degree of risk involved. There should be value in moving to different markets (eg- An organization may lack the skills needed to make use of the potential-Integrate R&D activities or incompatible cultures The cost of managing complex infrastructure should not –outweigh the benefits of increased scale Some industries posses’ particular globalization challenges for example companies operating in the manufacturing sector (automobile makers) often faces complexities in integration and particularly vulnerable to economic slowdowns which reduces their ability to expand. (Alexander & Korine, 2008) According to Wall & Rees (2004) the factors to be considered when investing abroad can be classified in to four areas-Supply factors, demand factors, Political factors and others. Under supply factors, production costs, Distribution costs and access to key technologies...
Words: 3731 - Pages: 15
...History 11 exam 2 study guide 1) Explain the structure of the US Gov. under the new constitution and describe the compromises that led to its ratification? What problems do you think remained for the united states under this constitution? The structure of the US Gov under the new constitution sets out the powers of the United States does and what the State powers are as well. In addition Madison is setting up a competion between the US Gov and the States. The US gov can coin money, make taxes, make treaties. State Powers can create taxes, make treaties, but can’t coin money. Many of the powers of the States are often duplicated from the Us Gov. powers. Also there is the 3 branch concept which consist of Executive branch (President, Enforce laws),Legislative Branch (Congress, Make Laws), and Judicial Branch( Interept Laws). These branches will also compete with each other. Example of congress fighting with the president on raising the national debt ceiling. In addition the Judicial branch will sometimes get involved because they have the power to declare a law constitutional or unconstitutional which is the final say. In addion the Judicial Branch can also interpret laws made by the legislative Branch.The compromise that led to the ratification are Virginia Plan:being a large state, because virgina had a larger population.the viginians did not think it was fair for a state to have 3times less population to have a equal vote as a larger state such as virginia.They wanted more...
Words: 2690 - Pages: 11
...Market Failure An Economic Analysis of its Causes and Consequences Vani K. Borooah * Professor of Applied Economics University of Ulster February 2003 * School of Economics and Politics, University of Ulster, Newtownabbey BT37 0QB, Northern Ireland (VK.Borooah@ulst.ac.uk). I am grateful to the Department of Finance and Personnel (Northern Ireland) for supporting this work though, needless to add, I alone am responsible for the contents of this paper and, indeed, for any of its deficiencies. 1. Introduction Much of economic theory of the textbook variety is a celebration of the free market system. This celebration has two parts. First, the operation of the price system, in the context of competitive markets, leads to balance between the demand and supply of the different goods and services traded. In other words, flexible prices result in competitive markets clearing. Second, the market- clearing equilibrium - brought about through flexible prices and competitive markets - is a "good thing" in the sense that it is also a point of economic efficiency1. In other words competitive outcomes are also efficient ones. The fact that competition leads to efficiency is known as the First Fundamental Theorem of Welfare Economics2. These results - which are, of course, a vindication of Adam Smith's intuition about the existence of an "invisible hand" bringing consistency and order to the chaos of individual actions - would be remarkable in themselves. But there is more. The efficient...
Words: 14595 - Pages: 59
...Decentralization and Local Government in the Zimbabwean Constitution By Dele Olowu, Africa Europe Foundation, Netherlands Paper prepared for the Constitutional Conference, Zimbabwe, October 26-29, 2009, Rainbow Towers, Harare, Zimbabwe Introduction Local community governance is essential not only for the practice of good governance but also of economic growth and development. For this reason most of the developed countries of the world, irrespective of their political or economic systems, have a robust system of local or community governance. This also explains why many developing and former communist states have made solid efforts to enhance the capacities of their systems of local governance since the third wave of democratic revolution swept through the world in the 1980s and 1990s and the results have been quite impressive. Africa may be the only exception to this general principle even though there have been some progress as well in some countries. Unfortunately, Zimbabwe has not been part of the good news as far as the effort to enhance the capacity of local governance is concerned. It is ironic that over time, the resilient institutions of local governance that were inherited at independence have deteriorated over time-both in the cities or in the rural areas. It is even further ironic that though community organs were crucial during nationalist struggles in the countries in which political independence involved military engagement between occupying powers and...
Words: 7604 - Pages: 31
...7/7/2014 Evernote Export Modern Welfare Criteria Created: 5/22/2012 9:12 PM General Equilibrium and Perfect Competition General Equilibrium of Exchange and Consumption 1. We assume that there is no production and the economy is a pure exchange economy. There are 2 individuals and 2 goods, who will exhaust the goods together. Naturally they will consume until (MRS x,y )A = (MRS x,y )B. But we don't know beforehand what will be the exact equilibrium. But if we know the initial distribution, we can define the boundary within which the equilibrium solution will lie. 2. Thus the initial distribution of goods and their relative bargaining strengths will determine the equilibrium position. This general equilibrium determines not only the final distribution of goods but also the rates of exchange or relative prices. Note that however, we can't determine absolute prices from here, we can only determine relative prices. Show that in PC, General Equilibrium can exist 1. This ca be shown using the fact that under PC, relative prices which A is facing will be same as relative prices which B is facing and hence MRS x,y for both will be same. General Equilibrium of Production 1. We assume that all labor is homogenous, receives equal wages, total quantity of each factor (L and K) is fixed, the production function is continuous and twice differentiable and the technology is given which together with factor endowments limits the production possibilities. Naturally the equilibrium condition...
Words: 63611 - Pages: 255
...ACG 3401 Study Guide Exam 1 Accountants Roles * Management accountant * Internal auditor * Information systems auditor * External auitor * Tax accountant * Fraud examiner * Managerial Accountant * Provides info for mngmt decisions * Knowledge base: * * * * Business processes * Accounting information sustems * Internal controls * Managerial accouting techniques * Impact of accounting on behaviors Advocate for best info possible for making the best decision for the firm IMA Information criteria: 1. 2. 3. 4. Forward looking 5. Timely 6. Responsibility oriented Planning Systems (budgets) control systems (implement the course of action and evaluate) Management accounting answers questions related to : * * * * * Important customers ( profitability) * Substitute products * Critical capability * Funding ( growth) Value ( Adam Smith) * Value in use- derive value by using the product * Value in exchange- derive value from the exchange of that product for another good or service. Generic Value Chain Model: 1. 2. 3. 4. *Customer need identitified* 5. Identify the market and create the product/ service ( innovation cycle) 6. Build the product or service and deliver the product or service ( operations cycle) 7. Service the customer ( post sales service cycle) ...
Words: 2656 - Pages: 11
...Wharton MBA • Class of 2015 Waiver Exam Guide Table of Contents Introduction .................................................................................................................................................3 Accounting (ACCT611) Sample Placement Exam..................................................................................................................5 Sample Waiver Exam–Part 1 .........................................................................................................18 Sample Waiver Exam–Part 2 .........................................................................................................31 Sample Placement Exam Answers .................................................................................................49 Sample Waiver Exam–Part 1 Answers ..........................................................................................56 Sample Waiver Exam–Part 2 Answers ..........................................................................................60 Corporate Finance (FNCE611/612) Placement/Waiver Exam–Part 1....................................................................................................65 Placement/Waiver Exam–Part 2....................................................................................................70 Placement/Waiver Exam–Part 1 Answers.....................................................................................76 Placement/Waiver Exam–Part 2...
Words: 38181 - Pages: 153
...Shaun O’Malley 5/9/13 Social Problems 1969 is the year in which most attribute to the beginning of the gay rights movement in America. Before 1969 there was a real disconnect between this population and the political process, but when the NYPD raided a gay bar in Greenwich Village and started arresting people, the community had finally had enough. The following three days riots ensued, finally they had enough and no longer would they remain silent. The following year the first gay pride parades are held in New York City, Chicago, and Los Angeles, all of these were done to commemorate the one year anniversary of the Stone Wall incident. In 1977 in San Francisco California a movement would be lead by a charismatic man, Harvey Milk, who would be elected to the San Francisco Board of Supervisors. Harvey Milk continuously fought to de-marginalize the LBGTQ community fighting and dying for his cause. Milk would be assassinated in 1979 becoming the communities first great martyr. Over the following 24 years this fight would meet with great victories and terrible disappointments. Today the battle for these rights still continues, with passionate people on both sides. Attitudes in most parts of this country are evolving, more people are in favor of gay rights and same-sex marriage, but this is not enough. This issue, which has been labeled so many things, needs to be called what it really is. This issue is a matter of civil liberties, this is a fight for the civil rights...
Words: 2618 - Pages: 11
