CEO succession processes and agency costs

In the \u27passing the baton\u27 succession process, the incumbent CEO/Chairman relinquishes the CEO title, but retains the Chairman title to facilitate monitoring the new CEO during a probationary period. The new CEO eventually wins the Chairman title if he is successful during the probationary period. We argue that this type of succession process can lead to managerial conformism and conservatism because reputation concerns give the retiring CEO incentives to pressure the new CEO to continue existing policies and to avoid making major changes that could substantially improve performance or increase firm value. Consistent with this hypothesis, we find no changes in operating performance, abnormal stock returns, or the number of policy decisions the new CEO makes during his probationary period, but significant increases in all of these measures after the probationary period ends. Managerial entrenchment exacerbates succession-securing behavior during the probationary period, while effective monitoring and control mitigate it

An Empirical Examination Of the Rule Of Three : Strategy Implications For Top Management, Marketers, and Investors

This study represents the first empirical examination of the Rule of Three, a theory at odds with several popular notions regarding industry structure and business performance, including the positive linear market share-performance relationship. In general, the findings from more than 160 industries support the Rule of Three and provide five main insights: First, there appears to be a prevalent competitive structure for mature industries in which three generalist firms control the market. Second, industries that conform to this structure tend to perform better than industries with a fewer or greater number of generalists. Third, both specialists and generalists outperform firms that are stuck in the middle. Fourth, the performance benefits of market leadership appear to diminish with excessive market share. Fifth, the Rule of Three industry structure and its influence over firm profitability do not appear to be priced appropriately by financial markets. The authors discuss the implications for multiple stakeholders

Prepared activated carbon from hazelnut shell where coated nanocomposite with Ag+ used for antibacterial and adsorption properties

In this research, prepared activated carbon by H3PO4 from hazelnut shells was coated with silver ions for the preparation of nanoparticles which were mixed in two ratios (1:0.5 and 1:1) by using of chemical reduction method. The adsorption capacity of activated carbons has been proven by BET and iodine number. Then, the antimicrobial effect of nanoparticles on the Staphylococcus aureus and Escherichia coli was investigated; in addition to that, the characterization of hazelnut shell and silver-coated activated carbons was determined by Brunauer–Emmett–Teller (BET), scanning electron microscope (SEM), Fourier transform infrared spectroscopy (FT-IR), and X-ray diffraction (XRD) methods. The optimum condition of activated carbon from hazelnut shells indicated that 66.01% carbon content within 36.22% efficiency, while BET surface area achieved as 1208 m2/g and its contained 0.6104 cm3 g−1 total pore volume. The microbial effect indicated that 105 CFU/mL of E. coli was completely inhibited in 30 min. Silver-coated activated carbon showed excellent bacteriostatic activity against E. coli and S. aureus. The results show that the composite has good prospects for applications in drinking water. E. coli of 104 CFU/mL in drinking water were destroyed within 25 min of contact with the filter made with AgAC. © 2022, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature

An Empirical Examination of the “Rule of Three”: Strategy Implications for Top Management, Marketers, and Investors

This study represents the first empirical examination of the “Rule of Three,” a theory at odds with several popular notions regarding industry structure and business performance, including the positive linear market share–performance relationship. In general, the findings from more than 160 industries support the Rule of Three and provide five main insights: First, there appears to be a prevalent competitive structure for mature industries in which three “generalist” firms control the market. Second, industries that conform to this structure tend to perform better than industries with a fewer or greater number of generalists. Third, both “specialists” and generalists outperform firms that are “stuck in the middle.” Fourth, the performance benefits of market leadership appear to diminish with excessive market share. Fifth, the Rule of Three industry structure and its influence over firm profitability do not appear to be priced appropriately by financial markets. The authors discuss the implications for multiple stakeholders

Local Temperature Deviance And National Prices: The U.S. Natural Gas Market

In this study we investigate the price discovery process in the U.S. natural gas spot and futures markets. We explore the relationships between the spot and futures markets, the effect of U.S. temperature changes on these markets and, in addition, test whether New York City temperature changes have a special impact on the national market for natural gas.  We find that most price discovery occurs in the futures market. We also find that colder days in winter and hotter days in summer result in higher gas prices, although daily changes in temperature have a stronger effect on prices during the winter. Furthermore, we find that the daily temperature changes in New York City, where the futures market for natural gas is physically located, have an additional effect on gas prices beyond what could be explained by the temperature changes aggregated across the U.S

Impact: What Influences Finance Research?

Which journal articles have had the most impact on finance research? Which journals dominated finance research in the 1990s? We answer these and similar questions using a comprehensive sample of journals, an extensive time period, and a new ranking method that avoids problems inherent in the existing literature. Among our findings: six of the 10 articles most highly cited by finance journals were published in econometrics or economics journals; Journal of Finance has the most citations, but it accounts for only one of the top 10 articles; and Journal of Financial Economics has the highest impact per article

Impact: What Influences Finance Research?

Which journal articles have had the most impact on finance research? Which journals dominated finance research in the 1990s? We answer these and similar questions using a comprehensive sample of journals, an extensive time period, and a new ranking method that avoids problems inherent in the existing literature. Among our findings: six of the 10 articles most highly cited by finance journals were published in econometrics or economics journals; Journal of Finance has the most citations, but it accounts for only one of the top 10 articles; and Journal of Financial Economics has the highest impact per article

Influence of process parameters on the surface and chemical properties of activated carbon obtained from biochar by chemical activation

PMID = 2408029