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  • Blackwell Publishing Ltd  (7,732)
  • Annual Reviews
  • 2005-2009
  • 1990-1994  (8,727)
  • 1980-1984
  • 1970-1974
  • 1993  (8,727)
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  • 2005-2009
  • 1990-1994  (8,727)
  • 1980-1984
  • 1970-1974
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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 2
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    Antipode 25 (1993), S. 0 
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  • 3
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    Oxford, UK : Blackwell Publishing Ltd
    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
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    Topics: Geography
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  • 4
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    Antipode 25 (1993), S. 0 
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    Topics: Geography
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  • 5
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: Book Reviewed in this article:Alexander Wilson The Culture of Nature: North American Landscape from Disney to the Exxon Valdez.S. Fainstein, I. Gordon & M. Harloe (Eds.) Divided Cities: New York and London in the Contemporary World.K. Hoggart and D. Green (Eds.) London: A New Metropolitan Geography.B. Jacobs, Fractured Cities: Capitalism, Community and Empowerment in Britain and America.A. Thornley (Ed.) The Crisis of London.Samir Amin, Giovanni Arrighi, Andre Gunder Frank, Immanuel Wallerstein Transforming the Revolution: Social Movements and the World System.John Friedmann, Empowerment: The Politics of Alternative Development.Human Rights Commission, The Two South Africas; a people's geography.
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  • 6
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: This paper examines the restructuring of the local economy in Spain's largest cities, particularly Barcelona, but also Madrid and Seville, in relation to the main changes that have taken place in the urban environment since local democracy was re-established after the elections of 1979. This involves an analysis of the real capacity and impact of local council intervention in the economy and in the extension of the social dimension of citizenship. Despite their relatively small resources, local administrations have in the last few years attempted to create a more dynamic approach of leading, or at least collaborating in, economic and social reconstruction. The increasing role of localities in the economy has been particularly important since, in addition to counteracting a strong centralist tradition, it has coincided with the emergence of a new urban democratic arena which permits more social participation. However, the restructuring of state political and administrative power remains problematic at the local level due not only to the historical will of central government to apply a homogeneous pattern to heterogeneous urban realities, but also to the control that new regional governments seek to exercise over cities.
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  • 7
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: The paper deals with the working hypothesis and preliminary empirical research on longitudinal analysis of the new urban poor in large Italian cities. It begins by considering existing welfare provisions in Italy and the reasons why they are inadequate to the needs of the new urban poor, who are segments of an increasingly heterogeneous population hit by an accumulation of specific disadvantages, such as the socially isolated elderly with serious health problems, poorly educated young people with a low income family background, long-term unemployed adults who become in some areas professionally unemployable, migrants isolated from both local and fellow-countrymen networks. The paper then presents a preliminary analysis of data indicating the different typologies of new poverty in northern and southern Italian cities and discusses the problems raised for the Italian welfare system by the extension of these phenomena.
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  • 8
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 9
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: In summer 1990, the Commission of the European Communities published a “Green Paper” on the urban environment as a first step toward establishing an integrated policy for European cities, focusing on the revaluing of public space whose degradation is considered a symptom of a deep-seated developmental and environmental crisis. This article addresses the questions raised by the Green Paper: the needs to which it responds, and the results to be expected; the extent to which the proposed themes cover a “full range of difficulties facing Europe's conurbations,” given the diversity of urban space in the old continent. Finally, it considers the paper's relevance for Greek cities: this highlights the existence of non-discussed city typologies within the single European space, which means that the concept of the European city should be carefully re-examined and based on the social and cultural plurality and complexity of the European cities, rather than stressing the existence of a single city-type. The Green Paper, when seen not as a text of generalizing assumptions or an instrument for action, may very well act positively to open a debate that will reveal and answer the specificities and the problems of each city.
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  • 10
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: This paper offers a reading of Michael Moore's docu-comedy, Roger & Me, a film ostensibly chronicling the director's effort to interrogate General Motors Chairman Roger Smith following massive plant closures in and around Flint, Michigan in the 1980s. Our analysis focuses on four key themes: (1) the status of “community” as an ideological lever both prior and subsequent to GM's layoffs; (2) the spatial consequences of economic restructuring, expressed most formidably in the division between public and private space; (3) the charge that Moore's film suffers from a lack of objectivity; and (4) the notable absence of any significant representation of labor resistance to the plant closures. The film's themes, we argue, coalesce in an emblematic sequence involving Rhonda Britton, a woman who sells rabbits as both pets and meat. The paper concludes by calling for increased attention on the part of geographers to filmic portrayal, and, more generally, to all forms of representation and the issues which surround them.
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  • 11
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    Antipode 25 (1993), S. 0 
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    Topics: Geography
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  • 12
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: This paper deals with changes in the Athenian social structure, mainly in its geographical organization, between 1971 and 1981. These changes are identified by clustering all communities in the Athens region on the basis of socio-professional location quotients and then examining socio-professional ratio changes in the resulting clusters. A process of social segregation is found to be well under way although, during the same period, the Athenian social structure tended to depolarize (middle class increase). Explanatory hypotheses are formulated on the basis of industrial stagnation, tertiarization, public sector employment, housing and urban practices and policies as well as urban congestion and air pollution. Finally, a link is attempted with more recent developments and tendencies.
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  • 13
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    Antipode 25 (1993), S. 0 
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    Topics: Geography
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  • 14
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: Books reviewed in this article:Daniel Drache and Meric S. Gertler (eds.) The New Era of Global Competition: State Policy and Market PowerMike Davis, City of Quartz. Excavating the Future in Los AngelesD. Massey, P. Quintas and D. Wield High-Tech Fantasies: Science Parks in Society, Science and SpaceSally Sontheimer (Ed.), Women and the Environment: A Reader, Crisis and Development in the Third World
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  • 15
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
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    Topics: Geography
    Notes: This paper concerns the role of ideology in the operation of urban land and housing markets. We argue that existing work in this area tends to be overly abstract and to reify ideology. To correct this, we advocate examining understandings of particular land and housing markets. We focus on Portland, Maine, and analyze discourses on the uneven costs of social development, inner-city redevelopment, a recent decline in the regional economy and Portland's place in that economy. Traditional pro-market interpretations dominate, but we also identify more politicized understandings - many of which are also pro-market. They are applied very selectively, for example to explain a crisis but not a boom. We conclude that politicized conceptions of market operations are not necessarily radical and may in fact be crucial to the survival of capitalism.
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  • 16
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    Antipode 25 (1993), S. 0 
    ISSN: 1467-8330
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    Topics: Geography
    Notes: The role of the state in landscape production has been little theorized in geography. In this paper, I examine the role played by state institutions in determining landscape morphology by focusing on the activities of the California Commission of Immigration and Housing as it attempted to mitigate the conditions that led to the violent Wheatland “riot” of 1913. This rebellion by radicalized migratory workers was central to the creation of the abundant agricultural landscape of California in the years before the United States entered World War I. By telling the story of Wheatland and the state responses it induced, I hope to move discussions of landscape geography beyond both traditional concerns with landscape as a reflection of “culture” and contemporary concerns with metaphors of landscape as text.
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  • 17
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    Antipode 25 (1993), S. 0 
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    Topics: Geography
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  • 18
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    Antipode 25 (1993), S. 0 
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    Topics: Geography
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  • 19
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    Antipode 25 (1993), S. 0 
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  • 20
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    Corporate governance 1 (1993), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 21
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    Corporate governance 1 (1993), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 22
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    Corporate governance 1 (1993), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This exploratory study addresses an important knowledge gap identified by Pettigrew, 1992, concerning board dynamics by reporting basic descriptive information on board of director meetings and information flows to board members. The study specifically examines the information amount, format, and source relative to the number of board meetings, the number of board members, and the time directors spend in preparation for board meetings.
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  • 23
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    Corporate governance 1 (1993), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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    Corporate governance 1 (1993), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This article examines a case of fraud – the Maxwell case – to assess the implications for corporate governance in Britain. The analysis of the case shows how Robert Maxwell was able to avoid the established network of regulations and controls. The authors then make a number of recommendations which suggest how this kind of fraud may be prevented in the future.
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    Corporate governance 1 (1993), S. 0 
    ISSN: 1467-8683
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    Topics: Political Science , Economics
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  • 26
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    Corporate governance 1 (1993), S. 0 
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    Topics: Political Science , Economics
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  • 27
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    Corporate governance 1 (1993), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Book Reviwes in The Article:Demb, Ada & Franz-Friedrich Neubauer, (1992) The Corporate Board: Confronting the Paradox', Oxford University Press, New York.Institute of Chartered Accountants of Scotland, (1992) Corporate Governance: Directors' Responsibilities for Financial Statements.Davies, Adrian, (1991) Strategic Leadership: Making corporate plans work, Woodhead- Faulkener.Levhe, Dennis (with William Hoffer), (1992) Inside Out, Arrow Books, London.Tang, Yung Wei, Lynne Chow and Barry J. Cooper, (1992) Accounting and Finance in China – a review of current practice, Longman (Far East), Hong Kong.Badaracco, Joseph L., Jr., (1991), The Knowledge Link – how firms compete through strategic alliances, Harvard Business School Press, Cambridge, Mass.Bower, Tom, (1992) Maxwell – the outsider, Mandarin, London (revised).Bruck, Connie, (1988) The Predators' Ball, Simon and Schuster, New York.Greenslade, Roy, (1992) Maxwell's Fall, Simon and Schuster, London.Institute of Directors, (1991) Guidelines for Directors, fifth edition, The Director Publications Ltd., Mountbarrow House, Elizabeth Street, London SW1 9RB, England (FAX 71235 5627).
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    Creativity and innovation management 2 (1993), S. 0 
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper offers a contribution to entrepreneurship theory and aims to promote a new perspective of the phenomenon. It suggests that entrepreneurship may be conceived in two different modes: an evolutionary mode and a revolutionary mode. This distinction leads to a consideration of the differences between the two modes, and the nature of their interaction over time. It will be argued that this interaction leads to an alternation in the relative dominance of these two modes, and that this changes both the context and the significance of different types of entrepreneurial activities over time.
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    Creativity and innovation management 2 (1993), S. 0 
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Book review in this ArticleDavid Casey (1993) Managing Learning in OrganizationsMichael Geddes, Colin Hastings & Wendy Briner, Project LeadershipMark Pendergrast, (1993) For God, Country and Coca-Cola
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    Creativity and innovation management 2 (1993), S. 0 
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Successful product innovation requires more than the management of technology; it also must address users’ problems and needs, how the product will be used, and for what purpose. Regarded in this way, a product innovative process is essentially a creative learning process. Based on in-depth analysis of nine cases, we identify and discuss two learning themes: anchoring and intragroup coherence. The former concerns the what of a comprehensive product package, and the latter concerns the how of building a product team. Several principles supporting successful innovation have been identified.
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    Creativity and innovation management 2 (1993), S. 0 
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    Topics: Economics
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    Creativity and innovation management 2 (1993), S. 0 
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Continuous improvement programmes constitute an area in which creativity seems to play a vital role. This paper shows how continuous improvement may be studied more effectively in a framework which reveals relationships between the four facets of creativity: products, processes, people, and the press or environment. It is suggested that such a systematic analysis can enhance continuous improvement efforts by indicating how momentum is maintained as the company develops self-reflective (‘learning’) skills.
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    Creativity and innovation management 2 (1993), S. 0 
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The prime purpose of this article is to identify the differences we expect to find among highly gifted scientists and thus to guide us in supporting and managing their efforts. Differences that are important to this purpose can be grouped into those which describe:〈list style="custom"〉the way in which a person worksthe way in which he or she interacts with the environmentthe ways in which a manager can both improve the creative person's effectiveness and manage his or her performance.
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    Labour 7 (1993), S. 0 
    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. Empirical research on gender pay gaps has traditionally focused on the role of gender-specific factors, particularly gender differences in qualifications and differences in the treatment of otherwise equally qualified male and female workers (i.e. labor market discrimination). An innovative feature of recent research is to focus on the role of wage structure — the array of prices set for various labor market skills — in influencing the gender gap. In this paper, I consider the determinants of gender differences in pay and summarize empirical evidence on the importance of various factors in explaining gender pay gaps, highlighting the role of wage structure. To illustrate how it can impact the gender gap, I summarize my research on international differences in male-female wage differentials, as well as preliminary findings on trends over time in gender differentials in the United States.
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    Labour 7 (1993), S. 0 
    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. This paper analyses the structure of the Brazilian Labour Code (CLT), the changes introduced since its approval in 1943, emphasizing the new Federal Constitution of 1988, the costs of labour and of dismissals for employers, the structure of union organizations, the regulation of collective bargaining and capital labour conflicts, and the process of wages determination. We also analyze the evolution of strike activity, and the evolution of wage differentials and functional distribution of income between profits and wages in industry in the last 15 years.
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    Mathematical finance 3 (1993), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: An empirical version of the Cox, Ingersoll, and Ross (1985a) call option pricing model is derived, assuming execution price uncertainty in the options market. the pricing restrictions come in the form of moment conditions in the option pricing error. These can be estimated and tested using a version of the method of simulated moments (MSM). Simulation estimates, obtained by discretely approximating the risk-neutral processes of the underlying stock price and the interest rate, are substituted for analytically unknown call prices. the asymptotics and other aspects of the MSM estimator are discussed. the model is tested on transaction prices at 15-minute intervals. It substantially outperforms the Black-Scholes model. the empirical success of the Cox-Ingersoll-Ross model implies that the continuous-time interest rate implicit in synchronous transaction quotes of 90-day Treasury-bill futures contracts is an-albeit noisy-proxy for the instantaneous volatility on common stock. the process of the instantaneous volatility is found to be close to nonstationary. It is well approximated by a heteroskedastic unit-root process. With this approximation, the Cox-Ingersoll-Ross model only slightly overprices long-maturity options.
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    Mathematical finance 3 (1993), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: In this paper we use the Cox, Ingersoll, and Ross (1985b) single-factor, term structure model and extend it to the pricing of American default-free bond puts. We provide a quasi-analytical formula for these option prices based on recently established mathematical results for Bessel bridges, coupled with the optimal stopping time method. We extend our results to another interest rate contingent claim and provide a quasi-analytical solution for American yield option prices which illustrates the flexibility of our framework.
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    Mathematical finance 3 (1993), S. 0 
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    Topics: Mathematics , Economics
    Notes: Using Bessel processes, one can solve several open problems involving the integral of an exponential of Brownian motion. This point will be illustrated with three examples. The first one is a formula for the Laplace transform of an Asian option which is “out of the money.”The second example concerns volatility misspecification in portfolio insurance strategies, when the stochastic volatility is represented by the Hull and White model. The third one is the valuation of perpetuities or annuities under stochastic interest rates within the Cox-Ingersoll-Ross framework. Moreover, without using time changes or Bessel processes, but only simple probabilistic methods, we obtain further results about Asian options: the computation of the moments of all orders of an arithmetic average of geometric Brownian motion; the property that, in contrast with most of what has been written so far, the Asian option may be more expensive than the standard option (e.g., options on currencies or oil spreads); and a simple, closed-form expression of the Asian option price when the option is “in the money,” thereby illuminating the impact on the Asian option price of the revealed underlying asset price as time goes by. This formula has an interesting resemblance with the Black-Scholes formula, even though the comparison cannot be carried too far.
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    Mathematical finance 3 (1993), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We analyze the optimal risky investment policy for an investor who, at each point in time, wants to lose no more than a fixed percentage of the maximum value his wealth has achieved up to that time. In particular, if Mt is the maximum level of wealth W attained on or before time t, then the constraint imposed on his portfolio choice is that WtαMt, where α is an exogenous number betweenα O and 1. We show that, for constant relative risk aversion utility functions, the optimal policy involves an investment in risky assets at time t in proportion to the “surplus”Wt - αMt. the optimal policy may appear similar to the constant-proportion portfolio insurance policy analyzed in Black and Perold (1987) and Grossman and Vila (1989). However, in those papers, the investor keeps his wealth above a nonstochastic floor F instead of a stochastic floor αMt. the stochastic character of the floor studied here has interesting effects on the investment policy in states of nature when wealth is at an all-time high; i.e., when Wt =Mt. It can be shown that at Wt=Mt, αMt is expected to grow at a faster rate than Wt, and therefore the investment in the risky asset can be expected to fall. We also show that the investment in the risky asset can be expected to rise when Wt is close to αMt. We conjecture that in an equilibrium model the stochastic character of the floor creates “resistance” levels as the market approaches an all-time high (because of the reluctance of investors to take more risk when Wt=Mt).
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    Mathematical finance 3 (1993), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: The price of a risky asset § is described by a Markov diffusion with jumps. In general there may be many equivalent martingale measures. Contingent claims which depend on the price of § at some time T may not be attainable, and the market may not be complete. However, using a martingale representation result, the local risk-minimizing strategy is explicitly constructed. This in turn provides a new motivation for the concept of the minimal martingale measure.
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    Topics: Mathematics , Economics
    Notes: The exponential of a scalar diffusion is considered. Point estimates of the diffusion coefficient can be obtained by considering proportional increments of different powers of the exponential. an investigation of the minimum variance estimator gives unique optimal power.
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    Notes: This paper derives the equilibrium excess returns on risky assets in an exchange economy where the underlying exogenous uncertainty is a combination of a pure multidimensional jump process and a diffusion model. We derive closed-form solutions for the interest rate and the risk premiums on risky assets for a traditional class of separable utility indices. Our analysis demonstrates that when the underlying jumps of the aggregate consumption process are not negligible, then the traditional form of the consumption-based capital asset princing model need not hold and the asset risk premiums may be larger than predicted by the traditional CCAPM in continuous time, based on pure Itô diffusion processes. Our analysis suggests an explanation for the large estimates of the risk premiums reported in empirical tests of the single-beta CCAPM.
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    Topics: Mathematics , Economics
    Notes: In this paper we develop a new notion of convergence for discussing the relationship between discrete and continuous financial models, D2-convergence. This is stronger than weak convergence, the commonly used mode of convergence in the finance literature. We show that D2-convergence, unlike weak convergence, yields a number of important convergence preservation results, including the convergence of contingent claims, derivative asset prices and hedge portfolios in the discrete Cox-Ross-Rubinstein option pricing models to their continuous counterparts in the Black-Scholes model. Our results show that D2-convergence is characterized by a natural lifting condition from nonstandard analysis (NSA), and we demonstrate how this condition can be reformulated in standard terms, i.e., in language that only involves notions from standard analysis. From a practical point of view, our approach suggests procedures for constructing good (i.e., convergent) approximate discrete claims, prices, hedge portfolios, etc. This paper builds on earlier work by the authors, who introduced methods from NSA to study problems arising in the theory of option pricing.
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    Mathematical finance 3 (1993), S. 0 
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    Topics: Mathematics , Economics
    Notes: A consol is a default-free financial instrument paying a constant stream of one unit of money. A synonym is a perpetuity. the valuation of a consol presents a particular difficulty: the time horizon of this instrument is infinity, and hence the usual technique of replacing the physical probability measure by a new probability measure represents serious problems with regard to absolute continuity of the two measures. We will work out explicit formulas when the instantaneous riskless interest rate follows a square-root process under the risk-free measure. Several mathematical properties will be investigated. Yor and Geman and Yor have considered the problem of pricing consols and carry out a more fundamental analysis (see References). This paper is self-contained and emphasizes properties or techniques not covered by those authors.
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    Notes: This paper treats the problem of consumption and portfolio choice in continuous time, with stochastic income that cannot be replicated by trading the available securities. the optimal controls and value functions are characterized in terms of the viscosity solution of the associated Hamilton-Jacobi-Bellman equation, which is shown to exist and is characterized. the optimal policy is then given from the first-order conditions of the Hamilton-Jacobi-Bellman equation.
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    Mathematical finance 3 (1993), S. 0 
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    Notes: Several risk-neutral expectation formulae are derived in a general multifactor setting. Specializing to deterministic covariances of returns, they lead to formulae for forward and future prices as well as formulae for options on forward and futures contracts. the results are applicable to currencies, bonds, commodities with stochastic convenience yield, and stock indices. For currencies, a noarbitrage relation between domestic and foreign economies is formulated and applied to evaluate quanto futures and options.
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    Notes: We control a diffusion process with constant coefficients in order to keep this process in a given band with impulse control methods. We prove that there exists an optimal control if the cost associated with each control is a fixed cost plus a proportional cost. We study the problem of the exchange rate and prove that it is possible to keep the exchange rate in a target zone with discrete interventions.
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    Notes: We consider the American put option in the Black-Scholes model. When the value of the option is computed through numerical methods (such as the binomial method and the finite difference method) the approximation yields an approximate critical price. We prove the convergence of this approximate critical price towards the exact critical price.
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    Notes: We derive a computable approximation for the value of a European call option when prices satisfy a jump-diffusion model with the coefficients depending explicitly on time. This is achieved by approximating the original coefficients with functions that are piecewise constant in time. We give an interpretation of the approximating option values, in particular in the context of a discrete-time model associated with the approximating continuous-time model.
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    Notes: The aim of this paper is to develop a model for the pricing of European options under the assumption of a stochastic interest rate in a discrete-time context. This is accomplished by combining the well-known binomial model for a stock with a binomial model for the spot interest rate.
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    Notes: This paper studies the moments of some exponential-integral functionals of Bessel processes, which are of interest in some questions of mathematical finance, including the valuation of perpetuities and Asian options.
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    Notes: We construct a continuous bounded stochastic process (St,)1E[0,1] which admits an equivalent martingale measure but such that the minimal martingale measure in the sense of Föllmer and Schweizer does not exist. This example also answers (negatively) a problem posed by Karatzas, Lehozcky, and Shreve as well as a problem posed by Strieker.
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    Notes: We consider hedging strategies against contingent claims depending on a large number of assets (typically options on an index). We introduce strategies involving a limited number of assets and give explicit formulae to characterize optimal strategies. Numerical methods to compute these formulae are also discussed.
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    Notes: This paper studies a class of diffusion models for stock prices derived by a microeconomic approach. We consider discrete-time processes resulting from a market equilibrium and then apply an invariance principle to obtain a continuous-time model. the resulting process is an Ornstein-Uhlenbeck process in a random environment, and we analyze its qualitative behavior. In particular, we provide simple criteria for the stability or instability of the corresponding stock price model, and we give explicit formulae for the invariant distributions in the recurrent case.
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    Notes: For a compound Poisson process with negative drift and jump distribution consisting of a mixture of exponentials on [0) and on (-, 0), an exact expression is derived for the probability of hitting the level c, c 〉 0. the problem is motivated by modeling the returns from trading on financial markets.
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    Notes: The subject of the present paper is the following. Suppose that W is a class of adapted, right-continuous processes on the continuous time horizon [0, 1], and for every stopping time and W, () is bounded below. A necessary and sufficient condition will be given for the existence of a probability measure Q which is equivalent to the original measure and such that each process in W is a martingale under Q. If the processes in W represent the discounted prices of available securities, then the condition given here for the existence of a martingale measure can be interpreted as absence of “free lunch” in the securities market. This is a familiar kind of theorem from the finance literature; the novelty of this paper is that the security prices are not required to be in LP for some 1 p, nor are they assumed to be continuous. Also, the concept of free lunch is invariant under the substitution of the original probability measure by an equivalent probability measure. the assumption that () is bounded below for every W and stopping time is quite natural since prices are nonnegative.We shall define a class of admissible subjective probability measures and assume that each agent in the economy has selected a subjective probability measure from (hat class. Subjective free lunch for an agent will be defined using his or her subjective probability measure. It will be shown that under an additional condition the existence of free lunch is equivalent to the existence of a common subjective free lunch simultaneously for all possible agents in the economy.
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    Topics: Economics
    Notes: A theoretical two-stage bargaining model for wage drift and minimum contractual wage is discussed and its implication in terms of Granger-causality between the two variables is tested by using Italian aggregate time series. Empirical evidence suggests rejecting the independence of the two series. This result has, in turn, implications for policy analysis. Our findings seem to indicate the appropriateness of a policy oriented towards decentralized wage setting.
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    Labour 7 (1993), S. 0 
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    Topics: Economics
    Notes: This article discusses the definitions of the term “work” which could be applied to advanced industrial societies, and which cover an increasingly complex range of activities. The authors' definition can be viewed as an attempt to forge a significant link between economic and sociological analysis, in order to understand the complex connections, typical only of industrial societies, between different forms of work and employment, and the variety of patterns of social reproduction of diverse groups in different periods and contexts.
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    Notes: The increase in unemployment rates in the G7 countries is broken down into both labour supply and labour demand components. In no case is there a dominant source. Real GDP generally ranks first but does not account for more than a third of the overall changes. This finding shows that unemployment cannot be equated to negative employment since the labour force is generally increasing and volatile, mostly because of rising participation rates. Another reason why unemployment is not a reliable indicator of macroeconomic performance is that labour hoarding reduces employment response to output changes; this is especially true for Japan and Europe.
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    Notes: Abstract. Traditional issues in personnel have generally been analysed by industrial psychologists or sociologists. While their work has produced insights, some of the problems are inherently economic. This paper examines some traditional personnel issues in an economic framework. Worker turnover, incentive problems, promotion decisions, compensation methods, up-or-out arrangement and job tenure are analysed. Some questions for future research are presented in conclusion.
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    Notes: Abstract. We analyse the unemployment problem in the largest Chinese city, Shanghai, based on a survey of the unemployed conducted in late 1989. We find, as expected, that unemployment is particularly serious among school-leavers and contract and temporary workers, but also find a surprisingly high incidence of unemployment amongst permanent state employees and relatively long unemployment durations. The Shanghai unemployed rely heavily on occasional work for support, and only a small proportion-receive state benefit. We identify problems of interpretation stemming from the stock-sampling nature of the survey, and use non-parametric methods to reveal an underlying strong downward movement in individual re-employment probabilities.
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    Notes: Abstract. This paper is concerned with the possible economic effects of the demographic movements expected to emerge in the OECD area over the next 30 years. It is argued that the labour and product market implications of the changing population size and ageing are not as worrying as conventional wisdom believes, especially if counterbalancing economic policies are implemented. The most negative effect will probably concern a potential productivity slowdown, but ageing might also have some positive side-effects; implying, for example, declining youth unemployment.
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    Metroeconomica 44 (1993), S. 0 
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    Notes: Perfect foresight dynamics require local determinateness and, consequently, sensitivity to initial conditions. If such dynamics have to be computable, exact integration is needed. We study a non-linear optimal control problem which cannot be integrated exactly; we also introduce some simpler, implementable policy rules and compare their relative performance. Our results make out a case against perfect foresight as a positive theory of expectations formation and as a useful modelling tool.
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    Creativity and innovation management 2 (1993), S. 0 
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    Topics: Economics
    Notes: Academics and practitioners have increasingly been paying attention to process innovation as a means of improving the competitive positioning of manufacturing firms. It is only recently that this attention has turned to the small manufacturing firms. Results from an empirical study indicate that the level of entrepreneurial intensity differs with the organizational status of CEOs. Further, CEOs’ organizational status strongly influences the link between entrepreneurial intensity and the degree of process innovativeness of the small firm. In particular, this link is strongest in the case of owner-founders and is weakest in the case of CEOs who were brought in from outside by a head office.
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    Notes: Creativity is defined as the balanced unfolding and converging of experience and entrepreneurship as the management of radical change. The entrepreneur is seen - in contrast to the view in mainstream economics - as a visionary activist, who is able to constructively handle the often conflicting demands of unplannable emerging situations. Visions, wholistic guiding images of future possibilities, are viewed as the main guiding forces in creativity and entrepreneurship and innovation as the creation of the future. Mainly concerned with the dynamic management of image and innovation, the successful entrepreneur excels in perceiving, opening up and exploiting new technological, marketing and organizational possibilities.
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    Notes: This paper details a study of over 400 R&D scientists in 10 technology-based organisations. There were two objectives, first, to establish whether employees differentiated between organisation according to their reputations for a commitment to scientific research. Secondly, to identify the factors which ‘determined’ a good or bad reputation. The results indicate that an innovatory climate is the main determinant of an R&D Department's reputation. That is, the extent to which R&D employees believe their organisation is a good place in which to practice science is dependent upon whether or not they are encouraged to be creative and innovatory. Job satisfaction was also strongly linked to a good reputation and it is argued that this confirms the importance of an innovatory climate for R&D scientists.
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    Notes: This article examines the concept of entrapment and compares it with Yang and Dougherty's (1993) theory of anchoring, each within the framework of innovation management. It is argued that entrapment can occur for different reasons. Among these are the need of executives to defend and confirm their initial decisions and judgement; the desirability of avoiding the waste of sunk costs; the possibility of providing an opportunity for the project to succeed; the treatment of negative feedback as a learning experience (a cue to revise inputs rather than cancel them); and the social costs and benefits relating to image and reputation which are at risk if a project is terminated. Suggestions have been made as to how entrapment might be avoided by making organisational adjustments.
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    Notes: This article describes the rationale for the multiphase creative problem solving process, and reports the findings from an empirical investigation conducted to facilitate the problem solving of managers. The ideational skills of the managers were assessed before and after training in a complete process of creative problem solving, along with their ideational attitudes, creative problem solving style (i.e., generator, conceptualizer, optimizer, or implementor), and evaluative skill (i.e., ability to recognize original ideas). The most important findings indicated that the training had a significant impact on the evaluative accuracy of the managers. They were significantly more accurate in their judgments about original ideas after training, both in their identification of original ideas and their recognition of unoriginal ideas. After training, the managers also gave more solutions and more original solutions to problems. Finally, several variables (e.g., the “preference for active divergence” attitude, and the conceptualizer process style) seemed to moderate the impact of training. Training was therefore effective, with specific effects that can be predicted from pre-training individual differences in attitudes and process style.
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    Notes: Question: Many organizations are introducing culture change programmes. In your experience, what practical factors have to be taken into account in the introduction of such programmes?
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    Notes: Programmes for stimulating innovation in Small and Medium Enterprise (SMEs) in Greece have been examined. Problems of innovation development, lack of funds, and marketing have been identified. The case is followed by comments from researchers with experience of entrepreneurship in various different countries.
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    Notes: Inventions are the economic fruits of a type of creative activity that can be highly dependent on imagination. They need some form of protection if investment to turn them into concrete reality is to be rational. This is because they consist of information, which is difficult to produce, but all too easy to reproduce. Our present arrangements for protecting inventions (i.e. patents) unfortunately leave much to be desired.
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    Notes: Technological innovation and entrepreneurship can promote regional economic development through the creation of new business ventures. The main critical factor of success is the presence of an infrastructure for entrepreneurial innovation, including New Business Incubators and Technology Parks. The paper discusses the basic elements of the infrastructure and how they can be planned and implemented. An illustrative example is the case history of work done in Cuernavaca, Mexico. The lessons learned from this project and similar projects in the USA and France are summarized and emphasis is given to the key role of an executive champion.
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    Notes: In the field of Entrepreneurial research, financial innovations have been less studied and reported than product or process innovations. A case example is presented with implications for a large number of firms requiring financial restructuring as a precondition to attracting equity investmemnt. An insolvent asparagus exporter with high growth potential offered opportunity to test a model of financial restructuring and unlisted equity marketing, the ersatz venture capital (EVC) hypothesis. A business plan written in accordance with EVC prescriptions revealed the company's potential and attracted investors. It is argued that the approach may help solve two pressing problems of the Australian economy: re-vitalisation of businesses rendered insolvent by excessive debt and stimulation of a depressed venture capital market.
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    Notes: In the last issue Terry Arthur made some personal observations on the UK Report of the Committee on the Financial Aspects of Corporate Governance, (The Cadbury Report). To ensure that Corporate Governance acquires a reputation as a reliable journal of report, it is appropriate that we now include a response from Sir Adrian. Editor
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    Notes: This article explains the origins of the RSA (Royal Society for the encouragement of Arts, Manufactures & Commerce) Inquiry Tomorrow's Company: the role of business in a changing world, and discusses some of the issues raised in the consultations with business leaders which will be tackled by the Inquiry.
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    Notes: Book Reviwes in The Article:Auerbach, Alan J. (Editor), (1988, paperback 1991), Corporate Takeovers – causes and consequences, University of Chicago Press, Chicago.Bartlett, Sarah; (1991) The Money Machine – How KKR Manufactured Power and Profits; Warner Books, New YorkFell, Robert, (1992), Crisis and Change – the maturing of Hong Kong's financial markets, Longman, Hong KongMantle, Jonathan; (1992), For Whom the Bell Tolls – the lesson of Lloyd's of London; Sinclair-Stevenson, LondonSheridan, Thomas and Nigel Kendall(1992), Corporate Governance – an action plan for profitability and business success, Financial Times and Pitman, LondonSpicer, Barry, Robert Bowman, David Emanuel and Alister Hunt, (1991), The Power t o Manage – restructuring the New Zealand Electricity Department as a State Owned Enterprise, Oxford University Press, Auckland, New ZealandStevens, Mark (1992) The Big Six; Simon and Schuster, New York.Vernon, Raymond; (1992) Are Foreign-owned Subsidiaries Good for the United States? Group of Thirty Occasional Paper No. 37; Group of Thirty, 1990 M Street, Washington, DC 20036, USA.David, Fred R., (1991) Concepts of Strategic Management, Macmillan Publishing Company, New York.Institute of Directors; Corporate Governance Series; Institute of Directors, London, 1992Kirdar, Uner (editor), (1992), Change – threat or opportunity for human progress? Volume 3, Globalization of Markets, United NationsRugman, Alan M. and Main Verbeke, (1990), Global Corporate Strategy and Trade Policy, Routledge, London.Shapiro, Alan C., (1991) Modern Corporate Finance, Macmillan Publishing Company, New York.
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    Notes: Prior studies have indicated the problem of ignoring the impact of environmental considerations when undertaking ratio analysis. This paper shows how the intercorporate ownership structure of Japan can influence financial ratios. It also presents two adjustment procedures to increase the comparability between U.S. and Japanese financial statements. The treasury stock method has its roots in Western consolidation principles, but is difficult to calculate for the typical Japanese Keiretsu. The preference share method is based on the stable shareholding structure of Japanese corporate ownership and is relatively easier to implement.
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    Notes: Book Reviwes in The Article:Kochan, Nicholas and Michel Syrett; New Directions in Corporate Governance; Report no. 2137; Business International Ltd., London, 1991Peacock, Alan and Graham Bannock, Corporate Takeovers and the Public Interest, Aberdeen University Press, 1991.Smith, Terry; Accounting for Growth; Century Books, London, 1992Cluman, Richad M.; To the End of Time – the seduction and conquest of u media empire; Simon and Schuster, New York, 1992Lewis, Michael; The Money Culture; Hodder and Stoughton, London, 1991; Coronet edition 1992Scott Morton, Michael S. (Editor); The poration of the 1990s – information technology and organizational transformation; Oxford University Press, New York, 1991
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