Over the past decade there has been mixed evidence on the lead–lag relation between issuer-paid and investor-paid credit rating agencies. We investigate the lead–lag relationship for changes in bond ratings (BRs) and financial strength ratings (FSRs), for the US insurance industry, where...

Retail electricity charges inevitably influence the financial rationale of using net-metered photovoltaic (PV) applications since their structure as well as their level may vary significantly over the life-cycle of a customer-sited PV generation system. This subsequently introduces a further...

Using event studies we find statistically and economically significant, negative daily abnormal stock market returns prior to sovereign debt rating downgrade announcements. Instrumental variable techniques show that these findings are more pronounced in countries with lower institutional...

In the channels literature, research involving behavioural constructs is extensive. However, there have been persistent calls for more comprehensive models to explain channel phenomena (Anderson and Narus 1984; Anderson and Narus 1990; Gattorna 1978, Stern and Reve 1980) particularly where all construct...

Japanese multinational companies (MNCs) have often been portrayed as highly centralised firms that limit the roles of overseas subsidiaries to the assembly and sale of standardised products designed and developed in Japan (see, e.g. Bartlett and Ghoshal, 1989: 51-2, 158-161). Their foreign...

Much recent work on firms' capabilities and competitive competences builds on Penrose's (1959) seminal contribution to the theory of the firm in emphasising their organisational nature, and the critical role of managerial routines in transforming resources into distinctive services (see, e.g....