Consumer ethnocentrism presents barriers for internationalising organisations. In China, evidence of a resurgent nationalism partly fuelled by rapid economic growth portends a shift in consumption away from foreign towards domestic products. On the other hand, rising consumer demand for branded and luxury products cannot be fully met domestically. However, much of the available evidence on Chinese consumer ethnocentrism is anecdotal and is based on attitudinal surveys that, as accurate measures of actual purchasing behaviour, suffer from certain methodological issues. In response, we report an experiment that measures the ethnocentrism of 447 Chinese consumers as their incentive‐compatible choices between foreign and domestic products in a field setting. Our findings show little effect of foreign origin on subjects' choices that were only weakly related with attitudinal measures including the commonly used consumer ethnocentric tendencies scale (CETSCALE). Our results question the existence of ethnocentric consumer behaviour in China and the use of CETSCALE to gauge it generally. Copyright © 2012 John Wiley & Sons, Ltd.
Objective: The aim of the study is to evaluate the impact of application of surgical strategies at different cancer stages on the survival of gallbladder cancer (GBC) patients. Methods: The patients with GBC were divided into 3 groups according to their received surgical strategies: simple resection (full-thickness cholecystectomy for removal of primary tumor site), radical resection (gallbladder bed removal combined with partial hepatectomy), and palliative surgery (treatment at advanced stages). The overall survival (OS) of GBC patients who were received different surgical strategies was compared. Results: Survival analysis showed that radical resection had a best OS at clinical stage II, and simple resection had a best OS at tumor clinical stage IV. Cox hazard proportional regression analysis showed that more advanced tumor stages, tumor location of gallbladder body or neck, and CA199 ≥ 27 U/mL were the major risk factors for the OS of GBC. Conclusions: At tumor stage II, radical resection should be the most effective surgical therapy for GBC. However, the effect of radical resection at advanced stages could be restricted. The utilization of radical resection should be increased at tumor stage II for a better long-term survival outcome.
This study examines the effects of acquirer characteristics on method of payment of Chinese acquirers on the basis of a sample of 1370 mergers and acquisitions that occurred between 1998 and 2008. Using both buy and hold abnormal returns and calendar time abnormal returns approaches, we find that Chinese acquirers experience pre-acquisition abnormal returns ranging from 14.29% to 121% over the period of 12-36 months prior to the acquisition relative to three different portfolio benchmarks. In the pre-bid period, acquisitions financed by shares outperform acquisitions financed by cash. However, in the post-acquisition period, we document no significant difference between cash-financed and equity-financed acquisitions. The study also finds that acquirer market value, Tobin's Q, state ownership and leverage have significant effects on the method of payment.
Using a sample of UK mergers and acquisitions from 1985-2004, we show that equity over-valuation appears to play an important role in the determination of financing method. Our results are broadly consistent with those theories based upon market over-valuation driving mergers and their financing, rather than a Q-theory explanation. In some contrast to the US results of Dong et al (2006) we find that proxies for over-valuation appear to be the more persuasive explanation for acquisition behaviour in the UK. We do not find any evidence to support the Qhypothesis. Given the evidence in favour of valuation effects, we argue that a selection model is necessary in investigating the long run performance of acquirers. Taken together with results from a univariate analysis, such a model reveals some modest, but not overwhelming, support for the Shleifer and Vishny (2003) hypothesis. However, we are unable to conclude that managers are acting in the best interests of the shareholders by using over-valued equity to purchase relatively under-valued targets. JEL Classifications: G14; G34We are grateful to seminar participants at the University of Exeter, and to Cherif Guermat and Grzegorz Trojanowski in particular for their helpful comments on earlier versions of this paper. The usual caveats on errors and omissions apply. All errors remain the responsibility of the authors 2 Stock market driven acquisitions versus the Q theory of takeovers -The UK evidenceOne of the more interesting theories to emerge from behavioural finance theorists in recent years has been that of market timing. Loughran and Ritter (2000) advance a theory of what they term "behavioural timing" which suggests that managers may seek to exploit perceived misvaluations of their firm's stock. This exploitation could, for example, take the form of issuing either equity or debt depending on perceived relative cheapness, or timing the decision to launch an initial public offering (IPO). Baker and Wurgler (2002) show that the financing structure of firms appears to be the result of past attempts to time the market. Shleifer and Vishny (2003) extend this market timing idea to suggest that firms make stock-financed acquisitions when their equity is highly valued, and in particular when it is more highly valued than the target's stock. Underlying all of these theories is the notion that management perceives the firm's stock to be misvalued by an inefficient market, and responds accordingly. In each case, they will be acting rationally and in the interests of existing stockholders, but at the expense of either new stockholders or new debtholders. For example, Loughran and Ritter (1995) and Baker and Wurgler (2000) show that stock returns are low following the issue of equity, and it is welldocumented that stock returns are low following equity-financed acquisitions (Agrawal and Jaffe (2000); Agrawal, Jaffe and Mandelker, 1995;Gregory, 1997;Loughran and Vijh, 1997;Rau and Vermaelen, 1998). A refinement of the theory of over-valuation driving mergers is f...
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