85532599
A Bridge Too Far: Divestiture as a Strategic Reaction to Status Inconsistency
This study focuses on the market identities of firms and suggests that identity ambiguity is caused not only by bridging horizontal product categories but also by status inconsistency stemming from bridging vertical status categories. Focusing specifically on how firms reduce status inconsistency by restructuring their business portfolios, we argue that status inconsistency motivates firms to divest business units to present a more coherent vertical market identity. Emphasizing the interplay between horizontal and vertical identity ambiguity, we argue furthermore that status-inconsistent units that are related to the core business units within a firm are more likely to be divested. Using a comprehensive sample of publicly traded U.S. firms from 1998 to 2014, we report that status inconsistency increases the likelihood of divestiture that decreases status inconsistency, particularly for high-status firms. Moreover, although status-inconsistent units are generally more likely to be divested, this effect is ...
143734005
The Categorical Imperative: Securities Analysts and the Illegitimacy Discount
This article explores the social processes that produce penalties for illegitimate role performance. It is proposed that such penalties are illuminated in markets that are significantly mediated by product critics. In particular, it is argued that failure to gain reviews by the critics who specialize in a product's intended category reflects confusion over the product's identity and that such illegitimacy should depress demand. The validity of this assertion is tested among public American firms in the stock market over the years 1985–94. It is shown that the stock price of an American firm was discounted to the extent that the firm was not covered by the securities analysts who specialized in its industries. This analysis holds implications for the study of role conformity in both market and nonmarket settings and adds sociological insight to the recent “behavioral” critique of the prevailing “efficient‐market” perspective on capital markets.
54207156
Multiple Category Memberships in Markets: An Integrative Theory and Two Empirical Tests
This article examines the effects of market specialization on economic and social outcomes. Integrating two perspectives, we explore why products that span multiple categories suffer social and economic disadvantages. According to the audience-side perspective, audience members refer to established categories to make sense of products. Products that incorporate features from multiple categories are perceived to be poor fits with category expectations and less appealing than category specialists. The producerside view holds that spanning categories reduces one's ability to effectively target each category's audience, which decreases appeal to audience members. Rather than treating these as rival explanations, we propose that both processes matter and offer a systematic, integrated account of how penalties arise as a consequence of audience-side and producer-side processes. We analyze data from two dissimilar contexts, eBay auctions and U.S. feature-film projects, to test the central implications of our theory. Together, these tests provide support for our integrated approach and suggest that both processes contribute to the penalties associated with category spanning.
34047006
Out of Sight, Out of Mind? Evidence of Perceptual Factors in the Multiple-Category Discount
Extant work shows that market actors who span multiple social categories tend to be devalued relative to their more specialized peers. Scholars typically explain this pattern of results with one of two arguments. Some contend that perceptual factors—namely, the difficulties that buyers have in making sense of category spanners—contribute to the observed pattern of devaluation. Others argue that the penalty for category-spanning stems from the fact that those who do not focus their efforts narrowly tend to offer products that are of lower quality. Because these two mechanisms often co-occur, it has been difficult to provide definitive evidence of the perceptually driven component of the multiple-category penalty. We employ a natural experiment on a peer-to-peer crowd-funding website to address this gap. Difference-in-difference analyses on matched samples show that category spanning is perceived negatively and can result in devaluation, even in the absence of underlying quality differences. This result supports the argument that perceptual issues contribute to the penalty for category spanning.
54734512
Jacks of All Trades and Masters of None: Audiences' Reactions to Spanning Genres in Feature Film Production
Through analyses of audience reception of U.S.-produced feature film projects from the period 2000–2003, I develop insight into the trade-off assumed in organizational ecology theory between an organization's niche width and its fitness. This assumption, termed the principle of allocation, holds that the greater the diversity in regions of resource space targeted by an organization, the lower the organization's capacity to perform well within them. Using data at both the professional critic and consumer levels, I demonstrate the empirical validity of this principle: films targeting more genres attract larger audiences but are less appealing to those audience members. Moreover, I find that audiences' perceptions of a film's fit with targeted genres drive this trade-off, as multi-genre films are difficult for audiences to make sense of, leading to poor fit with tastes and lowered appeal. These findings highlight the key role audiences' perceptions play in the trade-offs associated with different niche strategies.
55069909
Identities as Lenses: How Organizational Identity Affects Audiences' Evaluation of Organizational Performance
This study calls into question the completeness of the argument that economic actors who fail to conform to certain identity-based logics—such as the categorical structure of markets—garner less attention and perform poorly, beginning with the observation that some nonconforming actors seem to elicit considerable attention and thrive. By reconceptualizing organizational identity as not just a signal of organizational legitimacy but also a lens used by evaluating audiences to make sense of emerging information, I explore the micro, decision-making foundations on which both conformist and nonconformist organizations may come to be favored. Analyzing the association between organizational conformity and return on investment and capital flows in the global hedge fund industry, 1994-2008, I find that investors allocate capital more readily to nonconforming hedge funds following periods of short-term positive performance. Contrary to prediction, nonconforming funds are also less severely penalized for recent poor performance. Both “amplification” and “buffering” effects persist for funds with nonconformist identities despite steady-state normative pressure toward conformity. I explore the asymmetry of this outcome, and what it means for theories related to organizational identity and legitimacy, in the discussion section.
14725881
Focusing the Corporate Product: Securities Analysts and De-diversification
The issue of corporate control is examined through an analysis of the de-diversification activity of publicly held American firms from 1985 to 1994. Prominent accounts of such behavior depict newly powerful shareholders as having demanded a dismantling of the inefficient, highly diversified corporate strategies that arose in the late 1950s and the 1960s. This paper highlights an additional factor that spurred such divestiture: the need to present a coherent product identity in the stock market. It is argued that because they straddle the industry categories that investors—and securities analysts, who specialize by industry—use to compare like assets, diversified firms hinder efforts at valuing their shares. As a result, managers of such firms face pressure from analysts to dediversify so that their stock is more easily understood. Results indicate that, in addition to such factors as weak economic performance, de-diversification is more likely when a firm's stock price is low and there is a significant mismatch between its corporate strategy and the identity attributed to the firm by analysts.
23884168
Causes and Effects of Corporate Refocusing Programs
We study the precursors and outcomes of refocusing episodes by diversified firms that were not taken over. Those that refocus have more value-reducing diversification policies than those not refocusing. Major disciplinary or incentive-altering events (including management turnover, outside shareholder pressure, changes in management compensation, and financial distress) usually must occur, however, before managers refocus. Consistent with divestitures reversing, at least in part, value destruction from unsuccessful diversification strategies, the cumulative abnormal returns over a firm's refocusing-related announcements average 7.3%, and are significantly related to the amount of value-reduction associated with the refocuser's diversification policy.
17190527
Betrayal as Market Barrier: Identity-Based Limits to Diversification among High-Status Corporate Law Firms1
Why are some diversified market identities problematic but others are not? We examine this question in the context of high-status corporate law firms, which often diversify into one low-status area of work—family law (FL)—but face a barrier (strong disapproval from existing clients) that prevents diversification into another such area—plaintiffs’ personal injury law (PIL). Drawing on a qualitative study of the Boston legal market, we argue that this barrier reflects a situation where loyalty norms have been violated, and it surfaces because service to individual plaintiffs is tantamount to betraying the interests of corporate clients. Our analysis clarifies identity-based limits to diversification, indicating that they are rooted in concerns about the firm’s commitments as well as its capabilities, and suggests a more general refinement of theory on status and conformity.
28044424
Status Inconsistency and Product Valuation in the California Wine Market
This study develops a theoretical model on the role of multidimensional status and status inconsistency in market evaluation processes. A product or an organization may acquire multiple status indicators in association with a multitude of market institutions. We argue that when status indicators are consistently positive, each exerts a greater positive effect on the valuation of a product or an organization; conversely, inconsistency among multiple indicators undermines the status claim. We test this theoretical proposition by examining patterns of product valuation in the California premium wine market. Our findings show that when an individual wine's tasting score rated by critics and another more general status indicator---classified appellation affiliation, extra designation on the label, or a winery's organizational status---are consistently positive, each makes a greater contribution to wine price. In contrast, when status indicators are inconsistent, the value of the positive status indicator is reduced. Our study explicates the scope conditions under which market status may yield different outcomes and sheds light on the interplay among status indicators in market valuation.
167956799
FACTORS INFLUENCING DIVESTMENT DECISION-MAKING: EVIDENCE FROM A FIELD STUDY
This research investigates factors which influenced the corporate‐level divestment decisions of large, diversified firms. Field research, including interviews with corporate executives of 40 large diversified firms, provided the data to test propositions developed from various literature sources. In general, thefindings from this research indicate that a business unit's strength, its relationship to other units in its firm and its parent firm's financial position compared to its competitors are important divestment influences, whereas other factors such as general economic conditions are not. Some of the findings are consistent with conventional management wisdom, but others are counterintuitive.
145483927
What Constrains or Facilitates Divestitures of Formerly Acquired Firms? The Effects of Organizational Inertia
This study examined behavioral explanations for the divestitures of formerly acquired units, particularly organizational inertia. It was argued that characteristics of parent firms and divested units reduce the likelihood of divesting a poorly performing unit. Conversely, it was also argued that change of key personnel and effective governance mechanisms increase the likelihood of such divestitures. Importantly, the results show that with age and size combined, appointment of new outside directors and divestiture experience (among other variables) moderated the effects on the likelihood of firms divesting units they had previously acquired. Implications for future theory development and management practice are also discussed.
167611827
Predicting divestiture of unrelated acquisitions: an integrative model of ex ante conditions
The majority of unrelated acquisitions are divested shortly after their purchase. Often, those acquisitions-turned-divestitures result in strategic, organizational, and financial losses for both the acquiring and the acquired companies. To consider how such divestitures can be avoided, this study examined some of the differences between divested and retained unrelated acquisitions. The study integrated four explanations for why unrelated acquisitions occur and related them to the fates of such acquisitions. Unrelated acquisitions were hypothesized to be divested when they fail to realize some motives and expectations that prevailed at the time of acquisition. Two samples of unrelated acquisitions (135 from 1977 and 140 from 1987) were tracked over 5-year periods. The results indicate that motives and conditions at the time of acquisition, and changes in those motives and conditions, were related to the fates of the acquisitions. In addition, the relative importance of those factors varied across the periods studied. Discriminant analyses further demonstrate that most divestitures could be predicted correctly on the basis of those motivations and conditions. The implications of the findings are discussed. © 1997 John Wiley & Sons, Ltd.
154475632
Should We Stay or Should We Go? Accountability, Status Anxiety, and Client Defections
Focusing empirically on what affected client defections from Arthur Andersen during its dramatic collapse in 2002, this study proposes that accountability-induced status anxiety is an important factor in the dissolution of interfirm relationships. Status anxiety—concerns about being devalued because other actors question the quality of a firm's partners—can motivate firms to disassociate themselves from their compromised high-status partners to protect their own status position. I hypothesize that accountability triggers status anxiety when firms are directly accountable to important audiences, when firms are surrounded by other firms that already have disassociated themselves from common partners, and when firms have committed themselves to a particular level of partner quality. Event-history analyses provide strong support for the accountability perspective on status anxiety: firms surrounded by stronger audiences, more defecting firms, and stronger commitments to audit quality were themselves more likely to defect.
15083553
Middle‐Status Conformity: Theoretical Restatement and Empirical Demonstration in Two Markets1
This article aims to reestablish the long‐standing conjecture that conformity is high at the middle and low at either end of a status order. On a theoretical level, the article clarifies the basis for expecting such an inverted 
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$$\textsf{U}$$\end{document} ‐shaped curve, taking care to specify key scope conditions on the social‐psychological orientations of the actors, the characteristics of the status structure, and the nature of the relevant actions. It also validates the conjecture in two settings that both meet such conditions and allow for the elimination of confounding effects: the Silicon Valley legal services market and the market for investment advice. These results inform our understanding of how an actor's status interacts with her role incumbency to produce differential conformity in settings that meet the specified scope conditions.
153580104
Market Uncertainty and the Social Character of Economic Exchange
The author is indebted to Bill Barnett, Jim Baron, Jon Bendor, Beth Benjamin, Michael Hannan, Pamela Haunschild, Marshall Meyer, Jeffrey Pfeffer, Werner Raub, Toby Stuart, and three anonymous ASQ referees for comments on earlier versions of this document. The author is also thankful for numerous suggestions made by seminar participants at the University of Utrecht, the University of Munich, and INSEAD. Generous financial support was provided by the Fletcher Jones Foundation and the Stanford Graduate School of Business's Financial Service Research Initiative. This paper proposes that organizations overcome problems of market uncertainty by adopting a principle of exclusivity in selecting exchange partners. This general proposition in turn implies two specific hypotheses. First, the greater the market uncertainty, the more that organizations engage in exchange relations with those with whom they have transacted in the past. Second, the greater the uncertainty, the more that organizations engage in transactions with those of similar status. A study of investment banking relationships in the investment grade and non-investment-grade debt markets from 1981 to 1987 provides support for the hypotheses. The implications of this analysis for stratification and concentration in the market are discussed.'
29536707
Organizing Contests for Status: The Matthew Effect vs. the Mark Effect
What is the best way to design tournaments for status, in which individuals labor primarily for the esteem of their peers? What process, in other words, should organizers of status-based contests impose upon those who covet peer recognition? We propose a formal model of status-based competition that contrasts two competing alternatives. The first, following Merton, is the “Matthew Effect,” according to which a tournament's architect directs slack resources to elite actors and thus widens the distribution of rewards by favoring cumulative advantage. The second is the “Mark Effect,” under which a tournament's designer instead pushes slack resources to marginal actors and thus tightens the distribution of rewards. Our results suggest that although the Mark Effect is better for the social welfare of most tournaments, the Matthew Effect is preferable in two distinct contexts: in small tournaments where variation in underlying ability translates into acute advantages for the most capable contestants; and in large tournaments whose contestants face constant, rather than rising, marginal costs---a condition we relate to contestants' perception of their work as intrinsically valuable. Our contributions are twofold: We find, counter to the thrust of Merton's work, that cumulative advantage is not invariably optimal for the functioning of status contests; and we identify circumstances in which the production of superstars is likely to make contests for status better off in aggregate. Implications for future research on status and management are discussed. 
 
This paper was accepted by Olav Sorenson, organizations and social networks.
167904081
Staging Exchange Partner Choices: When Do Status and Reputation Matter?
This study proposes that the choice of exchange partners results from a staged process in which firms first use status to screen potential partners and then use reputation to choose a specific firm within the chosen status bracket. We examine our model in the context of the U.S. audit industry and the choice of new auditors by Arthur Andersen's former clients following its collapse in 2002. We show that accountability to powerful market institutions is an important determinant of the choice of status bracket, whereas reputations for industry expertise and business integrity are important in choosing a particular auditor.
144519374
The Bases and Use of Power in Organizational Decision Making: The Case of a University.
The authors appreciate the support of the Bureau of Economic and Business Research at the University of Illinois. They wish to thank Janice Barton and Ray Zammuto for their invaluable assistance in the collection of data for this study. The effects of subunit power on organizational decision making and the bases of subunit power are examined in a large midwestern state university.@ It is hypothesized that subunits acquire power to the extent that they provide resources critical to the organization and that power affects resource allocations within organizations in so far as the resource is critical to the subunits and scarce within the organization. Departmental power is found to be most highly correlated with the department's ability to obtain outside grants and contracts, with national prestige and the relative size of the graduate program following closely in importance. Power is used most in the allocation of graduate university fellowships, the most critical and scarce resource, and is unrelated to the allocation of summer faculty fellowships, the least critical and scarce resource.
15680824
Status, Quality, and Attention: What's in a (Missing) Name?
How much are we influenced by an author's identity when evaluating his or her work? This paper exploits a natural experiment to measure the impact of status signals in the context of open standards development. For a period of time, e-mails announcing new submissions to the Internet Engineering Task Force would replace individual author names with “et al.” if submission volumes were unusually high. We measure the impact of status signals by comparing the effect of obscuring high-versus low-status author names. Our results show that name-based signals can explain up to three-quarters of the difference in publication rates between high-and low-status authors. The signaling effect disappears for a set of prescreened proposals that receive more scrutiny than a typical submission, suggesting that status signals are more important when attention is scarce (or search costs high). We also show that submissions from high-status authors receive more attention on electronic discussion boards, which may help high-status authors to develop their ideas and bring them forward to publication. 
 
This paper was accepted by Jesper Sorensen, organizations.
143602162
Status, Quality, and Social Order in the California Wine Industry
This paper examines how a producer's status in the market influences its choices about product quality, and the outcomes that result. We compare economic models of reputation that emphasize the role of past quality as a source of information about current quality with sociological models of status that emphasize the role of affiliations. We test hypotheses about the complementary effects of status and reputation in an analysis of more than 10,000 affiliation decisions made by 595 wineries over a 10-year period. Results show that actors occupying high-status positions obtain greater benefit from subsequent high-status affiliations than do actors occupying low-status positions. As such, these actors are more willing and able to pay for subsequent high-status affiliations and to use them to advance their position in the larger status ordering.
146305361
Status in Organization and Management Theory
Status is a pervasive construct in the organizational literature, and a recent surge in interest in the topic testifies to its potential as a field of study. In this article, we review the existing studies on status, and we propose an integrative classification framework based on two distinct dimensions: the level of analysis—macro, meso, or micro—and the role status hierarchies play in extant research. We do so with a view to clarifying the status construct, differentiating it from the cognate concept of reputation, and clearly stating the ways in which status dynamics could inform organizational scholars and their research efforts. We conclude by highlighting underdeveloped theoretical intersections and suggesting potentially fruitful directions for future inquiry.
32918467
Interorganizational Endorsements and the Performance of Entrepreneurial Ventures
This paper investigates how the interorganizational networks of young companies affect their ability to acquire the resources necessary for survival and growth. We propose that, faced with great uncertainty about the quality of young companies, third parties rely on the prominence of the affiliates of those companies to make judgments about their quality and that young companies “endorsed” by prominent exchange partners will perform better than otherwise comparable ventures that lack prominent associates. Results of an empirical examination of the rate of initial public offering (IPO) and the market capitalization at IPO of the members of a large sample of venture-capital-backed biotechnology firms show that privately held biotech firms with prominent strategic alliance partners and organizational equity investors go to IPO faster and earn greater valuations at IPO than firms that lack such connections. We also empirically demonstrate that much of the benefit of having prominent affiliates stems from the transfer of status that is an inherent byproduct of interorganizational associations.
154827372
A Status-Based Model of Market Competition
This article explores the significance of status processes for generating and reproducing hierarchy among producers in a market. It develops a conception of a market as a status order in which each producer's status position circumscribes the producer's actions by providing a unique cost and revenue profile for manufacturing a good of a given level of quality. An examination of pricing behavior among investment banks in the underwriting of corporate securities provides impirical support for this status-based model of market competition. Extension are discussed.
167715154
Signals across multiple networks: : how venture capital and alliance networks affect interorganizational collaboration.
In this article, we examine the contingent effects of signals generated by different types of networks on new ventures' formation of future strategic alliances. We argue that the signaling value of a given tie in reducing adverse selection is more pronounced when another type of tie is lacking. In particular, we suggest that signals associated with (i) a new venture's affiliations with venture capitalists (VCs) that have prominent positions in syndicate networks and (ii) a new venture's prominent position in alliance networks resulting from previous alliances offer redundant benefits. As a result, the positive effect of VC prominence in determining a new venture's future alliance formation diminishes as the new venture's prominence in alliance networks increases. Evidence from biotech alliances between new ventures and established companies provides support for our theory. [ABSTRACT FROM AUTHOR]
17579360
Falling from great (and not-so-great) heights: how initial status position influences performance after status loss
We investigate how initial status position influences the quality of task performance in the aftermath of status loss. We argue that despite the benefits of having status, high-status individuals e...
167882684
Media Legitimation Effects in the Market for Initial Public Offerings
In this study, we argue that media-provided information affects investors’ impressions of newly public firms. In 225 initial public offerings (IPOs), the volume of mediaprovided information had a negative, diminishing relationship with underpricing and a positive, diminishing relationship with stock turnover on the first day of trading. The relationship between the tenor of media-provided information and underpricing increases at a nonlinear rate, and decreases similarly for turnover. Findings provide important evidence that publicly available information not only reflects IPOs’ legitimacy, but also adds to their legitimacy and influences investor behavior. In the last 20 years, an increasing amount of research on markets has been conducted from a social constructionist perspective, emphasizing how social structures enhance the flow of useful and credible information that market participants use to reduce the uncertainty of market exchanges (e.g., Aldrich & Fiol, 1994; Zuckerman, 1999). Further, recent organizational research has begun to stress the influence of information intermediaries, such as financial analysts and the media, on mar
144471557
THE REAL OSCAR CURSE: THE NEGATIVE CONSEQUENCES OF POSITIVE STATUS SHIFTS.
We examine the negative consequences of upward mobility within a social system following a sudden positive status shift. We build on two complementary perspectives on status: The status-as-identity...
167686442
An Expanded Model of Status Dynamics: The Effects of Status Transfer and Interfirm Coordination
Organizational status is shaped by a firm's choice of exchange partners and the material outcomes of relationships with them. Prior research on status dynamics has shown that status is transferred ...
167077116
When the role fits: How firm status differentials affect corporate takeovers
This study explores the implications of interfirm status differentials for firm behaviors in corporate takeover transactions. We argue that the more the status differential between two firms is aligned with expectations of their roles embedded in the specific economic activity, the easier it is for them to agree on the appropriate means to reach consensus on the transaction. Using the empirical context of the U.S. corporate takeover market, we found that the greater the status differential between an acquirer and a target, the more positively the market reacts to both the acquirer and the target upon the announcement of the acquisition deal, the more likely it is for the deal to be completed, and the more likely the acquirer is to achieve better post-acquisition performance.
150875297
Legitimizing Illegitimacy: How Creating Market Identity Legitimizes Illegitimate Products
This study focuses on how the creation of a new market identity, defined here by the social categories that specify what to expect of products and organizations, helps legitimize normatively illegitimate products and thereby facilitate the formation of markets for these products. A product is given a legitimate market identity by recombining existing product and status categories in a way that is both isomorphic with and differentiated from these preexisting categories. I argue that the creation of a new market identity helped create a market for feature films that combined legitimate comedy and illegitimate pornography following the legalization of pornography in Denmark in 1969. Topological analyses of the cultural content of all the film posters used to promote Danish films between 1970 and 1978, and regression analyses of the status of the actors appearing in these films document the importance of market identity in legitimizing illegitimacy.
7283962
Why Pseudonyms? Deception as Identity Preservation Among Jazz Record Companies, 1920–1929
This paper theoretically and empirically engages the relationship between organizational identity and deception using the market for early jazz recordings as a setting. In this setting, pseudonyms (where a recording is reissued under a fictitious name) were used deceptively as a way to preserve a firm's identity while selling profitable but identity-threatening products to the mass market. Firms founded in the Victorian Era actively sought alignment with the cultural elite and used pseudonyms to deceive observers into believing that their production of cultural products was consistent with their Victorian Era identity. In effect, pseudonyms allowed these firms to decouple their position in identity space from their position in product space by inflating production of identity-preserving products. Using product data from jazz discographies, record company directories, and record advertisements in major U.S. newspapers, we provide strong empirical evidence that Victorian Era firms were active in using pseudonyms to preserve their identities.
167559949
The effects of spatial and contextual factors on headquarters resource allocation to MNE subsidiaries
Subsidiaries of multinational enterprises are located in a range of environments, in which they are exposed to organizational, national, and sub-national characteristics. Instead of being distributed equally, economic resources are agglomerated in specific countries, or even regions, and the subsidiaries located in these different environments have a heterogeneous resource configuration. This implies that dimensions of space related to geography and subsidiary network relationships may affect how the firm is managed. This paper investigates how spatial and contextual distance within multinational enterprises affects headquarters resource allocation to specific innovation transfer projects between subsidiaries. In brief, the results suggest that sub-national factors, such as the structure of the subsidiary network, offer a strong explanation for headquarters resource allocation. Positive and negative effects of national factors were also found, which implies that distance matters for headquarters resource allocation activities. By integrating the organizational and geographic dimensions, this paper contributes to knowledge about the drivers of headquarters resource allocation to subsidiaries, thereby extending theories related to how subsidiaries can evolve within the multinational enterprise with support from headquarters.
167713133
Size and relatedness of units sold: An agency theory and resource‐based perspective
This study tests the effects of ownership concentration, outside director equity holdings, and corporate strategy on, and the Performance implications of, the size and relatedness of units sold by parent firms. The study is based on a model that integrates agency and resource‐based theories, and a sample of sell‐offs by 112 Fortune 500 firms. Ownership concentration is found to be associated positively with the sale of unrelated and small units. This relationship is strengthened when outside director equity is high. In addition, the effects of corporate strategy types on the characteristics of units sold depend on ownership concentration and outside director equity. Finally, post'sell‐off performance of the parent firm is associated negatively with the relatedness of the unit sold. These results suggest that the type of unit sold depends on the type of economic benefit sought by the parent firm.
145542405
Divestiture and Firm Performance: A Meta-Analysis
While numerous empirical studies have examined the relationship between corporate divestiture and subsequent firm performance, inconsistent findings persist, suggesting the need for a quantitative synthesis and an examination of potential moderating effects. The authors conduct a meta-analysis of the divestiture-performance relationship, encompassing 650 effect sizes from 94 studies. Results indicate that across studies, corporate divestiture does positively impact subsequent performance. The analysis also suggests statistically significant moderating effects of type of performance measure, transaction format, transaction intent, and firm’s resource level. While providing a quantitative synthesis of current empirical findings, the authors call for further research to surface additional moderators to refine the knowledge concerning the link between corporate divestiture and subsequent performance.
168149601
Consequences Of Corporate Refocusing: Ex Ante Evidence
During the 1980s, many diversified firms reduced their diversification by refocusing. This study examined whether this refocusing created market value for the companies involved. It is shown that r...
946228
The Impact of SFAS No. 131 on Information and Monitoring
We investigate the effect of the Financial Accounting Standards Board's (FASB) new segment reporting standard on the information and monitoring environment. We compare hand-collected, restated SFAS 131 segment data for the final SFAS 14 fiscal year with the historical SFAS 14 data. We find that SFAS 131 increased the number of reported segments and provided more disaggregated information. Analysts and the market had access to a portion of the new segment information before it was made public, but analyst and market expectations were still altered by the mandated release of the new data. By increasing information disaggregation, the new standard induced firms to reveal previously "hidden" information about their diversification strategies. The newly revealed information affected market valuations and lead to changes in firm behavior consistent with improved monitoring following adoption of SFAS 131. Copyright University of Chicago on behalf of the Institute of Professional Accounting, 2003.
17392205
Empire-Building or Bridge-Building? Evidence from New CEOs' Internal Capital Allocation Decisions
This article investigates how the job histories of CEOs influence their capital allocation decisions when they preside over multidivisional firms. I find that, after CEO turnover, divisions not previously affiliated with the new CEO receive significantly more capital expenditures than divisions through which the new CEO has advanced. The pattern of reverse-favoritism in capital allocation is more pronounced if the new CEO has less authority or if the unaffiliated divisions have more bargaining power. I find evidence that having a specialist CEO negatively affects segment investment efficiency. The results suggest that new specialist CEOs use the capital budget as a bridge-building tool to elicit cooperation from powerful divisional managers in previously unaffiliated divisions. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.
52250510
Does familiarity with business segments affect CEOs' divestment decisions?
We examine the impact of familiarity with business segments on CEOs' divestment decisions. We find CEOs are less likely to divest assets from familiar than from non-familiar segments. We attribute this effect to CEOs' comparative information advantage with respect to familiar segments. Consistent with this information advantage, we document that the familiarity effect is particularly strong in R&D intensive industries. We further find the familiarity effect to be most pronounced for longer-tenured CEOs who have built up sufficient political power over the course of several years in office to enable implementation of their preferred divestment choices. We also document the value effects of divestments and show that familiarity affects returns on divestment announcements.
155043365
Diversification's effect on firm value
Abstract We estimate diversification's effect on firm value by imputing stand-alone values for individual business segments. Comparing the sum of these stand-alone values to the firm's actual value implies a 13% to 15% average value loss from diversification during 1986–1991. The value loss is smaller when the segments of the diversified firm are in the same two-digit SIC code. We find that overinvestment and cross-subsidization contribute to the value loss. The loss is reduced modestly by tax benefits of diversification.
11438103
Divestitures and the liquidity of the market for corporate assets
The liquidity of the market for corporate assets plays an important role in explaining whether a firm divests a business segment, which segment the firm divests, and whether it divests a core segment or an unrelated segment. Firms are more likely to divest segments from industries with a more liquid market for corporate assets, unrelated segments, poorly performing segments, and small segments. Strikingly, the segment with the least liquid market is less likely to be divested than the best-performing segment, while the worst-performing segment is less likely to be divested than the segment with the most liquid market. r 2002 Elsevier Science B.V. All rights reserved. JEL classificaion: G30; G34
167930460
Category Spanning, Evaluation, and Performance: Revised Theory and Test on the Corporate Law Market
Studies suggest that category-spanning organizations receive lower evaluation and perform worse than organizations focused on a single category. We propose that (a) these effects are contingent on clients’ theory of value, and that, as clients expect more sophisticated services, they tend to value category spanners more positively, and (b) the evaluation of producers mediates the relationship between category spanning and performance. We test our hypotheses using original data on corporate legal services in three markets (London, New York City, and Paris) over the decade 2000–2010. We find that (a) category spanners receive a better evaluation, and more so when their categorical combination is more inclusive, and (b) evaluation mediates significantly the relationship between category spanning and performance. This study enriches our understanding of how audiences apprehend a whole market category system and why organizations span categories.
167098008
How exploitation impedes and impels exploration: Theory and evidence
Research summary: This study suggests that strategy and organizational scholars seeking to analyze the impact of exploitation on exploration would benefit by moving away from the generally assumed unitary perspective on exploitation. Specifically, we propose a multifaceted perspective on exploitation by theoretically and empirically distinguishing between repetitive exploitation versus incremental exploitation. We argue that repetitive exploitation can impede exploration and delay firms' responses to environmental changes, while incremental exploitation can impel exploration and accelerate firms' responses to environmental changes. We test our arguments using extensive longitudinal data from the hard disk drive (HDD) industry, and our supportive empirical findings highlight the relevance of our distinction between the two types of exploitation and their very different effects on exploration. 
 
Managerial summary: This study offers a solution to the puzzle of why many believe firms cannot excel at advancing existing practices and developing new initiatives, typically described as the trade-off between exploitation and exploration. We introduce the distinction between repetitive and incremental exploitation and show that only the former type of innovation generates rigidity toward exploration, whereas the latter actually promotes exploration. More specifically, our evidence from the hard disk drive industry shows that those firms emphasizing incremental innovation (as opposed to repetition of their existing practices) were most likely to remain explorative over time, whereas firms emphasizing more repetitive innovation proved less open to changes. We discuss the implications of our findings as suggesting that firms seeking to optimize their innovativeness over the long term should strive to remain active in incrementally innovating their existing practices. Copyright © 2015 John Wiley & Sons, Ltd.
59369166
Breaking up is hard to do: Irrational inconsistency in commitment to an industry peer network
This paper strengthens the basis for a key claim of contemporary economic sociology — that strong ties among capitalists cannot be reduced to rational considerations. Support for this claim has been limited by reliance on an external standard of rationality, whereby irrationality in commitment to a partner or network is based on an observer’s evaluation of an actor’s interests. In this article we address this limitation by developing an internal standard for assessing the rationality of an actor’s commitment, which is derived from Davidson’s (1980) definition of akrasia or ‘incontinence.’ In addition, we clarify the mechanisms that produce ‘akratic’ commitment among capitalists: (a) short-term emotions that overwhelm rational calculation; and (b) a sense of loyalty that leads one to incorporate others’ interests into one’s own. Finally, we provide systematic evidence of akratic commitment and the proposed mechanisms from studies of an industry peer network in the remodeling construction industry.
60451291
An Introduction to Survival Analysis Using Stata
An Introduction to Survival Analysis Using Stata, Third Edition provides the foundation to understand various approaches for analyzing time-to-event data. It is not only a tutorial for learning survival analysis but also a valuable reference for using Stata to analyze survival data. Although the book assumes knowledge of statistical principles, simple probability, and basic Stata, it takes a practical, rather than mathematical, approach to the subject. This updated third edition highlights new features of Stata 11, including competing-risks analysis and the treatment of missing values via multiple imputation. Other additions include new diagnostic measures after Cox regression, Statas new treatment of categorical variables and interactions, and a new syntax for obtaining prediction and diagnostics after Cox regression. After reading this book, you will understand the formulas and gain intuition about how various survival analysis estimators work and what information they exploit. You will also acquire deeper, more comprehensive knowledge of the syntax, features, and underpinnings of Statas survival analysis routines.
166770007
Institutional Logics and Power Sources: Merger and Acquisition Decisions
Institutional theory has explained the greater prevalence of many strategic actions by increases in their legitimacy over time, but it has not explained how firms choose among actions backed by com...
154163165
Standing out from the crowd: the visibility-enhancing effects of IPO-related signals on alliance formation by entrepreneurial firms
In this study, we explore how multiple signals related to entrepreneurial companies at the time of their initial public offering (IPO) influence the firms' ability to acquire non-financial resources over time. Specifically, the study looks at how signals based on investors' initial reactions to the IPO, analyst coverage and affiliations with experienced venture capitalists and prominent underwriters combine to enhance the IPO firm's visibility and reduce uncertainty, thereby influencing its ability to form post-IPO alliances. We also consider the extent to which the effects of each of the signals are sustained or diminish over time.Their analysis of 404 IPOs conducted by technology companies between 1995 and 2000 shows that these signals are positively related to alliance formation patterns, and that the effects of these signals deteriorate at different rates over time.
142719692
From Hot Cakes to Cold Feet: A Contingent Perspective on the Relationship between Market Uncertainty and Status Homophily in the Formation of Alliances
In this study, we reconsider the classical positive association between the level of market uncertainty and an organization's propensity to form ties with organizations of similar status. Although prior research argues that the greater the uncertainty, the higher the level of status homophily, we suggest that this relationship is contingent upon framing that affects positive or negative valence towards uncertainty. In an up market, organizations tend to frame uncertainty as upside risk, and thus will subsequently favour explorative uncertainty-mitigation devices; whereas, in a down market, organizations primarily frame uncertainty as downward risk, and thus will rely on more conservative uncertainty-mitigation mechanisms. We therefore predict that a greater number of status-heterophilous ties will be formed in an up market than in a down market. We discuss the implications of our results for status theory and more broadly for research on strategic decision making under uncertainty.
145392072
Power and Centrality: A Family of Measures
Although network centrality is generally assumed to produce power, recent research shows that this is not the case in exchange networks. This paper proposes a generalization of the concept of centrality that accounts for both the usual positive relationship between power and centrality and Cook et al.'s recent exceptional results.
167895014
What's in a Name? Reputation Building and Corporate Strategy
Firms compete for reputational status in institutional fields. Managers attempt to influence other stakeholders' assessments by signaling firms' salient advantages. Stakeholders gauge firms' relati...
58890412
The impact of norm-conforming behaviors on firm reputation
Deviance from social norms has been extensively examined in recent strategy research, leaving the strategic implications of conformity largely unexplored. In this article, we argue that firms can elect to conform to a norm along two dimensions: compliance with the goal and level of commitment to the procedures. We then produce a typology of four norm-conforming behaviors, which allows us to isolate differentiated effects of conformity on firm reputation. We examine the corporate environmental disclosures of 90 U.S. firms and find that firms derive different reputational rewards depending on whether they conform to the goal or procedure dimension of the environmental transparency norm. In addition, the relationship between conformity and reputation is moderated by the firm's prior reputation and the stringency of the normative environment.
147673168
Status Evolution and Competition: Theory and Evidence
In this study, we (1) clarify and distinguish the concept of status, (2) identify and analyze the institutional and organizational factors that can lead to differences in organizational status over...
13686089
Requisite expertise, firm reputation, and status in venture capital investment allocation decisions
Abstract Drawing together research in the upper echelon perspective, strategy, and organizational sociology, this paper examines (1) the relationship between the finance expertise of a venture capital (VC) firm's management team and investment selection, and (2) the moderation of this relationship by the VC firm's social position. We find that while finance expertise is associated with a lower proportion of early-stage investments, this relationship is weaker for firms with high reputation and stronger for firms with high status. We conclude with a discussion of the importance and nuances of external image considerations on investment decisions as well as insights into the importance of the requisite nature of expertise.
54640595
(Un)Tangled
We explore the relationship between status and reputation, examining how its dynamics change over time as these two intangible assets coevolve and how reputation and status are influenced by participation in highly visible events. Using a sample of more than 400 newly founded venture capital (VC) firms, we find that reputation and status positively influence each other but that reputation has a greater effect on status, particularly when firms are older. We also find that the effect of past status on current status weakens as VC firms age, but the relationship between past and current reputation remains consistent with age. Furthermore, our findings show that participating in big hits—blockbuster initial public offerings—has a positive relationship with status when firms are young and a positive relationship with reputation when firms are older, and it helps low-status and low-reputation firms more than it helps high-status and high-reputation firms. This study helps differentiate status and reputation, shows how they coevolve, and provides insight into how new firms build these important intangible assets.
167712555
THE LIABILITY OF GOOD REPUTATION: A STUDY OF PRODUCT RECALLS IN THE U.S. AUTOMOBILE INDUSTRY.
The article explores the ways in which organizational reputation responds to the revelation of product defects or quality problems, as evidenced by formal product recalls in the U.S. automobile ind...
153932902
Understanding corporate coherence: Theory and evidence
Abstract Multiproduct firms are perceived to be coherent in their scope, yet there is no strong theoretical foundations to explain coherence in modern industrial organization theory. This paper shows that as U.S. manufacturing firms grow more diverse, they maintain a constant level of coherence between neighboring activities. This finding runs counter to the idea that firms with many activities are generally more ‘incoherent’. A framework is then presented which appeals to the nature of enterprise learning, path dependencies, and the nature of the selection environment to explain the ubiquity of coherent diversifiers.
167968023
DOWNSCOPING: How to Tame the Diversified Firm
The article reviews book “Downscoping: How to Tame the Diversified Firm,” by Robert E. Hoskisson and Michael A. Hitt.
153539297
The Dynamics of Organizational Status
This paper examines the growth (and decline) of organizational status. It is argued that an organization's status is determined by two factors: past performance outcomes and the status of the organization's affiliates. The better the past performance outcomes and the higher the status of the affiliates, the greater the organization's growth in status. This basic proposition is tested in an examination of status changes among investment banks in the non-investment grade market between 1981 and 1987. Implications and extensions are discussed in the conclusion. Copyright 1996 by Oxford University Press.
121990242
Interaction terms in logit and probit models
Abstract The magnitude of the interaction effect in nonlinear models does not equal the marginal effect of the interaction term, can be of opposite sign, and its statistical significance is not calculated by standard software. We present the correct way to estimate the magnitude and standard errors of the interaction effect in nonlinear models.
147669511
Better Together? Signaling Interactions in New Venture Pursuit of Initial External Capital
After new ventures have exhausted the limited financial resources of founders, family, and friends, they often pursue initial external capital. To secure investment, entrepreneurs can signal about ...
15167692
The Best of Both Worlds: The Benefits of Open-specialized and Closed-diverse Syndication Networks for New Ventures' Success.
Open networks give actors non-redundant information that is diverse, while closed networks offer redundant information that is easier to interpret. Integrating arguments about network structure and the similarity of actors' knowledge, we propose two types of network configurations that combine diversity and ease of interpretation. Closed-diverse networks offer diversity in actors' knowledge domains and shared third-party ties to help in interpreting that knowledge. In open-specialized networks, structural holes offer diversity, while shared interpretive schema and overlap between received information and actors' prior knowledge help in interpreting new information without the help of third parties. In contrast, actors in open-diverse networks suffer from information overload due to the lack of shared schema or overlapping prior knowledge for the interpretation of diverse information, and actors in closed-specialized networks suffer from overembeddedness because they cannot access diverse information. Using CrunchBase data on early-stage venture capital investments in the U.S. information technology sector, we test the effect of investors' social capital on the success of their portfolio ventures. We find that ventures have the highest chances of success if their syndicating investors have either open-specialized or closed-diverse networks. These effects are manifested beyond the direct effects of ventures' or investors' quality and are robust to controlling for the possibility that certain investors could have chosen more promising ventures at the time of first funding.
146897290
How Cinderella Became a Queen
Using a case study of the Italian spirit grappa, we examine status recategorization—the vertical extension and reclassification of an entire market category. Grappa was historically a low-status product, but in the 1970s one regional distiller took steps that led to a radical break from its traditional image, so that in just over a decade high-quality grappa became an exemplar of cultured Italian lifestyle and held a market position in the same class as cognac and whisky. We use this context to articulate “theorization by allusion,” which occurs through three mechanisms: category detachment—distancing a social object from its existing category; category emulation—presenting that object so that it hints at the practices of a high-status category; and category sublimation—shifting from local, field-specific references to broader, societal-level frames. This novel theorization is particularly appropriate for explaining change from low to high status because it avoids resistance to and contestation of such change (by customers, media, and other sources) as a result of status imperatives, which may be especially strong in mature fields. Unlike prior studies that have examined the status of organizations within a category, ours foregrounds shifts in the status and social meaning of a market category itself.
145495794
Status crystallization: A non-vertical dimension of social status
IN recent years there have been numerous indications that, in the analysis of social stratification, sociology is rapidly outgrowing the classical conceptual schemes inherited from the past. Critically inclined students have come increasingly to recognize the inability of the older schemes to incorporate many of the findings of present day research, or to adapt themselves to newer theoretical concerns. This trend is evident even with respect to such a basic matter as the manner in which the vertical structure of groups is conceived. From Aristotle to Marx to Warner, most social philosophers and social scientists have described the vertical structure of human groups in terms of a single hierarchy in which each member occupies a single position. Different exponents of this traditional scheme have not always agreed regarding the nature or characteristics of this hierarchical structure. Nevertheless, all have shared the common conception of a unidimensional structure. Since Max Weber's day, however, this traditional approach has come to be criticized by a growing number of sociologists, who have argued that the uni-dimensional view is inadequate to describe the complexities of group structure. These critics have maintained that the structure of human groups normally involves the coexistence of a number of parallel vertical hierarchies which usually are imperfectly correlated with one another. If this newer approach is sound, the traditional conception of individual or family
11842293
Consistent Estimation of the Fixed Effects Ordered Logit Model
The paper re-examines existing estimators for the panel data fixed effects ordered logit model, proposes a new one, and studies the sampling properties of these estimators in a series of Monte Carlo simulations. There are two main findings. First, we show that some of the estimators used in the literature are inconsistent, and provide reasons for the inconsistency. Second, the new estimator is never outperformed by the others, seems to be substantially more immune to small sample bias than other consistent estimators, and is easy to implement. The empirical relevance is illustrated in an application to the effect of unemployment on life satisfaction.
145091228
Imprint–environment Fit and Performance
Using a longitudinal study of professionals in two information technology services firms, as well as interview data, this paper illuminates how organizational fortunes influence individual performance over time, examining how the economic situation of an organization leaves a lasting imprint on new employees and how that imprint affects subsequent job performance. The core hypothesis, supported by the results, is that the more similar the initially experienced level of organizational munificence is to the level of munificence in a subsequent period, the higher an individual’s job performance. This relationship between what I call “imprint–environment fit” and performance is contingent on the individual’s career stage when entering the organization and the influence of secondhand imprinting resulting from the social transmission of others’ imprints. A possible implication of the core hypothesis may be a “curse of extremes,” whereby both very high and very low levels of initial munificence are associated with lower average performance during a person’s subsequent tenure. One mechanism underlying these patterns is that employees socialized in different resource environments develop distinct approaches to problem solving and client interactions, which then lead to varying levels of imprint–environment fit in subsequent resource environments.
19676492
Regression Methods in Biostatistics: Linear, Logistic, Survival and Repeated Measures Models
Being newly immersed in the upstream part of the oil business, I just recently had my first work session with data in ARC–GIS®. The project involves subsurface geographical modeling. Obviously I had considerable interest in discovering if the methodology in this book would enhance my modeling capabilities. The book is for social scientists, but I had no difficulty imagining my own important oil exploration application within the framework of geographically weighted regression (GWR). The first chapter nicely explains what is unique in this book. A standard regression model using geographically oriented data (the example is housing prices across all of England) is a global representation of a spatial relationship, an average that does not account for any local differences. In y = f (x), imagine a whole family of f ’s that are indexed by spatial location. That is the focus of this book. It is about one form of local spatial modeling, which is GWR. A more general resource for this topic is the earlier book by Fotheringham and Wegener (2000), which escaped the notice of Technometrics. Imagine a display of model parameters in a geographical information system (GIS) and you will understand the focus for this book. The authors note, “only where there is no significant spatial variation in a measured relationship can global models be accepted” (p. 10). The second chapter develops the basis of GWR. It analyzes the housing sales prices versus the 33 boroughs in London and begins by fitting a conventional multiple regression model versus housing characteristics. The GWR is motivated by differences in the regression models fitted separately by borough. The GWR is a spatial moving-window approach with all data distances weighted versus a specific data point using a weighting function and a bandwidth. A GIS can then be used to evaluate the spatial dependency of the parameters. As in kriging, local standard errors also are calculated. The chapter also provides all the math. Chapter 3 comprises several further considerations: parameters that are globally constant, outliers, and spatial heteroscedasticity. The first issue leads to hypothesis tests for model comparison using an Akaike information criterion (AIC). Local outliers are hard to detect. Studentized (deletion) residuals are recommended. The outliers can be plotted geographically. Robust regression is suggested as a less computationally intensive alternative. Hetereoscedasticity is harder to handle. Chapter 4 adds statistical inference to the capabilities of GWR: both a confidence interval approach using local likelihood and an AIC method. Four additional methodology chapters present various extensions of GWR. Chapter 5 considers the relationship between GWR and spatial autocorrelation, and includes a combined version of GWR and spatial regression using some complex hybrid models. Chapter 6 examines the relationship of scale and zoning problems in spatial analysis to GWR. Chapter 7 introduces the use of initial exploratory data analysis using geographically weighted statistics, which are based on the idea of using a kernel around each data point to create weights. Univariate statistics and correlation coefficients are defined for exploring local patterns in data. A final set of extensions in Chapter 8 discusses regression models with non-Gaussian errors, logistic regression, local principal components analysis, and local probability density estimation. The methods all use some kind of distributional model. The million-dollar question for me is always, “What about software?” The authors have a stand-alone program, GWR 3, available in CD–ROM by contacting the authors. Basically the drill with GWR 3 is to gather your data, use Excel to transform and reformat the data for GWR 3, use GWR 3 to produce a set of coefficients, and feed those coefficients to your favorite GIS to produce your maps. Forty pages of discussion about using the software are provided. A final epilogue chapter also discusses embedding GWR in R or Matlab and includes some references to people who have done that type of work. I probably would not have read this book if I had not happened to have had it in my briefcase on a visit with the exploration technologists. Though inclusive of appropriate mathematical development, this material is readily approachable because of the many illustrations and the pages and pages of GIS displays. The authors unabashedly present much of the material as their developmental work, so GWR offers a lot of opportunity for research and further development through novel applications and extensions.
207781040
Modeling Survival Data: Extending the Cox Model
and calibration activities in several models. The included papers are A hybridMarquardt-Simulated Annealing method for solving the groundwater inverse problem; Calibration of the Oro Moraine multi-aquifer system—fole of geology and objective function; In uence of pumping head data in the conditional estimation of a transmissivity  eld; Calibration of a 3-D groundwater model of the post-Permian sedimentary cover at the Morsleben radioactive waste repository site; Calibration of 3-D transient groundwater  ow models for fractured rock; Guidelines for model calibration and application to  ow simulation in the Death Valley regional groundwater system; A comparison of solute-transport solution techniques based on inverse modelling results; A new look at traditional deterministic  ow models and their calibration in the context of randomly heterogeneous media; Computational aspects of the coupled inversion of groundwater  ow and mass transport; Determination of the hydraulic properties of a multilayered aquifer from pumping test data using genetic algorithms; Automatic model calibration using a universal approximator; Three-dimensional inverse modelling of pneumatic tests in unsaturated fractured rocks; Calibration and sensitivity analysis of the 3-D Cape Cod tracer test; and The bene t of using data on canal seepage and tracer concentration in aquifer parameter estimation. The fourth section, Reliability of Model Prediction, is comprised of nine papers comparing model predictions with observed in situ values and with alternative modeling approach results. The applicable titles are Predictive modelling of  ow in a two-dimensional intermediate-scale, heterogenous porous media; Uncertainty analysis of groundwater heads around underground storage caverns due to the spatial variability of hydraulic conductivity; An optimal decision for contaminant plume capture design in a groundwater system under parameter and boundary uncertainty; Computationally ef cient methods for the quantication of uncertainties in groundwater modelling; Uncertainty propagation using the point estimate method; Linking groundwater, contaminant transport, and water distribution models to determine the uncertainty of drinking water contaminant exposure; Reliability-based evaluation of groundwater remediation strategies; Stochastic well capture zones in fully, leaky, and randomly con ned, heterogeneous aquifers; and Contaminant transport modelling under random sources. The  fth section, Comprehensive Use of Field Information, is the smallest major section with only seven included papers. This section addresses the use of larger scale and regional data of less traditional nature in further re ning groundwater studies. The paper titles in this section include Value of seismic data for the risk assessment of mass transport—a case study; Modelling of radon-222 as a proxy for vapour phase transport in the unsaturated zone; Methodology for the hydraulic characterization of a granite block; Modelling the tritium release from underground nuclear tests performed at Mururoa and Fangataufa—a conservaive estimate based on uncertain data; Variational data assimulation of soil moisture and temperature from remote sensing observations; Conditional geostatistical modelling of an alluvial aquifer system characterized by poor-quality shallow groundwater; and Estimation of the sustainable yield of a borehole including boundary information, drawdown derivatives and uncertainty propagation. The sixth and  nal section, Nonlinear and Coupled Flow and Transport Modelling, consists of 21 papers that are further divided into four sub-topics: Density Flow Modelling with  ve papers, seven Multiphase Modelling papers, six Reactive Transport Modelling papers, and three in the Coupled Surface Water and Groundwater Modelling sub-section. The  rst sub-section deals with modeling  ow due to or in uenced by solute concentration gradients in saturated media. The titles under this heading include On modelling density driven  ow; A comparison of different model concepts of saltwater intrusion processes; Three-dimensional densitydependent calculation of matrix fracturer  ow; A three-dimensional physical model for veri cation of variable density  ow codes; and Conceptual and numerical modelling of density induced migration of radioactive contaminants at the Lake Karachai waste disposal site. The second sub-section deals with problems associated with multiphase modeling such as heterogeneously distributed residual nonaqueous phase liquids, unsaturated  ows, immiscible phases, and surfactant in uenced phases. The seven papers titles in this sub-section are Characterization of residual NAPL using partitioning tracers—temporal movement analysis; Error propagation in the Newton-based solution control of unsaturated  ow; Reliability of models for isothermal and non-isothermal multiphase processes in porous media; Two-phase  ow simulation of water-sealing of compressed air storage under cyclic pressure change in an unlined rock cavern; The inuence of interfacial tension reduction on organic liquid migration—numerical and experimental comparisons; Multiphase modelling of gas storage in aquifer with automatic calibration and condence limits; and DNAPL spill and plume migration in a naturally heterogeneous aquifer analogue. Papers in the third sub-section include Transfer of tracer data to mixingcontrolled reactive transport; Estimation of sequential degradation rates of perchloroethylene by “history matching”; Multicomponent solute transport model with cation exchange in a redox subsurface environment; Reactive transport modelling with simulator MODCALIF-CHEM—prediction of the environmental impact of lignite dump waters; Assessing uncertainty in remediation by natural attenuation of a petroleum hydrocarbon contaminated site; and In situ measurements and numerical simulation of nitrate leaching from farm soil. The  nal three papers address some of the linkages and hydraulic interactions associated with coupled surface and groundwater systems modeling. The titles include Coupling groundwater models to external simulation models— strategies and application to surface waters; Modelling groundwater recharge from intermittently  ooded areas by calibration of time dependent leakage parameters; and Application of a physically-based numerical model of surface and subsurface water  ow and solute transport. Although this book will be useful for individuals with closely related problems or areas of interest, it is unlikely to be of much value to the majority of Technometrics readers.
64328912
Regression Diagnostics Identifying Influential Data And Sources Of Collinearity
Thank you for reading regression diagnostics identifying influential data and sources of collinearity. Maybe you have knowledge that, people have look numerous times for their favorite books like this regression diagnostics identifying influential data and sources of collinearity, but end up in infectious downloads. Rather than enjoying a good book with a cup of coffee in the afternoon, instead they are facing with some infectious bugs inside their desktop computer.