4 unfertige Fragmente

[1.] Svr/Fragment 068 01 - Diskussion
Bearbeitet: 25. April 2020, 19:07 ([[Benutzer:|]])
Erstellt: 7. March 2020, 17:46 [[Benutzer:|]]
Fragment, James 1990, KeineWertung, SMWFragment, Schutzlevel, Svr, Unfertig

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Untersuchte Arbeit:
Seite: 68, Zeilen: 1-10
Quelle: James 1990
Seite(n): online, Zeilen: 0
- A Large amount of information technology investment (about 50%) is made for infrastructure purposes and is unlikely to be associated with measurable financial gains or losses.

- The traditional methods of analysis under DCF are not appropriate with this type of investment.

- Firms which associate heavily in strategic IT were associated with relatively lower non-productive labor productivity and sales growth in the short term. In the long term the effects were neutral. Weill believes that “strategic investments give a short-term edge, which is lost when the technology becomes common”.


Weill, P. 1990 [sic], The relationship between investment in Information Technology and Firm Performance: A study of the valve manufacturing sector, University of Melbourne, Graduate School of Management, Parkville, Victoria.

"A large amount of information technology investment (half) is made for infrastructure purposes and is unlikely to be associated with measurable financial gains or losses," he says. "Return-on-investment analyses using discounted cashflows are not appropriate with this type of investment.

"[...] By contrast, investment made to create competitive advantage is risky, and most of the firms that invested heavily for strategic purposes had lower performance and higher labor costs.

"On average, there was no evidence of any positive result. It should be borne in mind that strategic investment gives a short-term edge, which is lost when the technology becomes common."

Anmerkungen

...


[Etwas vertrackt:

Das gekennzeichnete wörtliche Zitat findet sich so nicht in der titelgleichen und vom Mai 1992 datierenden Publikation (51 S.) von Weill ([1]), die zum Vergleich vorlag. Dort heißt es im Abstract wörtlich nur:
"This study suggests that early adopters of strategic IT could have spectacular success but once the technology becomes common the competitive advantage is lost."

Allerdings bezieht sich James im Dezember 1990 seinerseits auf eine frühere (aber nicht genannte) Weill-Publikation, die aus der Zeit davor stammen muss - infrage kämen:

  • entweder Weills Diss. - mit leicht abweichendem Titel - von 1988 ([2], 184 S.),
  • oder aber - und wahrscheinlicher - ein working paper von 1990 (titelgleich mit der Publ. von 1992), das Svr in ihrem LV wohl auch zu meinen scheint ([3], 42 S.).

Mit beiden Texten konnte bisher allerdings nicht verglichen werden.
Wenn man davon ausgeht, dass James hier aus Weills working paper von 1990 wörtlich zitiert hat und Svr kurzerhand die Onlinequelle James, könnte man den Text mind. zu den ersten beiden Spiegelstrichen aufgrund der ungekennzeichneten Wörtlichkeit als BO werten.
Allerdings erscheint der Argumentations- und Formulierungsaufwand dann so hoch, dass es ohne Zugriffsmöglichkeit auf Weills working paper sinnvoller erscheint, das Fragm. auf kW zu lassen.]

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(Schumann)


[2.] Svr/Fragment 067 28 - Diskussion
Bearbeitet: 25. April 2020, 19:08 ([[Benutzer:|]])
Erstellt: 7. March 2020, 17:10 [[Benutzer:|]]
Fragment, James 1990, KeineWertung, SMWFragment, Schutzlevel, Svr, Unfertig

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Untersuchte Arbeit:
Seite: 67, Zeilen: 28-30
Quelle: James 1990
Seite(n): online, Zeilen: 0
Peter Weill (1989) [sic] conducted a 6 year study of IT investment in Australian Business. He explored the effect of IT investment on firms’ performance and concluded that on average, there is no evidence of any positive result.

Weill, P. 1990 [sic], The relationship between investment in Information Technology and Firm Performance: A study of the valve manufacturing sector, University of Melbourne, Graduate School of Management, Parkville, Victoria.

Dr Peter Weill, senior lecturer at the Melbourne University Graduate School of Management, conducted a six-year study of information technology investment in Australian business that may be partially used in a telecommunications analysis. [...]

[...]

"[...] By contrast, investment made to create competitive advantage is risky, and most of the firms that invested heavily for strategic purposes had lower performance and higher labor costs.

"On average, there was no evidence of any positive result. [...]"

Anmerkungen

...

[siehe Anm. zu Svr/Fragment_068_01. Gleiche Situation, daher wohl besser auf kW lassen.]

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[3.] Svr/Fragment 075 13 - Diskussion
Bearbeitet: 17. May 2020, 10:32 ([[Benutzer:|]])
Erstellt: 7. March 2020, 09:18 [[Benutzer:|]]
Brealey Myers 1981, Fragment, KeineWertung, SMWFragment, Schutzlevel, Svr, Unfertig

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Untersuchte Arbeit:
Seite: 75, Zeilen: 13-20
Quelle: Brealey Myers 1981
Seite(n): 439, Zeilen: 29 ff.
The exact Black and Scholes (1973) formula is expressed below:
c = Present Value of a call option = SN (d1) – Xe-rft N(d2)
where:
d1 = [log (S/X) + rf t + σ2t/2] * 1/σ√t
d2 = [log (S/X) + rf t - σ2t/2] * 1/σ√t
N(d)...cumulative normal probability density function

N(d) is the probability that a normally distributed random variable will be less than or equal to d.

Black and Scholes show that there is only one call price formula that meets that requirement. This unpleasant-looking formula is:


Present value of call option = PN(d1) — EXe-rftN(d2)

where

N(d) = cumulative normal probability density function15

EX = exercise price of option

t = time to exercise date


15 That is, N(d) is the probability that a normally distributed random variable will be less than or equal to d.

[page 430]

P = price of stock now

σ2 = variance per period of (continuously compounded) rate of return on the stock

rf = (continuously compounded) risk-free rate of interest

Anmerkungen

UNFERTIG

[Anm. evtl. so oder so ähnlich sinnvoll?]

The source is given, but only in a footnote text for the one sentence in the main text that follows this fragment.

The comparison shows that passages like the listed ones cannot be found in Black and Scholes (1973):

  • "is the probability that a normally distributed random variable"
  • "will be less than or equal to".
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[4.] Svr/Fragment 100 18 - Diskussion
Bearbeitet: 11. March 2020, 14:22 ([[Benutzer:|]])
Erstellt: 5. March 2020, 23:38 [[Benutzer:|]]
Fragment, KeineWertung, Rogers 1962? / Rogers 1983? / Arledge 1986? / Rogers/Scott 1997?, SMWFragment, Schutzlevel, Svr, Unfertig

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Untersuchte Arbeit:
Seite: 100, Zeilen: 18-23, 24-28
Quelle: Rogers 1962? / Rogers 1983? / Arledge 1986? / Rogers/Scott 1997?
Seite(n): -, Zeilen: -
Rogers (1962) classifies adopters of innovation into 5 categories: (1) Innovators are hazardous, rash, daring, and risky. (2) Early Adopters have the role of decreasing uncertainty about an innovation. (3) Early Majority adopts new ideas just before the average member of the social system. They follow with deliberate willingness in adopting innovations, but seldom lead. (4) Late majority adopt new ideas just after the average member of a social system. [...] Innovations are approached with a skeptical and cautious air. Their relatively scarce resources mean that almost all of the uncertainty about a new idea must be removed before the late majority feels that it is safe to adopt. (5) Laggards are the last in the social system to adopt an innovation.

Rogers, E.M. 1962, Diffusion of Innovations, Freepress of Glencoe, New York.

tja ...
Anmerkungen

...


[s. Disk.]

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(Schumann)


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