CORPORATE REPUTATION AND THE COST OF EQUITY CAPITAL - AN EMPIRICAL ANALYSIS OF GERMAN DAX30 COMPANIES

Benjamin Pfister 글로벌지식마케팅경영학회 2014 Global Marketing Conference Vol.2014 No.7

In recent years, the exploration of the quantifiable effects of market-based intangible assets on firm performance has become increasingly important in marketing and management literature. Corporate reputation, considered as a one of the key marketing metrics for maintaining and enhancing companies’ competitiveness in the globalized economy, plays an essential part in this context. Numerous studies show the impact of reputation on measures of financial performance, justifying companies’ endeavors to install and dedicate effort towards systematic reputation management and tracking. A possible consequence of a good reputation that has so far been neglected in academic research is a decrease in a company’s cost of equity capital, a measure that constitutes an important basis for the decision to invest in future projects, thus playing a vital part in the creation and preservation of strategic competitive advantages. A firm’s cost of equity is defined as the required rate of return, given the market’s perception of the firm’s riskiness. It is based on investors’ expectations about future returns and estimated by means of residual income models with varying assumptions and restrictions (in this study: Claus and Thomas 200, Gebhardt et al. 2001, Ohlson and Juettner-Nauroth 2005, and Easton 2004), equating the current stock price to future cash flows that are discounted with the firm’s implied cost of equity. To account for industry-specific idiosyncrasies, each firm’s cost of equity is adjusted by the monthly industry median. Corporate reputation is defined as an attitudinal mindset towards a company. Following the model of Schwaiger (2004), it is conceptualized as a two-dimensional construct comprising a cognitive (competence) and an affective (likeability) component; reputation is the linear combination of these two dimensions. Corporate reputation data was collected in 13 semi-annual waves from large-scale samples representing the general public in Germany. By applying panel data analysis on a set of the 30 largest publicly listed German companies during a seven-year time-span (2005-2011) and controlling for commonly known factors, I show that corporate reputation significantly reduces a firm’s cost of equity. This relationship holds when reputation is corrected for prior financial performance and industry affiliation. My results should help managers to further strengthen their argument that reputation management is value-relevant. This study should be seen as a starting point for further research to gain a deeper understanding of the reputation-cost of capital-interface.

Forgotten Treasures: Two Missionary-Scholars’ Contributions to Studies of Chinese Characters

Lauren F. Pfister 경성대학교 한국한자연구소 2009 한자연구 Vol.0 No.1

超出文字系谱学、从文化转化的合法性中探究“宗教”及“哲学”在近现代中国语文及文化中的出现

Lauren F. Pfister 세계한자학회 2015 世界漢字硏究 Vol.1 No.1

Studies of the Chinese neologisms zōngjiào 宗教 and zhéxué 哲學 have been pursued along etymological and historical lines, focusing on works of particular intellectuals that employed these terms. I argue that these methods are limited in their explanatory power to indicate how these words become dominant terms representing new academic disciplines in 20th century China. There is a need to demonstrate how the these terms invoked new interests shaping East Asian intellectuals’ identities in differing 19th and 20th century cultural contexts. A dialectical cultural transformation is involved, as well as institutionalization processes reflecting the values associated with these neologisms. These Chinese words become dominant terms precisely because there was a new set of experiences which older terms could not articulate. Zōngjiào and zhéxué, therefore, not only emerged from external cultural sources, but also represented a new mentality among Chinese intellectuals involved in modern transformations of post-traditional Chinese cultures.

Stress wave propagation in composite materials

Shen, Siyuan J.,Pfister, Jens C.,Lee, James D. Techno-Press 2001 Structural Engineering and Mechanics, An Int'l Jou Vol.11 No.4

The linear constitutive relations and the failure criteria of composite materials made of thermoviscoelastic solids are presented. The post-failure material behavior is proposed and the dynamic finite element equations are formulated. However, a nonlinear term is kept in the energy equation because it represents the effect of the second law of thermodynamics. A general purpose nonlinear three-dimensional dynamic finite element program COMPASS is upgraded and employed in this work to investigate the interdependence among stress wave propagation, stress concentration, failure progression and temperature elevation in composite materials. The consequence of truthfully incorporating the second law of thermodynamics is clearly observed: it will always cause temperature rise if there exists a dynamic mechanical process.

Replication and Sequential Development of Adherent Mycoplasma Pneumoniae Studied by Light and Electron Microscopies

김치경,Kim, C.K.,Pfister, Robert M. Korean Society of Electron Microscopy 1982 Applied microscopy Vol.12 No.2

Mycoplasma pneumoniae의 형태적(形態的) 분화과정(分化過程)을 광학(光學) 및 Carbon replication과 critical point drying 전자현미경 기술(技術)을 이용하여 관찰(觀察)하였다. 단세포(單細胞)로 부터 시작하는 전분화(全分化) 과정에서 이 세균(細菌)은 구형(球形)과 방추형(紡錘形)의 세포형태(細胞形態)로 특유(特有)한 분화(分化)를 하며 이 과정은 배양액(培養液)의 pH변화(變化)와 일치(一致)하여 진행(進行)되었다. 본(本) 연구(硏究) 결과(結果)로 부터 M. pneumoniae의 단세포(單細胞)에서 시작되는 새로운 생활회로(生活回路)를 다음과 같이 제기(提起)하였다. 단세포기(單細胞期)를 지나 제1분열기(第1分裂期)에는 구형세포(球形細胞)가 주로 대수증식기(對數增殖期)의 초기에 이분법(二分法)에 의하여 분열하고 그 후에 방추형 세포(細胞)가 분절법(分節法)에 의하여 분열하는 제2분열기(第2分裂期)가 뒤 따른다. 방추형(紡錘形)의 긴 세포(細胞)는 극성(極性)을 갖고 세포 한쪽 끝으로 부터 성장(成長)하여 수 많은 방추형세포에 의한 망상기(網狀期)가 된다. 이와 같은 생장회로(生長回路)는 좋은 생장(生長) 환경에서는 반복되지만 pH가 6.8 이하로 떨어지거나 다른 조건(條件)들이 나빠지면 세포표면(細胞表面)이 조악(粗惡)한 구형(球形)으로 변형(變形)되어 사멸기(死滅期)에 들어가 모든 세포(細胞)는 생명력(生命力)을 상실하게 된다. The morphological development of Mycoplasma pneumoniae attached to solid surfaces was examined by light and electron microscopies. Critical point drying and carbon replication techniques revealed that during the growth cycle of developing microcolonies, the morphological form coincided with the pH of the culture. M. pneumoniae appeared to have a well defined morphology associated with age of the culture. The organisms were dimorphic, with round cells capable of reproduction and segments consisting of a spindle shaped body with one pointed and one knob-like end. Starting with single cells, there were the following stages in the development of a culture: replication stage through binary fission and segmentation, stage of confluency, and a degeneration stage into rough spherical forms. The round cells appearrd to replicate by binary fission during the lag and early log phases of growth, while spindle segments replicated by segmentation during most of the logarithmic growth. The growth of the filaments and replication of the segments occured at the knob-like ends, showing a type of polarity, and formed a meshwork across the surface. This development could be cycled under favorable growth conditions, but the culture aged and when the conditions became adverse(e.g. pH 6.8 or lower), filamentous cells converted to spherical forms, losing their reproductive capability.

Adverse Effects When Partnering for Corporate Social Responsibility in the Context of FIFA World Cup Sponsorship

Wojciech Kulczycki,Benjamin Pfister,Joerg Koenigstorfer 글로벌지식마케팅경영학회 2020 Journal of Global Sport Management Vol.5 No.4

The purpose of this study was to assess the influence of partnership for corporate social responsibility (CSR) in the context of the sponsorship of the 2014 men’s FIFA (F ed eration Internationale de Football Association) World Cup on host city residents’ evaluations of sponsors. One hundred sixty Rio de Janeiro residents participated in the experiment. The results showed that partnerships with FIFA or the Brazilian government, which are both accused of mismanagement and corruption, worsened attitudes toward the sponsor compared to a CSR engagement without a partnership. Thus, adverse effects when partnering for CSR were found. Furthermore, the linkage to FIFA made the sponsor more dependent on the host city residents’ overall evaluation of the sports federation. The dependency on FIFA can be good or bad for sponsor brands: attitude to the sponsor and, hence, behavioral intentions to engage with the sponsor increase (decrease) with better (worse) attitude toward the sports federation.

Collagenase Clostridium Histolyticum Injection for Dupuytren Contracture: 2-Year Follow-up

Suresh K. Nayar,Dennis Pfisterer,John V. Ingari 대한정형외과학회 2019 Clinics in Orthopedic Surgery Vol.11 No.3

Background: Dupuytren disease is characterized by the development of palmar fibrous tissue that can lead to fixed flexion contracture (FFC) and contribute to functional loss of the involved digits. Our goal was to investigate rates of contracture resolution and recurrence in patients who underwent enzymatic fasciotomy for Dupuytren contracture consisting of collagenase clostridium histolyticum (CCH) injection followed by passive manipulation combined with splinting and home-based therapy. Methods: We prospectively enrolled 34 patients (44 metacarpophalangeal [MCP] and 33 proximal interphalangeal [PIP] joints) treated by one orthopaedic hand surgeon between November 2010 and November 2014. On day 1, CCH was injected into a palpable fibrous cord of the involved fingers. The next day, the finger was passively extended to its maximal corrective position. FFC was measured for each joint before injection and immediately after manipulation. Patients were instructed to wear an extension splint at night and perform stretching exercises at home and were re-evaluated at 6 weeks, 4 months, 1 year, and 2 years. Resolution was defined as improvement of contracture to ≤ 5° of neutral. Recurrence was defined as an increase in FCC of ≥ 20° after treatment. Results: Immediate contracture resolution occurred in 42 of 44 MCP joints (p < 0.001), improving from 50° to 1.5°, and in 14 of 33 PIP joints (p = 0.182), improving from 44° to 16°. Four joints had recurrence within 6 weeks. Of the 48 joints with minimum 4-month follow-up (mean, 26 months), 12 had recurrence at 2-year follow-up (MCP, 6; PIP, 6). At 2-year follow-up, MCP and PIP contractures measured 17° and 35.5°, respectively. Older age and multiple digit involvement were associated with higher recurrence rates. Conclusions: CCH offers a safe, nonoperative option to correct FCC in Dupuytren disease with greater success for MCP joints compared to PIP joints. There is a tendency of reoccurrence within 2 years of treatment. Further investigation is needed to determine optimal timing of repeat CCH injection to improve upon or extend the period of contracture resolution.

Interactive Volume Exploration of Petascale Microscopy Data Streams Using a Visualization-Driven Virtual Memory Approach

Hadwiger, M.,Beyer, J.,Won-Ki Jeong,Pfister, H. IEEE 2012 IEEE transactions on visualization and computer gr Vol.18 No.12

<P>This paper presents the first volume visualization system that scales to petascale volumes imaged as a continuous stream of high-resolution electron microscopy images. Our architecture scales to dense, anisotropic petascale volumes because it: (1) decouples construction of the 3D multi-resolution representation required for visualization from data acquisition, and (2) decouples sample access time during ray-casting from the size of the multi-resolution hierarchy. Our system is designed around a scalable multi-resolution virtual memory architecture that handles missing data naturally, does not pre-compute any 3D multi-resolution representation such as an octree, and can accept a constant stream of 2D image tiles from the microscopes. A novelty of our system design is that it is visualization-driven: we restrict most computations to the visible volume data. Leveraging the virtual memory architecture, missing data are detected during volume ray-casting as cache misses, which are propagated backwards for on-demand out-of-core processing. 3D blocks of volume data are only constructed from 2D microscope image tiles when they have actually been accessed during ray-casting. We extensively evaluate our system design choices with respect to scalability and performance, compare to previous best-of-breed systems, and illustrate the effectiveness of our system for real microscopy data from neuroscience.</P>

잘츠부르크 스테른브라우라이 주거공모전 - 하리리 앤 하리리 아키텍처

Gisue Hariri,Mojgan Hariri,Markus Randler,Thierry Pfister,Liv Marit Naess 현대건축사 2007 월간 CONCEPT Vol.- No.100

Scutellinia jejuensis (Pezizales), a new species from Korea

Han, J.-G.,Choi, Y.-J.,Pfister, D.H.,Shin, H.-D. MYCOTAXON LTD 2010 Mycotaxon Vol.112 No.-