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International Journal of Production Economics | 2000

Just-in-time: A Cross-sectional Plant Analysis

Jeffrey L. Callen; Chris Fader; Itzhak Krinsky

This paper uses a unique data base of plant-level cross-sectional data to analyse the relative performance of Just-in-time (JIT) plants operating in two distinct manufacturing industries: electronic-components and auto-parts. The multivariate tests show that JIT plants use significantly less work-in-process and finished goods inventories than do non-JIT plants. JIT plants are significantly more profitable than non-JIT plants. Furthermore, JIT plants have significantly smaller total and variable costs than do non-JIT plants. Fixed cost differences, on the other hand, are not significant. JIT plants exhibit significant learning curve effects in that the earlier adopters use less inventories and are more profitable than later adopters. JIT plants that claimed to be more successful at controlling process quality also tended to have significantly less work-in-process inventory, less total costs and more profits. On the other hand, JIT plants that claimed to be more successful at controlling product quality were not significantly different from other plants. Finally, unionization appears to have no impact on the relative performance of JIT versus non-JIT plants.


Iie Transactions | 1987

Evaluating Flexible Manufacturing Systems

G. John Miltenburg; Itzhak Krinsky

Abstract Many firms are considering Flexible Manufacturing Systems (FMS) as a means for increasing productivity, quality and profitability. In this paper a methodology for properly comparing and evaluating FMSs is presented, The appropriate financial criteria are presented. Mathematical models of different FMSs are presented. The important stochastic variables are determined. The principles of stochastic dominance, risk preference and the value of information; and a decision analysis cycle are used to evaluate the FMSY


Empirical Economics | 1991

Three methods for calculating the statistical properties of elasticities: A comparison

Itzhak Krinsky; A. Robb

It has recently been recognized that the traditional way of estimating the statistical properties of elasticities and other non-linear functions of estimated parameters 2 may be unsatisfactory and deserves more attention. The traditional approach has been to use approximation techniques to linearize the formula and then use classical statistical procedures to calculate the distributions for appropriate data points (e.g. the means of the exogenous variables). In this paper, we wish to focus on two alternative techniques to estimate these statistical properties that have recently appeared in the literature. Green, Hahn and Rocke (1987) have used a bootstrap technique [Efron (1979, 1982)] to estimate the empirical multivariate distribution of the parameters from which the elasticities are calculated. The many estimates of the parameters can then be used to generate an empirical distribution of the elasticities. On the other hand, Krinsky and Robb (1986, 1989) have used a simulation technique in which many samples of the parameters of the model are generated by taking drawings from a multivariate normal distribution with the means and variance-covariance matrix of the estimated parameters. Both, the bootstrap and the simulation techniques, generate empirical distributions of the parameters. Moreover, if it is fair to assume that the parameters are distributed approximately multivariate normal, one would expect similar results from the two methods. If the multivariate normal assumption is inappropriate, one might expect that the bootstrap would produce results more at odds with traditional methods since only the bootstrap technique would be sensitive to nonnormality. In this paper, we compare the two approaches and find, in fact, that they are, more or less, equivalent to each other and to the approximation. We find this for two quite different data sets. We show that both techniques can occasionally yield


Pacific-basin Finance Journal | 1995

The role of financial variables in the pricing of Korean initial public offerings

Jeong-Bon Kim; Itzhak Krinsky; Jason Lee

Using a sample of 260 initial public offerings (IPOs) listed on the Korea Stock Exchange during the January 1985 – March 1990 period, this paper investigates the role of information disclosed through the prospectus in the new issues market. The evidence indicates that the market price is significantly affected by financial variables, such as earnings per share, offer size, industry-wide prospects, and offer type. The inclusion of potential signalling variables does not increase the explanatory power and predictive ability of the model. We also find that the market price is more closely associated with these financial variables after the 1988 liberalization of Korean IPO pricing than it was before. This study, therefore, highlights the importance of financial variables contained in the offering prospectus for the pricing of IPOs in the new issues market where information is scarce.


Journal of Financial and Quantitative Analysis | 1983

Mean-Variance Utility Functions and the Demand for Risky Assets: An Empirical Analysis Using Flexible Functional Forms

Varouj A. Aivazian; Jeffrey L. Callen; Itzhak Krinsky; Clarence C. Y. Kwan

In a recent study, Levy and Markowitz [15] demonstrate that, at least for some utility functions, expected utility can be approximated by a judiciously chosen function defined over mean and variance. In addition to resurrecting mean-variance analysis from the limbo into which it was placed by the criticisms of Borch [10] and others, the analysis by Levy and Markowitz yields a more direct approach to portfolio analysis than that provided by the current empirical literature. The current portfolio literature is concerned with notions of efficient sets and systematic risk rather than with utility functions and mean-variance. While much has been gained from a utility-free methodology, it is ultimately predicated upon a separation theorem and, hence, an environment with zero transactions costs. But security markets are not costless and the separation theorem may not hold. In that event, a utility-dependent approach to portfolio analysis could potentially lead to more powerful results especially if such an approach could be empirically implemented.


International Journal of Flexible Manufacturing Systems | 1990

Flexible manufacturing systems evaluation: An alternative approach

Itzhak Krinsky; Abraham Mehrez; G. John Miltenburg; Buddy L. Myers

The purpose of this article is to integrate the von Neumann-Morgenstern theory of utility functions and the mean-variance approach of portfolio analysis within the computational framework of selecting a production technology to replace an existing one. A stochastic, static one-period problem is formulated, and a measure that takes into account both the capital costs of implementing the new technology and the random monetary value of its output is identified to solve the problem. The properties of this measure are discussed particularly with reference to the optimal selection decision. An example is described to illustrate the methodology.


Journal of Business Ethics | 1988

The demand for regulation of financial disclosures: The case of the insurance industry

James C. Gaa; Itzhak Krinsky

Policyholders and other claimants in insurance companies are interested in “solidity,” i.e., the ability of insurers to meet their claims obligations in both the short run and the long run. Insurance regulators exist in order to represent the interests of consumers. Great emphasis is placed by the regulators of the market on the mandatory and uniform disclosure of relevant financial and operating aspects of insurers. This paper employs simple gametheoretic techniques to address two aspects of the general issue of the desirability of establishing a regulator to assess the solidity of insurers. First, why would uniform information about insurers be desirable? Given that uniformity is desirable, it could be achieved by voluntary agreement of insurers or via regulation. The second issue is how that uniformity is to be achieved; that is, what is the value of a regulator in achieving uniformity? Insurance provides an interesting instance of the general problem. A key determinant is the structure of costs and benefits of securing voluntary agreements across firms.


Journal of International Money and Finance | 1986

International exchange risk and asset substitutability

Varouj A. Aivazian; Jeffrey L. Callen; Itzhak Krinsky; Clarence C. Y. Kwan

Abstract This paper estimates subsitutability/complementarity relations among financial assets denominated in foreign currencies. Utilizing a representative investor and a flexible functional form methodology, a mean-variance utility function was estimated and used to determine expected return and variance elasticities between assets in the world portfolio. The hypothesis that international assets are perfect substitutes was rejected. It was also found that relative changes in variance tended to have a bigger impact on asset demand than did relative changes in expected returns. Substituability/complementarity relationships were not strong except in specific cases where strong relationships were expected a priori .


Journal of Banking and Finance | 1995

Savings and loan ownership structure and expense-preference

Itzhak Krinsky; Hugh Thomas

Abstract This note demonstrates that the conclusion of the Akella and Greenbaum (1988) study that managers of mutual S&Ls exhibit more expense-preference behavior than managers of stockholder-owned S&Ls is premature. It is shown that, in operationalizing their theoretical model, A & G introduce an endogenous variable in their correction for homogeneity, invalidating their results. The only firm conclusion which can be drawn from their results is that a higher proportion of assets of mutual S&Ls is invested in loans while a higher proportion of liabilities are sourced from deposits than is the case for stockholder-owned S & Ls.


Journal of Monetary Economics | 1990

Risk versus return in the substitutability of debt and equity securities

Varouj A. Aivazian; Jeffrey L. Callen; Itzhak Krinsky; Clarence C. Y. Kwan

Abstract This paper addresses the empirical issue of whether financial assets held by the U.S. household sector— especially debt and equity — are substitutes or complements and what, if any, are the magnitudes of the relationships. Using a flexible functional form portfolio-optimization framework together with asset holdings and returns data and a rolling-sample VAR expectation model, we estimate asset demand elasticities with respect to expected returns, variance, and covariance of returns. In general, we find the elasticities to be significantly different from zero. The results also indicate that debt and equity are substitutes. Public policy implications are drawn from the results.

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Jason Lee

University of Alberta

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Jeong-Bon Kim

City University of Hong Kong

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Jason Lee

University of Alberta

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Chris Fader

University of Waterloo

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