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Bears and numbers : investigating whether short-sellers exploit accounting-based pricing anomalies; Investigating whether short-sellers exploit accounting-based pricing anomalies

Cao, Bing, S.M. Sloan School of Management
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 31, [9] leaves; 1981027 bytes; 1982591 bytes; application/pdf; application/pdf
ENG
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This paper examines whether short-sellers (bears) exploit post-earnings-announcement-drift (PEAD) and the accruals anomaly. I first find that short interest is higher during the period that follows a negative earnings surprise and, to a lesser extent, the announcement of earnings that contains an abnormal income-increasing accrual component. Second, holding both anomalies constant, I find that prices decline more quickly in the presence of higher short interest. However, I do not find that higher short interest improves the pricing of information about future earnings contained in current earnings.; y Bing Cao.; Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2005.; Includes bibliographical references (leaves 30-31).

The contracting benefits of accounting conservatism to lenders and borrowers

Zhang, Jieying, Ph. D. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 80 leaves; 4489481 bytes; 4492763 bytes; application/pdf; application/pdf
ENG
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In this paper, I examine the ex post and ex ante benefits of conservatism to lenders and borrowers in the debt contracting process. First, I argue that conservatism benefits lenders ex post through a timely signal of default risk in the form of accelerated covenant violations by more conservative borrowers. I present evidence that the likelihood of a covenant violation following a negative shock increases in borrower conservatism. Second, I argue that conservatism benefits borrowers ex ante through lower initial interest rates. I provide both in- sample and out-of-sample evidence that lenders offer lower interest rates to more conservative borrowers. The result is robust to controlling for a series of other earnings attributes.; by Jieying Zhang.; Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2005.; Includes bibliographical references (leaves 55-57).

Two essays in commonality; 2 essays in commonality

Arslan, Hasan, Ph. D. Sloan School of Management
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 141 leaves
ENG
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In the first part of this thesis we consider a manufacturer that introduces successive generations of products, possibly on multiple similar production lines. We consider two types of production phase for this firm; pilot production phase and full production phase. Pilot production phase for a newly developed product is an experimental production period in which a limited amount of production capacity of the production line is allocated to produce the new product so that production process of the new product is improved through cumulative production experience. At the conclusion of the pilot production phase, a production methodology is formalized and the obtained knowledge is utilized for full production. The objective of the first part of this thesis is two-fold: First, to determine how to operate the pilot production phase of a newly developed product; Second, to characterize how production processes of a new product can be improved during its full production. To achieve the first objective, we develop two separate models. First, we consider a single production line alone. We analyze how to split production between the new and existing product to maximize profits, considering that the new product typically faces low yields initially.; (cont.) We show that it is never optimal to dedicate only limited capacity to the new product...

The role of the Balanced Scorecard for improvement of management systems in Japanese companies; Role of the BSC for improvement of management systems in Japanese companies

Abe, Taiji
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 92 leaves
ENG
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The concept of the Balanced Scorecard (BSC) was first developed by R.S. Kaplan and D.P. Norton in 1992 and since that time has been implemented in thousands of organizations worldwide. While many tools that were proposed in the past tend to emphasize only one of values an organization has to realize, the Balanced Scorecard proposes that what is the most important for an organization be to balance these values for discrete stakeholders, ultimately for improvement of corporate value. This thesis considers the role of the Balanced Scorecard (BSC) in solving issues faced by management in Japanese companies. During the period when BSC was introduced to Japanese organizations, most recognized the need to change their strategies in order to overcome the recession and to challenge emerging new competitors, When an organization decides to change its strategies dramatically, it needs to renew or improve how it develops those strategies. Even if the company formulates an excellent strategy, it will not produce the desired results without implementation. In reality, then, most companies seek not only new ways of developing strategy but also new ways of implementing the strategy.; (cont.) As the number of organizations considering BSC increased...

Invisible helping hands : how can capital markets access the poor and promote entrepreneurial spirits? : an analysis of international microfinance investment potential and a proposal for securitization in a microfinance global pool; framework of microfinance asset backed securities : how do MFIs access capital markets and meet the growing demand?

Ueno, Daisuke, M.B.A. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 59 p.
ENG
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Donor grants and soft loans have been utilized by many microfinance institutions (MFIs) to support their operations. However, such grants and loans, already of limited size and availability, are becoming harder to access as the pool of global MFIs grows. Another option for MFIs is tapping international capital markets, international loan and security markets, but there are many barriers to this practice. This paper studies how MFIs and the poor who are seeking capital to foster their entrepreneurial spirits can overcome these barriers to access international capital markets and meet the growing micro finance demand. First, this paper establishes the degree of linkage between MFIs and international financial markets by reviewing the present funding condition of MFIs. It concludes that purely commercially based funding from capital markets is minimal except for some of the best managed MFIs. A huge gap exists between most other MFIs and international capital markets. Second, this palper studies the microfinance investment potential by analyzing the returns of one microfinance investment fund. It concludes that the profile of microfinance investment matches the needs of investors in capital markets.; (cont.) Investors in developed countries are always looking for investment products that mitigate their portfolio volatility. This paper verifies that microfinance has an attractive profile matching these needs...

A mathematical programming technique for scheduling courses at the Sloan School

Ocken, Richard C. (Richard Charles)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 215 leaves
ENG
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by Richard C. Ocken.; Thesis (M.S.)--Massachusetts Institute of Technology, Sloan School of Management, 1987.; Bibliography: leaves 212-215.

Managing by passion, professionalism and performance : the MBP³ model : an alternative management framework developed for the Instituto de Ciencias Terra-Mar (ICTM)

Coelho, Alexandre C. (Alexandre Costa)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 56 p.
ENG
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The objective of this thesis is to develop a new, tailor-made and innovative managerial framework for the Instituto de Ciencias Terra-Mar (ICTM). The ICTM is a multi-functional science and technology institute dedicated to delivering the basic and current scientific, technological and environmental education to children enrolled in the primary school system (K-7) in Brazil. The managerial model in this thesis takes into consideration ICTM uniqueness. This framework is an innovative management system - the MBP3 Model: Managing by Passion, Professionalism and Performance.; by Alexandre C. Coelho.; Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2007.; Includes bibliographical references (p. 52-56).

The transformation of the Japanese commercial code and its impact on the Japanese economy

Yoshida, Toshihiro, M.B.A. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 100 leaves
ENG
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The legal system is an essential basis of the society and economy of every country, and it changes continually in accordance with national social and economic situations. The Japanese Commercial Code is no exception. One of the most significant and fundamental Japanese laws, it was enacted in 1899 as part of the modernization of Japanese society as the country moved away from a policy of seclusion followed by the old feudal government. The new Code was strongly affected by corporate laws in place at the time in Germany and France. However, as the balance of power in the world economy changed over the ensuing years, the Japanese Commercial Code and other corporate laws were influenced by American laws, and the nature of the Commercial Code was slowly transformed, especially following the Second World War and after the collapse of the so-called "bubble economy" in Japan. In this thesis, I discuss the history of fundamental Japanese laws, the steps and players in the legislative process, and present details about the introduction of the share exchange system, which stimulated many more mergers and acquisitions in Japan. Then I analyze the economic impact of new legal procedures for M&As, including the share exchange system, and identify possible directions for Japanese corporate laws in the future.; by Toshihiro Yoshida.; Thesis (M.B.A.)--Massachusetts Institute of Technology...

Essays on supply chain contracting and tactical decisions for inter-generational product transitions

Li, Hongmin, Ph. D. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 124 p.
ENG
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In this dissertation, we explore problems in two areas of Supply Chain Management. The first relates to strategic supplier management. The second focuses on tactical decisions on inventory and pricing during inter-generational product transition. In many industries, manufacturing firms use multiple competing suppliers in their component or product sourcing strategy. Chapter 2 studies optimal history-dependent contracts with multiple suppliers in a dynamic, uncertain, imperfect-information environment. The results provide an optimal contract structure for the manufacture and optimal performance and effort paths for the suppliers. We compare incentives in the form of product margin and that of business volume. Our results suggest that a volume contract may increase the total profit for the supply chain, partly due to its ability to allocate higher volume to the supplier that is more likely to input high effort, and partly through relative performance evaluation. However, for two suppliers with large asymmetry, it is better to contract independently with each supplier using margin incentive, rather than forcing them into a volume race. Chapter 3 studies the inventory planning decisions in the context of a technology product transition...

Design criteria for a knowledge-based English language system for management : an experimental analysis

Malhotra, Ashok
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 356 leaves
ENG
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by Ashok Malhotra.; Thesis (Ph. D.)--Massachusetts Institute of Technology, Alfred P. Sloan School of Management, 1975.; "February 1975." Vita.; Bibliography: leaves 240-246.

Investment dynamics and the timeliness properties of accounting numbers

Papadakis, George, Ph. D. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 66 leaves
ENG
Relevância na Pesquisa
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This paper examines the properties of accounting numbers using a real investment framework that predicts asymmetric timeliness of both investment and its outcomes (i.e. sales, earnings and operating cash flows) even in the absence of conservative accounting. In particular, I predict and find that firms are able to react more quickly to negative economic shocks (by cutting investment and employment) than to positive economic shocks (where there is a lag in implementing new investments or expanding employment). Next, I create the link between real investment and operating decisions and accounting by examining properties of sales and cash sales. I focus on analyzing sales and cash sales because real investment and operating activities are likely to have a great impact on the timeliness and time-series properties of these variables. I hypothesize that due to the slow investment adjustment to positive shocks, sales will exhibit a relatively stronger sensitivity to negative versus positive shocks. I also predict that sales will reflect a positive shock over time (positive autocorrelation) whereas a negative shock will be reflected in sales in a more immediate and permanent fashion. I find strong empirical support for both predictions. Cross-sectional tests lend further support to my hypothesis that real operating and investment activities play a crucial role in determining the observed properties of accounting numbers.; by George Papadakis.; Thesis (Ph. D.)--Massachusetts Institute of Technology...

Essays in delegated portfolio management

Papastaikoudi, Ioanna, 1977-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 145 leaves; 8869753 bytes; 8888293 bytes; application/pdf; application/pdf
EN_US
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This thesis consists of three chapters of independent but related work that investigate theoretically and empirically the organizational forms of delegated portfolio management. The first chapter proposes a theory of the organizational forms of investment vehicles based on adverse selection. Investors delegate the management of a pool of assets to an agent because of her superior but privately known ability. To tell managerial types apart, investors design compensation contracts that allow them to screen between managers of different abilities. We demonstrate that such a separation is possible in equilibrium when the proposed form of investment vehicle offers to investors debt and equity claims, such as a collateralized debt obligation. This organizational form will attract managers of high ability. Instead, lower ability managers will choose to manage structures that offer pure equity claims to investors, such as closed end funds, an organizational form arising only in a pooling equilibrium. The second chapter builds upon Chapter 1 and extends the theoretical framework to analyze the organizational determinants of equity structures such as open-end funds, closed-end funds and hedge funds. The analysis determines conditions for which each type of structure will arise in equilibrium. We show that managers will self select and choose a hedge fund structure when their investment skills exceed a minimum level. Managers below that threshold level will choose to manage either a closed-end or an open-end fund. The decision to open or close a fund does not only depend on managerial ability but also on the liquidity of the underlying assets. As such...

Competitive positioning : a study of recruiter's and employers' perceptions of the Sloan School of Management

Kahn, Lawrence Richard
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 184 leaves
ENG
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by Lawrence Richard Kahn.; Thesis (M.S.)--Massachusetts Institute of Technology, Alfred P. Sloan School of Management, 1982.; MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY.; Includes bibliographical references.

Social networks and institutions in transnational labor markets : the circular migration of Chinese and Indian engineers and professionals

Qin, Fei, Ph. D. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 161 p.
ENG
Relevância na Pesquisa
155.78%
This dissertation examines the mechanisms of the circular migration of Chinese and Indian engineers and technology entrepreneurs. The study is based on a combination of quantitative and qualitative data - including a survey of alumni from one of the Indian Institutes of Technology, a survey of Chinese engineers in Boston, and in-depth interviews. The study first looks into the post-migration settlement process of in the host countries and identifies significant changes in migrants' social networks at different stages of their careers. The study also examines the social processes that affect the decisions of migrant engineers to return to their home countries and their experience as returnees. In contrast to the conventional wisdom that often views the migration of highly skilled workers as highly individualized, the study finds that return migration is not a lonely journey. It is very often a group process instead of an individual process. Migrants establish various types of social ties and institutions during the migration and settlement process. They also draw heavily upon these networks and institutions when they return to their home countries. Another key finding is that return migration is often associated with entrepreneurship. Returnees from overseas have a higher propensity to start their own businesses than either non-migrants or migrants who stay abroad. This pattern reflects the interaction between the opportunity structures in the home countries and migrants' individual characteristics. A mixture of opportunities and constraints that exist in China and India often leads engineers into entrepreneurship when they return. By starting their own business...

Cultural change : a comparative study of the change efforts of Douglas MacArthur and Carlos Ghosn in Japan

Nakae, Koji. Sloan School of Management
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 139 p.; 987294 bytes; 986653 bytes; application/pdf; application/pdf
ENG
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When an organization adapts to a changing environment and struggles through an organizational crisis, its organizational culture is sometimes challenged. At such a time, a leader who can change current culture and embed a new culture is needed for the organization to survive. Dealing with cultural changes is one of the most important roles of a leader. In this thesis, I examine the leadership of two leaders-General Douglas MacArthur and Nissan's CEO Carlos Ghosn-who came to Japan from the outside during organizational crises and conducted organizational reforms and cultural changes at two different levels-the country Japan and the company Nissan. Using Edgar H. Schein's (1992) frameworks, culture-embedding mechanisms and basic assumptions, I examine what has, and has not, been changed by the two leaders in terms of organizational culture. I will show how most of Nissan's problems came from basic assumptions of postwar Japan, and how the country has not been changed while the company has been successfully changed. My research was conducted mainly through historical studies and articles written by both American and Japanese writers in order to analyze various events from differing objective perspectives.; by Koji Nakae.; Thesis (M.B.A.)--Massachusetts Institute of Technology...

The challenge of smooth transition from R&D business for innovation in a telecom company

Tsuji, Yukari, M.B.A. Sloan School of Management
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 105 leaves; 5208378 bytes; 5212731 bytes; application/pdf; application/pdf
ENG
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The environment surrounding telecom companies has changed dramatically since most were privatized in the 1980s. Under the influence of regulations, they had faced globalization and have repeatedly divided and consolidated to improve competitiveness. From the technology and marketing points of view, two disruptive innovations occurred in the 1990s: IP and wireless communications. Originally, IP was used only for data communications, but it has now evolved to include voice communications as VolP. This had a huge impact on telecom companies because IP has destroyed the legacy cost structure that was based on a pay-as-you-go system; the new demand is for a flat rate fee structure. IP also moved forward the commoditization of communication network services. At the same time, demand for cellphone service grew exponentially, and the number of cellphone subscribers surpassed that of fixed phone in 2000 in Japan. As a result, competitive superiority is shifting from long- distance companies to local and wireless companies. In this thesis, I discuss the telecom industry's situation, and compare three major carriers: AT&T, BT and NTT.; (cont.) I describe the organizational structures of each company to determine where there are-or if there is a requirement to improve- smooth transitions from R&D to business as one way to enhance the telecom companies' competitiveness. My research found that their strategies regarding the acquisition of competence are totally different: AT&T did internal development; BT purchased necessary technologies from the market; NTT led joint development with manufacturers. From the comparison and analysis...

How Kirin can maximize the synergies of its group companies to attain sustainable growth

Watanabe, Kei, M.B.A. Sloan School of Management
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 109 leaves; 5553807 bytes; 5558338 bytes; application/pdf; application/pdf
ENG
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At the end of twentieth century, Kirin Brewery Co. began a strategic move to break out of the saturated domestic market by adopting an international orientation and diversification effort to become a leading company in the Asia and Oceania markets. Following consolidation of its distribution channels and plant networks in the target region through successful strategic alliances with Lion Nathan Ltd. and Sun Miguel Corporation, Kirin Group has now grown into a large corporate group. However, history is full of examples of food/beverage companies that encountered difficulties achieving sustainable growth after early experiences of rocketing sales at takeoff-even though many such companies know that the key to success is taking advantage of group synergies. This thesis identifies a corporate strategy for Kirin that can be realized by creating two kinds of synergies of resource sharing in various phases of the value chain in order to upgrade Kirin Group's set of resources, and a synergy in the company's strategic thrusts. My research found that sharing intangible resources could play an important role in attaining architectural innovation.; (cont.) Each resource sharing idea builds on three strategic thrusts that could counter the external environment in the target geographic region. I address how to create synergies across multiple positive feedback loops that consist of the three strategic thrusts as a virtuous cycle. I stress that kicking on path dependence of the multiple loops could snowball Kirin's growth. Then I discuss ways to shift a leading organization in order to achieve a new strategy. Possible methods for managing this proposed organizational change include invigorating group dynamics by managing the Communication Loop...

A comparative study of wind power in the United States, Europe and Japan : strategies applicable to Japan

Shimizu, Shinji. M.B.A., Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 82 leaves
ENG
Relevância na Pesquisa
155.78%
This thesis explores measures in the Japanese energy industry in order to meet the Kyoto target and further abate carbon dioxide beyond this target. To meet the Kyoto target, the Japanese government wants to increase renewable energy such as wind power as one of the measures. Wind power may be one of the most cost-effective renewable energy sources to address global warming. The world market for wind power is growing rapidly and the markets are concentrated in a few primary countries, with Europe (especially Germany) and the United States leading expansion. However, Japan is now taking its first steps to develop a large-scale commercial market for wind power. It is now difficult for renewable energy, such as wind power, to become a major energy source due to its high cost and intermittent supply. However, it is the author's belief that Japan can increase wind power energy to reduce carbon dioxide emissions by applying appropriate policies and technical development in the power industry. This thesis examines policies designed to encourage the development of wind power in three countries-Germany, Denmark, and the United States-and compares the policies enacted in each of these countries to policies that are used in Japan.; (cont.) Measures that are applicable to shaping the implementation of renewable energy...

Lease classification of aircraft leasing : a case study of cross-border leases between Korean Air and its subsidiary

Park, Eun Ho, M.B.A. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 59 leaves
ENG
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Aircraft leasing represents a significant portion of the financial statements of airline firms. Accounting treatment of lease transactions is becoming more complicated as firms attempt to achieve off-balance-sheet outcomes vis a vis special purpose entities(SPC). Cross-border leasing involving SPCs in particular raises a variety issues stemming from international differences between accounting regimes. This thesis utilizes an example of cross-border leasing between Korean Air and its Irish subsidiary to illustrate the complexity related to lease classification. It begins by exploring the industry background, the concept of leasing, traditional lease criteria and current issues/trends in accounting. Next, relevant lease accounting rules are reviewed and compared to international and US GAAP. This includes key issues in lease classification such as 'substance of transactions' and 'the financial impact on the related parties'. The study reveals that the case can be assessed differently within the context of terms and conditions of the lease and related accounting rules. While such accounting interpretation may vary, the best answer appears that it is essential that firms present transparent financial information to the related parties.; by Eun Ho Park.; Thesis (M.B.A.)--Massachusetts Institute of Technology...

Globalization at NTT DoCoMo : implementing global business management strategies

Takagi, Katsuyuki, 1964-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 135 leaves; 6188954 bytes; 6203493 bytes; application/pdf; application/pdf
ENG
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Global business management has become one of the most important issues facing companies today, and global economic dynamics provide companies with both tremendous opportunities and formidable challenges. Countries are increasingly tied to each other through deregulation and liberalization for economic exchanges. Global competition is a necessity rather than a matter of direction for many companies. Global business management is more complex than doing business in a single country because of differences in source and nature between the home country and a target country. There are more managerial items that require modification with the passage of time. To be a successful multinational corporation, companies must recognize the whole picture of global business management and pursue best practices continuously. NTT DoCoMo, the largest Japanese mobile network operator, has achieved great success in the domestic market by leveraging its technological superiority since it was established in 1992. As the signs of market saturation began to emerge in Japan, NTT DoCoMo advanced its plans for globalization aggressively. For NTT DoCoMo, which does not own real products and production facilities, this represents a new challenge a Japanese company...