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摘要翻译：
在本研究的最初阶段，假设特许经营企业可能不会受到经济衰退的太大影响，因为特许经营企业模式固有的多种现金池。然而，经过对现有数据的分析，发现与此相反，所讨论的股票价格表现呈现出不同的模式。股票价格数据的分析采用非传统的工具，威布尔分布和观察证实存在一个相反的趋势，在特许经营业务比观察到的非特许经营或特许经营股票跟随大型食品供应商。在特许经营的商业模式中，所有权和现金流是分层的。特许人经营的母公司取决于特许人经营的子公司的业绩。母公司和子公司都作为独立的企业经营，但只有母公司在证券交易所上市。这种双层的垂直运作、现金储备和现金流是否能在衰退中更好地保护他们？本文分析的数据表明，衰退效应可能更加严重；如果它与平均市场一起跳水，预计特许经营模式下的股价复苏会更慢。本文描述了这些差异，并用现有的金融数据解释了自然实验。
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英文标题：
《Effect of Franchised Business models on Fast Food Company Stock Prices
in Recession and Recovery with Weibull Analysis》
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作者：
Sandip Dutta and Vignesh Prabhu
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最新提交年份：
2019
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分类信息：
一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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英文摘要：
At the initial stages of this research, the assumption was that the franchised businesses perhaps should not be affected much by recession as there are multiple cash pools available inherent to the franchised business model. However, after analyzing the available data, it indicated otherwise, the stock price performance as discussed indicates a different pattern. The stock price data is analyzed with an unconventional tool, Weibull distribution and observations confirmed the presence of either a reverse trend in franchised business than what is observed for non-franchised or the franchised stock followed large food suppliers. There is a layered ownership and cash flow in a franchised business model. The parent company run by franchiser depends on the performance of child companies run by franchisees. Both parent and child companies are run as independent businesses but only the parent company is listed as a stock ticker in stock exchange. Does this double layer of vertical operation, cash reserve, and cash flow protect them better in recession? The data analyzed in this paper indicates that the recession effect can be more severe; and if it dives with the average market, expect a slower recovery of stock prices in a franchised business model. This paper characterizes the differences and explains the natural experiment with available financial data.
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PDF链接：
https://arxiv.org/pdf/1912.12940
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