Uncovering uncovered interest parity during the classical gold standard era, 1888–1905

This paper examines the uncovered interest parity hypothesis using the dollar-sterling exchange rate during the gold standard era. This period is interesting because the exchange rate was seasonal, because transactions costs were high, and because occasions when uncovered interest rate speculation did not occur can be identified. The paper shows UIP speculation frequently did not occur, that speculation was most active in response to expected exchange rate changes not interest differentials when it did occur, and that profitability varied systematically with interest rate differentials. The estimated UIP equations are substantially improved by distinguishing occasions when sterling was borrowed not lent.     

Asset Productivity Turnaround: the Growth/Efficiency Challenge

Growth and productivity have been linked together as the path to increasing profitability. However, companies that embark on aggressive growth strategies often find their efficiency severely compromised. This research examined companies whose asset productivity declined severely during periods of aggressive growth. Contrary to conventional turnaround wisdom, asset pruning and debt reduction did not accompany asset productivity turnarounds; however, successful turnaround companies did decrease their long-term debt ratios as they continued to expand. Companies that failed to turn around their asset productivity declines suffered subsequent declines in sales and income growth. Although the firms in this study did not publicly acknowledge the presence of decline, takeover attempts were more likely to occur during or immediately after the period of asset productivity decline.     

我国劳动力流动与城市失业关系研究

本文通过2005年1%人口抽样调查数据对我国劳动力流动与城市失业之间的关系进行了经验研究。总体来看,劳动力流动并未对城市失业产生显著的影响,政策制定者不必担心因为流动劳动力的不断增加而导致城市失业的恶化。     

Are universal banks bad for financial stability? Germany during the world financial crisis

This case study explores the contribution of universal banking to financial stability in Germany during the recent financial crisis. Germany is a prototype for universal banking and has suffered from a rather small number of banking crises in the past. We review the banking literature and analyze the major institutional and regulatory features of the German financial system to establish a nexus between universal banking and stability. We focus on the following questions. First, which banks failed and did they because they were universal or because of other reasons? Second, which types of distress beside outright bank failures resulted from the crisis and how did German universal banks dealt with them? We show that only few German banks failed and these banks did so not because they were universal banks but because they were publicly owned. Most banks instead contributed to reduce the impact of the recent crisis.     

基于GSPN的装备器材供应链建模与分析

研究了广义随机Petri网（GSPN）的建模及分析方法,建立了基于GSPN的装备器材供应链流程模型,并将Petri网模型转化为等价的马尔可夫链,得出了供应链模型的主要性能指标,据此分析制约供应链的瓶颈。     

基于《PFI合同标准》的PFI合同结构研究

PFI模式是私人主动融资模式,其越来越多的被应用在大型工程项目上.英国和日本以及亚洲很多国家都在对PFI模式进行深入的研究.本文主要从PFI合同的发展现状、PFI合同的主体及其关系、PFI合同结构及其特点进行研究.此研究将有助于PFI合同在我国的成功应用和推广.     

The cross market effects of short sale restrictions

This paper considers the impact of the 2008 short selling bans on the cross-market dynamics of stock indices across a wide range of countries. We measure the transmission of shocks between markets using a modified version of the spillover index of Diebold and Yilmaz (2009). The results show that the transmission of shocks between countries which did impose short sale bans was reduced and transmissions from countries with bans to countries without bans were also generally lower. In contrast, short sale bans did not provide protection from shocks emanating from countries which did not impose bans, as shocks from non-banning markets tended to have an increased impact on other markets during periods where bans were in place. Overall, the evidence supports the redirection of volatility in the system affecting the relationships between the groups of markets with bans and those without.     

Directed Credit? The Loan Market in High‐Growth Japan

Observers routinely claim that the Japanese government of the high-growth 1960s and 1970s rationed and ultimately directed credit. It barred domestic competitors to banks, insulated the domestic capital market from international competitive pressure, and capped loan interest rates. In the resulting credit shortage, it promoted industrial policy by rationing credit.
As much as the government purported to ration and to direct credit, it apparently accomplished nothing of the sort. It did not block domestic rivals to banks successfully, did not insulate the market from international forces, and did not set maximum interest rates that bound. Using evidence on loans to all 1,000-odd firms listed on Section 1 of the Tokyo Stock Exchange from 1968 to 1982, we find that observed interest rates reflected borrower risk and mortgageable assets and that banks did not use low-interest deposits to circumvent any interest caps. Instead, the loan market seems to have cleared at the nominal rates.
We follow our empirical inquiry with a case study of the industry to which the government tried hardest to direct credit: ocean shipping. We find no evidence of credit rationing. Despite the government programs to allocate capital, nonconformist firms funded their projects readily outside authorized avenues. Indeed, they funded them so readily that the nonconformists grew with spectacular speed and earned their investors enormous returns.     

Does a ‘financial transaction tax’ drive out information mirages? An experimental analysis

Motivated by the debate over the economic implications of financial transaction taxes, the present study involved a thorough investigation of the impact of such taxes on a financial market of the type described by Camerer and Weigelt (J Bus 64:463–493, 1991), whereby noise traders are unaware of whether privileged information is fluctuating in the market. Two treatment conditions were opposed to a baseline condition in which no tax was levied. The two treatment conditions imposed a transaction tax equal to 0.5% and 1% of each transaction’s market value, respectively. The findings show that: (1) the introduction of a tax did not affect the occurrence of a mirage, (2) the introduction of a tax did not improve market efficiency and (3) the introduction of a tax did not reduce the number of transactions.

     

物流先哲—周恩来——日本物流之父平原直谈周恩来与物流

周恩来总理对物流哲学的认识，不单只停留在作为知识的“物流”上，对装卸的理解并未停留在简单的认识上，而是与大众同苦乐，通过实践而得到物流哲学的真谛。     

FDI对东道国内资企业技术进步影响作用的实证研究——基于苏州和宁波的比较

本文以Caves(1974)的经典模型为基础构建计量模型,以苏州、宁波两地的工业部门为研究对象,分析检验两地FDI对东道国内资企业技术进步的影响作用。分析结果表明,苏州的FDI对本土的内资企业的技术进步产生了显著的促进作用,而宁波的FDI所产生的作用非常微弱,并没有促进内资企业的生产率的提高。     

REGULATING CARS AND BUSES IN CITIES: THE CASE OF PEDESTRIANISATION IN OXFORD

Debates about whether traffic regulations that limit car use will enhance or hinder a particular urban economy are complex and often emotive. The present article considers evidence from the implementation of a radical traffic restraint and pedestrianisation scheme in Oxford in 1999. The most important achievement was a 17% reduction in car trips to the centre, which did not affect overall visitor numbers. The local economy did though experience a period of difficult trading around the time of implementation.     

私人关系影响客户关系质量的实证研究——以上海、苏州银行业为例

构建与维持长期、稳固的客户关系是关系营销的主要目标之一。本文以上海、苏州银行业为例,实证性地分析私人关系对客户关系质量的影响。研究结果发现：第一、营销人员与客户有关人员私人关系状态与客户满意度并不存在显著的相关关系,而关系意愿对客户满意度有显著的正向影响；第二、营销人员与客户有关人员私人关系越好,企业与客户间的信任度越高；第三、营销人员与客户有关人员私人关系越好,组织间的承诺度越高。最后探讨了结果的应用。     

What if they had not Gone Negative? A Counterfactual Assessment of the Impact from Negative Interest Rates

The counterfactual estimation technique of Pesaran and Smith ( 2016 ) is employed to provide an assessment of the impact stemming from the implementation of negative interest rates in three European economies (Denmark, Sweden and Switzerland). The analysis indicates that negative interest rates did not have a significant effect on bank lending growth or inflation in any country. This failure to reject the policy ineffectiveness hypothesis most likely lies in the fact that negative interest rates did not ease the situation for the factors restricting the supply of bank lending, namely bank funding costs and Return‐on‐Equity.     

Does politics make a difference?

Abstract

The concern of this article is the nature of the politics of public expenditure and whether changes in government between the Conservative Governments of Mrs Thatcher and the Blair Governments did reflect differences in policy priorities? The Thatcher Government in 1979 had announced that public expenditure was at the heart of Britain's economic problems. The Blair Governments did not seek to change the expenditure plans outlined by the outgoing Chancellor Kenneth Clarke. This study seeks to show that the analysis of data using long term trends for the post war period that the during the years of the Thatcher Government they government did manage to hold expenditure below its long term grwoth trends which in turn meant reductions in health and education spending while there were additional spending in law and order and defence. By contrast the Blair Government has managed to reverse this trend so that during the years of the Balir Government expenditure on socal provision has been expanding above the trend.     

The size of the firm in a transitional economy: Downsizing and economies of scale: The case of Russian footwear

Did Russian reforms alter the privileged position enjoyed in Soviet times by large firms? This paper considers the size of firms in one industry (footwear) during the years 1992–2000 and its relation to productivity. Soviet footwear firms were much larger than their foreign counterparts. With the transition to a market-based economy these large firms might lose their advantage relative to smaller firms. This study finds that while firms in each size category in this industry did substantially downsize, this process did not significantly affect relative productivities. It does not appear that larger firms created in Soviet times were relatively disadvantaged.     

Coworker Perceptions of Outcome Fairness of Breastfeeding Accommodation in the Workplace

The effect of workplace accommodation on perceptions of fairness was investigated. Vignettes describing an organization that did or did not accommodate the needs of a breastfeeding employee were used to test the hypotheses. Accommodation had a positive effect on perceptions of fairness. This effect was stronger for participants with children. Perceived personal cost of the accommodation had a negative effect on fairness. Evidence was also obtained indicating that need-based concerns affect perceptions of fairness. For example, participants who believed that breastfeeding is a private issue that does not belong in the workplace reported the accommodation as less fair.     

Kinesics and proxemics communication of expert and novice PE teachers

The aim of the study is to analyse the sequential paraverbal communication used while teaching by expert and novice PE teachers. Four expert and four novice teachers were observed using a coding scheme of paraverbal behavior. The detection of temporal patterns using Theme v.5 enabled sequential analyses of paraverbal behaviour. The results indicate that compared to expert teachers, novice teachers used a greater number of gestures and did not always make effective use of the teaching space. Their gestures were also less qualitative in nature as they did not take full advantage of the communicative possibilities offered by some of the gestures analysed.     

Downward influence styles in cultural diversity settings

This study used the cultural value of individualism to explain the direct interpersonal influence behaviour used by Japanese and American expatriates and the indirect structural influence pattern which together have moulded the influence behaviour of Taiwanese managers. As predicted, the collectivists (Japanese expatriates) were found to use more assertiveness, exchange and higher authority strategies than the individualists (American expatriates). Differences in downward influence style between Taiwanese managers in Japanese and in American subsidiaries did reveal the acculturation effects of Japanese and American organizational cultures. Familiarity with local cultural values and language increased the frequency of using influence for Taiwanese managers, but did not afford the Japanese an influence style similar to the Taiwanese.     

上海市外语类社团调查与分析

外语类社团的成立及发展对于中国外语水平的提高，对外语人才的培养，对外语教育的延展以及外语第二课堂的开展都做出了重要贡献。但是多年来国内对外语类社团的发展及运营状况的研究极为缺乏。上海是大陆地区对外开放最为活跃的地区之一，外语类社团的成立及发展也处于各省市的领先水平。为了研究上海市外语类社团的发展现状与趋势，我们对上海市外语类社团进行了调研，并对调查结果进行了相关的统计分析，提出了自己的看法和建议。