Stock Repurchase and the Role of Signaling： A Comparative Analysis between U.S. and China

This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.     

Do buyer cooperative actions matter under relational stress? Evidence from Japanese and U.S. assemblers in the U.S. automotive industry

Buyers can create relational stress even as they work cooperatively with suppliers. This study investigates the moderating effects of relational stress on the ability of buyer-initiated cooperative actions to influence a supplier's willingness to invest in technology that will be of benefit to the buyer. Data on 2012 buying situations were collected from Tier 1 suppliers to three U.S. domestic automotive assemblers (Chrysler, Ford, and General Motors) and three Japanese transplant automotive assemblers (Honda, Nissan, and Toyota) over three consecutive years (2003–2005). The results indicate that (1) buyer-initiated cooperative actions of communication, assistance, and supplier involvement increase a supplier's willingness to invest in technology, (2) the relationship-enhancing effect of buyer assistance increases under high relational stress, while the effectiveness of buyer communication decreases, and (3) that the effect of supplier involvement is not significantly influenced by relational stress levels. Furthermore, we found that supplier relations with Japanese transplant assemblers are characterized by higher levels of cooperative actions, lower levels of relational stress, and higher levels of supplier willingness to invest in technology when compared to those of U.S. domestic assemblers.     

High-investment HR values and firm performance among local firms and U.S. MNCs’ subsidiaries in South Asia: a comparative study

Grounded in institutional theory, this study investigates the differential adoption and internalization of high-investment human resource (HR) values by local companies and by subsidiaries of US firms located throughout South Asia; and the impact of these HR values on firms’ performance. In line with our predictions, results suggest that US subsidiaries have a greater rate of adoption of high-investment HR values compared to local South Asian firms. Contrary to our predictions, however, both types of firms are similar in the level of internalization of their respective HR values. Finally, while greater levels of high-investment HR value adoption is associated with firm performance across the board, this relationship tends to be stronger for US MNCs’ subsidiaries compared to local South Asian companies. Theoretical and practical implications for the transfer and diffusion of high-investment HR values in institutionally and culturally distant contexts are discussed.     

Expense preference behavior and management “outsourcing”: a comparison of adopters and non-adopters of contract management in U.S. hospitals

Specialized managerial expertise, coupled with the threat of non-renewal should improve efficiency in firms that opt for contract management arrangements. To examine this we apply a generalized version of tests for expense preference behavior to U.S. hospitals in the 1990s. Extending prior literature, we create a quasi-experimental design for a comparison of adopters and non-adopters of contracts using propensity score methods. We generate the distribution of ‘expense preference’ parameters for all contract adopters in both the pre- and post-adoption states, and for a matched control group of non-adopters over the same period. Our results show that contract adoption leads to reduced expense preference behavior, but that this result depends critically on the input being examined.

Auditing:Theory and Practice Aug.2002 Number 188 Contents

1.The discussion on　Influence and impact on china accounting　afterChina’s entry into the　WTO.     

Researching Sales Forecasting Practice: Commentaries and authors’ response on “Conducting a Sales Forecasting Audit” by M.A. Moon,J.T. Mentzer & C.D. Smith

Sales forecasting is a common activity in most companies affecting operations, marketing and planning. Little is known about its practice. Mentzer and his colleagues have developed a research programme over twenty years aimed at rectifying the gap in knowledge. Most recently, in the Mentzer et al. (2002) paper they have demonstrated with supporting evidence the use of a sales forecasting audit to establish the dimensions of best practice. In this commentary on the paper, the methodology underlying their approach is examined from a number of different perspectives. The commentaries examine how convincing and complete has been the choice of audit dimensions as well as how this new research fits with evidence from other sources. Both commentators and respondents agree that the topic is important to organisational practice and more research is needed to gain a complete picture of the sales forecasting function and the systems that support it. Clarifying the audit function is particularly important since sales forecasting often has a low organisational profile until events turn sour with damaging consequences to organisational viability.     

The effects of U.S. monetary policy on Colombia and Panama (2002–2007)

I study the economies of Colombia (floating exchange rate) and Panama (dollarized) to illustrate how the monetary policy of a large economy can export capital structure distortions to small open economies that follow different exchange rate regimes. The paper contributes to the literature on international business cycles in two ways. First, it adds to recent research that extends the Mises–Hayek business cycle theory to an international context. Second, most current research abstracts from effects on the production structures of emerging market economies when analyzing the transmission of monetary policy shocks. This paper seeks to fill this gap by studying structural effects of U.S. monetary policy on the economies of Colombia (floating exchange rate) and Panama (dollarized).     

知识.知识经济.知识产业

一、前言 今年是马克思、恩格斯的划时代著作《共产党宣言》发表150周年,我们用讨论知识、知识经济、知识产业的方式来纪念这个伟大的日子。自从这本著作发表以后,共产主义运动就以排山倒海之势,雷霆万钧之力,磅礴于全世界。下面我们将指出,高级知识社会就是共产主义社会。     

市场.需求.品牌

一、关于市场 市场的概念,在今天应该是深入人心的.语文意义上的市场常常挂在我们的嘴边:"这里没有你的市场",在这里,市场是作为场所讲的;政治经济学意义的市场,也已编入中学课本,中学生都能理解:市场是商品交换的场所,是商品交换关系的总和.但营销学意义的市场概念,却远远的超出了上述两个方面的界定,现代市场营销学把市场定义为:市场是某种商品所有实际的和潜在的购买者的需求总和,是由人口、购买力和购买动机组成的.     

计量.质量.效益

海尔集团创立于1985年,国家一级企业,是中国家电行业名列前茅的大型企业集团。主导产品有家用电冰箱、空调器、电冰柜、微波炉、热水器等。 海尔集团现有电冰箱股份有限公司、冷柜总公司、空调器总公司、微波电器厂、冷凝器厂、三菱重工海尔(青岛)空调机有限公司和洁具、厨具有限公司等实业单位。为保证集团内各单位的计量工作同步发展,公司于1993年成立直属总裁领导的计量检测委员