张秀兰的“爱心长征”

12岁那年,她在一次偶然帮助他人时,感悟到给别人温暖也能让自己收获喜悦,从此一发不可收拾。她在长达28年的爱心长征中．人生几经大起大落,如今已是宾馆、服装店、理发店的老板的她总结出了一句话：我始终相信,总有一天我的诚心会感动每一个人!     

财富和爱心在一个足浴妹身上同时闪光

一个贫寒甚至卑微的28岁足浴妹，每月仅有2000多元收入，却8年如一日节衣缩食将收入70％的血汗钱捐给家乡和厦门特困生，累计耗资10多万，现仍长期固定帮扶贫困学生37名。她回报社会的动机很简单：她在上小学时，一次参加元旦文艺演出。因要上台演讲没有鞋子穿，是她姥姥和她隔壁的一个也叫姥姥的老人各自给了一只不一样的鞋子给她穿。     

财富和爱心在一个足浴妹身上同时闪光

一个贫寒甚至卑微的28岁足浴妹,每月仅有2000多元收入,却8年如一日节衣缩食将收入70%的血汗钱捐给家乡和厦门特困生,累计耗资10多万,现仍长期固定帮扶贫困学生37名。她回报社会的动机很简单:她在上小学时,一次参加元旦文艺演出,因要上台演讲没有鞋子穿,是她姥     

高圆圆女神的幸福理财经

在炫耀、虚荣心盛行的娱乐圈,高圆圆是十分独特的一位。对金钱,她有着不去重视的淡然;对理财,她满怀“钱够花就好”的知足;对投资,她从不去做过多的宣传;对慈善,她有着不遗余力的激情。2014年11月28日。无数影迷心中的女神高圆圆,与赵又廷在台湾举行婚礼。两天后的30日晚,在北京东三环的一家酒店里．记者见到了她。记者眼前的高圆圆。有初为人妇的羞涩、有连日奔波的疲倦．更多的,是新婚燕尔的幸福。     

会当击水三千里——记工行徐州分行鼓楼支行营业部主任袁建萍

劳动模范袁建萍参加工作28年来,一直在基层辛勤耕耘,默默奉献,把再平凡不过的工作做到了极致。担任支行营业部主任后,她更是带领着一支团队顽强拼搏,勇闯难关,用忠诚和信念实现了三年再造一个支行营业部的宏伟目标。截至2008年上半年,袁建萍和她的团队创下了各项存款余额30亿元,贷款余额15．6亿元,理财产品销售4．6亿元,实现中间业务收入2432万元的成绩,四项指标目前在全行网点综合考评中名列前茅。她受到了总、省、     

王怡晨：在挖“虫草”之宝的路上

旅游发现虫草商机28岁的王怡展出生在安徽黄山市一个普通家庭,2004年从南开大学英语系毕业后,她成了合肥一家合资企业的白领。2005年＂十一＂长假期间,王怡晨到西藏北部最大的城镇那曲旅游。旅游期间,她有幸邂逅了高原挖＂宝＂人。这天,在一座山脚下,王怡晨发现几个藏族男子正趴在地上寻找着什么。     

永不停步的人——陈婉芳

陈婉芳(女),上海第二十一棉纺织厂总会计师兼财务科科长。从1979年起,连续两次被评为上海市劳动模范。1983年十月,被评为全国三八红旗手。1984年4月又被评为1983年度上海市劳动模范。群众称赞她是一个永不停步、不知疲倦的人。 勤于思索,永不停步。她主持的经济核算和财务工作,曾连续多年被评为行业先进;她设计的定额管理工作办法,曾在全行业推广;她的工作经验曾在全国性报刊上发表。但是,她常说:社会在前进,管理要加强,只有依靠领导和群众不断改进自己的工作,才能跟上时代的步伐。1982年以来她根据企业全面整顿的要求,对经济核算和财会工作进行了十二个方面的整顿,都取得了较好的成绩。如:由过去的车间制改为工场制的新情况下,设计了厂部、     

何巧凤:用大爱为工会事业添彩

一个善良而高尚的人,总是在大爱中倡行善举,她的人格定位一定是为绝大多数人谋幸福的。新疆伊宁县总工会主席何巧凤就是这样一个人,她1994年调入伊宁县总工会工作,一步一个脚印,踏踏实实,服务职工,善待职工,开创了一个又一个工会工作的新局面。伊宁县总工会从1995年到2013年,连续被自治区总工会、自治州总工会授予"工会工作先进县"称号;她个人也被伊犁地区工会、伊犁哈萨克自治州总工会授予先进工会工作者、优秀工会主席、十佳工会主席等多项荣誉称号;1998年,被自治区总工会评为先进工会工作者;2005年,又被自治区人民政府评为劳动模范,伊宁县广大职工群众亲切地把何巧凤同志习惯性地称为"好(何)主席"。     

“首金女侠”易思玲:伦敦奥运一枪成名

<正>2012年7月28日,"美女枪王"易思玲以502.9环的成绩,在伦敦奥运会女子10米气步枪比赛中一举夺冠,获得本届奥运会首枚金牌。至此,这位集奥运会、亚运会、世锦赛、全运会冠军于一身的"大满贯"得主,已成为中国体坛最耀眼的偶像级明星之一。一个从下岗家庭走出来的贫苦丫头,是怎样在练摊儿爷爷的启蒙下与枪结缘的?从默默无闻到"易"枪成名,她有着怎样的人生故事?     

"老干妈"财富麻辣烫

她没有上过一天学,却能白手起家,在短短11年时间内,创办了一个总资产达13亿元、拥有1300名员工的大型企业;她仅凭一个辣酱品牌,就     

tay's as good as cay

The empirical evidence that the consumption–wealth ratio, cay, has strong in-sample predictive power for future stock returns has been interpreted as evidence that consumers take account of future investment opportunities in planning their consumption expenditures. In this paper we show that the predictive power of cay arises mainly from a “look-ahead bias” introduced by estimating the parameters of the cointegrating regression between consumption, assets, and labor income in-sample. When a similar regression is run, replacing the log of consumption with an inanimate variable, calendar time, the resulting residual, which we label tay, is shown to be able to forecast stock returns as well as, or better than, cay. In addition, both cay and tay lose their out-of-sample forecasting power when they are re-estimated every period with only available data.     

当亿万富豪，思想和行动一样远

创业板在金融风暴的2009年启动,正好见证了中国十多年来创业投资的风雨历程,而资本市场A就的A多中国亿万富豪,也极好地证明了实体经济与资本市场相结合确实是国家、企业和个人发达致富的A要之路。本文提出要敢于提出大目标,以“反推法”设计实施A目标的路线图,高屋建瓴而又脚踏实地,则中国广大创业者的亿万富豪之梦并非遥不可及     

Sustainability as Adaptability

Most corporations now view sustainability as a key requirement for competitive advantage, but few claim to have achieved it. One of the key obstacles separating intention from execution is that the sustainability frameworks employed by companies tend to be insufficiently clear, precise, or comprehensive to guide decision making. One of the most pressing challenges for corporate leaders today is, of course, to sustain the economic viability of the core businesses. But given the implicit “beyond business” focus of most sustainability efforts, corporate executives would be better served by a more integrated, holistic framework—one that enables them to make tradeoffs among the economic, social, and ecological aspects of business. This article introduces such a framework—one that redefines sustainability as the ability of companies to adapt to change in three different spheres of operation—ecological, social, and economic—with a near‐term as well as a longer‐term planning horizon. Without such adaptation, business models become obsolete for reasons that can range from economic failure, to competitive inferiority, to social or ecological limits. This ability to adapt can be measured and valued by using the BCG Adaptive Advantage Index, a composite measure of corporate performance during market downturns. The BCG analysis also shows that although the most adaptive companies tend to report lower profits and have lower values during periods of relative stability, such companies perform consistently better over full cycles. Creating social and ecological value alone doesn't automatically confer economic rewards, but—with the right business model and capabilities—it can. The authors explore some of the business model archetypes that successfully achieve this “co‐optimization.”     

Money as stock

The fiscal theory determines the price level from the value of nominal government debt as a claim to government primary surpluses, just as private stock is valued as a claim to corporate profits. Valuation equations are not constraints, so this theory does not mistreat the government's intertemporal budget constraint. I anchor the analysis in a simple cash in advance model. When money demand falls to zero, I show that the price level can still be determined by the government debt valuation equation.     

Strategy as ecology

Microsoft's and Wal-Mart's preeminence in modern business has been attributed to any number of factors--from the vision and drive of their founders to the companies' aggressive competitive practices. But the authors maintain that the success realized by these two very different companies is due only partly to the organizations themselves; a bigger factor is the success of the networks of companies with which Microsoft and Wal-Mart do business. Most companies today inhabit ecosystems--loose networks of suppliers, distributors, and outsourcers; makers of related products or services; providers of relevant technology; and other organizations that affect, and are affected by, the creation and delivery of a company's own offering. Despite being increasingly central to modern business, ecosystems are still poorly understood and even more poorly managed. The analogy between business networks and biological ecosystems can aid this understanding by vividly highlighting certain pivotal concepts. The moves that a company makes will, to varying degrees, affect the health of its business network, which in turn will ultimately affect the organization's performance--for ill as well as for good. Because a company, like an individual species in a biological ecosystem, ultimately shares its fate with the network as a whole, smart firms pursue strategies that will benefit everyone. So how can you promote the health and the stability of your own ecosystem, determine your place in it, and develop a strategy to match your role, thereby helping to ensure your company's well-being? It depends on your role--current and potential--within the network. Is your company a niche player, a keystone, or a dominator? The answer to this question may be different for different parts of your business. It may also change as your ecosystem changes. Knowing what to do requires understanding the ecosystem and your organization's role in it.     

Diversity as strategy

IBM's turnaround in the last decade is an impressive and well-documented business story. But behind that success is a less told people story, which explains how the corporation dramatically altered its already diverse composition and created millions of dollars in new business. By the time Lou Gerstner took the helm in 1993, IBM had a long history of progressive management when it came to civil rights and equal-opportunity employment. But Gerstner felt IBM wasn't taking full advantage of a diverse market for talent, nor was it maximizing the potential of its diverse customer and employee base. So in 1995, he launched a diversity task force initiative to uncover and understand differences among people within the organization and find ways to appeal to an even broader set of employees and customers. Gerstner established a task force for each of eight constituencies: Asians; blacks; the gay, lesbian, bisexual, transgendered community; Hispanics; white men; Native Americans; people with disabilities; and women. He asked the task forces to research four questions: What does your constituency need to feel welcome and valued at IBM? What can the corporation do, in partnership with your group, to maximize your constituency's productivity? What can the corporation do to influence your constituency's buying decisions so that IBM is seen as a preferred solution provider? And with which external organizations should IBM form relationships to better understand the needs of your constituency? The answers to these questions became the basis for IBM's diversity strategy. Thomas stresses that four factors are key to implementing any major change initiative: strong support from company leaders, an employee base that is fully engaged with the initiative, management practices that are integrated and aligned with the effort, and a strong and well-articulated business case for action. All four elements have helped IBM make diversity a key corporate strategy tied to real growth.     

Strategy as revolution

How often does the strategic-planning process start with senior executives asking what the rest of the organization can teach them about the future? Not often enough, argues Gary Hamel. In many companies, strategy making is an elitist procedure and ?strategy? consists of nothing more than following the industry's rules. But more and more companies, intent on overturning the industrial order, are rewriting those rules. What can industry incumbents do? Either surrender the future to revolutionary challengers or revolutionize the way their companies create strategy. What is needed is not a tweak to the traditional strategic-planning process, Hamel says, but a new philosophical foundation: strategy is revolution. Hamel offers ten principles to help a company think about the challenge of creating truly revolutionary strategies. Perhaps the most fundamental principle is that so-called strategic planning doesn't produce true strategic innovation. The traditional planning process is little more than a rote procedure in which deeply held assumptions and industry conventions are reinforced rather than challenged. Such a process harnesses only a tiny proportion of an organization's creative potential. If there is to be any hope of industry revolution, senior managers must give up their monopoly on the creation of strategy. They must embrace a truly democratic process that can give voice to the revolutionaries that exist in every company. If senior managers are unwilling to do this, employees must become strategy activists. The opportunities for industry revolution are mostly unexplored. One thing is certain: if you don't let the revolutionaries challenge you from within, they will eventually challenge you from without--in the marketplace.     

tay's as good as cay: Reply

In a recent comment on our published work [Lettau, M., Ludvigson, S., 2001. Consumption, aggregate wealth, and expected stock returns. Journal of Finance 56, 815–850], Michael Brennan and Yihong Xia [2005. tay's as good as cay. Finance Research Letters 2, 1–14] advance the following argument: A “mechanistic” variable tay, where t is a linear time trend, forecasts stock returns. Since “t has no foresight,” the argument goes, the predictive power of this variable must be attributable to what they call “look-ahead bias.” The authors assert that cay is subject to the same look-ahead bias (generated because we use the full sample to estimate the cointegrating parameters in cay), implying that its forecasting power must be spurious. In this response, we explain why this critique is misplaced.     

尽快调整外汇储备的投资组合

中国外汇储备走势越来越为人们所关注，《国际融资》记者就有关外汇储备投资、外汇储备如何内用等热点话题采访了美国耶鲁大学金融学教授陈志武。