Research on Real Estate Investment

AREUEA is pleased to acknowledge the financial support of the National Council of Real Estate Investment Fiduciaries (NCREIF) whose members are listed on the preceding page. We also thank Mike Miles for his role in maintaining an excellent relationship between NCREIF and AREUEA over the years. Finally, the editors acknowledge the continuing financial support of their colleges at The Ohio State University and of the Homer Hoyt Institute.     

A multivariate statistical analysis of the characteristics of problem firms in Hong Kong

This paper presents a two-group discriminant analysis of the characteristics of problem firms in Hong Kong. The purpose of this study is to identify and describe the common financial characteristics which distinguish problem firms from nonproblem firms.Benjamin Y.K. Tai is a Professor at the Department of Accountancy, California State University, Fresno. Lawrence S.T. Tai is a Lecturer at the Department of Accounting & Finance, The Chinese University of Hong Kong.     

Credit scoring for commercial loans: The case of Singapore

This paper develops a credit scoring model which incorporates financial ratios as inputs by applying the statistical technique of discriminant analysis. The objective is to identify and analyse the common financial characteristics which distinguish bad from good accounts. The sample is drawn from the loan portfolio of a major local bank in Singapore. The results indicate that there is a 95 per cent classification accuracy for the model presented.Dr Kwan Kuen Chor is Senior Lecturer at the School of Management, National University of Singapore. Ms Julia Tan is with Paribas South East Asia Ltd. Singapore.     

The effect of political events on Japanese foreign direct investments

This article presents the findings of an investigation of the impact of conflictive and cooperative political events in 62 host countries on Japanese foreign direct investments during the period 1965 to 1980. In addition, the study provides evidence of the relative importance of economic conditions and intergovernmental relationships as determinants of foreign direct investments by Japanese firms. It is argued that in analyzing the effect of political events on foreign direct investments, one must not only take into account the conflictive political conditions within the host countries, but also cooperative political developments and changes in intergovernmental relationships. The findings of this study are compared with the results of investigating the impact of political events on foreign direct investments by United States and German multinational firms. Similarities and differences are highlighted as well as their probable causes. As such, this study makes a contribution to the conceptualization of political risk in an international business context.Dr. Hans Schollhammer is Associate Professor and Chairman of the International Management Program, Graduate School of Management, UCLA; Dr. Douglas Nigh is Assistant Professor of International Business, Pennsylvania State University, State College, Pennsylvania. The authors acknowledge with gratitude the financial support provided by the United States-Japan Friendship Commission for this research project.     

Student learning profiles in two innovative honours degree engineering programmes

This paper reports a study of innovative and traditional engineering programmes at the University of Salford, UK Attention is given to student entry, and to course evaluation and improvement. Using the Myers-Brigg Type Inventory (MBTI) and the Technical Students' Learning Environment Preferences questionnaire (TSLEP), data were obtained about personality type and student developmental level. In addition, a selected group of the students were interviewed to measure their cognitive levels as defined by Perry's model of intellectual and ethical development, and to assist in the validation of the TSLEP questionnaire. Application of the TSLEP and the MBTI instruments to engineering students at North Carolina State University and the State University of New York at Brighamton generated further data which are used to make US/UK comparisons and to suggest ways in which the scope of engineering education might be expanded to meet the needs of an increasingly diverse student body.     

Perspective: Ranking of the World's Top Innovation Management Scholars and Universities

This paper extends Jeffrey Thieme's article “The World's Top Innovation Management Scholars and Their Social Capital,” published in 2007 in J P I M, in which he made a ranking of the world's top innovation managements scholars. This paper makes four contributions. First, this paper includes data on innovation management from articles published in two leading innovation management journals and eight top management and marketing journals during past 20 years (1991–2010). Second, this paper classifies 1229 articles into 29 categories, revealing hot topics and future research directions. Third, this paper ranks 1718 innovation management scholars over a period of 20 years from 1991 to 2010. Fourth, this is the first time that 625 universities have been ranked in terms of their current faculty research capabilities in the field of innovation management. The empirical data from the past 20 years show that the world's top 10 innovation management scholars are: Michael Song (University of Missouri‐Kansas City), Roger J. Calantone (Michigan State University), Erik Jan Hultink (Delft University of Technology), Mark E. Parry (University of Missouri‐Kansas City), Kwaku Atuahene‐Gima (China Europe International Business School), C. Anthony Di Benedetto (Temple University), Abbie Griffin (University of Utah), William E. Souder (Retired), Barry L. Bayus (University of North Carolina at Chapel Hill), and Christoph H. Loch (INSEAD). The world's top 10 innovation management universities are: University of Missouri‐Kansas City, Massachusetts Institute of Technology, Michigan State University, INSEAD, Harvard University, University of Pennsylvania, Northeastern University, Texas A&M University, Stanford University, and Delft University of Technology.     

The substitution effects of short-term debt for long-term debt on the expected returns of common stocks

The determination of the level of corporate borrowing and the choice of debt maturity are the two most important concerns in the management of capital structure. In this study, we examine analytically and empirically the impact of debt maturity changes on the expected returns of common stocks. Using the US stock market data and financial statement data, we examine the cross-sectional relation between expected returns and financial leverage ratios. We find reliable evidence that common stock expected returns are positively related to the extent of short-term debt financing. The positive relation is significant even after we control for systematic risk, total debt ratio and firm size. The results suggest that an increase in short-term debt which displaces the same amount of long-term debt increases the expected returns of common stocks, possibly because the substitution transfers risk from long-term debtholders to shareholders.The author is from the Department of Business Administration, Han Sung University, Seoul, Korea. This paper is based on my dissertation submitted to the School of Management, SUNY at Buffalo (1991). I would like to thank my dissertation committee, Dosoung Choi, Frank Jen and Michael Rozeff, for their invaluable comments throughout the dissertation research.     

省级电力公司资本集中运作的实践与思考

基于目前国家电网公司财务集约化管理的总体部署，分析了省级电力公司财务集约化目标下资本集中运作的具体要求，以浙江省电力公司财务集约化资本集中运作实践为例，针对集约化对省级电力公司现有财务管理工作的影响，分析探讨了实施集约化管理后财务和业务指标的转换与融合、财务部门职能的还原与定位、财务管理体制的调整与优化、财务人员的知识更新与提升等问题。     

Emerging trends in China's financial sector

This paper reviews the trends which emerged in the financial system in China over the period 1979 to 1987. Economic and social reforms, which began in late 1978, have produced some far-reaching and significant effects on the growth of the Chinese economy. These reforms have prompted changes in the financial system, including banking reforms to handle the flow of funds to finance domestic expansion, international trade, the foreign debt and other domestic and international financial and finance-related transactions. The paper reviews the developments and focuses on some of the problems with respect to balance of payments, imbalances and inflationary pressures.Cecil R. Dipchand is a Professor of Finance in the School of Business Administration, Dalhousie University, Halifax; J. Colin Dodds is a Professor of Finance and Dean of Commerce at Saint Mary's University, Halifax; Patricia McGraw is an Administrator in the Canada-China Management Education Programme, School of Business Administration, Dalhousie University; and Keng Chen is a Lecturer in the Economics College, Xiamen University, Fujian Province, PR China. The financial assistance of the Canadian International Development Agency (CIDA) is greatly appreciated.     

论中央能源企业的产融结合之路

当前,很多大型中央能源企业已经广泛投资于金融产业,社会各界对此存在不同看法,有的赞成,有的反对.通过对我国中央能源企业发展金融产业的政策环境分析,归纳了主要中央能源企业开展金融产业的有关情况,结合现代企业产融结合的实践,提出了中央能源企业产融结合的思路和相关建议.     

由政府4万亿投资所想到

2008年11月5日国务院出台了4万亿的经济刺激方案,又提出了通过扩大内需的战略来削减国外金融危机冲击和国内经济周期的不利影响。文章通过回顾1998年以来我国实行积极的财政政策所取得的成效,认为对于我们认识和优化当前积极的财政政策和深化扩大内需的战略有着重要的借鉴意义。     

The quest for food

The Quest for Food is an educational project written and planned by Kenneth P. Wilkinson, a professor of rural sociology at The Pennsylvania State University. The project is offered as a one credit college course and consists of both a written and television component. The television part of the course includes interviews with Sterling Wortman, the Vice President of The Rockefeller Foundation in New York; Frances Moore Lappé, the Director of the Institute of Food and Development Policy in San Francisco; and, Rustom Roy, the Director of the Materials Research Laboratory, and Science, Technology, and Society Program (STS), both located at The Pennsylvania State University.     

煤电一体化项目财务评价指标比分析

以彬长-国网能源煤电一体化项目为研究背景,提出财务指标比的概念,即煤电一体化投资项目财务指标与煤、电项目分开投资财务指标之间的比值。通过对两种项目投资方式的财务内部收益率、财务净现值、投资回收期及贷款偿还期4个主要财务评价指标比值计算分析,得出煤电一体化项目投资相较于煤、电项目分开投资指标比R{R}IRR,RNPV,RPt,RId中:RIRR,RNPV的值大于1;RPt,RId的值小于1,煤电一体化项目投资比煤、电项目分开投资在财务盈利能力、抗风险能力强,煤电一体化项目投资方案比煤、电项目分开投资方案好。     

An Analysis of Post-Deregulation Savings-and-Loan Failures

A number of studies have looked at the financial characteristics of problem or failed savings and loans but none have used data taken exclusively from the post-deregulation period. In this paper, the financial characteristics of savings and loan associations that failed during the period 1984-II to 1985-I are analyzed, using both univariate difference in means tests and multivariate logistic regression. Both the known unequal population prior probabilities and the estimated unequal misclassification costs are taken into account in the logistic regression. The empirical results are compared to those of recent studies by Benston [7] and Barth, Brumbaugh, Sauerhaft and Wang [5] . The financial ratios that significantly affect the probability of failure are different in the three studies.     

Integration of financial statement analysis in the optimal design of supply chain networks under demand uncertainty

Models that aim to optimize the design of supply chain networks have become a mainstream in the supply chain literature. This paper aims to fill a gap in the literature by introducing a mathematical model that integrates financial considerations with supply chain design decisions under demand uncertainty. The proposed Mixed-Integer Linear Programming (MILP) problem enchases financial statement analysis through financial ratios and demand uncertainty through scenario analysis. The applicability of the model is illustrated by using a case study along with a sensitivity analysis on financial parameters expressing the business environment. The model could be used as an effective and convenient strategic decision tool by supply chain managers.     

Evaluative differences for production and marketing subunits: Australian managers' perceptions

In this article the relevance of a set of 42 field-based measures of subunit performance is rated by 155 production managers and 134 marketing managers. The results suggest that customer satisfaction is an important criterion of production subunit effectiveness as well as of marketing subunit effectiveness. The sense in which we think of marketing subunits buffering production subunits in organizations is questioned.The authors are from Department of Management, San Diego State University and, School of Economic and Financial studies, Macquarie University respectively. They are grateful to John Brown, Bob Hinings and John Waterhouse for their helpful comments on an earlier draft of this paper.     

The Year 2005 at DG Competition: The Trend towards a More Effects-Based Approach

This first review of the European Commission’s Directorate General for Competition (DG COMP) gives an overview on DG COMP’s mandate and the main developments of 2005. The discussion includes institutional and policy developments, as well as the main competition policy decisions and Court judgments in the merger, antitrust, and state aid areas. It is argued that the trend towards a more effects-based analysis in EU competition policy had an impact on the assessment of competition cases, as well as on the development of soft law. For example, the effects-based approach was put high on the agenda with the publication of the Article 82 discussion paper. Similarly, the publication of the State Aids Action Plan (SAAP) launched a “more economic approach” in European state aid assessment. In line with its objective to focus resources on key sectors, two major inquiries were launched in the energy and financial sectors.The views expressed in this article are solely those of the authors and do not in any way represent an official position of the European Commission. Until 1 September 2006, Lars-Hendrik Roeller was the Chief Economist at DG Competition. He is now the President of the European School of Management and Technology (ESMT) in Berlin and a Professor at Humboldt University.     

Performance criteria for production subunits in Australian manufacture

Forty-two measures of subunit performance are rated by 155 production managers, and these ratings are factor analyzed to yield performance criteria. Nine criteria emerged from this analysis and five of them are rated by the managers as significantly useful. One of the significant criteria suggests, rather surprisingly, that customer satisfaction is an important consideration to production subunit performance. The application of these results to managerial situations is discussed briefly.Dr Graham K. Kenny is a visiting Professor of Management from the Department of Management, College of Business Administration, San Diego State University; and Professor Alan S. Dunk is a Professor with the School of Economic and Financial Studies, Macquarie University. Thanks are due to John Brown, Bob Hinings, and John Waterhouse for their helpful comments on an earlier draft of this paper.     

巴塞尔协议Ⅲ对国家电网公司金融产业的影响分析

在对巴塞尔资本协议Ⅲ主要内容进行分析的基础上,针对该协议对国家电网公司金融资本运作可能产生的影响,提出了3点建议：国家电网公司要积极拓展融资渠道,灵活运用多种融资方式,在条件允许的情况下还可以上市直接融资;金融产业发展要遵循“有进有退,滚动发展”的原则,不断优化银行类资产配置;下属财务公司要密切关注国内监管机构的政策走向,未雨绸缪,缓解严格的监管政策给公司业务造成的经营挑战。     

The protection of interests: Organizational change in the Australian services canteens organization

Outlined in this paper is a series of events pertaining to changes to the Australian Services Canteens Organization (ASCO). The behaviors of the officers of the armed forces and of the rank and file, who were employed at ASCO, in reaction to these changes are the central focus. These two groups are contrasted in the actions they followed to protect their interests in the light of anticipated change. The theoretical analysis explores the values, interests, issue clarity, legitimate action and power of the groups.Professor Graham K. Kenny is with the Department of Management, San Diego State University. Professor Phillip Morgan is with the School of Marketing, New South Wales Institute of Technology and Professor Bob Hinings is with the Department of Organizational Analysis, University of Alberta.