趋势还是时尚？——新媒体时代下对于企业内部营销部门和广告代理公司的探索性讨论

近年来,我们社会的媒体环境已经大大改变,新技术正逐渐改变我们对商业和产品的看法和互动方式,我们正处在一个营销和广告界发生许多变化的世界中。基于互联网的社会媒体已经重新塑造了商业世界以及企业与消费者互动的方式。本文将针对鲍勃·加菲尔德（Bob Garfield）提出“混沌情境”（“Chaos Scenario”）的概念,探索这种情境可能产生的后果,以及对目前广告代理公司结构规划发展可能产生的影响,由此讨论企业的内部是否应当建立一个营销部门还是应该雇用一个外部机构来处理所有的广告营销传播的问题。     

Panel cointegration with global stochastic trends

This paper studies estimation of panel cointegration models with cross-sectional dependence generated by unobserved global stochastic trends. The standard least squares estimator is, in general, inconsistent owing to the spuriousness induced by the unobservable I(1) trends. We propose two iterative procedures that jointly estimate the slope parameters and the stochastic trends. The resulting estimators are referred to respectively as CupBC (continuously-updated and bias-corrected) and the CupFM (continuously-updated and fully-modified) estimators. We establish their consistency and derive their limiting distributions. Both are asymptotically unbiased and (mixed) normal and permit inference to be conducted using standard test statistics. The estimators are also valid when there are mixed stationary and non-stationary factors, as well as when the factors are all stationary.     

The value of stock analysts' recommendations: Evidence from emerging markets

This is the first study to empirically examine post-recommendation buy and hold abnormal returns in emerging markets. By analyzing a sample of 13 emerging countries over the decade from 1996 to 2005, we find that stock prices react strongly to stock analyst recommendations and revisions. We also find that there is a stronger positive bias in analyst recommendations and revisions in emerging markets compared with that in developed markets. In our cross-sectional analysis, we find that the Market-to-Book ratio is the primary indicator for Buy and Strong Buy recommendation regressions. This indicates that stock analysts in emerging markets prefer high growth stocks with attractive characteristics.     

Firm performance and mutual fund voting

We employ a new comprehensive proxy voting records database to investigate whether mutual funds consider prior firm performance when they vote on a diverse range of management- and shareholder-sponsored proposals relating to governance, compensation, and director election. We argue that prior firm performance plays a role in the monitoring effort of mutual funds as they fulfill their fiduciary duties. Results show that voting is related to prior firm performance for selected management and shareholder proposals and that it is consistent with Institutional Shareholder Services’ recommendations. Mutual funds support management (shareholder) proposals less (more) when prior firm performance has been weak. Furthermore, even when mutual funds deviate from their fund family’s voting policies, they attach importance to prior firm performance, and their voting is, to a certain degree, affected by business ties.     

Part‐Peasants: Incomplete Rural–Urban Labour Migration in China

The institutional settings in China, including the land allocation system and the household registration system, lead to a rural–urban labour migration pattern that differs from that in other countries. Individual peasants' labour is often split (typically over different times of the year) into two or more parts as a result of institutional factors. Individuals work both as peasants on the land and as temporary migrant workers in urban areas (or in rural non‐agricultural sectors). We examine this issue using province‐level panel data. The present study provides a new interpretation of the phenomenon of labour shortages in coastal cities and rising rural migrant wages in China in recent years, and discusses whether the Lewisian turning point has been reached. Under part migration, the rural labour supply to urban areas is smaller than would be the case with full migration of workers to urban areas, so that the Lewisian turning point occurs earlier. This finding has important policy implications for China's future development.     

The impact of product market competition on training provision: Evidence from Canada

While standard models of training focus on how input market affects firms' training decisions, this paper investigates the impact of product market competition on training provision. Using the longitudinal data from Statistics Canada's Workplace and Employee Survey, we find that increased competition is strongly associated with more training provision. This association is unlikely to be driven by unobserved heterogeneity, specific measures used and other relevant factors. To the extent that training is a significant source of human capital and industry competitiveness, our results suggest that increasing training is an important channel through which competition raises productivity.     

East‐Asian Happiness Gap

Despite spectacular economic growth, most East‐Asian countries (especially those with the Confucian cultures) score very low in happiness surveys. The present paper speculates on the reasons for this East‐Asian happiness gap, including environmental disruption, excessive competitiveness, repressive education, excessive conformity, negative attitudes towards enjoyment, and the emphasis on outward appearance. The desired direction of future growth, especially regarding the relative importance of public spending on the environment and research, and the non‐material aspects of life, are also briefly touched on.