Insider employee stock option trading and stock prices

The question of which factors determine corporate bonds pricing is investigated by analysing the spreads of eurobonds issued by major G-10 companies during the 1991–2001 period. Three main results emerge from the analysis. First, bond ratings appear as the most important determinant of yield spreads, with investors’ reliance on rating agencies judgments increasing over time. Second, the primary market efficiency and the expected secondary market liquidity are not relevant explanatory factors of spreads cross-sectional variability. Finally, rating agencies adopt a different, ‘through the cycle’, evaluation criteria of default risk with respect to the forward looking one adopted by bond investors.     

政府与民办养老机构互动机理及管理策略研究

文章通过建立民办养老机构与政府的博弈模型，探讨政府补贴与民办养老机构定价的关系，以及单层级服务与多层级服务选择问题，分析相关因素变化对政府与民办养老机构所带来的影响。结果表明，民办养老机构选择多层级模式时，应适当拉开服务水平层级差距；养老需求水平较高时，多层级模式优于单层级模式，养老需求水平较低时，单层级模式优于多层级模式；老年人的机构养老服务偏好越大，选择多层级模式对政府及民办养老机构越有利；高服务成本的养老机构宜选择单层级模式，低服务成本的养老机构宜选择多层级模式。     

Identification of technological structures using patent statistics

This paper studies the use of patent statistics in identifying four aspects of technological structure, namely, the potential knowledge pool, cumulativeness, inter-firm homogeneity in technology levels, and the scope of innovations. The firms are sampled from the chemical (CHEM), the computer (COM) and the electrical and electronic (EE) industries worldwide. Using the proxies defined, we find that (i) the contributions of intra-industry spillover are low, at 12%, 10%, and 9% for the three industries respectively; (ii) they can internalize 15%, 19% and 13% of their previous research efforts respectively; and (iii) a positive relationship between knowledge spillover and technology overlap, and between scope of innovation and number of patents being cited in future.     

The effect of customer dress on attitudes towards selling service by sales associates

Eliminating the criticism levelled towards customer service in retail firms is a current consumer/marketing issue. Customer satisfaction encompasses factors such as sales service and first impression. Research focusing on variables pertaining to emotional labour has the potential of increasing sales productivity and consumer satisfaction. This study represents an exploratory attempt to determine if relationships exists between customer appearance and first impressions and sales service. Results of the study suggest that the potential exists for apparel to influence sales associate customer evaluations as a positive association was found between sales service and first impression.     

建构主义教学观指导下的商务英语口语教学

目前,商务英语口语教学存在学生沟通能力训练缺乏等问题.在建构主义教学观指导下,商务英语口语教学,应发挥学生课堂主体作用,教师组织者、帮助者和促进者作用,开展合作学习和情景性教学,培养学生的自主学习能力,提高教学效果.     

ADVANCES IN LOGISTICS AND THE GROWTH OF INTRA‐FIRM TRADE: THE CASE OF CANADIAN AFFILIATES OF U.S. MULTINATIONALS, 1984–1995*

Intra‐firm trade in intermediates between U.S. multinational parents (MNCs) and their Canadian manufacturing affiliates increased dramatically in the 1984–1995 period (i.e., it roughly doubled). Tariff and transport cost declines were far too small to explain this phenomenon. But we show that the advent of improved logistics management practices, including the ‘just‐in‐time’ (JIT) production system, can explain much of the growth of intra‐firm trade. JIT lowers the inventory carrying cost component of intra‐firm trade, and, by 1984, this was more important than tariff and transport costs in many industries. We combine regression analysis with numerous case studies to draw our conclusions.     

青岛沿海潮间带三个采集点软体动物种类组成及分布

对青岛沿海潮间带3个采集点软体动物进行了初步的调查,经整理鉴定,共获得标本51种,隶属于3纲、23科;对软体动物的生态分布进行了分析。     

四川生态旅游的可持续发展研究

简要论述了生态旅游的定义及生态旅游资源的范国，分析了四川发展生态旅游的有利条件、生态旅游资源开发利用现状和存在的问题，提出了相应的可持续发展思路。     

珠江三角洲地区土地资源承载力研究

从珠江三角洲的主要特点，提出土地承载力的新定义和珠江三角洲地区土地资源承载力计算的新思路。并据新近资料，对珠江三角洲9市进行计算评价，结果表明：各市土地资源承载力高低不同，深圳人口超载，东莞、广州处在临界边缘，其他区域还有不同程度的剩余。