Applying jump-diffusion processes to liquidate and convert venture capital

This study attempts to apply real options and expand the model designed by Lin and Huang [Lin, T.T., Huang, Y.T.: J. Technol. Manage. 8(3), 59–78 (2003)], which helps venture capital (VC) companies to optimize project exit decisions. The expected discounted factor and a jump-diffusion process combine to assess the value of a start-up company, and determine the threshold of the exit timing of liquidation or convertibility for establishing the optimal disinvestment evaluation model for VC companies. When the project value is below V_L^*V_L^\ast, the VC company carries out liquidation, but when the project value exceeds V_C^*V_C^\ast, the VC company performs convertibility. The project value is ranging between (V_L ^*,V_C^*)\left({V_L ^\ast,V_C^\ast}\right), and the best choice is holding the decision and waiting to carry out the rights of liquidation and convertibility next time. Besides, this work attempts to identify the expected discounted time in terms of the investment time for VC companies.     

Estimation of trade and domestic distortions: an application to world agriculture

The world’s nations often produce commodities for which they have no apparent comparative advantage, and do so with techniques that are not particularly efficient by world standards. These inefficiencies may arise from various forms of trade and domestic distortions, as described in Chau et al., Int Econ Rev 44:1079–1095, (2003). We estimate these distortions for 33 countries of the world using a newly compiled data set. We find that domestic distortions tend to be slightly more important than trade distortions. For the average country, revenues in the agricultural sector would be 26% higher if domestic distortions were eliminated, but 21% higher if trade distortions were eliminated. Our measures of trade and domestic distortions across countries provide a complement to measures of protectionism such as producer subsidy equivalents.     

Decomposing the effect of supplier development on relationship benefits: The role of relational capital

Buyers invest considerably in developing their suppliers, yet the performance effects of such investments are not universal. Drawing on social capital theory, this research investigates whether the relationship between supplier development and relationship benefits may be facilitated by the generation of relational capital. The authors examine mediating and moderating roles of relational capital in the relationship between two aspects of supplier development (capability development, supplier governance) and two dimensions of relationship benefits (supplier benefits, buyer benefits), using survey data collected from 185 suppliers of a large manufacturing firm. Investment in supplier development does not automatically result in benefits for the supplier or reciprocated benefits for the buyer. Rather, relational capital “bridges” supplier development and relationship benefits. Without relational capital, benefits from capability development do not accrue, and the impact of a supplier governance regime can be even detrimental. In conditions of high relational capital, capability development results in lower perceived buyer benefits. The results can help managers ensure that the benefits from their supplier development efforts fully materialize.     

Take it or leave it: Using regulatory fit theory to understand reward redemption in channel reward programs

Channel Reward Programs (CRPs) facilitate relationship management within reseller networks in distribution channels, yet a persistent problem is that rewards are not seen as valuable, which can reduce program investment. By applying Regulatory Fit theory, to understand how to sustain goal orientation (promotion or prevention) and stimulate task engagement through a match with the manner of goal pursuit, this study demonstrates that the presentation style suppliers adopt influences resellers' perceptions of reward value and their rate of point redemption with respect to CRPs. Two field studies demonstrate the mechanisms driving this effect. First, fit effects result from the interaction between reward type and presentation format (i.e., verbal vs. numerical) and affect perceived reward values and investment decisions. Second, cognitive engagement and “feeling right” about reward redemption mediate the effects of fit on investment opportunity evaluations. In turn, the findings demonstrate that CRP efficacy can be enhanced by stimulating regulatory orientations that match the presentation formats of the reward and that the dual affective–cognitive processes affect probabilistic judgments of rewards. This additional mechanism can further stimulate resellers' engagement with and investment in CRPs within complex decision-making contexts.     

Stock returns,velocity dynamics and inflation volatility

ABSTRACT

Our model relates the variability of stock returns to the variability of consumption velocity and shows that real stock returns tend to co-vary negatively with expected inflation in a period (or regime) of low and stable inflation and to co-vary positively with expected inflation in a period (or regime) of high and volatile inflation. Long-run real stock returns are shown to be positively related to expected inflation. Our empirical results for 20 countries provide consistent support for our propositions, indicating that the standard deviation of the annual inflation rate roughly equal to 10% is the dividing line between negative and positive return-inflation relations.     

改革开放三十年中国对外贸易发展战略回顾与展望

"出口导向"的对外贸易发展战略在中国获得了巨大的成功。本文对该战略及其理论基础进行了文献综述。本文认为在改革开放三十年后的今天,"出口导向"战略面临着诸多的问题,需要不断转型。为此,本文提出并详细分析了"中性的"贸易战略。     

城乡基本公共卫生服务均等化:经验观照与下一步

推进基本公共卫生服务均等化,是建设服务型政府的必然要求,也是维护社会公平正义、确保社会稳定和健康发展的必然选择。经过多年的发展,日本形成了一整套符合自身国情的公共卫生设施建设管理体制和政策体系,其在基本公共卫生服务均等化方面的一些做法值得借鉴。推进我国城乡基本公共卫生服务均等化,应构建公私医疗卫生机构在基本公共卫生服务供给中的合作治理机制,健全基本公共卫生服务均等化的制度保障体系,确保基本公共卫生服务均等化的财力投入长效稳定化,加快公共卫生服务人力资源建设,搭建城乡统筹的基本公共卫生服务信息管理系统。     

论人的全面发展的历史必然性与当代价值——以马克思异化劳动理论为视角

马克思把哲学的"异化"概念与经济学的"劳动"概念结合起来,形成了"异化劳动"理论。马克思提出,在资本主义制度下私有制的生产关系造成了私人利益和公共利益的分裂,劳动发生了异化,结果使人的自由劳动变成维持人的肉体生存的手段。异化劳动理论蕴含着人的全面发展思想:异化劳动扬弃的过程是实现人的全面发展的过程、人的全面发展是对异化劳动的全面超越,是合乎客观规律的历史必然性。深入研究马克思的异化劳动理论,对于学习和理解党的十八大报告提出的坚持科学发展观的指导思想具有重要的现实价值和实践意义。     

保险公司价值链及经营要素分析

价值链是企业竞争优势分析的重要工具。引入价值链分析方法,有助于深入分析保险公司的竞争优势。从保险公司的经营活动特征出发,设计保险公司的价值链,有助于更加系统地分析保险公司的经营因素。以价值链为基础,保险公司包括16项基本经营要素：8项“资源与结构”类要素和8项“运营能力”类要素。这些经营要素通过不同的机制影响和决定着保险公司的竞争力,但是各项要素的作用机制并非均衡的。